Property Type

Quint Group Acquires 185,788 SF Mars Corporate Center in Southfield, Michigan

by Kristin Harlow April 21, 2021

SOUTHFIELD, MICH. — Quint Group, a private real estate investment firm headquartered in Quebec, Canada, has purchased Mars Corporate Center in Southfield. The purchase price was undisclosed. The 185,788-square-foot office building is currently 64 percent occupied by eight tenants, including Mars Advertising and IBI Group. Built in 1974, the property features a café and a five-story atrium. Friedman Real Estate represented the undisclosed seller and will represent the new ownership group in the management and leasing of the property. Quint has purchased or developed more than 10 million square feet of retail, industrial and office properties across Canada and the United States.

April 21, 2021

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $10.9M Sale of Apartment Complex in Maplewood, Minnesota

by Kristin Harlow April 21, 2021

MAPLEWOOD, MINN. — Marcus & Millichap has arranged the sale of Sibley Cove in Maplewood for $10.9 million. The apartment complex features 81 units. Chris Collins, Evan Miller and Seth Barnett of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a Twin Cities-based limited liability company.

April 21, 2021

Acquisitions Multifamily Nevada Western

Tower 16 Capital Sells Three-Asset Apartment Portfolio in Las Vegas for $182M

by Amy Works April 21, 2021

LAS VEGAS — San Diego-based Tower 16 Capital has completed the sale of a three-asset multifamily portfolio in Las Vegas. An undisclosed buyer acquired the portfolio for $182 million. Tower 16 assembled the portfolio over the last 2.5 years and repositioned all the assets. Totaling 1,165 units, the portfolio includes Accent on Rainbow, Accent on Decatur and Accent on Sahara. All three received recent improvements including upgraded leasing offices, outdoor amenity areas and interior unit renovations to more than 40 percent of the units. Tower 16 acquired the assets for $112 million and spent roughly $10.3 million on improvements. The buyer plans to continue the renovation efforts. Located at 6666 W. Washington Ave., Accent on Rainbow features 540 apartments, three pools, a new clubhouse, leasing office and gym. Accent on Decatur, located at 2950 S. Decatur Blvd., features 313 apartments, two pools, a new clubhouse and gym, two outdoor amenity areas and barbecues. Located at 4801 E. Sahara Ave., Accent on Sahara offer 312 apartments, a renovated clubhouse, two pools, a new gym, kids’ play area, barbecues and a dog park. Ed Rosen, John Chu, Tyler Sinks, Brian Andersen and Jared Glover of Berkadia represented Tower 16 in the deal.

April 21, 2021

Arizona Development Multifamily Western

Banyan Breaks Ground on 651-Unit Banyan North Tempe Apartments in Arizona

by Amy Works April 21, 2021

TEMPE, ARIZ. — Los Angeles-based Banyan Residential has broken ground for the first phase of Banyan North Tempe, a 651-unit multifamily community in Tempe. Working with Indianapolis-based Milhaus, Banyan annexed a 16.5-acre site, which is the first time the City of Tempe has expanded its boundaries in more than a decade. Construction is now underway for the $177 million development, with the first phase slated for completion in early 2023. Designed by Todd & Associates, Banyan North Tempe will feature 310 studio, one-, two-, three- and four-bedroom units in its first phase and a total of 651 units at full build-out. Community amenities will include two swimming pools, a fitness center, an outdoor spa, a clubhouse and library. The development team secured a $52 million construction loan from UMB Bank and Academy Bank. McShane Construction Co. is serving as general contractor on the project.

April 21, 2021

Acquisitions Colorado Multifamily Western

Trammell Crow Residential Divests of 354-Unit Apartment Community in Downtown Denver

by Amy Works April 21, 2021

DENVER — Trammell Crow Residential has completed the sale of Alexan 20th Street Station, a 12-story multifamily property in downtown Denver. Terms of the sale were not released. Located at 2080 California St., the asset features 354 apartments, structured parking, a pool and spa, two fifth-floor decks, a fitness center, multiple community areas and workspaces. In-unit finishes include quartz countertops, stainless steel appliances, contemporary cabinetry, tile backsplashes, large under-mount sinks, plank flooring, high ceilings and in-unit washers/dryers. The property was built in 2019. Terrance Hunt, Shane Ozment, Chris Cowan, Amanda Meldrum and Craig Ratterman of Newmark represented the seller in the transaction.

April 21, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $12.2M Loan for Multifamily Property in Mesa, Arizona

by Amy Works April 21, 2021

MESA, ARIZ. — Ready Capital has closed a $12.2 million loan for the acquisition, renovation and stabilization of an apartment community located in Mesa, a suburb of Phoenix. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to upgrade the 146 unit interiors and property exterior. Capital improvements will include new paint, new cabinets, vinyl-plank flooring, stainless steel appliances, upgraded landscaping and upgraded HVAC/electrical/utility systems. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a 24-month term, two extension options, flexible prepayment and a facility to provide future funding for capital improvements.

April 21, 2021

Acquisitions Retail Washington Western

Marcus & Millichap Arranges $4.6M Sale of O’Reilly Auto Parts-Occupied Property in Shoreline, Washington

by Amy Works April 21, 2021

SHORELINE, WASH. — Marcus & Millichap has brokered the sale of a retail property located at 18025 Aurora Ave. North in Shoreline. A limited liability company sold the asset to a limited liability company for $4.6 million. O’Reilly Auto Parts has occupied the 16,265-square-foot property since 1997. The current corporate-guaranteed lease expires in 2028 and features several five-year options to renew. Carson Breshears and Hank Wolfer of Marcus & Millichap’s Seattle office represented the seller in the deal.

April 21, 2021

Acquisitions New Jersey Northeast Office Top Stories

Birch Group Acquires Four-Building Office Portfolio in Northern New Jersey for $255M

by Kristin Harlow April 21, 2021

SHORT HILLS, N.J. — The Birch Group has acquired a four-building office portfolio in the Short Hills submarket of Northern New Jersey for $255 million. The 843,300-square-foot portfolio comprises four Class A buildings located at 51, 101, 103 and 150 JFK Parkway. The properties are currently 80 percent leased to 22 tenants, including Citibank, Investors Bank, KPMG, Bank of America, UBS, Dun & Bradstreet, Morgan Stanley and Wells Fargo. “During the pandemic, there has been a demographic shift to the suburbs, and the migration of this talent pool represents an extraordinary opportunity to meet the demand for high-quality office assets in prime New Jersey markets,” says Mark Meisner, CEO and founder of Birch. “Short Hills is among one of the most prestigious suburban locales and it has consistently achieved above-average rents in New Jersey, while maintaining the highest occupancy rates within the market.” David Bernhaut led a Cushman & Wakefield team that represented the seller, Mack-Cali Realty Corp. (NYSE: CLI). The buyer has also retained Cushman & Wakefield as the leasing agent for the properties. Birch says it views the acquisition as a repositioning opportunity and plans to employ a value-add strategy. Birch will complement $15.2 million of recently completed …

April 21, 2021

Affordable Housing Build-to-Rent Features Multifamily Seniors Housing Single-Family Rental Student Housing Western Feature Archive

‘Astronomical’ Multifamily Investment Demand Drives Up Pricing, Says Marcus & Millichap’s IPA Panel

by John Nelson April 21, 2021

The U.S. multifamily sector remains an attractive option for real estate investors looking for a safe haven. Beyond the pool of traditional buyers who are actively acquiring apartment properties, the sector has become a landing spot for companies that aren’t legacy multifamily owners. Steven DeFrancis, CEO of Cortland, cited REITs like Blackstone Real Estate Investment Trust as newly establishing a presence in the multifamily sector. BREIT recently made a $240 million preferred equity investment in Tricon Residential connected with Tricon’s purchase of single-family rental (SFR) homes in Nashville. Nuveen Real Estate is also a recent institutional investor entrant in the emerging SFR sector. “We’re seeing a lot of new capital, whether it’s coming from overseas or from here,” said DeFrancis. “Institutional capital is continuing to move into real estate, and then within real estate there’s a lot of movement from other sectors into multifamily.” Jessica Levin, senior director of acquisitions at Intercontinental Real Estate Corp., said that the influx of capital into the U.S. apartment market the past six months has been “astronomical.” She also said that there’s no slowdown ahead. “Competition is stiffer now than in the past 10 to 15 years, and it’s only going to increase from …

April 21, 2021

Affordable Housing Market Reports Multifamily Texas Texas Market Reports

Supply of Affordable Housing Plays Catch-up to Demand in Texas

by Taylor Williams April 21, 2021

By Taylor Williams The fundamental forces of job and population growth that drive demand for market-rate multifamily properties are hard at work on the affordable housing sector in Texas, and it doesn’t appear that a supply-demand equilibrium is in the cards anytime soon. In addition, a perpetual shortage of low-income housing tax credits (LIHTCs) and other government-issued subsidies that are required to finance new development of affordable housing are working to keep supply growth in check. Throw in a global pandemic that has cost millions of people their jobs and depleted their savings, potentially forcing them to seek less-expensive housing, and you have a supply-demand dynamic that is far from balanced. The situation is further exacerbated by the fact that there is some overlap between workers in industries hit hard by the pandemic, such as leisure and hospitality, and the types of renters who need or qualify for affordable housing. Texas is hardly the only state facing these lopsided market conditions. According to a 2020 report by the National Low Income Housing Coalition, when it comes to housing that renters whose income levels are at or below 30 percent of their area median income (AMI) can afford, the United States …

April 21, 2021

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