Orange County’s multifamily housing market remained exceptionally strong throughout 2019. The average asking rent closed the quarter at $2,055 per unit, up 3.3 percent from the fourth quarter of 2018. This was the highest asking rent on record, up 34.5 percent from the prior peak reached in the third quarter of 2008. The Central submarket saw the largest year-over-year rental rate increase, with the asking rent there rising 3.8 percent to $1,920 per unit. This quarter, the Irvine submarket also saw its average asking rent adjust a bit, down 0.7 percent from the prior quarter to $2,446 per unit as existing inventory competed with new construction added to the market. However, the average rent in Irvine is up 3.2 percent from last year. Completed construction has pushed vacancy up. The total vacancy rate in Orange County this quarter registered 4.8 percent, up 30 basis points from the prior quarter, steady from the fourth quarter of 2018. Four significant projects totaling 2,567 units were completed this quarter. This includes Promenade at Irvine Spectrum with 1,781 units; SkyLoft, a 388-unit development in Irvine; the Charlie Orange County, a 228-unit complex in Santa Ana; and the Murphy, a 170-unit complex in Irvine. Annual …
ST. PETERSBURG, FLA. — Moss Construction has completed Icon Central, a 368-unit multifamily community in downtown St. Petersburg. The Related Group was the developer of the redevelopment project, which included updating the 94-year-old Union Trust Bank building. Moss Construction also added 15,000 square feet of retail space bringing the total to 19,000 square feet at the 15-story property. Unit sizes range from 542 to 1,470 square feet. Communal amenities include a pool, indoor fitness center, residence club, outdoor terrace on the eighth floor, spa and a virtual game simulator. Icon Central is situated at 855 Central Ave.
STONECREST, GA. — McShane Construction Co. has broken ground on Stonepointe, a 238-unit affordable seniors housing community in Stonecrest, approximately 15 miles east of Atlanta. Dominium is developing the four-story building on an 11.3-acre site. Construction is scheduled for completion in July 2021. Units are reserved for residents over age 55. The property will offer one- to three-bedroom floor plans. McShane is also performing site work for Stonepointe, including the construction of a 210-space parking lot. The architect of record is Martin Riley Associates.
CENTREVILLE, VA. — Hines Global Income Trust Inc. has acquired The Emerson, a 355-unit apartment complex in Centreville. The property offers studio, one-, two- and three-bedroom floor plans averaging 925 square feet. Communal amenities include a game room, grilling stations, pool, outdoor TV and fire pit, cyber lounge and a fitness center. The community was delivered in the second quarter of 2019 and was 65 percent occupied at the time of sale. The Emerson is situated at 5865 Trinity Parkway, 25 miles west of downtown Washington, D.C. Further details of the sale were not disclosed.
MINNEAPOLIS AND ST. PAUL, MINN. — Bellwether Enterprise Real Estate Capital LLC has arranged $18.1 million in acquisition financing for nine multifamily properties in the Twin Cities area. Bellwether Enterprise arranged the loans on behalf of the borrower, Midwest GIR Group. Freddie Mac provided the majority of the loans. The properties include: Hatch Apartments in St. Paul; Crystal Court in Crystal; Sommerset Place in Brooklyn Park; 872 Payne Ave. in St. Paul; Bluebird Apartments in St. Paul; Stinson Boulevard Apartments in Columbia Heights; Penn & Camden in Minneapolis; Stryker Place in St. Paul; and Folwell Apartments in Minneapolis. Midwest GIR Group acquired the properties, totaling 284 units, over the last 16 months.
CHICAGO — JLL Capital Markets has arranged the sale of St. Pauls House, a 171-bed skilled nursing community in Chicago. Lutheran Life Communities sold the facility to an Illinois-based operator for an undisclosed price. St. Pauls House was originally built in 1921, with the additions of the east wing in 1956 and the west wing in 1970. The 100,000-square-foot community is situated on 2.4 acres in Chicago’s Irving Park neighborhood, northwest of downtown. Mike Garbers and Cody Tremper of JLL led the transaction.
GARLAND, TEXAS — CBRE has arranged the sale of Creekside on the Green, a 296-unit apartment community in Garland, a northeastern suburb of Dallas. Texas-based RS Creekside LLC sold the asset to Roseview Winn Acquisition LLC for an undisclosed price. Chris Deuillet, Chandler Sims and Danny Baker of CBRE arranged the transaction on behalf of the seller. Since 2016, Creekside on the Green has received more than $1 million in capital improvements, including full upgrades to approximately one-third of the units and improvements to the leasing office, fitness center and pool area.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of The Monterrey, a 105-unit apartment community in Fort Worth. The property was built in 1968 and is located on the city’s southwest side. Al Silva of Marcus & Millichap represented the seller, locally based investment firm Napali Capital, in the transaction. Silva and Dan Mullen, also with Marcus & Millichap, procured the buyer, a Dallas-based limited liability company. The asset drew 13 offers during a four-week marketing period.
MIAMI — Moss Construction has completed Maizon at Brickell, a 19-story, 262-unit multifamily property in downtown Miami. The property offers apartments ranging from 490 square feet to 1,234 square feet. Maizon at Brickell also features an attached parking garage, 15,000 square feet of retail space and 3,400 square feet of amenity and leasing space. RD Jones designed the amenity and public spaces to include a pool, fitness center, dog run and smart package lockers. ZOM Living was the developer, and MSA Architects designed the building.
ITHACA, N.Y. — A partnership between Lambrou Real Estate and Bridges Development Group will develop City Harbor, a 218,000-square-foot mixed-use development in the Upstate New York city of Ithaca. The property will be located at 101 Pier Road, formerly the site of Johnson Boat Yard, on the southern shore of Finger Lake. A multifamily component of the project will feature 158,000 square feet of residential space with 156 one- and two-bedroom units, a fitness center, restaurant and other amenities. The project will also feature a 60,000-square-foot medical building and a 1,700-foot shoreline promenade. HOLT Architects is designing the project, and Edger Enterprises Inc. is the general contractor. The development team expects to break ground in May and to complete the first phase about 18 months later.