Multifamily

Cushman & Wakefield | Commercial Advisors Brokers $13.5M Sale of The Horizon in Memphis

by John Nelson October 14, 2014

MEMPHIS, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the $13.5 million sale of The Horizon, a high-rise condominium development located at 717 Riverside Drive in Memphis. The property sits on a 5.9-acre lot overlooking the Mississippi River. The 16-story, 155-unit property features a covered/controlled-access garage and indoor and outdoor swimming pools. The site also includes developable land for 141 additional high-rise units and 54 terrace homes. Mike Kemether of Cushman & Wakefield’s multifamily advisory group and Shane Soefker and Jacob Biddle of Cushman & Wakefield | Commercial Advisors’ capital markets team represented the seller in the transaction. The buyer was Dawn Properties LLC of Hattiesburg, Miss.

October 14, 2014

California Market Reports Multifamily Western Western Market Reports

Strong OC Fundamentals Accelerate Multifamily Construction

by Nellie Day October 14, 2014

Multifamily remains the most desirable asset class in Orange County due to a steady increase in apartment rental demand, strong sector fundamentals and the county’s emergence as a Southern California leader in the economic recovery. These factors have become a catalyst for a surge in multifamily asset construction. Apartment rental demand continues to grow in Orange County due to the high barriers to entry in the housing market and recent memories of the Great Recession. Median home values, which now exceed $580,000, place home ownership out of reach for many households. Orange County’s population also grew 4.31 percent from 2010 through 2014, according to Census data. This growth pattern is predicted to hold through 2019, with an expected increase in population of 5.17 percent, or an average of 32,478 residents annually. Orange County’s emergence as a leader in Southern California’s economic recovery is evidenced by superior employment rates in comparison to competing markets. Orange County experienced a high unemployment rate of 10.2 percent in January 2012. That rate has now declined 4.89 percent, as of May 2014. Orange County’s employment figures have increased investor confidence in the region, especially when compared to the national average of 6.3 percent, California’s 7.8 …

October 14, 2014

Midwest Missouri Multifamily Student Housing

SLU to Build New Residence Halls, Renovate Facilities

by Danielle Everson October 13, 2014

ST. LOUIS — Saint Louis University plans to add two new residence halls and complete extensive renovations to existing facilities. Phase 1 of the proposed multi-phase plan is expected to include the construction of two new residence halls on the Frost campus; renovation of the Griesedieck complex, which includes Walsh and Clemens Halls; and the conversion of SLU’s Water Tower Inn at the Medical Center into graduate housing. Details for Phase 1 — including design, scope and budget — will be determined by an oversight committee that includes student representation, SLU’s architectural and construction partners Hastings+Chivetta Architects Inc., and McCarthy Building Cos. Inc. Construction on Phase 1 is slated to begin next spring. The first new residence hall is expected to open in August 2016, and the second new hall in August 2017. Renovation of the Griesedieck Complex set for completion in August 2019. New graduate student housing in the renovated Water Tower Inn at the Medical Center is expected to open in August 2016. The Division of Student Development, assisted by Chicago-based firm Brailsford & Dunlavey, led the master planning process.

October 13, 2014

Alta-Vista-apartment-texas-marcus-millichap

Multifamily Texas

M&M Arranges Sales of Apartment Complexes in Metro Houston

by Haisten Willis October 13, 2014

PASADENA, TEXAS — Marcus & Millichap has arranged the sales of two apartment complexes in Pasadena. The properties are Alta Vista, which has 514 units, and Las Villas, which as 468 units. Nick Fluellen, Will Balthrope, Drew Kile, Jeffrey Fript and Bard Hoover of Marcus & Millichap represented the buyer and seller in both transactions. The properties are located south of the Houston Ship Channel.

October 13, 2014

Multifamily Texas

ARA Brokers Sale of 536-Unit Apartment Complex in Metro Dallas

by Haisten Willis October 13, 2014

DALLAS — ARA has brokered the sale of Parkridge Place, a 536-unit apartment complex located in Irving, a suburb of Dallas. Brian O’Boyle Sr., Brian O’Boyle Jr., Brian Murphy and Richard Furr of ARA marketed the property on behalf of The Milestone Group. Resource Real Estate, an owner and manager of assets valued at $2.8 billion, purchased Parkridge Place. The property was built in 1984 and renovated in 2009. Amenities include a business center, two swimming pools, a coffee bar and an Internet café. It is located near major highways including Highway 161, State Highway 114, I-635, Belt Line Road and MacArthur Boulevard. Parkridge Place was 96 percent occupied at the time of sale.

October 13, 2014

Affordable Housing Top Stories

Prudential Mortgage Capital Provides $115.8M Construction Loan for Affordable Housing in D.C.

by John Nelson October 13, 2014

WASHINGTON, D.C. — Prudential Mortgage Capital Co. has provided $115.8 million in permanent financing through Freddie Mac for Art Place at Fort Totten, a mixed-income and mixed-use development in northeast Washington, D.C. The borrower is an affiliate of The Morris and Gwendolyn Cafritz Foundation, an independently run foundation focusing on providing grants for investments in the Washington, D.C., area. When completed, Art Place at Fort Totten will include 520 rental units and 103,502 square feet of commercial space. It is the first phase of a three-phase development that will be located adjacent to the Fort Totten Metro Station. The completed project will include a fitness center, restaurant, children’s museum and a community center for the arts. Of the 520 residential units, 121 will be designated affordable, with long-term income and rent restrictions. The remaining units will be market-rate. “The scale and design of this property coupled with the longstanding commitment of the borrower to serving Washington, D.C., will make this a dynamic development for the Fort Totten community,” says Alex Viorst, a principal with Prudential Mortgage Capital Co.’s affordable housing business. “When this property is completed, it will bring high-quality market rate and affordable housing to the community, along with …

October 13, 2014

California Multifamily Western

Studio City Apartment Building Sells for $9.5M

by Nellie Day October 13, 2014

LOS ANGELES – A 39-unit apartment building in Studio City has sold to Raintree Partners for $9.5 million. The community is located at 4250 Coldwater Canyon Ave. It is fully occupied. Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura represented both the buyer and private seller in this transaction.

October 13, 2014

California Multifamily Western

Los Angeles Apartment Complex Sells for $6.8M

by Nellie Day October 13, 2014

LOS ANGELES – A 28-unit apartment complex in Los Angeles has sold to Trion Properties for $6.8 million. The community is located at 4620 South Slauson Ave. It was built in 1988. Robert Narchi of Marcus & Millichap represented both the buyer and private seller in this transaction.

October 13, 2014

Colorado Multifamily Western

Lakewood Apartment Building Sells for $4M

by Nellie Day October 13, 2014

LAKEWOOD, COLO. – A 41-unit apartment building in Lakewood has sold to a 1031 Exchange buyer for $4 million. The community is located at 375 S. Depew Street, near the Belmar Shopping Center. The buyer was represented by Jeff Johnson of Pinnacle Real Estate Advisors’ Johnson Ritter Team. The unnamed seller was represented by Josh Newell of the firm’s Newell Team.

October 13, 2014

Delaware Multifamily Northeast

Ingerman Breaks Ground for 56-Unit Affordable Housing Development

by Amy Works October 13, 2014

NEWARK, DEL. — Ingerman has broken ground for the development of Alder Creek, Delaware’s newest affordable housing community. Located in Newark, the community will feature 13 two-story buildings offering a total of 56 one-, two-, three- and four-bedroom apartment units. Each residence will have a private entrance, front porch, rear balcony or patio, and ample parking. On-site amenities include a community building with a meeting room, laundry facilities, fitness center and maintenance space, as well as an after-school program. The project is slated for completion in summer/fall 2015.

October 13, 2014

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