WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) found that 80.4 percent of apartment households made a full or partial rent payment by Nov. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The most recent figure is a 110-basis point drop from November 2019, or a decrease of 131,712 households. November fared 100 basis points better compared to October 2020 when 79.4 percent of households made partial or full payment at Oct. 6. “November’s opening rent payment figures show that the additional support apartment residents received over the summer, coupled with generous, innovative approaches put into place by property owners and managers, continue to provide renters with some degree of security against the economic distress facing communities throughout the country,” says Doug Bibby, NMHC’s president. NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, Entrata and MRI Software.
PEACHTREE CORNERS, GA. — Consulting firm Merlinos & Associates Inc. has signed a full-floor, 25,347-square-foot office lease at Summit at Peachtree Parkway in Peachtree Corners. The landlord, OA Development, renovated the lobby, corridors and elevators, and added a fitness center and conference center in 2019. The six-story, 179,617-square-foot building is located at 5550 Peachtree Parkway, 22 miles northeast of downtown Atlanta. Howard Garrett of KW Commercial represented Merlinos & Associates in the transaction. Chip Roach and Stephen Clifton of Transwestern represented the landlord. Merlinos & Associates specializes in property, casualty, health, disability and life actuarial consulting.
ST. PETERSBURG, FLA. — An affiliate of Stoneweg US has bought Trellis at the Lakes Apartments, a 688-unit multifamily complex in St. Petersburg, for $114 million. The asset is situated at 11401 Dr. Martin Luther King Jr. St. N., 15 miles east of downtown Tampa. Trellis at the Lakes offers one- and two-bedroom floor plans. Communal amenities include a fitness center, pool, media center and a courtyard. The seller, an affiliate of ESG Kullen, acquired the property in 2016 for $80.9 million and invested in capital improvements during its ownership. Mark Meland and Bryan Vega of Miami-based Meland Budwick PA provided legal services for the seller. Patrick Dufour, Ryan Crowley, Andrew Visnick and Pibu Aulakh of Newmark represented the seller in the transaction. Matt Williams, James Maynard, Steve Comly and Adam Randall of Newmark arranged acquisition financing on behalf of the buyer. Additionally, Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia secured a joint venture equity partner for Stoneweg’s acquisition. The unnamed life insurance company invested $36 million for the deal.
ATLANTA — Waterton has acquired four multifamily communities in Alpharetta, Roswell, Norcross and Atlanta totaling 1,824 units. The seller(s) and sales prices were not disclosed. The properties include the 554-unit Deerfield Village in Alpharetta, the 668-unit Roswell Village in Roswell, the 382-unit Gwinnett Pointe in Norcross and the 220-unit Briarcliff Apartments in Atlanta. Each property is situated in the northern arch of Atlanta between Ga. Highway 400 and Interstate 85. The communities were built between 1989 and 2001. Chicago-based Waterton will implement upgrades across the portfolio to renovate amenity spaces, common areas and outdoor areas.
WINSTON-SALEM AND GREENSBORO, N.C. — Cushman & Wakefield has acquired Triad Commercial Properties, a commercial real estate brokerage firm with offices in Winston-Salem and Greensboro. Hap Royster and Tom Townes founded Triad Commercial Properties in 1999. The firm has arranged sales in 39 states and 10 countries, having experience in areas such as tenant and landlord representation, property disposition, buyer representation, sale-leaseback transactions, portfolio review and analysis, market analysis and build-to-suit analysis in a brokerage and advisory role. Royster, who served as managing partner for the firm, will join Cushman & Wakefield as vice chairman. The terms of the acquisition were not disclosed.
Futura, Linkvest Receive $52.5M HUD Construction Loan for Multifamily Project in Orlando’s Lake Nona
ORLANDO, FLA. — Joint venture partners Futura and Linkvest Capital have received a $52.5 million construction loan for the development of Futura at Nona Cove in Orlando. Berkadia originated the U.S. Department of Housing and Urban Development (HUD) 221(d)(4) loan on behalf of the developers. The community will be situated within Lake Nona, a master-planned community featuring, retail space, office space, multifamily units, single-family homes and hotels. Tavistock Group is the master developer of Lake Nona. The 260-unit property will offer studio through three-bedroom floor plans ranging from 623 to 1,315 square feet. Communal amenities will include a two-story clubroom, fitness center, dog spa and park, coworking space and a pool. Construction at the 17-acre site has begun and the developers expect to deliver the community in the third quarter of 2022.
BUFORD, GA. — Marcus & Millichap has arranged the $3.7 million sale of Hamilton Mill Crossings, an 11,722-square-foot retail strip center in Buford. The property was 88 percent leased at the time of the sale to tenants including Starbucks, Viral Vapes, Luxury Nail & Spa and AT&T Store. The asset is situated at 3265 Sardis Church Road, catty-corner from a Walmart Superstore and 40 miles northeast of downtown Atlanta. The undisclosed buyer was completing a 1031 exchange. Marc Irvin and Matthew Welch of Marcus & Millichap represented the undisclosed, Florida-based seller in the transaction.
Louisville is best known for the Kentucky Derby, the premier thoroughbred horse race that has occurred every year in the city since 1875. However, there is another continuous streak that is happening in Louisville, and that is 21 straight quarters of positive net absorption for industrial real estate as of second-quarter 2020. Louisville’s central location within the Southeast and Midwest, which gives area users the ability to reach two-thirds of the U.S. population within a one-day drive, is a major driver for industrial real estate. The UPS Worldport Hub in Louisville is its only “all-points” hub in the UPS network and provides warehouse and distribution businesses with the ability to process orders later and receive earlier deliveries. This is a tremendous benefit for e-commerce, pharmaceutical, laboratory and electronics companies, among many other industries. There is continual interest from West Coast companies seeking a central location to fulfill product as customer demand for shorter delivery times increases as part of the overall customer experience. UPS Supply Chain Solutions, the third-party, full-service fulfillment subsidiary of UPS, has a significant presence in Louisville. Many of the customers for which UPS Supply Chain provides fulfillment services are pharmaceutical-related businesses that require time-critical deliveries and …
WASHINGTON, D.C. — Total nonfarm payroll employment rose by 638,000 in October, and the unemployment rate declined to 6.9 percent, the U.S. Bureau of Labor Statistics (BLS) reported today. The monthly gain exceeded expectations from economists surveyed by Dow Jones, who predicted employers to add 600,000 jobs. The U.S. economy has added 12.1 million jobs since April, more than half of the 22.2 million jobs lost this spring. In October, job gains occurred in leisure and hospitality (271,000), professional and business services (208,000), retail trade (104,000) and construction (84,000). Employment in government contracted by 268,000, which The Wall Street Journal reports is tied to the release of temporary Census workers. The unemployment rate dropped 100 basis points from 7.9 percent in September, and the number of unemployed persons fell by 1.5 million to 11.1 million. The unemployment rate and total number of unemployed have dropped for six consecutive months but are nearly twice their February levels, which was 3.5 percent and 5.8 million, respectively. Additionally, the BLS found that 21.2 percent of employed persons teleworked because of the coronavirus pandemic in October, down from 22.7 percent in September. This data pertains to employed persons who teleworked or worked at home …
CHARLOTTE AND MOORESVILLE, N.C. — Greystar has purchased two apartment communities in the Charlotte market totaling 660 units. Boca Raton, Fla.-based Waypoint Real Estate Investments sold the properties, Barrington Place in Charlotte’s University City district and Waterlynn Ridge in Mooresville, to Charleston-based Greystar. The sales price was not disclosed, but the Charlotte Business Journal reports that the Class A communities traded for a combined $121 million. Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn of JLL represented Waypoint in the transaction. Andy Scott and Cory Fowler of JLL arranged acquisition financing on behalf of Greystar.