Multifamily

Job Growth Key to Orlando Apartment Market’s Strong First-Half Performance

by John Nelson October 26, 2015

Orlando’s multifamily market is in the midst of a golden era of sorts, as it sits squarely at the intersection of strong employment growth, an increasing population, a major demographic shift and a variation in lifestyle preferences. Together, these factors provide a tremendous tailwind for future strength in the local apartment market. While the national multifamily market continues to perform at a high level, Orlando is starting to show up on the radar of more institutional investors due to its recent outperformance and tremendous growth prospects. According to recent data from MPF Research, Orlando is on pace to see 5.6 percent rent growth in 2015, followed by 4.7 percent growth in 2016. The strong momentum in the MSA is being driven by a rapidly expanding and increasingly diversified job market. Going forward, the picture looks even brighter. MPF Research ranks Orlando as the No. 1 metro in the nation for job growth through 2020, with a growth rate (2.7 percent), more than twice the national average (1.1 percent). Unlike previous cycles, today’s growth is spread more evenly across employment industries, resulting in a more diverse, dynamic labor market. The highest growth sectors are forecast to be construction, healthcare/bio-tech, business services, …

October 26, 2015

Arizona Conference Coverage Multifamily Seniors Housing Western

InterFace On-Campus Housing Kicks Off in Tempe Near Arizona State

by Nellie Day October 23, 2015

TEMPE, ARIZ. — The third annual InterFace On-Campus Housing conference began yesterday in Tempe at the Tempe Mission Palms hotel, near Arizona State University (ASU). Wednesday, more than 60 attendees toured four on-campus properties at ASU that American Campus Communities (ACC) developed or re-developed in a public-private partnership with the university. Vista Del Sol, which opened in 2008, features more than 1,800 beds and was developed by ACC, while Hassayampa Academic Village, which opened in 2006 and was developed by Machado and Silvetti + GouldEvans LLC, features more than 1,900 beds. Representatives from ACC and ASU, as well as construction firm Hardison Downey Construction, were on-hand to talk about the projects and answer questions. Thursday began with a breakfast and speed networking session, as well as the keynote speech by generational expert Michael Wood of 747 Group. Wood spoke about the upcoming Gen Z, what its members’ interests are, what they expect of authority and what they may prefer in housing after entering higher education. Sessions and panels continue today at the Tempe Mission Palms.

October 23, 2015

Loans Multifamily Texas

Mason Joseph Co. Secures $11.2M Construction, Financing Loan in Metro San Antonio

by Haisten Willis October 23, 2015

SEGUIN, TEXAS — Mason Joseph Co., a San Antonio-based FHA multifamily lender, has secured the closing of an $11.2 million loan for the construction and permanent financing of Walnut Grove Apartments, a proposed 116-unit market-rate apartment community in Seguin. The financing was secured through HUD’s 221(d)(4) loan insurance program. Using the program enabled the borrower to secure a fixed interest rate for the initial 14-month construction period and a subsequent 40-year term. Walnut Grove is being built on a vacant site near the Guadalupe Regional Medical Center and Seguin High School. The property will also be located near manufacturing plants including Caterpillar, Continental Motor Systems, Texas Power Systems, Tyson Foods and CMC Steel Texas. The apartment will offer 116 units across six three-story apartment buildings. MacDonald Cos. of Kerrville is developing the project. GG MacDonald Inc. will serve as the general contractor.

October 23, 2015

Florida Loans Multifamily Southeast

NorthMarq Arranges $16.1M Acquisition Loan for Apartment Community in Orlando

by John Nelson October 23, 2015

ORLANDO, FLA. — NorthMarq Capital has arranged a $16.1 million acquisition loan for Landmark at Siena Springs, a 252-unit apartment community located at 6101 Westgate Drive in Orlando. The lakefront apartment complex features seven pools, a dog park, Wi-Fi café, outdoor grill and picnic area, business center, recreation center, clubhouse and storage space. Ory Schwartz of NorthMarq’s Los Angeles office arranged the 10-year loan with two years of interest-only payments and a 30-year amortization schedule. NorthMarq arranged the financing through an unnamed conduit CMBS lender.

October 23, 2015

Georgia Multifamily Southeast

Passco Cos. Buys Apartment Community in Metro Atlanta

by John Nelson October 23, 2015

DULUTH, GA. — Passco Cos. LLC has purchased The Estates at Crossroads, a 344-unit apartment property located at 2620 N. Berkeley Lake Road in Duluth, a northeast suburb of Atlanta in Gwinnett County. Built in 2002, the property features one-, two- and three-bedroom units with 9-foot ceilings with crown molding, walk-in closets, ceramic tile flooring, full sized washer and dryer units, custom cabinetry, breakfast bars, garden tubs and a private patio or balcony. The property’s amenities include a resort-style pool with sundeck, clubhouse and cafe, fitness center, business center with Wi-Fi, detached garages and tennis facilities. The apartment complex was more than 97 percent occupied at the time of sale. Chris Black of KeyBank Real Estate Capital arranged an acquisition loan through Fannie Mae on behalf of Passco Cos. The sales price was undisclosed.

October 23, 2015

Illinois Midwest Multifamily

Interra Realty Brokers Sale of Four Multifamily Properties in Separate Transactions for $1.9M

by Christina Cannon October 23, 2015

CHICAGO — Interra Realty has arranged the sale of four multifamily properties in Chicago for $1.9 million. Brad Feldman of Interra Realty represented both parties in each of the four separate transactions. Logan Square, a four-unit apartment building, sold for $775,000 and is located at 2613 W. Armitage Ave. All units were two-bedroom/one-bath. A 12-unit property located at 4950-4956 S. Michigan Ave. sold for $837,500. The building, which had all Section-8 renters, is located in the Bronzeville neighborhood. The property features six three-bedroom units and six two-bedroom units. An eight-unit property in the greater Grand Crossing neighborhood located at 7556 S. Eberhart Ave. sold for $247,500. It is made up of five two-bedroom and three one-bedroom units. In the South Shore neighborhood, a bank-owned 12-unit mixed-use property at 1735 E. 71st St. sold for $105,000. It consists of four retail spaces, one two-bedroom unit and seven studio apartments. The buyer and seller in the transaction were not disclosed.

October 23, 2015

Multifamily New York Northeast

New York REIT Sells 163 Washington Avenue

by Haisten Willis October 23, 2015

NEW YORK CITY — New York REIT (NYSE: NYRT) has completed the previously announced sale of 163 Washington Avenue in Brooklyn. Located in the Clinton Hill neighborhood, the Class A apartment property includes 49 residential units, a 1,176-square-foot retail unit, and 38 parking spaces. Originally developed as condominiums in 2009, the property’s units average 825 square feet each. Units feature stainless steel appliances, balconies, loft-style ceilings and cityscape views. Rob Rizzi, Jeff Julien and Rob Hinckley of HFF represented the seller.

October 23, 2015

Multifamily New York Northeast

Akelius Buys Clinton Hill Apartment Property for $15M

by Jaime Lackey October 22, 2015

NEW YORK CITY — Akelius USA has purchased 415 Washington Avenue in the Clinton Hill neighborhood of Brooklyn for $15 million from DSA Management, which acquired the property for $10.25 million about a year ago. GFI Realty Services arranged the sale of the six-story, 25-unit apartment building in an off-market transaction. Erik Yankelovich and Shawn Sadaghati of GFI brokered the transaction. The pre-war building offers a mix of two-, three-, and four-bedroom residential units, which feature high ceilings, large closets and hardwood floors. Twelve of the apartments are free-market units, while four are rent-controlled, and nine are rent-stabilized.

October 22, 2015

$4.4-million-dollar-Refinance-loan-Brandon-LMI-Capital-Houston

Loans Multifamily Texas

LMI Capital Arranges $4.4M Refinancing Loan for Apartment Property in Houston

by Haisten Willis October 22, 2015

HOUSTON — Brandon Brown of LMI Capital has arranged $4.4 million in debt for the refinancing of a garden-style apartment complex in the Inner Loop East submarket of Houston. Brown worked on behalf of the borrower to obtain a seven-year, fixed-rate loan featuring two years of interest-only payments and a flexible prepayment structure. The borrower plans to use the excess loan proceeds to fund future development projects.

October 22, 2015

Indiana Midwest Multifamily

UMH Properties Acquires Three Manufactured Home Communities in Indiana for $36.1M

by Christina Cannon October 22, 2015

ELKHART, NAPPANEE AND WEST LAFAYETTE, IND. — UMH Properties Inc. has closed on the second portion of its previously disclosed agreement to purchase six manufactured home communities. This tranche consisted of three communities located in Indiana for a total purchase price of $36.1 million. The three communities contain 1,254 developed home sites situated on 316 acres. The average occupancy rate for these communities is 56 percent. Freehold, N.J.-based UMH Properties is a public equity REIT that owns and operates 98 manufactured home communities with approximately 17,800 developed home sites.

October 22, 2015

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