COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of a 50,000-square-foot industrial building located at 980 Elkton Drive in Colorado Springs. The property traded for $6.9 million. The names of the seller and buyer were not released. Cody Stambaugh of The Morgan Stambaugh Group and Peter Sengelmann of The Diesch Sengelmann Team, both of Pinnacle Real Estate Advisors, represented the seller in the transaction.
By Kimberly Stepp, Principal, Stepp Commercial The strength of the Greater Los Angeles apartment market has exceeded expectations coming out of the pandemic. Despite reports of an exodus from California and population decline in the metro, apartment rental demand is seeing an all-time high, with net absorption of units running at its highest level in decades. As a result, vacancy is at a low 3.4 percent, lower than the pre-COVID level of 4.4 percent. Asking rents have seen a 7.7 percent growth over the past 12 months, while the national rate is 11.1 percent. Average monthly asking rents across LA County stand at $2,130, albeit still lower than the median monthly home payment of $2,659. Los Angeles multifamily market fundamentals remain favorable for investors. The area has one of the highest percentages of renters of any U.S. metro, comprising approximately half of all households. Already hefty housing prices in a highly competitive market have seen even greater increases over the past 20 months, resulting in a median home price of $795,000. This has left a significant part of the population priced out of homeownership. High construction costs, NIMBY sentiment and onerous permitting continue to plague the ability to deliver desperately needed housing units. …
The Great Resignation. The Big Quit. Call it what you will. The widespread trend of employees leaving their jobs in 2021 and 2022 has placed a burden on onsite property management staff at multifamily communities. Like other industries nationwide, the multifamily industry has been hit hard by this period where record numbers of employees are leaving their current positions. According to the National Apartment Association (NAA), rental owners and operators have reported up to 70 percent of their workforce resigning during this period. Historically, employee turnover ranges from 30 to 50 percent annually. In roles that often require wearing many hats to keep up with prospective renters and resident requests, leasing teams are feeling added pressure. With technology solutions that alleviate daunting tasks for onsite staff, you can save your staff valuable time and unnecessary manual effort. Your leasing team can simplify tour scheduling, automate routine communications, and set up seamless multifamily marketing campaigns that free up time for staff to better connect with renters. Here are four steps operators can take to maximize efficiencies and achieve better outcomes. 1. Automate Apartment Tour Scheduling The first step to helping your team thrive during a spike in renter demand is understanding …
LONGMONT, COLO. — Cantamar Apartments Associates has purchased a 126-unit multifamily property at 2205 Alpine St. in Longmont. An entity formed by DHI Communities sold the asset for $50 million. The buyer has renamed the 126-unit property as Alpine Prairie Village. Alpine Prairie Village features one-, two- and three-bedroom apartments with quartz countertops, multiple closets and modern lighting. Community amenities include open spaces; a game lounge with private seating and shuffleboard; outdoor gaming area with corn hole and ladder golf; fitness center; outdoor bar and grill; hot tub; pet spa; and co-working space with private offices. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group represented the buyer in the transaction.
PHOENIX — NewPoint Real Estate Capital has provided a $45.6 million, 10-year, Fannie Mae DUS loan for the refinancing of an apartment community in Phoenix. The recently constructed community features 200 detached apartments with smart-home technology systems and high-end interior finishes, including stainless steel appliances, granite countertops and washers/dryers, as well as private, fenced-in backyards. Community amenities include a clubhouse, fitness center, heated pool and spa, pet park and controlled entry. John Motzel of NewPoint, along with Jeremy Korea of Cushman & Wakefield, originated the loan.
LAGUNA HILLS, CALIF. — Cape Point Development has acquired La Paz Village, a neighborhood shopping center in Laguna Hills. A consortium of private investors sold the asset for $23.5 million. Built in 1974 and refurbished in 2012, La Paz Village features 54,566 square feet of retail space. Bill Rose of Institutional Property Advisors, a division of Marcus & Millichap, along with Steven Siegel, Glen Kunofksy and Anthony D’Ambrosia of Marcus & Millichap represented the seller, while Rose procured the buyer in the deal. Damon Wyler of Marcus & Millichap served as broker of record in California.
FLAGSTAFF, ARIZ. — Marcus & Millichap has arranged the sale of Canyon 66 Plaza, a retail property located at 1416 E. Route 66 in Flagstaff. A limited liability company sold the asset to an undisclosed buyer for $11.8 million. Nick Christifulli, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Ruble and Lind procured the buyer in the deal. Currently being remodeled, Canyon 66 Plaza features 50,606 square feet of retail space.
ISSAQUAH, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Bentley House, an apartment building in Issaquah. Terms of the transaction were not released. Built in 2009, apartments at Bentley House feature hardwood floors, stainless steel appliances, fireplaces and air conditioning. Community amenities include a rooftop deck, resident clubhouse, business center and fitness center. Philip Assouad and Giovani Napoli of IPA represented the seller and procured the buyer in the deal.
SCOTTSDALE, ARIZ. — Liv Communities has completed the disposition of Liv North Scottsdale, an apartment property located at 15509 N. Scottsdale Road in Scottsdale. An undisclosed buyer acquired the asset for $145 million, or $604,167 per unit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Completed in 2014, Liv North Scottsdale features 240 apartments with nine-foot ceilings, full-size washers/dryers, walk-in closets and private balconies or patios. Community amenities include a resort-style heated pool and spa, a private cabana with flat-screen TVs, rentable storage units, covered parking and structured parking. A rooftop patio features a firepit, outdoor kitchen with barbecue grilling station, bar seating and views of Scottsdale Airpark and the McDowell Mountains.
SAN DIEGO — Greystone has provided a $129.5 million Fannie Mae Delegated Underwriting Services loan for the refinancing of Spire San Diego, a multifamily community located on Island Avenue in San Diego. Matt Stevens of Greystone originated the fixed-rate loan for the borrower, Pinnacle Parkside Development US LP, with James Dick and Jay Dick of Kidder Mathews acting as correspondent. Built in 2014, the 45-story Spire San Diego features 472 apartments and is part of a residential and commercial complex with a 484-unit sister property, Pinnacle on Park. Spire offers one-, two- and three-bedroom units, a fitness center, swimming pool, game room, yoga room, screening room, residents lounge and outdoor grilling area.
