Multifamily

NAI Hanson Negotiates Sale of 10,761 SF Office, Residential Building in Hawthorne, New Jersey

by Alex Patton March 20, 2020

HAWTHORNE, N.J. — NAI James Hanson has negotiated the sale of a 10,761-square-foot office and residential building in Hawthorne, a northwestern suburb of New York City. Located at 297-301 Lafayette Ave., the property includes 7,381 square feet of office space and two apartments. Andrew Somple and Justin Allessio represented the seller, a private investor, in the transaction. The team also procured the buyer, Lighthouse Pregnancy Resource Center, which will use the property as its headquarters. The sales price was undisclosed.

March 20, 2020

Charlotte Rent and Occupancy, RED Capital

Content Partner Features Lument Multifamily North Carolina RED Capital Group Southeast

Charlotte Surges into the First Rank of U.S. Growth Markets

by Sarah Daniels March 20, 2020

Charlotte is America’s second-largest commercial banking center, home to one of the country’s biggest financial institutions, Bank of America; soon the headquarters site of another when BB&T and SunTrust merge; and host to more employees of Wells Fargo than call its San Francisco base home. It would be hard to exaggerate the economic benefits the local market secures from this status. One growing but not widely appreciated benefit is the Queen City’s emergence as one of the world’s hotbeds of innovation in fintech, the space in which digital technology and financial services intersect. With support from local financial services giants, well-funded fintech incubators (like Queen City Fintech, hired by IBM to build and run their Hyper Protect accelerators) and a burgeoning start-up community, Charlotte has hatched a small army of successful fintech firms capitalized with more than $2 billion to date. Lately, entrepreneurs in other disciplines have come to appreciate Charlotte’s virtues. Nascent disruptors in the healthcare and electric power sectors are setting down roots in the city, attracted by its low operating and living costs, quality of life, deep well of talent and uniquely collaborative style. The injection of start-up energy into Charlotte’s thriving Fortune 500 business foundation catalyzed …

March 20, 2020

Development Multifamily Texas

Dhanani Completes 288-Unit Territory at Greenhouse Multifamily Community in Metro Houston

by Taylor Williams March 19, 2020

KATY, TEXAS — Dhanani Private Equity Group has completed Territory at Greenhouse, a 288-unit apartment community located in the western Houston suburb of Katy. The Class A property features one-, two- and three-bedroom floor plans with stainless steel appliances, brushed nickel hardware, granite countertops and private balconies. Amenities include a pool, fitness center, resident clubhouse, business center, outdoor movie amphitheater and dog park. Dhanani developed the project with Allied Orion Group as the general contractor.

March 19, 2020

Acquisitions Multifamily Oklahoma Texas

Marcus & Millichap Brokers $3.9M Sale of Fox Valley Apartments in Lawton, Oklahoma

by Taylor Williams March 19, 2020

LAWTON, OKLA. — Marcus & Millichap has brokered the $3.9 million sale of Fox Valley Apartments, a 120-unit multifamily community in Lawton, located in southwestern Oklahoma. The property was built on six acres in 1980 and offers 108 two-bedroom units and 12 three-bedroom units. Derek Wilson of Marcus & Millichap represented the undisclosed seller and procured a limited liability company as the buyer.

March 19, 2020

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Associates Negotiates $65M Multifamily Portfolio Sale in New Jersey

by Alex Patton March 19, 2020

NEW JERSEY — Gebroe-Hammer Associates has negotiated the $65 million sale of the Golden Peak Portfolio, a collection of multifamily properties totaling 400 units in northern New Jersey. The portfolio’s 13 buildings are located throughout the North Hudson County cities of West New York (250 units), Union City (119 units) and North Bergen (31 units). Niko Nicolaou of Gebroe-Hammer Associates represented the seller, a partnership of Urban American Management and Dixon Advisory. Nicolaou also procured the buyer, Tuli Realty LLC. Elliot Treitel of Meridian Capital Group arranged financing through an undisclosed lender on behalf of the buyer.

March 19, 2020

Acquisitions Multifamily New Jersey Northeast

JLL Arranges $53M Sale of Bela Apartments in Jersey City

by Alex Patton March 19, 2020

JERSEY CITY, N.J. — JLL has arranged the $53 million sale of Bela Apartments, a recently developed, 104-unit luxury multifamily community in the Bergen-Lafayette neighborhood of Jersey City. The property features one- and two-bedroom apartments with amenities including a fitness center, yoga studio and a grilling area. The property also features approximately 2,600 square feet of ground-floor retail space. Jose Cruz, Michael Oliver and Kevin O’Hearn led a JLL team that represented the seller, a partnership between Alpine Development, Fields Development Group and Grade Development Co. Golden Glades Capital Management was the buyer.

March 19, 2020

Acquisitions Florida Multifamily Southeast

Passco Acquires Multifamily Community Near Jacksonville for $54.9M

by Alex Tostado March 19, 2020

PONTE VEDRA, FLA. — Passco Cos. has acquired The Reserve at Nocatee, a 244-unit multifamily community in Ponte Vedra, for $54.9 million. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool with cabanas and a dog park. The community is situated on 20 acres at 215 Hunters Lake Way, 25 miles south of downtown Jacksonville. Brian Moulder and Dhaval Patel of Walker & Dunlop brokered the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group originated the acquisition loan on behalf of the buyer. The seller was not disclosed.

March 19, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Arranges Sale of 143-Bed Skilled Nursing Facility in Yuma, Arizona

by Amy Works March 19, 2020

YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Kissito Healthcare Palm View, a skilled nursing facility in Yuma. Originally built in 1964, with renovations in 2011 and 2018, Palm View consists of 77 units and is licensed for 143 beds. The community totals 44,000 square feet on 2.9 acres. Occupancy at the time of the sale was 59 percent. The seller is a national REIT looking to divest this asset due to it being a geographic outlier for its portfolio. The buyer is a regional operator. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

March 19, 2020

Midwest Multifamily Ohio

Woda Cooper Cos. Creates Interim Rental Assistance Fund, Waives Late Fees for Residents Impacted by COVID-19

by Kristin Harlow March 19, 2020

COLUMBUS, OHIO — Woda Cooper Cos. Inc. has unveiled plans to create an interim rental assistance fund and waive late rent fees for residents whose jobs are directly impacted by the coronavirus pandemic. The company has also halted celebrations commemorating its 30th anniversary later this year to focus on helping residents navigate the financial impacts of the pandemic. As part of the announcement, Woda Cooper will waive all late fees for rent due April 1 for any resident who has been laid off or furloughed. In addition, the company will establish an interim rental assistance fund of $250,000 to assist residents who have been laid off or furloughed, and ask vendors, lenders and investors to help financially in the effort. Woda Cooper will match the first $250,000 of contributions received and add those funds to the rental assistance fund. Columbus-based Woda Cooper owns and operates more than 300 affordable housing communities in 15 states.

March 19, 2020

Features Student Housing

The Coronavirus Outbreak: A Guide to The Impact on Student Housing

by Katie Sloan March 19, 2020

The impact of the coronavirus (COVID-19) is being felt across every sector of the U.S. economy as the virus continues to spread worldwide. The student housing industry is not exempt, as the number of colleges and universities canceling in-person classes continues to grow, with some requesting that students vacate residence halls immediately for the remainder of the spring semester. The number of confirmed cases in the U.S. has climbed to 10,442 and the death toll has risen to 150 as of March 19, according to The New York Times coronavirus case map. President Trump declared a national emergency on March 13, which gave him authority to use $50 billion allocated by congress for disaster relief to address the coronavirus crisis. The Trump administration broadened the government’s response to the pandemic on Wednesday, spelling out the first details of a $1 trillion economic package that requests an infusion of $500 billion for direct payments to taxpayers and $500 billion in loans for businesses from Congress, according to reports by The New York Times. President Trump also invoked a seldom-used wartime law that allows the government to press American industry into service to ramp up production of medical supplies. University and College Closures Universities are taking …

March 19, 2020

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