Multifamily

Population, Absorption, New Construction Offer Opportunities in the Denver Multifamily Market

by Jeff Shaw November 4, 2022

By Chris Mitton, Advisor, Pinnacle Real Estate Advisors Denver has been seeing major growth of new residents from 2020 through the second quarter of 2022. Denver is gaining many residents from coastal cities due to our lower cost of living, and gains of such tech giants as Conga, RingCentral, Xactly, Slack, and Angi. Since 2020, Denver has added 8,100 jobs in business services and 2,900 jobs in the financial activities sector. Over the last five years population growth in Denver has increased 8 percent compared to the 3.8 percent national average. The multifamily market has benefited from this population growth. Denver has absorbed 6,400 units over the past 12 months, placing it in the top 15 metro areas in the country. Colorado has seen record high prices in single family homes as well, which is pricing out many first-time homebuyers. This is forcing many renters to stay in multifamily apartments. However, if you haven’t been living under a rock, you know that the Federal Reserve has been increasing interest rates at a record pace. The single-family market has seen an increase from 1,200 homes for sale during the start of the year to 7,300 homes in August. With this increase in supply …

November 4, 2022

Affordable Housing Development Multifamily North Carolina Southeast

Annex Group to Build 200-Unit Affordable Housing Community in Charlotte

by John Nelson November 3, 2022

CHARLOTTE, N.C. — The Annex Group has plans to develop Union at Tryon, a 200-unit affordable housing community located at 614 Rocco Road in Charlotte. Situated on more than seven acres, the $44 million property will feature studio, one-, two- and three-bedroom apartments that will target households earning up to 60 percent of the area median income (AMI). Amenities will include a community center, business center, fitness center, playground, walking trails, outdoor grilling area and community gardens. Annex Group’s partners on the project include architect KTGY, civil engineer Tarr Group and LIHTC consultant Shelter Investments Development Corp. Financial partners include Merchants Capital, which directly provided a $31 million construction loan and a $20.8 million Freddie Mac loan; tax credit equity partner Aegon Asset Management, which provided $18 million in equity; and INLIVIAN (Charlotte’s housing authority) that issued $20.8 million in bonds. The Annex Group is providing property management services for Union at Tryon, which is expected to open in spring 2025.

November 3, 2022

Acquisitions Affordable Housing Multifamily Seniors Housing Southeast Virginia

Cushman & Wakefield Brokers $25.7M Sale of Two Affordable Seniors Apartment Properties in Richmond

by John Nelson November 3, 2022

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction. The Guardian Place communities are age-restricted assets that are encumbered with affordability covenants under the Low-Income Housing Tax Credit (LIHTC) program. Amenities include parking, outdoor seating areas, a library, exercise room, community garden and a TV lounge.

November 3, 2022

Acquisitions Florida Southeast Student Housing

Landmark Properties Acquires Student Housing Community Near UCF in Orlando

by John Nelson November 3, 2022

ORLANDO, FLA. — Landmark Properties has acquired Knightshade, a student housing community located near the University of Central Florida (UCF) campus in Orlando. Landmark originally developed the property in 2014 and will rebrand it as The Retreat West. The community offers two-, three-, four-, five- and six-bedroom units. Shared amenities include tennis, volleyball and basketball courts; green space; a dog park; golf simulator; sauna; technology center; fitness center; clubroom; and a resort-style swimming pool. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s National Student Housing team and Chip Wooten and Jeff Gray of CBRE’s Multifamily Investment Sales team in Orlando arranged the transaction on behalf of the undisclosed seller. The sales price was not disclosed.

November 3, 2022

Acquisitions Multifamily Texas

Tides Equities Acquires Three Dallas-Area Apartment Communities Totaling 966 Units

by Taylor Williams November 3, 2022

DALLAS AND RICHARDSON, TEXAS — Los Angeles-based investment firm Tides Equities has acquired three apartment communities totaling 966 units in the Dallas area. Belterra and Estancia are both located in the northeastern suburb of Richardson, were respectively built in 1984 and 1981 and respectively total 314 and 220 units. Solaris is located in the Lake Highlands neighborhood of Dallas, was constructed in 1983 and comprises 432 apartments. Units at Belterra, Estancia and Solaris respectively feature an average size of 584, 934 and 762 square feet, and all three properties offer assorted outdoor amenities. Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello and Will Balthrope of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, The ValCap Group, in the transaction. The team also procured Tides Equities as the buyer.

November 3, 2022

Acquisitions Development Multifamily Texas

Bill Foose Co. Negotiates Sale of 7.4-Acre Multifamily Development Site in Garland, Texas

by Taylor Williams November 3, 2022

GARLAND, TEXAS — Locally based brokerage firm Bill Foose Co. has negotiated the sale of a 7.4-acre multifamily development site on Bobtown Road in Garland, a northeastern suburb of Dallas. Bill Foose of Bill Foose Co. represented the undisclosed seller in the transaction. Tom Youngblood of Youngblood Realty represented the buyer, Dallas-based Stonehawk Capital, which plans to develop a 232-unit project on the site.

November 3, 2022

Acquisitions Arizona Multifamily Student Housing Western

Vesper Holdings Buys Sol y Luna Student Housing Community Near the University of Arizona for $203M

by Amy Works November 3, 2022

TUCSON, ARIZ. — Vesper Holdings has acquired Sol y Luna, a 972-bed student housing community located near the University of Arizona in Tucson, for $203 million. The acquisition ranks among the five largest single-asset purchases in student housing history and is the largest not involving institutional capital, according to Vesper. Brad Cooke of Colliers represented the seller, Nelson Partners Student Housing, in the transaction. Tim Bradley of TSB Capital Advisors provided guidance to Vesper on the acquisition. The property comprises a 15-story tower and a 13-story tower, which were developed in 2014. The community offers 340 units in studio to five-bedroom configurations across 344,760 square feet of rentable space. The property also includes 7,640 square feet of ground-floor retail and a 200-stall parking garage. Campus Life & Style, Vesper’s in-house management arm, will operate the property following the acquisition.

November 3, 2022

Development Multifamily Student Housing Texas

Partnership Completes 59-Unit Student Housing Project in Fort Worth

by Taylor Williams November 3, 2022

FORT WORTH, TEXAS — A partnership between two Dallas-area firms, Miyama USA Texas and Dodson Commercial Real Estate, has completed The Rosedale, a 59-unit student housing project that will serve students at Texas Wesleyan University in Fort Worth. The three-story building will house one- and two-bedroom units with a total 100 beds and amenities such as a lounge, fitness center, conference room, rooftop patio and a study lab.

November 3, 2022

Acquisitions Multifamily Northeast Pennsylvania

Starkman Realty Negotiates $29M Sale of Carlton Park Apartments in Philadelphia

by Taylor Williams November 3, 2022

PHILADELPHIA — Locally based brokerage firm Starkman Realty Group has negotiated the $29 million sale of Carlton Park Apartments, a 117-unit multifamily property in Philadelphia’s East Falls neighborhood. New Jersey-based AJH Management sold the garden-style property, which was originally built in 1958 and offers one-, two- and three-bedroom units, to an undisclosed buyer. Jason Starkman of Starkman Realty Group brokered the deal.

November 3, 2022

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels November 3, 2022

Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …

November 3, 2022

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