Friday, February 28, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Single-Family Rental

IndustrialIowaMarket ReportsMidwestMidwest Market ReportsMultifamilySingle-Family Rental

Resilience, Growth in Cedar Rapids is Unparalleled

by Kristin Harlow

By Scott Olson, Skogman Commercial On Aug. 10, 2020, eastern Iowa was hit with a derecho. This is the Spanish word for a widespread, long-lived, straight-line windstorm that is associated with a fast-moving group of several thunderstorms. Winds in southwest Cedar Rapids were estimated to be 140 miles per hour with the entire city of 75 square miles sustaining major damage. The statistics are staggering: • Cedar Rapids lost 669,000 mature trees, about 70 percent of its urban canopy. The storm left at least 4.5 million cubic yards of debris. Stacked 35 feet tall and wide, it would extend a whopping 24 miles. • 6,000 homes and properties were damaged. As repairs and reconstruction got underway, the city issued 25,000 building permits in fiscal-year 2021, more than double the number in a typical year. • City government buildings suffered $20 million in damage, while the business community reported losses totaling $170 million. About $70 million of that was the result of derecho-related shutdowns or power outages. • The state cumulatively sustained $11.5 billion in damage, according to the National Oceanic and Atmospheric Administration, which calls the Aug. 10 derecho “the costliest thunderstorm in U.S. history.” However, as evidenced in the …

Continue Reading
FacebookTwitterLinkedinEmail
Build-to-RentLoansMultifamilyNorth CarolinaSoutheast

Tower Capital Arranges $19.1M in Financing for SFR Community in Metro Charlotte

by Julia Sanders

CHARLOTTE, N.C. — Tower Capital has arranged $19.1 million in acquisition financing for 99 build-for-rent townhomes in Indian Trail, a suburb of Charlotte. The property includes two-story, three-bedroom townhomes with attached garages. An undisclosed investor based in Phoenix received the two-year financing that features a floating interest rate 400 basis points above LIBOR and a six-month extension option. Including the property in Indian Trail, Tower Capital has arranged nearly $108 million in combined financing for several single-family and build-for-rent developments. These transactions include three assets in Arizona: Village at Paseo de Luces in Tolleson, Village at The BLVD in Avondale and Arise North PHX in metro Phoenix. Tower Capital has closed more than $400 million in financing transactions for build-for-rent properties and has another $1 billion of projects in the pipeline that spans multiple states including Arizona, Texas, Alabama, Georgia and Florida.

Continue Reading
FacebookTwitterLinkedinEmail
Walker & Dunlop Employment Multifamily
Content PartnerFeaturesLeasing ActivityMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasWalker & DunlopWestern

Multifamily Outlook: Growth Undiminished by Pandemic-Related Disruptions

by Sarah Daniels

The Roaring ’20s and the Great Wealth Transfer The United States is well on a path of recovery from the COVID-19 pandemic shutdown that began in March 2020. More than 60 percent of the U.S. population has now received at least one dose of the vaccine, and more than half are fully vaccinated. Those figures increase significantly by age, particularly for the 65+ population[1]. The economy is booming this year — it is estimated to have grown by 7.8 percent[2] in the second quarter following 6.4 percent growth in the first quarter of 2021. Unemployment remains low at 5.9 percent in June due to 7.9 million jobs created in the past year. Retail sales are up by 23 percent year-over-year.[3] Even the battered restaurant industry has recovered, with sales again surpassing grocery sales as of April 2021. Pandemic-induced disruptions to labor and trade finally began showing in inflation figures. Even excluding the more volatile food and energy sectors, inflation soared from 1.6 percent in March to 4.5 percent in June, the highest pace since 1991. However, expectations are that the price pressure is a temporary adjustment as the economy recovers. Core inflation is expected to end the year at around 2.2 …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMultifamilySingle-Family RentalTexas

Avanta Residential Acquires Land in McKinney, Plans 276-Unit Single-Family Rental Community

by Taylor Williams

MCKINNEY, TEXAS — Denver-based Avanta Residential, a division of Hunt Cos., has acquired 27 acres in the northern Dallas suburb of McKinney for the development of a 276-unit single-family rental community. The new residential complex will be located within the Painted Tree master-planned development. Communal amenities will include a pool, clubroom, leasing office and a fitness center. Residents will also have access to green space, pocket parks and electric car charging stations. Walker & Dunlop arranged the equity financing for the project. Construction is slated to begin in November and to be complete in mid-2023.

Continue Reading
FacebookTwitterLinkedinEmail
Build-to-RentFeaturesMultifamilySingle-Family RentalSoutheast Feature Archive

No Place Like Home: SFR Market Grows in Southeast as In-Migration Soars

by Kristin Harlow

By Sudha Reddy, Haven Realty Capital Single-family rentals have taken off in various areas across the country. But they’re boiling in the Southeast. The strength in the Southeast shouldn’t be a surprise as the region has enjoyed substantial employment and population growth over the past decade — well before COVID-19 hit last year. In 2018, the Southeast led other regions in net inflow, gaining around 959,000 new residents from different areas of the United States and around the globe, according to the U.S. Census Bureau. This strong growth showed up in cities and states throughout the region. Among states, Florida led the way, with 566,476 people moving from another state. Of the cities with a population of 50,000 or more, the Southeast had 10 of the top 15 fastest-growing large U.S. cities between 2010 and 2020, according to the U.S. Census Bureau. While the region was flourishing before COVID-19, the pandemic accelerated its population gains and spotlighted them. This migration has created a fertile climate for single-family rental builders and investors. Despite the intense interest, investors have been able to find many great opportunities in the region over the past year with even more properties coming in the pipeline. Moving …

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisMidwestMultifamilySingle-Family RentalTop Stories

JLL Income Property Trust Acquires 47 Percent Interest in Single-Family Rental Portfolio for $560M

by Katie Sloan

CHICAGO — JLL Income Property Trust has acquired a 47 percent interest in a single-family rental portfolio assembled and managed by Amherst Residential for $560 million. The 4,000-home portfolio is valued in total at $1.2 billion.  Properties within the portfolio are located in 14 major markets across 10 states, with nearly 80 percent located in Atlanta; Dallas; Nashville, Tenn.; Charlotte, N.C.; and Tampa, Fla. The portfolio is currently over 96 percent leased and is occupied with no displacement anticipated as a result of the transaction. “LaSalle’s Research & Strategy team has identified single-family rentals as a ‘near-core’ property sector poised for accelerating institutional capital inflows, along with an attractive risk-adjusted return profile,” says Allan Swaringen, president and CEO of JLL Income Property Trust.  “Given the superior long-term tenant demand growth outlook, our research projects long-term expected rent and NOI growth above all other institutional property type averages,” he continues.  JLL’s investment was funded with $205 million in equity and the assumption of its proportionate share of an existing in-place financing — a $761 million securitized loan. The debt, which features interest-only payments, has a fixed interest rate of 2.1 percent and matures at the end of 2025. At the current …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaOfficeSingle-Family RentalTop StoriesWestern

Pacific Oak Sells Orange County Office Tower for $150.5M

by Kristin Harlow

ORANGE, CALIF. — Pacific Oak Strategic Opportunity REIT Inc. has sold City Tower, a 435,000-square-foot Class A office tower in Orange County, for $150.5 million. Opal Holdings, a New York City-based real estate investment firm, was the buyer. The 20-story property is located at 333 City Blvd. in Orange, about three miles north of Santa Ana and 30 miles southeast of Los Angeles. The building was 90 percent leased at the time of sale to tenants such as UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces. Developed in 1988, City Tower recently underwent a $3 million renovation that included upgrades to the lobby, a state-of-the-art fitness center, conference center and new building entryway. The property is certified LEED Gold. “We increased occupancy by almost 15 percent over the past three years and are proud of the improvements and value we created during our ownership,” says Michael Potter, senior vice president with Pacific Oak, which purchased City Tower for $147.2 million in March 2018 when it was 78 percent occupied. Pacific Oak Strategic Opportunity REIT is a public, non-traded corporation headquartered in Los Angeles. The REIT manages a portfolio valued in excess of $2 billion comprised primarily of office, apartment, …

Continue Reading
FacebookTwitterLinkedinEmail
SFR
DevelopmentFloridaLoansMultifamilySingle-Family RentalSoutheast

George Smith Secures $26M Construction Loan for SFR Project in Fort Myers, Florida

by Julia Sanders

FORT MYERS, FLA. — George Smith Partners has secured a $26 million construction loan for a new 130 single-family rental development in Fort Myers. Ed Steffelin, Evan Kinne, Jonathan Lee, Shahin Yazdi and Paul Monsen of George Smith Partners secured the financing on behalf of the developer, Soltura Development Group. The entire project is slated for completion by the end of 2022. The new development will be a part of The Forum, a 706-acre master planned community adjacent to Top Golf and located on the eastern side of Fort Myers. The community features restaurants, retail, office, medical, assisted living and residential communities. George Smith Partners secured the construction debt at a 70 percent loan-to-cost ratio. A Kansas-based bank, Equity Bank, provided the loan. Soltura is a Naples, Fla.-based real estate development company that focuses on residential, hospitality, restaurants/bars and commercial projects. George Smith Partners is a Los Angeles-based provider of capital market advisory services to the commercial real estate industry. The firm specializes in arranging financing for commercial and multifamily properties, including acquisition, construction, bridge and permanent loans.

Continue Reading
FacebookTwitterLinkedinEmail
InterFace-Active-Adult-Panel
Conference CoverageFeaturesMultifamilySeniors HousingSingle-Family Rental

Despite Brand Ambiguity, Active Adult Properties Gain Favor With Investors, Says InterFace Panel

by Taylor Williams

By Taylor Williams While the product’s definition and brand identity can be obscure and subjective and the amount of data available on it is limited, the asset class known as active adult is experiencing healthy growth in development and resident demand. In turn, those positive vital signs are making both institutional and private investors increasingly comfortable with the property type. This is particularly the case among investors with significant allocations of capital in the multifamily sector and that are seeking yield within that highly competitive space. The amount of available data on the asset class is minimal — at least according to lenders that dabble in the space and researchers that track it. But there is enough statistical information on occupancy and lease-up rates to appeal to institutional players, industry professionals say. For starters, the property has some major demographic tailwinds. According to a February 2021 report from CBRE, by 2030, the 65-plus age cohort will comprise 21 percent of the total U.S. population, a 50 percent increase from the 2020 proportion. The report also found that the average occupancy rate of 95 percent across the active adult sector is higher than other subtypes of seniors housing. In addition, active …

Continue Reading
FacebookTwitterLinkedinEmail
AlabamaLoansMultifamilySingle-Family RentalSoutheast

Cushman & Wakefield Arranges $30.2M Construction Loan for Single-Family Rental Community in Huntsville

by Julia Sanders

HUNTSVILLE, ALA. — Cushman & Wakefield has arranged $30.2 million in construction financing for The Hamlet at MidCity, a single-family rental community in Huntsville. Mike Ryan, Brian Linnihan, Richard Henry and J.P. Cordeiro of Cushman & Wakefield secured the three-year, floating-rate loan through Regions Bank on behalf of the developer, Middleburg Communities. The Hamlet at MidCity will include 120 standalone cottages and 55 separate duplex buildings totaling 230 units. Floor plans will range from one- to three-bedrooms, with an average unit size of 1,259 square feet. Community amenities will include a saltwater pool, outdoor grilling common areas, fitness center, dog park, pet spa and fire pits. Located on Old Monrovia Road off Highway 72, the property is a half-mile north of MidCity District, an $850 million mixed-use development that when complete will contain 400,000 square feet of office space and 350,000 square feet of retail space.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts