Property Type

Next Space Development Buys Apartment Complex in San Diego for $14.5M

by Amy Works June 26, 2018

SAN DIEGO — Next Space Development Realty, a residential and multifamily development company, has purchased 25 on Fifth, an apartment complex, for $14.5 million. Located at 3265 Fifth Ave. in San Diego, the property features 25 apartment units. Mayfair initially developed the building in 2007 but lost the property to Bank of America in the 2008 recession. Pacifica Cos. provided acquisition equity for the transaction. Eric Comer, Jim Neil and Merrick Matricardi of Kidder Mathews represented the buyer in the deal.

June 26, 2018

Acquisitions Colorado Industrial Western

Eight O One Acquires 60,468 SF Industrial Property in Denver for $7.6M

by Amy Works June 26, 2018

DENVER — Eight O One LLC has purchased an industrial property located at 620 E. 52nd Ave. in Denver. TC Crossroads #7 LLC sold the property for $7.6 million. The property features 60,468 square feet of industrial space. Mike Wafer, Timothy D’Angelo and Mike Wafer Jr. of Newmark Knight Frank represented the seller in the deal.

June 26, 2018

Creekside-Corporate-Center-Murrietta-California

California Market Reports Office Western Western Market Reports

Lower Rents, Relocations Attract Investors, Users to Inland Empire’s Office Market

by Taylor Williams June 26, 2018

The Inland Empire office market got off to a slow start in 2018, continuing a trend of positive momentum with little excitement. The average asking rent registered $1.81 per square foot, down 3.7 percent from the fourth quarter of 2017 and $0.01 below the first quarter of 2017. Preliminary sales and lease volumes are off 39.1 percent over the prior year. However, the Inland Empire is seeing one of the lowest vacancy rates since 2007, with more than 108,000 square feet of new construction added to the market this quarter. As of the first quarter of 2018, vacancy was 7.9 percent, down 30 basis points over the quarter and 90 basis points below last year at this time. Nine projects totaling 201,671 square feet are under construction, with the largest being Rady Children’s Medical Plaza at 60,000 square feet. Much of the new growth in the office sector is being driven by the healthcare industry. Office medical space comprised more than half of the space under construction, as the education and health services sector employment has grown by 4 percent between January 2017 and January 2018. This has accounted for 8,800 of the 13,500 new jobs in the office-occupying sectors. …

June 26, 2018

California Loans Multifamily Top Stories Western

Walker & Dunlop Provides $392.4M in Green Financing for Los Angeles Multifamily Portfolio

by John Nelson June 26, 2018

LOS ANGELES — Walker & Dunlop (NYSE: WD) has provided approximately $392.4 million in agency financing for three apartment communities in the greater Los Angeles area. The portfolio includes The Medici and The Orsini I in downtown Los Angeles and The Colony Townhomes in Santa Clarita, about 34 miles north of Los Angeles. Walker & Dunlop closed approximately $233.6 million through Freddie Mac’s Green Up program for the two Los Angeles properties. The Bethesda, Md.-based company also provided a $158.8 million loan through Fannie Mae’s Green Rewards program for the 752-unit community in Santa Clarita. G.H. Palmer Associates, the borrower and developer of all three communities, used the funding to refinance the assets. Led by Walker & Dunlop’s Trevor Fase, each transaction provided cash out to the borrower and was structured as a 10-year, non-recourse loan with interest-only payments for the entire term. As part of the green lending programs from the two government-sponsored enterprises (GSEs), G.H. Palmer is also using the proceeds to improve the apartment communities’ energy and/or water efficiency. In order to qualify for the agencies’ green lending programs, borrowers have to plan improvements for at least 25 percent savings in energy or water usage, according to …

June 26, 2018

Civic Development Texas

iSports to Develop 157,000 SF Athletic Complex in Metro Austin

by Taylor Williams June 25, 2018

CEDAR PARK, TEXAS — iSports Real Estate Development LLC, an Austin-based partnership, will develop a 157,000-square-foot athletic training and performance center in Cedar Park, a northwestern suburb of Austin. The facility will include an ice rink and indoor and outdoor turf fields. The project developers are also seeking tenants to operate competitive cheerleading and gymnastics, sand volleyball courts and a medical and sports rehabilitation practice, as well as sports retail stores. Plans for a family entertainment center with dining options and private events have also been introduced. The groundbreaking is slated for early fall.

June 25, 2018

Discovery-at-Mandolin-Apartments-Houston

Acquisitions Multifamily Texas

Praedium Group Acquires 260-Unit Multifamily Asset in Houston

by Taylor Williams June 25, 2018

HOUSTON — The Praedium Group, a New York-based investment firm, has acquired Discovery at Mandolin Apartments, a 260-unit multifamily asset in Houston. Built in 2009, the property consists of one-, two- and three-bedroom units averaging 972 square feet per unit. Amenities include a pool, fitness center, clubhouse, outdoor grilling area and a dog park. The seller was not disclosed.

June 25, 2018

Acquisitions Multifamily Texas

IPA Arranges Sale of 249-Unit Apartment Property in Metro Dallas

by Taylor Williams June 25, 2018

GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Villas Central Park, a 249-unit multifamily property located in the Dallas metro of Grand Prairie. Built in 2016, the property features a pool, fitness center, dog park, grilling areas, coffee bar and a game room. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, Texas-based Carleton Residential Properties and M.R. Development. The team also procured the buyer, Virginia-based Weinstein Properties, which has since rebranded the asset as Bexley Central Park.

June 25, 2018

Acquisitions Multifamily Texas

Hilltop Acquires 200-Unit Apartment Community in Conroe, Texas

by Taylor Williams June 25, 2018

CONROE, TEXAS — Houston-based Hilltop Residential has acquired Landmark of Conroe, a 200-unit multifamily community in Conroe, about 45 miles north of downtown Houston. The property consists of one-, two- and three-bedroom units averaging 1,159 square feet. Amenities include a pool, basketball and tennis courts, picnic areas, fitness center and a clubhouse. Cortney Cole and Jett Lucia of HFF arranged a seven-year acquisition loan with a fixed interest rate of 4.57 percent for the transaction.

June 25, 2018

Loans Multifamily Texas

LMI Capital Arranges Two Loans Totaling $17.3M for Multifamily Assets in Greater Houston

by Taylor Williams June 25, 2018

HOUSTON — LMI Capital has arranged two loans totaling $17.3 million in the greater Houston area. In the first transaction, Brandon Brown of LMI Capital arranged a $10.6 million fixed-rate permanent loan for a 150-unit multifamily complex in north Houston. In the second deal, Jamie Safier of LMI Capital placed a $6.7 million fixed-rate acquisition loan for a 140-unit complex in the Spring Branch submarket. The names of the properties were not disclosed.

June 25, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Arranges $7M Acquisition Loan for Apartment Building in Boston

by David Cohen June 25, 2018

BOSTON — Cornerstone Realty Capital has arranged $7 million in acquisition financing for a three-story apartment building in Boston’s Jamaica Plain neighborhood. Cornerstone was able to obtain a creative financing structure that enables the buyer, Hajjar Management Co., to complete the renovation to property. More specifically, Cornerstone was able to deliver a low, 10-year, fixed-rate financing structure with three years of interest-only payments followed by a 30-year amortization. The lender was a local bank. The building, which is located at 9-11 Seaverns Ave., includes 24 one-bedroom, one-bathroom units. The borrower plans to fully renovate the property over the next three years.

June 25, 2018

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