Multifamily housing is coming of age in New Mexico, and the Millennial generation is spurring the growth. The old adage of “location, location, location” is ever present as the placement of a property in relation to cultural, educational, entertainment and natural amenities becomes a major factor in the value of the property. The ability to walk and bike to social amenities like restaurants, theaters and schools is, and will continue to be, very high on the list of importance for members of this generation in New Mexico. There is not only a distinguishable difference in occupancy rates for units scoring high on Millennial’s wish lists, but the income for these units is between 20 percent and 24 percent higher than those with lower scores. While newly constructed and refurbished multi-housing units often appeal to Millennials, all of New Mexico is experiencing high occupancy rates throughout the multifamily market. This push on availability is fueling an environment that will continue to encourage increasing rents and new construction. Though the sale of multifamily properties was deeply affected by the recession, a market shift in 2013 has allowed the multifamily market to regain its footing with a two- to three-times increase in sales …
HOUSTON — Houston-based Baker Katz has acquired the 105,833-square-foot Federal East Shopping Center located in Houston. The property is located off of I-10, nine miles east of the Central Business District. Baker Katz’s redevelopment plan includes renovating the façade and upgrading the tenant mix. The 33,589-square-foot Fitness Connection and 11,030-square-foot Pappas Meat Co. restaurant anchor the property, along with Avenue Stores, South Texas Dental Associates, H&R Block and other tenants. Construction for Federal East’s renovation is slated to begin later this year.
MCKINNEY, TEXAS — MYCON General Contractors has broken ground on a new industrial warehouse project located at 2639 E. Rosemeade Parkway in Carrollton. The new 70,000-square-foot build-to-suit project for the Workplace Resource Group includes 50,000 square feet of warehouse space and 20,000 square feet of office space. The $3.3 million project is slated for completion in the fall of 2015.
DALLAS — Lee & Associates has closed a sales transaction for a 38,810-square-foot industrial building located at 4630 Alpha Road in Dallas. Nathan Denton of Lee & Associates Dallas/Fort Worth office represented the purchaser, StoneDome Real Estate LLC. Sam Beys of Preston Commercial represented the seller, Dors Family LP.
FORT WORTH, TEXAS — ML Realty Partners LLC has arranged a lease renewal for Amcor Rigid Plastics, which has extended its 269,388-square-foot lease at 4100 Fleetwood Road in Fort Worth. Greg Kloiber and David Stechly at Top Gun Advisors represented the tenant in the transaction.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Lindy’s Landing, a 52-unit apartment property located in Austin. Joe James and Kent Myers of Marcus & Millichap’s Austin office, along with Robert Sheppard, Armand Tiberio and Spencer Hurst of the firm’s tax credit group, marketed the property on behalf of the seller, a partnership. James and Myers also secured the buyer, a foreign entity. Built in 1985 on 1.4 acres at 121 Woodward St., the complex is located just minutes south of downtown. Lindy’s Landing, a 33,600-square-foot apartment community, offers two floor plans and amenities including a leasing office, centrally located laundry facility and barbecue areas.
NEW YORK CITY — Taconic Investment Partners and Ares Management have completed the disposition of 318 residential units at MeadowWood at Gateway, a multifamily property located at 12205 Flatlands Ave. in Brooklyn. The Pinnacle Group purchased the units for $53 million. MeadowWood at Gateway features 19 high-rise and garden-home buildings offers studio, one-, two-, three- and four-bedroom in a mix of for-sale and rental units. Taconic and funds managed by Ares originally purchased the 983 unsold condominiums units out of the 1,152 units at MeadowWood in 2006 and completed a $40 million renovation program at the property. Aaron Jungreis of Rosewood Realty Group represented the seller in the transaction.
DERBY, CONN. — Fischer Real Estate has arranged the sale of an industrial property located at 150 Roosevelt Drive in Derby. An Ohio-based investment group purchased the two-story, 150,000-square-foot property for an undisclosed price. The buyer plans to demolish a portion of the building, renovate the remaining asset and re-introduce the property on a for-lease or for-sale basis. Alan Fischer of Fischer Real Estate represented the buyer and the seller, Derby Cellular Products LLC, in the transaction.
NEW YORK CITY — Centum Real Estate Group has arranged the sale of a retail/restaurant property located at 137 Ludlow St. in New York City. Joe Tabak/Princeton Holdings LLC acquired the three-story 9,777-square-foot property for $8.3 million. Libations, the current tenant, will stay at the property for the next two years until the new owner repositions the asset. Otis Duffy of Centum Real Estate Group represented the buyer and the undisclosed seller in the transaction.
PENNSYLVANIA — UMH Properties Inc. has acquired a manufactured home community in northeastern Pennsylvania for $3.5 million. Situated on 43 acres, the property features 158 developed home sites, with an average occupancy of 64 percent. With this acquisition, UMH owns 92 communities and 15,700 developed home sites. The name of the seller was not released.