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Single-Family Rental

Build-to-RentLoansMidwestNorthmarqWisconsin

Northmarq Provides $12.2M Freddie Mac Loan for Build-to-Rent Community in Oak Creek, Wisconsin

by Kristin Harlow

OAK CREEK, WIS. — Northmarq has provided $12.2 million in construction takeout financing for the recently completed first phase of Residences at Oak View in Oak Creek, just south of Milwaukee. The build-for-rent community, located at 10730 S. Howell Ave., includes 42 rental homes. Residents have access to a clubhouse with a fitness center, game room, community room and outdoor pool. The property was fully pre-leased within two months of the first home delivery and achieved occupancy stabilization within five months. Construction on a 41-home second phase is currently underway, with completion slated for summer 2022. Brett Hood of Northmarq arranged the 10-year loan, which features five years of interest-only payments followed by a 30-year amortization schedule. Northmarq originated the financing for the borrower, ModHomes, through its status as a Freddie Mac Optigo lender.

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build-for-rent (BFR) Walker & Dunlop
Build-to-RentContent PartnerDevelopmentFeaturesMidwestMultifamilyNortheastSoutheastTexasWalker & DunlopWestern

Demographic, Economic Trends Likely to Sustain Build-For-Rent Sector’s Growth

by Sarah Daniels

Institutional investors have been increasingly interested in the build-for-rent (BFR) space over the last five years. But the pandemic poured gasoline on an asset class that offers tenants space, privacy and the flexibility of renting. Now that COVID appears to be receding in some areas, can the BFR sector maintain its growth? Paul Garner, director at Walker & Dunlop, believes that demographic and economic trends will maintain the demand for BFR, especially in the Sun Belt states, for the near future. Opportunities for Growth and a Focus on the Sun Belt Garner sees the most potential for BFR growth in suburban areas — particularly those located 15 to 20 minutes outside of a metropolitan statistical area. The economic growth and increasing populations of nearby cities determine whether suburban BFR setups will attract tenants. According to Garner, the dedicated BFR/single-family rental (SFR) team at Walker & Dunlop has started to see a lot of action similar to what they saw on the West Coast (especially in Arizona) four or five years ago. He notes, “BFR properties are becoming increasingly popular all throughout the Sun Belt states, especially Florida and the Carolinas. There’s a potential in this area to get land very, …

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DevelopmentMultifamilySingle-Family RentalTexas

Banyan Residential Breaks Ground on 163-Unit Single-Family Rental Community in Kyle, Texas

by Taylor Williams

KYLE, TEXAS — Los Angeles-based Banyan Residential has broken ground on Banyan Bunton Creek, a 163-unit single-family rental (SFR) community in Kyle, located in between Austin and San Antonio. Residences will feature two-car garages, fully landscaped backyards and modern interiors, and renters will have access to a pool with a splash pad and cabanas. Leasing is scheduled to begin early next year. An affiliate of Walton Street Capital is financing the project, which will be Banyan Residential’s second SFR community following the July opening of the 96-unit Banyan Kingsland Heights in Houston.

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Peak16-Apts-Phoenix-AZ
ArizonaMarket ReportsMultifamilySingle-Family RentalWesternWestern Market Reports

Phoenix Multifamily Continues Its Upward Trajectory

by Jeff Shaw

By Drew Ricciardi, Research Manager, ABI Multifamily Research Manager Following a chaotic year that left investors on the sidelines, the Phoenix market proved resilient. In fact, it ended up witnessing one of the most significant rebounds nationally. The Phoenix multifamily market exploded with a record start for 2021 and is now considered one of the top multifamily markets in the country. Phoenix continues to see robust population increases due to job growth, quality of life, industry diversity and affordability. According to a Redfin study, the Phoenix metro market had the highest population net inflow in 2020 of all U.S. metros. Phoenix benefited from the work-from-home phenomenon due to COVID-19, which resulted in high-paid workers fleeing high-priced, high-density markets for more affordable markets offering more spacious living options. Not only are people migrating to Phoenix, but the area is becoming a prime spot for company headquarters and advanced facilities. The metro area’s educated workforce, strong talent pool, business-friendly tax environment, and affordability are all key factors. Taiwan Semiconductor Manufacturing Co. plans to invest around $35 billion in new Phoenix facilities. This is the most substantial direct foreign investment in Arizona to date. The investment will have significant ripple effects on the …

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Walker Dunlop Williams Small Multifamily
AcquisitionsContent PartnerFeaturesLeasing ActivityLoansMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasWalker & DunlopWestern

Small-Balance Multifamily: Sizable and Resilient

by Sarah Daniels

While new-builds and top-of-the-line, large-scale developments typically attract the most buzz in the multifamily world, the vast majority of apartment properties in the United States have fewer than 100 units. These smaller properties play a vital role in delivering affordable and workforce rental housing inventory to the U.S. population. While the commercial real estate industry may refer to this sector of the multifamily market as “small,” make no mistake, “small” multifamily is not insignificant or inferior — it’s sizable and resilient. As other commercial real estate sectors paused during COVID-19, smaller multifamily properties and small-balance lending thrived. What does the future hold for this market? The Small Multifamily Market Defined The small multifamily market is highly fragmented with no clear definition of what constitutes “small” among capital sources. Generally, market statistics define the “small” multifamily sector by at least one of two measures: Unit count between five and 99 units; and/or Principal loan balance at origination between $1 million and $10 million[1] Strong Demand and Operating Fundamentals While the pandemic negatively impacted many areas of commercial real estate, with offices, retail shops and hotels largely shuttered across the U.S., the multifamily market remained resilient. Despite the past year’s challenges, multifamily …

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The-Village-at-Waller
DevelopmentMultifamilySingle-Family RentalTexas

LYND, T.R. Inscore to Develop $35M Single-Family Rental Community in Waller, Texas

by Taylor Williams

WALLER, TEXAS — San Antonio-based developer LYND and T.R. Inscore have formed a joint venture to develop single-family rental communities and will kick off the endeavor with a $35 million project in Waller, a northwestern suburb of Houston. The first phase of the development, which will be branded The Village at Waller, will consist of 118 units that will be constructed on a 14.7-acre site. The joint venture plans to potentially build as many as 700 homes on an additional 52 acres. Residences will feature two- and three-bedroom formats and range in size from 1,090 to 1,657 square feet. Communal amenities will include a pool, fitness center, dog park, playground and outdoor grilling areas. Rents will range from $1,600 to $2,250 per month.

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Build-to-RentIllinoisLoansMidwestMultifamilyWalker & Dunlop

Walker & Dunlop Arranges $30.4M Construction Loan for Build-for-Rent Community in Antioch, Illinois

by Kristin Harlow

ANTIOCH, ILL. — Walker & Dunlop Inc. has arranged a $30.4 million loan for the construction of The Clublands of Antioch by Moda Homes, a 110-unit, single-family build-for-rent community in the northern Illinois town of Antioch. Moda Homes is the developer and Ryan Homes is the builder. The project will sit within The Clublands of Antioch, a 1,000-unit master-planned community with roughly 450 existing homes. The one- and two-story homes will average 1,719 square feet and will include two-car garages. Eric McGlynn of Walker & Dunlop arranged the floating-rate loan. CoreVest Finance, a division of Redwood Trust, provided the loan.

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manufactured housing
Affordable HousingContent PartnerFeaturesLumentMidwestMultifamilyNortheastSingle-Family RentalSoutheastTexasVideoWestern

Manufactured Housing Communities Garner Investor Interest

by Sarah Daniels

    Interest in affordable paths to homeownership and the growing popularity of lower density living are raising the profile of the manufactured housing option among American households and investors. At the same time, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are making concerted efforts to better serve this historically underfinanced market at both the individual homeowner and community levels. The combination of robust cash flow growth (particularly in Sunbelt and Western markets), cap rate compression, and liquidity provided by the GSEs makes a compelling case for manufactured housing community (MHC) acquisitions and refinances. As increased competition has left market participants looking for an edge amidst compressing cap rates, the importance of working with an experienced MHC lender with access to short- and long-term loan programs has become more apparent. The following provides an in-depth analysis of the recent performance of rental MHCs, sales volume and pricing trends, and loan and underwriting trends in the MHC space. The Performance of the Site Rental Market The COVID-19 pandemic affected American housing preferences in profound ways. Increasingly, households are seeking lower density options with larger floor plans, home offices, and dedicated space for entertaining or distanced learning. This phenomenon …

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DevelopmentMultifamilySingle-Family RentalTexas

Aspen Heights to Develop 219-Unit Single-Family Rental Community in Metro Austin

by Taylor Williams

HUTTO, TEXAS — Locally based owner-operator Aspen Heights Partners has acquired 36 acres in the northern Austin suburb of Hutto for the development of Bell Yard, a 219-unit single-family rental (SFR) community. The property will offer two-, three-, and four-bedroom homes with attached garages, modern interiors and designer finishes, as well as an assortment of resort-style amenities. Construction is scheduled to begin in May of next year and to be complete in late 2023.

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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 …

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