Multifamily

GVA Management, Leste Real Estate Purchase Sun Belt Multifamily Portfolio for $380M

by Julia Sanders February 24, 2022

MIAMI, AND AUSTIN, TEXAS — Austin, Texas-based GVA Management and Miami-based Leste Real Estate U.S. have purchased a portfolio of five Class B multifamily properties in Texas, Tennessee and South Carolina. The sales price for the portfolio was $380 million. The seller was not disclosed. The multifamily acquisition includes 1,670 individual units in total. The firms plan to make about $17 million in capital improvements across the portfolio. GVA Management will manage the portfolio and oversee the value-add improvements.

February 24, 2022

Acquisitions Multifamily Southeast Virginia

Marcus & Millichap Arranges $14.2M Sale of Multifamily Property in Chesapeake, Virginia

by Julia Sanders February 24, 2022

CHESAPEAKE, VA. — Marcus & Millichap has arranged the sale of Marina Point Apartments, a 104-unit multifamily property in Chesapeake. Annapolis, Md.-based MRKT Realty LLC purchased the property for $14.2 million. Altay Uzun, Justin Ferguson, Theo Jolley and David Chae of Marcus & Millichap represented the seller, an undisclosed joint venture headed by Phil Capron. Built in 1965 and situated on 7.8 acres, Marina Point features 13 buildings and offers one-, two- and three-bedroom floorplans. Each unit features hardwood flooring and walk-in closets. Community amenities include package services, a playground, maintenance onsite, property manager onsite, picnic area and boat docks. Located at 1301 Canal Drive, the property is situated near the Elizabeth River, as well as retailers such as 7-Eleven and Walgreens. The property is also located 10.4 miles from Norfolk State University and 17.1 miles from Norfolk International Airport.

February 24, 2022

Loans Multifamily Northeast Pennsylvania

Scope Capital Arranges $17.7M Construction Loan for Philadelphia Multifamily Project

by Taylor Williams February 24, 2022

PHILADELPHIA — Locally based financial intermediary Scope Capital Group has arranged a $17.7 million construction loan for Box Factory Lofts, a 63-unit multifamily project that will be located in Philadelphia’s Fishtown neighborhood. Designed by SITIO Architecture + Urbanism, Box Factory Lofts will house studio, one- and two-bedroom units, as well as 1,100 square feet of commercial space. Construction is slated for a mid-2023 completion. Edward Brown of Scope Capital Group arranged the loan, which carried a 24-month term and an 80 percent loan-to-cost ratio, through a local community bank on behalf of the undisclosed, locally based borrower/developer.

February 24, 2022

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $15.5M Sale of Queens Multifamily Building

by Taylor Williams February 24, 2022

NEW YORK CITY — Marcus & Millichap has negotiated the $15.5 million sale of a 70-unit, rent-regulated multifamily building in Queens. The building spans 70,000 square feet, including 5,000 square feet of retail space. Matt Fotis and Lazarus Apostolidis of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

February 24, 2022

Acquisitions Colorado Multifamily Student Housing Western

CBRE Arranges Sale of Two-Property Student Housing Portfolio Near the University of Colorado, Boulder

by Amy Works February 24, 2022

BOULDER, COLO. — CBRE has arranged the sale of a two-property student housing portfolio located near the University of Colorado, Boulder. Greystar acquired the communities — The Hive 9Seventy and The Hive Baseline — for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the undisclosed seller in the transaction. The Hive 9Seventy is located at 970 28th St. and The Hive Baseline is located at 2726 Moorhead Ave. Both properties are located within walking distance of the university. “Our team is thrilled to represent this significant transaction in the high-barriers-to-entry Boulder market,” says Fitts. “The portfolio received amazing interest from investors and offered average monthly per-bed rents of $1,532, with the ability to drive revenue through furnishing the properties and unit renovations at The Hive Baseline.”

February 24, 2022

6700-E-Pacific-Coast-Highway-Long-Beach-CA

Acquisitions California Development Multifamily Office Western

Holland Partners Buys Congressional Place Office Building in Long Beach, Plans Multifamily Conversion

by Amy Works February 24, 2022

LONG BEACH, CALIF. — Holland Partners has purchased Congressional Place, a two-story office building in Long Beach. ValueRock Partners sold the asset for $41 million. Situated on 2.5 acres at 6700 E. Pacific Coast Highway, the 73,769-square-foot will be redeveloped into a multifamily property. Chris Benton, Anthony Muhlstein, Kevin Shannon, Bill Bauman, Ken White and Seal Fulp of Newmark represented the seller in the deal.

February 24, 2022

Pete ONeil SFR BTR quote "The rapid acceleration of investment in the SFR/BTR space is expected to continue into 2022 and beyond. Not only is the product type attractive to renters and investors, but the projects that are being delivered are coming online in some of the highest-demand regions in the country."

Build-to-Rent Content Partner Features Leasing Activity Midwest Multifamily Northeast Northmarq Single-Family Rental Southeast Texas Western

Single-Family/Build-to-Rent: Changing Renter Demographics Fuel Growth

by Sarah Daniels February 24, 2022

Demand for all forms of housing has been on the rise in recent years, a trend that is expected to continue in 2022. One segment of the market that is attracting significant attention is single-family/build-to-rent (SFR/BTR), as a series of economic and demographic shifts increase the attractiveness of an alternative to traditional apartments. Developers are ramping up activity on thousands of new units, particularly in the high-growth southern U.S. markets. Dozens of projects totaling more than $1.5 billion sold in 2021. Meanwhile, billions of dollars of debt and equity capital continue to move into this increasingly attractive investment class. Northmarq’s National Multifamily 2022 Outlook covers the record-setting momentum that multifamily properties across the United States saw last year and projects what the market may see in 2022. Northmarq’s full report is available here (with further rundowns on factors like the overall economy, rent trends, the investment market and financing climate). Their analysis on the SFR/BTR market below breaks down the trends and opportunities for growth in this burgeoning sector. Reasons for Growth Several factors are prompting the development of SFR/BTR. A primary influence is the changing mix of renters; today’s renters are generally older and more affluent than in the past. These …

February 24, 2022

Indiana Market Reports Midwest Midwest Market Reports Multifamily

Indianapolis Housing Market Positioned for Growth

by Kristin Harlow February 24, 2022

The United States has been experiencing a housing crisis for years, one that is perpetuated by the COVID-19 pandemic. Whether it’s a lack of affordable housing properties for low-income families, a steady increase in housing prices over the years or exponentially high demand for new homes, the U.S. housing market within the past decade has been a wild ride. Indianapolis growth In the heart of Indiana, we’re seeing a hopeful trend. Indianapolis (Indy) was ranked as the fourth best housing market positioned for growth in 2022. A variety of factors could contribute to this distinction. For one, Indy is a thriving city and centrally located — not just within the state, but in the U.S. It’s home to two professional sports teams, and recently named one of the best cities for creating tech jobs by Forbes, with Fortune 500 corporations like Eli Lilly and Salesforce headquartered throughout the vibrant downtown. Marquee universities such as IUPUI, Butler and IU Medical School also bring more jobs into the fold. The 2020 Census found that metropolitan areas like Indianapolis are at the forefront of the state’s growth. Marion County remains the most densely populated county with more than 950,000 residents. Currently, the average …

February 24, 2022

Acquisitions Arizona Multifamily Northmarq Western

Northmarq Brokers $42M Sale of Standard Raintree Multifamily Community in Tucson

by Amy Works February 23, 2022

TUCSON, ARIZ. — Northmarq has arranged the sale of Standard Raintree, an apartment property located at 6450 E. Golf Links Road in Tucson. Next Round Asset Management I, an entity of Next Round Asset Management, acquired the asset from SPL Cos. of Denver for $42 million, or $115,385 per unit. Built in 1983, Standard Raintree features 364 apartments in a mix of studio and one-bedroom layouts, ranging from 327 square feet to 418 square feet. The gated community also features a pool, gazebo, volleyball courts, racquetball courts and a dog park. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix’s Investment Sales team represented the seller in the deal. Griffin Martin, Brandon Harrington, Bryan Mummaw and Tyler Woodard of Northmarq’s Debt & Equity team arranged a $31.3 million acquisition loan for the buyers.

February 23, 2022

Acquisitions California Multifamily Western

IPA Negotiates $35.3M Sale of ReNew Riverside Apartment Complex in Inland Empire

by Amy Works February 23, 2022

RIVERSIDE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of ReNew Riverside, a multifamily property in Riverside. FPA sold the asset to Interwest Capital Group for $35.3 million, or $276,171 per unit. Built in 1987, the property features 128 two-bedroom units with an average size of 841 square feet. Community amenities include a swimming pool, business center, laundry facility and covered parking. Alexander Garcia Jr., Tyler Martin and Christopher Zorbas of IPA represented the seller and procured the buyer, which assumed the existing debt, in the deal.

February 23, 2022

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