Get Matched To Your Best Loan         

No Obligation, No Credit Check

Connect With Your Loan Advisor

Relax While We Shop Your Options

Compare The Best Offers

Choose the Best Match

Loans $750,000 to $500,000,000
Better Business Bureau Rating A+

Apartment and Multifamily News

Subscribe to Apartment and Multifamily News feed Apartment and Multifamily News
Latest News from MultifamilyBiz.com
Updated: 2 hours 10 min ago

Gilbane Opens 538-Bed Student Housing Community to Serve University of Illinois Urbana-Champaign

Tue, 09/17/2019 - 01:09

CHAMPAIGN, IL - Octave, a brand-new, fully furnished apartment community designed for students attending The University of Illinois Urbana-Champaign (UIUC), recently completed on-time construction and opened its doors to its first residents. The community is comprised of 2 buildings and features 538 beds of one-, two-, three- and four-bedroom student apartments.

All fully-furnished units at Octave include private bathrooms for each bedroom, fully-equipped kitchens with stainless steel appliances, in-unit washer/dryers, simulated wood flooring, and 50” flat-screen TVs. 

Residents enjoy a best-in-class amenity package including a heated pool with outdoor kitchen, fitness center, business center, game room, clubhouse/lounge, game room/pool tables, fire pit, individual and group study rooms, and coffee bar. Covered parking is available for residents and bike storage is provided. Pets are welcome.

Octave opened to positive reviews from residents. “Bright rooms, great amenities, comfortable furniture, luxurious living,” noted Damian. “Not much more I could ask for in a college apartment. Great location, especially for engineering students.” Sean said “Absolutely amazing so far! Staff was great and very helpful with moving in. Also, I love all the amazing spaces for hanging out and getting work done. I'm so glad I chose this apartment building to live in!”

“We’re proud of the on-time delivery of Octave, and are happy to hear that our first residents experienced a smooth move-in process and are settling into their new home,” noted Russell Broderick, senior vice president for Gilbane Development Company. “With an ideal location just 2 blocks from campus, amenities designed specifically for UIUC students, and a wonderful property management staff to assist new residents, we look forward to watching the sense of community continue to build and grow.”

Octave is professionally managed by Asset Living, with a robust community life program, roommate matching services, and individual, by-the-bed leases.

Providence Real Estate Announces Acquisition of the Enclave on East Apartments in Metropolitan Tampa

Tue, 09/17/2019 - 01:04

TAMPA, FL - Providence Real Estate, a multifamily owner-operator, announced the completion of the acquisition of the Enclave on East apartments in Largo, Florida, located within the Tampa metropolitan area. The property was acquired in a joint venture with a multinational life insurance, pensions and asset management company headquartered in Europe.

Enclave on East is a 196-unit suburban garden-style townhome apartment community built in 1986. The property is comprised of 16 buildings, including a clubhouse, located on 14.2 acres.

Enclave on East offers residents a serene lakefront environment as well as immediate accessibility to East Bay Drive, which also gives the property excellent visibility to over 60,000 passing motorists per day. Its strategic location in Largo / Pinellas County provide residents quick commutes to major employment centers such as the Carillon Office Park (15,000 jobs), the Gateway Business District (60,000 jobs) and the Largo Medical Center (2,200 jobs).

Enclave on East has recently undergone a significant exterior and common areas renovation; however, the interior units are generally untouched and dated, making them ripe for renovation. Therefore, Providence plans to implement a significant interior upgrade program which is expected to replace countertops, cabinet doors, flooring, lighting, hardware and appliances.

“Providence’s acquisition of Enclave on East again demonstrates our ability to identify strategically located properties that will benefit from renovations to allow our assets to provide much needed market-rate apartment rentals to the workforce renter in America’s fastest growing cities. When Enclave on East’s renovations are complete, its residents can be expected to enjoy a high-quality residence at rents that are within the means for hard-working families earning the median household income in the U.S.,” said Alan Pollack, Providence’s Chairman.

West Shore Acquires 261-Unit Broadstone Traditions Apartment Community in Growing Texas Market

Mon, 09/16/2019 - 02:00

BRYAN, TX - West Shore, a fully integrated, multifamily real estate investment firm, announced the acquisition of Broadstone Traditions, a 261-unit residential community located in Bryan, Texas.  The acquisition marks the 24th acquisition by the Boston-based firm which, in its three year history, has already built an impressive portfolio of 6,669 units in 23 communities, and assets under management of more than $1 billion.  

This is West Shore's third major acquisition in the Bryan-College Station metropolitan area, an increasingly popular hub for young professionals, academics and recent graduates, given its close proximity to Texas A&M University.  One of the region's premier luxury communities, this asset is part of the esteemed Traditions Community, a 1,000-acre oasis of unparalleled sophistication located among the beautiful woodlands of central Texas, adjacent to Lake Walk town center and just steps from the world-renowned Traditions Club.

Broadstone Traditions will be integrated into the adjacent 8085 at Traditions community; a 396-unit property in Bryanowned and operated by West Shore since 2018.  The newly combined 657-unit property is West Shore's largest multifamily asset.  West Shore also owns and operates SoCo at Tower Point, a 318-unit community in College Station. 

"The new 8085 at Traditions is truly a unique Class A property and is well located in the thriving Bryan-College Stationarea," said West Shore Chairman Steven P. Rosenthal.  "This transaction is emblematic of our success and growth over the last three years as we continue to identify and acquire high quality, off market properties like this in high-growth areas."

The 8085 at Traditions community offers residents a private, professionally managed community consisting of more than 35 one, two, and three bedroom floor plans, customized to meet their every need.  Units feature Quartz or granite countertops, sleek stainless steel appliances, full-size washing machines and dryers, well-appointed en-suit master bathrooms, spacious walk-in closets, private patios or balconies and wine refrigerators and beverage centers in select units.  The sprawling, gated property also offers residents access to several top-notch communal amenities, including three resort-style swimming pools with poolside cabanas, pergolas, lounge areas and sun decks; three state-of-the-art, 24-hour fitness centers; multiple outdoor kitchens and grilling stations, complete with outdoor televisions; three clubhouses with fireside resident lounges; an outdoor putting green; three dog parks; pet washing stations; electric car charging stations; two 24-hour, fully-equipped business centers with private conference rooms; secure lockers; 24/7 emergency maintenance; billiards tables; and complimentary Starbucks coffee bars.

"We are excited about this acquisition as well as the tremendous prospects for future growth in the Bryan-College Station market," said Lee Rosenthal, West Shore President.  "We now own and operate 975 units there and the economies of scale will bring great operating efficiencies and a quality resident experience."

TruAmerica Multifamily Enters North Carolina Market with $108 Million Portfolio Acquisition

Fri, 09/13/2019 - 02:12

RALEIGH, NC - TruAmerica Multifamily continues to expand its holdings in the southeast by making its initial investment in North Carolina, a three-asset, 830-unit multifamily portfolio in Raleigh NC, for $108.7 million. 

In only two years since entering the southeast property markets, TruAmerica’s regional portfolio now includes 20 multifamily communities totaling more than 7,000 apartments. TruAmerica’s other regional holdings include 13 assets in Florida and four in Georgia.   

“Our objective has been to establish and build the TruAmerica brand in strong multifamily markets throughout the southeast,” said Matthew Ferrari, Co-Chief Investment Officer for TruAmerica. “In the span of just over two years we’ve built a sizeable portfolio of high-quality assets located in fundamentally strong multifamily submarkets where we see plenty of runway for same store rent growth. The acquisition of these three properties in the rapidly expanding Raleigh-Durham MSA provided us the perfect opportunity to enter North Carolina with scale in a high barrier-to-entry market.”

Raleigh-Durham is experiencing significant economic growth as a result of the area’s expanding roster of technology and healthcare businesses, according to Ferrari. It ranks No. 2 in the country for STEM employment growth, driven in part by the Research Triangle Park, the largest research park in the United States and home to GlaxoSmithKline’s R&D center (5,000 employees), Cisco Systems (5,000 employees), and a strong contingent of other science- and tech-focused firms.

Despite the area’s significant population and economic growth, only 450 multifamily units have been delivered in the submarket over the past 10 years, according to JLL.

Duraleigh Woods is the largest of the three properties, with 362 one-, and two-bedroom apartment homes. Built in 1986, the property is located near US 70, the main thoroughfare that connects Downtown Raleigh and Downtown Durham, with immediate access to the Raleigh-Durham International Airport and the Research Triangle Park. All of the homes include full-size washers and dryers, walk-in closets, fireplaces, and patios or balconies.

Making up the portfolio is Bridgeport (276 units) and Sailboat Bay (192 units), two of only six communities in the area with frontage on Lake Lynn, a 56-acre tree-lined man-made lake, part of Raleigh’s 75-acre Lake Lynn Park.  Each community is located in the A-rated Northwest Raleigh public school district.      

All three properties were well maintained by previous ownership, which focused much of its attention on upgrading the common area amenities and property exteriors. TruAmerica’s capital improvement plan will target significant improvements to the unit interiors across the portfolio, including the addition of stainless-steel appliances, new cabinet fronts and hardware, vinyl plank flooring, tile backsplashes and modern lighting and plumbing fixtures.

Andrea Howard and John Currin from JLL’s Southeast Multifamily Team marketed the properties on behalf of the seller.

TruAmerica has been one of the country's most active multifamily investors and manages an $8.7 billion portfolio of approximately 41,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida Georgia, and North Carolina. 

Bristol Development Group Announces Opening of 301-Unit Canopy at Ginter Park in Richmond, Virginia

Fri, 09/13/2019 - 02:07

RICHMOND, VA - Bristol Development Group announces the opening of its newest multifamily community. Canopy at Ginter Park is located in the Ginter Park Neighborhood in the City of Richmond, Virginia. The community is a unique blend of modern amenities and distinct architecture designed to blend seamlessly into the surrounding historic neighborhood. Canopy at Ginter Park is the third community Bristol Development Group has developed in the Richmond region.  

"We're very excited about Canopy at Ginter Park and what it means for the Northside community," said David Hanchrow, Chief Investment Officer of Bristol Development Group. " Residents will be able to enjoy distinct apartment homes featuring luxury finishes and resort-style amenities. Canopy at Ginter Park is just minutes away from downtown Richmond, nearby Universities, and all the best that the City of Richmond has to offer."

Canopy at Ginter Park offers residents 17 distinctive floorplans perfect for every stage of life. Every apartment home includes designer finishes such as quartz countertops throughout, wood grain plank flooring, gourmet kitchens with stainless steel appliances, elegant all tile-baths, walk-in closets, soaring 9-foot ceilings, in-unit washer and dryers, and balconies in select units. Once construction is complete, the community will boast a total of 301 apartments with 112 one-bedroom floor plans, 186 two-bedroom floor plans, and three three-bedrooms plans ranging in size from 629 square feet to 1,623 square feet. Many units feature attached garages.  

Residents will also have access to a variety of world-class amenities including a clubhouse with a kitchen, saltwater pool, bike storage, pet spa, fitness and yoga studio, outdoor pool table, wi-fi throughout the community, rentable individual garage buildings, indoor mailroom and package delivery/storage system, and more. 

Canopy at Ginter Park is located at the corner of Westwood Avenue and Brook Road in the City of Richmond. The project was made possible through a partnership with Union Presbyterian Seminary who owned the land on which Canopy at Ginter Park sits and whose campus is directly across the street. The community will provide Union students with additional housing opportunities.  

Financing for Canopy at Ginter Park was provided by Fifth Third Bank.

Multifamily Leadership Announces Finalists for the Best Places to Work Multifamily and New Media Partnership to Showcase Ranking Companies

Thu, 09/12/2019 - 02:00

SCOTTSDALE, AZ - The finalists for the Best Places to Work Multifamily® are announced today and will be honored during the upcoming Multifamily Leadership Innovation Summit on November 20-21, 2019 in Scottsdale, Arizona where each participating company will learn how they ranked nationally. Concurrently, Multifamily Leadership, the studio and leadership platform responsible for the Innovation Summit and the annual Multifamily Women’s Summit, also revealed a new media partnership with MultifamilyBiz.com, the largest media platform in the multifamily housing industry. This partnership aims to promote the winning companies on a high-traffic website and create new opportunities for the recipients, reaching far beyond industry trade associations. 

In its 5th year, the Multifamily Leadership Innovation Summit continues to fulfill its mission to advance leadership and innovation for multifamily professionals by creating and defining an entirely new category of learning that connects the audience with exclusive content and products in a much more intimate, intuitive, and fun way than ever before. The Multifamily Leadership Innovation Summit also annually recognizes those organizations who own, manage, and support apartment communities through the nationwide Best Places to Work Multifamily® Program. 

Patrick Antrim, CEO of Multifamily Leadership explained, “Next generation leaders want to know their company is making a positive impact in the world. Companies have been measuring resident satisfaction for years and the leading indicator for organizational success is the link between employee engagement and the resident experience. Employees are presented with hundreds of opportunities each day to be their best, but it's the behavior that drives a successful organization, not satisfaction or size. The Best Places to Work Multifamily® companies have stepped up to play that role and will have a much bigger voice in the future.” 

The national research and benchmarking program demonstrates the industry’s focus on people, while illustrating its overall potential— as it annually contributes more than 3.5 billion-dollars to the U.S. economy and supports more than 12.3 million jobs. After the award-winners are honored at this year’s summit, past and current Best Places to Work Multifamily® recipients will be listed on MultifamilyBiz.com, a media site that delivers news, events, and resources to more than 1.5 million monthly visitors. This provides digital exposure to the recipients, enhancing their recruiting efforts, increasing their current exposure in the market, and improving brand reputation. 

“We formed this partnership with MultifamilyBiz.com to celebrate and showcase companies that are creating great workplaces for their employees and encouraging talent retention within the sector. Since our research and benchmarking program is not affiliated with a trade association, it solidly unites our workforce and further advances industry-wide innovation. As MultifamilyBiz.com is a completely independent media platform that has emerged as the uninfluenced voice of our industry, it fits perfectly within our model,” added Antrim. 

Leaders who are looking to drive their teams forward, are encouraged to register and attend the Multifamily Leadership Innovation Summit in November, regardless if they’re participating in the Best Places to Work Multifamily® Program. 

The 2020 Best Places to Work Multifamily® Finalists Arranged Alphabetically are: 

Alco Management, Inc. 

American Communities 

Apartment Dynamics, LLC 

Apartment SEO 

Asset Living 

Baron Properties 

Berger Rental Communities 

Cardinal Group Management & Advisory 

Carroll Management Group 

Carter Haston Real Estate Services, Inc. 

Centra Partners, LLC 

Continental Properties 

CWS Apartment Homes, LLC 

DASMEN Residential 

Drucker + Falk 

Fogelman Properties 

FPI Management 

Gables Residential 

Gene B. Glick Company 

Hankin Apartments 

IMT Residential 

JVM Realty 

Karya Property Management 

Keener Management 

Laramar Group 

MC Residential 

Mission Rock Residential 

Morgan Properties 

Northland Investment Corporation 

O'Brien Realty Group 

Olympus Property 

Park Properties Management Company 

Passco Companies 

Pathlight HOME 

Perennial Properties 

Portico Property Management 

Presidium Property Management 

RealSource Management 

Respage 

RMK Management Corporation 

Rockstar Capital Management 

Seldin Company 

Stone Mountain Properties 

Stonemark Management 

The Bascom Group 

The Franklin Johnston Group 

The Homestead Companies 

The ITEX Group 

The Management Group, LLC 

The RADCO Companies 

The REMM Group 

TI Communities 

Valiant Residential 

Village Green Holding, LLC 

Weller Management, LLC 

Wesley Apartment Homes 

WRH Realty Services, Inc. 

ZRS Management, LLC 

The Multifamily Leadership Summit is a place where multifamily executive leaders come together to re-envision the leasing experience and design the future of multifamily. The Summit purposefully embraces fresh ideas and innovation within the apartment industry. 

CAPREIT Takes Over Management of Three Affordable Apartment Communities in Booming San Jose Market

Thu, 09/12/2019 - 01:41

SAN JOSE, CA - CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has taken over management responsibilities of three tax-credit communities south of Downtown San Jose.

The communities, Villa Monterey, Charter Court and Casa Real, feature a combined 394 apartment homes and are part of the federal government's Low-Income Housing Tax Credit (LIHTC) program. CAPREIT is passionate about the quest to preserve affordable housing in challenging markets and regularly assumes management responsibilities of LIHTC communities. The company also regularly invests in the market-rate sector. 

"San Jose is a notoriously expensive place to live, and the market has been particularly cost prohibitive for many in recent years," said Steven Fettig, vice president of West Coast operations for CAPREIT. "We're always eager to assist in the mission to provide quality affordable housing for hardworking professionals that don't necessarily have high-paying tech jobs and live on more modest paychecks. We're excited to assume management of these three communities and will work diligently to offer a quality living experience."

Villa Monterey and Casa Real are located in East San Jose and Charter Court about 10 miles away in West San Jose. Villa Monterey is situated at 2898 Villa Monterey, west of Los Lagos Golf Course between Umbarger Road and Lewis Road. The community features 120 apartment homes consisting of one-, two-and three-bedroom layouts. 

Villa Monterey includes a sparkling pool and spa, doggy stations, playground and tot-lot, project-access program and community gate program. Residents have access to several nearby attractions, including Santa Clara County Fairgrounds, Happy Hollow Park & Zoo, Children's Discovery Museum and several public parks, including Hellyer County Park, Guadalupe River Park and Emma Prusch Farm Park. A planned shopping plaza is also in the blueprint within the neighborhood. 

Charter Court is located at 1200 Ranchero Way and features 94 apartment homes consisting of one- and two-bedroom floor plans. Located near the Westgate Center and Santana Row shopping malls, in addition to the San Jose Learning Center, the pet-friendly community offers a swimming pool, laundry facilities, playground, private patios or balconies, in-home air conditioning and a live onsite maintenance team. 

Casa Real is located at 2580 Fontaine Road just east of the Bayshore Freeway. The community contains 180 apartment homes spanning one-, two- and three-bedroom layouts. Community amenities include a swimming pool, barbecue area, two laundry rooms and a playground. Apartment homes include in-home air conditioning and modern appliances. 

Including Monterey Villas, Charter Court and Casa Real, CAPREIT owns or manages nine communities in California.

Wood Partners Announces Grand Opening of Alta Waverly Luxury Apartment in Oakland, California

Wed, 09/11/2019 - 01:54

OAKLAND, CA - Wood Partners, a national leader in multifamily real estate development and acquisition, announced the grand opening of its newest luxury residential community — Alta Waverly — in Oakland, California.

Providing brand new and contemporary living with street-level retail in Oakland, Alta Waverly is located at 2302 Valdez Street. Located near the Downtown, Uptown, Lake Merritt and Grand Lake districts of Oakland, as well as a short distance to the 19th Street BART station for quick travel into San Francisco and throughout the Bay Area, Alta Waverly is in the epicenter of Oakland's most desirable neighborhoods.

"Oakland is in a period of exponential expansion," said Julia Wilk, Managing Director for Wood Partners. "We are thrilled to bring Alta Waverlyonline in a strategic neighborhood that provides future renters with not only proximity to Oakland's vibrant nightlife and restaurant scene but in a location that provides endless opportunity for renters to access competitive job opportunities."

A wide variety of employers in a range of industries nearby gives Alta Waverly's residents access to the economic potential and high-profile jobs located in the market while providing residents with best-in-class amenities. Additionally, the community is part of The Block at Valdez, a 46,500 square-foot offering of walkable retail space on Valdez Street from 23rd to 24th Street that ties the bustling vibrancy of Uptown to the community-driven charm of the Lake Merritt neighborhood.

Alta Waverly's impressive rooftop terrace features a TV lounge, barbecue station, dog run, fireplace, heated benches and a community garden with a view of the Oakland Hills and beyond. Additional community amenities including a DIY Maker Space, clubroom, fitness center with yoga studio and local art programming in partnership with local artists demonstrate Alta Waverly's commitment to fostering a unique, modern living experience in Oakland. Residents will also have access to a shared electric car as part of the community's exclusive programming.

The new residential community is an unrivaled multifamily residence, boasting high-quality interior amenities. All apartment homes include modern cabinetry and fixtures, stainless steel appliances, air conditioning, in-unit washer and dryer and hard-surface flooring throughout.

Alta Waverly totals 196 units, featuring studios, one- and two-bedroom units. This is the eighth property for Wood Partners in Northern California and the fourth in Oakland.

Waterton Acquires Multifamily Community in Millbrook Submarket of Raleigh-Durham, North Carolina

Wed, 09/11/2019 - 01:49

RALEIGH-DURHAM, NC - Waterton, a national real estate investor and operator, announced it acquired Manor Six Forks, a 298-unit multifamily property with nearly 12,000 square feet of retail space in the Millbrook submarket of Raleigh-Durham, NC. The acquisition follows Waterton’s January purchase of a four-property residential portfolio in Raleigh and Charlotte, bringing the value add investor’s total North Carolina portfolio to over 2,500 apartments. 

“Demand in Raleigh-Durham is strong due to favorable demographics and a diversified economy. The area consistently ranks among the top housing markets nationwide and we are happy to continue to expand our presence in North Carolina,” said Matt Masinter, senior vice president of acquisitions at Waterton. “Manor Six Forks offers considerable upside-potential and is consistent with Waterton’s strategy of investing in assets that benefit from our value add program to help them further compete within their markets.” 

Waterton’s initial investment plans include unit interior upgrades and renovation of the lobby, clubroom and fitness center. Other planned improvements include enhancing the roof deck amenity space and pool improvements, including new furniture and converting the pool back to its original saltwater use. 

The five-story wrap-style building features structured parking and a fully occupied first floor retail base featuring a craft beer and wine outlet, nail salon, fitness and martial arts studio and full-service pet care center. 

“The Raleigh metro area has experienced large population growth over the last decade and the availability of high-paying jobs, good quality of life and appealing warm climate should continue to drive population growth going forward,” said Masinter. “Strong apartment fundamentals are driven by a well-diversified and highly-educated young employment base and the area’s proximity to several top universities.” 

Waterton is a real estate investor and operator with a focus on U.S. multifamily, seniors living and hospitality properties. As of March 31, 2019, Waterton’s portfolio includes approximately $5.0 billion in real estate assets.

Noel Management and Silverado Interests Form New Partnership to Acquire 5,000 Multifamily Units in Select High-Growth Texas Markets

Tue, 09/10/2019 - 02:06

DALLAS, TX – Noel Management, a well-established property management company that has focused its 40 years in business on acquiring, managing, upgrading, and selling large-scale multifamily housing assets, announced a new partnership with Silverado Interests. The partnership, Silverado Noel Partners, builds upon successful legacies and proven successful histories of the two companies joining together. The partnership will focus on generating more value for investors by acquiring 5,000 multifamily units in select Texas markets, with a focus on Dallas and Austin. 

With their professional relationship spanning over a decade, Noel Management and Silverado Interests recently teamed up on multiple multifamily investment projects across the North Texas region, such as 4343 at The Parkway in Dallas, and Ashford Apartments in Carrollton. These two properties total 504 units valued at over 75 million dollars, with both properties exceeding their initial underwriting proforma. Based upon their success as a team, combined with opportunistic market trends, Silverado Noel Partners, already predicts great potential in their official partnership and plans to acquire substantial additional multifamily units within the next three years. 

Lenny Licht, CEO of Noel Management and managing partner of Silverado Noel Partners, stated, "We are excited to continue to expand Noel Management and Silverado Interests’ industry footprint with this partnership. Our joint venture, Silverado Noel Partners, focuses on maximizing revenues and N.O.I. and prudently managing expenses, resulting in our portfolio outperforming the area’s competition. North Texas is a prime housing market providing residents with unparalleled accessibility to major employers, retailers, nationally ranked schools, key regional suburbs, and so much more. We are very enthusiastic about the future of Silverado Noel Partners.” 

Silverado Interests is a Dallas-based, private equity real estate firm with over 90 years of combined experience across the commercial real estate industry, formed in 2008 by Rick and Dan Slaven. With approximately 100 real estate investments completed and funded, Silverado Interests has been very successful by building relationships, creating value, and transacting decisively. Silverado’s experience enables quick and efficient execution of all real estate transactions, provides timely results to all parties involved, and delivers value to all investors with flexibility, swiftness, and integrity. 

Silverado Interests finds itself in good company with Noel Management, a property management company formed in the mid-1980s by Lenny Licht, who began his career with the Henry S. Miller Company. During his tenure as Assistant to the President, and Vice-President of the Multifamily Division for the Miller S. Miller Management, the division grew from 1,100 units to over 7,000 units. Mr. Licht funneled this expertise to his own brain-child, Noel Management. The firm’s success lies in its proficiency in anticipating real estate trends within the multifamily market and developing a unique, aggressive strategy to capitalize on growing in-place cash flows. The senior management team, which includes industry veteran Stephanie Allen, brings a combined level of over 75 years of experience. Since its inception, Noel Management and its affiliates have owned, managed, brokered, and financed over 10,000 multifamily units, totaling 850 million-dollars in value. 

"As we continue to execute on our strategy of partnering with highly-skilled operators with proven track records, we didn’t need to look any further than Lenny Licht. Lenny has a deep understanding of market trends, combined with immense experience in multifamily housing. We look forward to executing an aggressive acquisition game plan, and delivering exceptional returns to our investment partners,” concluded Dan Slaven, Co-founder of Silverado Interests.

Elevation Expands Into Virginia Market With The Acquisition of Two Senior Living Communities

Tue, 09/10/2019 - 01:55

ORLANDO, FL - Elevation Financial Group, announced the acquisition of two senior properties, located in Virginia, for a purchase price of $1.3 million or $12,621/unit. Acquired by Elevation's private equity fund, Elevation Real Property Fund VI, LLC, the purchase adds 103 units to the portfolio and represents Elevation's first acquisition in the state of Virginia.

The 55+ senior properties are near fully occupied with fascinating historical significances in their respective cities. Elevation will beautifully re-brand both properties as Serenity Manor and will continue to operate them as top-notch 55+ senior affordable housing.

The first property, Tinbridge Manor, is located in Lynchburg, a historic city positioned on the banks of the James River. The property was built as Lynchburg Hospital in 1911 and was the first publicly funded and operated hospital in the city. It was established primarily to meet the health care needs of citizens who could not afford or who were not allowed to enter one of the private hospitals in the city. Now listed in the National Register of Historic Places, it is located in the beautiful Garland Hill Historic District and still boasts the original and beautiful colonial design. Keeping in line with Elevation's established Serenity brand, Tinbridge Manor will be rebranded as Serenity Manor at Hollins Mill.

The second property in the portfolio, Bolling Park, is located in Petersburg, one of Virginia's oldest cities situated 24 miles south of Richmond. Originally built in 1926 as a junior high school, the building portrays a fascinating history and a unique infrastructure. Designed by a prolific architect of educational buildings across the state, the building boasts a three-story semi- circular portico in the front and still maintains a high degree of integrity with a few minor alterations. After the school closed in the early 1970s, the building still served its purpose and housed public government offices before being transformed into affordable senior housing in 1998. Bolling Park will be rebranded as Serenity Manor at Liberty.

"Elevation is excited to serve in a new state as we announce the purchase of two incredibly unique and beautiful acquisitions in the state of Virginia. These historic communities were purchased for an amazing acquisition price and are fully occupied. Our organization looks forward to helping them reach their full potential. These are two more great deals for Elevation in the summer of 2019," said Chris King, CEO of Elevation Financial Group.

Additional properties in the Fund VI portfolio include multifamily apartment communities in North Carolina, Mississippi, Georgia and Alabama;and a 55+ independent senior community also in Alabama.

Hamilton Zanze Acquires 248-Unit Abbotts Run Apartment Community in Alexandria, Virginia

Mon, 09/09/2019 - 02:17

ALEXANDRIA, VA - National real estate investment firm Hamilton Zanze (HZ) has acquired the Abbotts Run apartment community in Alexandria, Virginia (Washington D.C. market). The purchase closed on August 29th and property management responsibilities have been transferred to Mission Rock Residential.

Abbotts Run was built in 1988 and is located near the Potomac River in a desirable school district near abundant employment opportunities in Washington D.C. The community offers a mix of one- and two-bedroom units ranging from 693 to 1,352 square feet. Select units are loft style. 

"Northern Virginia is experiencing substantial growth, and Abbotts Run is strategically located to serve the market," said David Nelson, Hamilton Zanze's senior director of acquisitions. "Abbotts Run is an excellent example of what we are looking to acquire, as it offers immediate scale in a strong submarket. We will continue to look for well-located, large assets throughout the Washington D.C. metro." 

Units feature black, hard-surface countertops, tile backsplashes, stainless steel appliances, faux wood flooring, brushed nickel hardware, and in-unit washers and dryers. Community amenities include a 24-hour clubhouse, game room, resort-style swimming pool, playground, tennis and volleyball courts, and outdoor picnic and grilling stations. A private car washing station is also available for resident use. 

The majority of units were renovated by the seller. HZ plans to renovate the 17 remaining classic units and update the community's outdoor lighting and clubhouse space. 

Abbotts Run is located in one of the metro's most affluent submarkets, South Fairfax County, with median home income and median home values more than twice the U.S. average. The county's economy is centered predominately around the professional services and technology industries, in addition to a thriving higher education market. Amazon's new HQ2, located only 14.4 miles from Abbotts Run, is expected to create 25,000 new jobs and over $4.3 billion in economic impact.

CMBS Delinquency Rate Sets Another New Post-Crisis Low in August According to Latest Report

Mon, 09/09/2019 - 02:13

NEW YORK, NY - Trepp, LLC, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, has released its August 2019 US CMBS Delinquency Report. 

The Trepp CMBS Delinquency Rate fell again in August setting another new post-crisis low in the process. The August reading is 2.54%, a month-over-month drop of eight basis points. The delinquency rate, which started to fall after June 2017 when CMBS delinquencies totaled 5.75%, is down 110 basis points year-over-year. Since then, the rate has fallen in 22 of the last 26 months. Year-to date, the rate is lower by 57 basis points. The all-time high of 10.34% was registered in July 2012.

“The concerns about the global economy and a possible US recession have failed to have an impact thus far on the CMBS market,” said Trepp Senior Managing Director, Manus Clancy. “As volatility touched many markets in August, CMBS held steady: spreads saw only modest widening; lending and issuance continued at a healthy rate, and delinquencies continued to fall.”

The largest rate drop among major property sectors in August belonged to the retail space, with its delinquency reading dropping 28 basis points to 4.07%. The lodging delinquency rate also fell last month, by 26 basis points, reaching 1.54%. Multifamily delinquencies climbed 35 basis points to 2.39% and the office delinquency reading also rose 12 basis points to 2.83% last month. 

The overall CMBS 2.0+ delinquency rate climbed five basis points in August to 0.89%, while the percentage of CMBS 2.0+ loans in serious delinquency was up one basis point to 0.80%. The CMBS 1.0 delinquency rate dropped 145 basis points to 42.03% in August and the percentage of CMBS 1.0 debt that is seriously delinquent is now 41.97%, which is down 246 basis points from July.

The full report can be accessed at Trepp.com

Construction Begins on New Affordable and Supportive Housing Apartment Community in Los Angeles

Fri, 09/06/2019 - 01:54

LOS ANGELES, CA - EAH Housing, an affordable housing nonprofit organization, and A2Z Enterprises, a minority and woman-owned real estate development firm, broke ground at 7600 South Vermont Avenue. The Pointe on Vermont is a mixed-use affordable housing development with 25 apartments of supportive housing for people who are experiencing or transitioning from homelessness, 24 apartments for low income households, one apartment for an onsite resident manager, and approximately 2,000 square feet of ground floor commercial space.

“Angelenos are coming together to support long-lasting, high-quality affordable and supportive housing that will bring our homeless neighbors indoors now,” said Mayor Eric Garcetti. “The Pointe on Vermont is the latest example of Prop. HHH dollars at work and another reminder of the progress taking place across the City as we confront the homelessness and housing crisis.”

“We are proud to partner with such a forward-thinking and proactive city as Los Angeles, who is really moving the needle forward on tackling homelessness and affordable housing,” said Laura Hall, president and chief executive officer of EAH Housing. “The Pointe on Vermont is a direct result of the community’s desire to help solve the housing crisis – by voting for Measure HHH and voicing their support of this development from day one of this process.”

The four story mixed-use building will provide housing for individuals below or at 60% of the area median income (AMI). It will also have a community room with a kitchen, onsite case management and property management offices, bicycle storage, a retail commercial lease space, and a recording studio in partnership with A2Z Enterprises. St. Joseph’s Center will provide onsite supportive and resident services for all of the residents to help them maintain their health, wellbeing and self-sufficiency.

“My family and I have deep roots in this neighborhood and are dedicated to the economic development of the community,” said Antonia Feemster, president of A2Z Enterprises. “The Pointe on Vermont is a testament to our ongoing commitment.”

“All Los Angeles residents deserve the dignity of having a place to call home,” said Mark Ridley-Thomas, supervisor of District 2. “Ending the crisis of homelessness requires building affordable homes in all corners of our County — innovatively and relentlessly. EAH is part of that solution, and soon 50 more families’ lives will be transformed when they have a place to call their own.”

Funding for The Pointe on Vermont is provided by the city of Los Angeles through Measure HHH, HOME, and Community Development Commission/Housing Authority of the County of Los Angeles, the Los Angeles County Development Authority, conventional debt by US Bank and CCRC, and tax credit equity by US Bank.

“As the coauthor of Measure HHH, I remain committed to working with mission driven organizations to bring quality affordable housing to communities in South LA," said Marqueece Harris-Dawson, councilmember for Council District 8. "I am excited to support the community and witness the transformation of an underutilized lot on South Vermont Ave into The Pointe on Vermont. Soon, this space will provide people with quality homes and services to help them transition into new lives."

Monument Capital Management Enters Tennessee Market with 216-Unit Multifamily Acquisition

Fri, 09/06/2019 - 01:48

JOHNSON CITY, TN – Monument Capital Management, an A-Rod CORP company and one of the country’s premier fully integrated real estate investment firms, announced the acquisition of Sterling Hills Apartment Homes, a 216-unit multifamily community in Johnson City, Tennessee. Monument Capital Management acquired the property from Sterling Hills Apartments, LLC and will implement a $2.3 million capital improvement project throughout the property.

Located at 1 Milligan Lane, Sterling Hills Apartment Homes is the firm’s first property in the Tennessee market and will be part of Monument Opportunity Fund IV, launched earlier this year. The firm owns a total of 25 properties totaling over 5,300 units throughout the Southeast, Midwest and Texas, and is actively engaged in pursuing additional opportunities.

Senior Associate Brad Boston of Cushman & Wakefield represented the seller. Monument Capital Management represented itself in the transaction.

“The Southeast region continues to demonstrate strong job and population growth conducive to demand for workforce housing with upside potential,” said Stuart Zook, Principal of Monument Capital Management. “The property’s location in the Tri-Cities region of Johnson City, Kingsport and Bristol made it a strategic fit in our latest Fund, with Johnson City exemplifying strong growth in the future.”

Monument Capital Management plans to carry out a number of upgrades throughout the property’s interiors and exteriors including new flooring, appliances, cabinets, countertops, fixtures, and washer/dryer connections. New amenities include a clubhouse, fitness center, gazebo, sport court and lush landscaping.

Built in 1980, Sterling Hills Apartment Homes offers one-, two-, and three-bedroom units averaging 876 square feet. Interiors feature a loft layout, linen closets, dishwasher and washer/dryer. Community amenities include a fitness center, basketball court, swimming pool, courtyard, grill and picnic area.

Situated about 10 minutes away from downtown Johnson City, Sterling Hills Apartment Homes is found near major employers and educational institutions. Supporting almost 1,000 jobs and over 15,000 students, East Tennessee State University is 10 minutes away from the asset, with Mountain State Health and Citi Group also nearby.

Monument Capital Management (MCM), an A-Rod CORP company, is one of the country’s premier fully integrated real estate investment firms. Specifically targeting markets with a strong demand for workforce housing, MCM has acquired $747 million of real estate assets across 13 states through opportunity funds and joint ventures. The organization strategically identifies assets in markets with attractive demographics at a deal size where competition is limited, and its seasoned team can immediately leverage its operational expertise.  The firm has excelled at its mission of investing in real estate assets where it can add value and deliver superior, risk adjusted returns, while protecting capital and mitigating downside risks.

Weidner Breaks Ground on 436-Unit Mixed-Use Multifamily Community in Downtown Sacramento

Thu, 09/05/2019 - 02:11

SACRAMENTO, CA - Officials broke ground on phase 1 of a major new apartment complex and retail space located in downtown Sacramento, according to Weidner Apartment Homes, the project’s Seattle-area-based developer and property manager.

When completed, the Sacramento Commons project will provide 436 new multi-family apartments and retail space located in the block bordered by 5th & 7th Streets and N and P Streets not far from the Golden One Center. When added to the 325 units at the existing Capitol Towers community, the development will total 761 apartments over the roughly 10-acre site

“We are excited to formally begin this project,” said Greg Cerbana, who is Weidner’s vice president for public and government relations. “We are looking forward to adding significant housing opportunities to the city’s downtown core.”

He commended Mayor Darrell Steinberg and Councilman Steve Hansen for their help in making this project a reality.

“For a project of this magnitude, it is essential to have the support of the city,” said Cerbana, who noted Sacramento Commons is the company’s first project in Northern California. “We are not only building this new addition, but we plan on both owning and managing the property for many years to come. We are committed to the Sacramento community.”

At today’s event, Weidner unveiled more details about the Sacramento Commons project, which will: Consist of two separate building that will be seven-stories tall; Stand 84-feet high; Offer approximately 8,000 feet of commercial space for restaurants, retail stores and services relevant to the residents and neighborhood; Boost the number of available housing units for working professionals; it increases the supply of housing and offers new amenities.

Cerbana estimated that the project will take about 32 months to complete.

“By 2022, we expect to have an exciting new residence for Sacramento’s urban professionals to live and work in the downtown core,” he said. “By boosting population density, Sacramento Commons will contribute to the city’s increasingly vibrant downtown and make it more convenient and environmentally friendly for workers in the capital city.”

Inland Private Capital Completes Sale of Boutique Chicago Multifamily Building for $15.24 Million

Thu, 09/05/2019 - 02:08

CHICAGO, IL - Inland Private Capital Corporation announced the $15.24 million sale of Kimball Station, a 59-unit apartment property with 6,118 square feet of ground-floor retail space, located in Chicago. IPC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of Chicagoland Multifamily DST, one of its 1031 investment programs.

Located in the growing Albany Park neighborhood on Chicago’s northwest side, the property consists of a five-story building constructed in 2009 and provides a mix of one-, two- and three-bedroom apartments with upscale contemporary finishes. Ideally positioned directly across from the Brown Line Commuter Rail Station, which serves more than 1.3 million passengers per year, Kimball Station is approximately eight miles north of Chicago’s Central Business District.

“Chicagoland Multifamily DST was another successful full-cycle transaction on our multifamily investment platform for IPC’s investors,” said Keith Lampi, president and chief operating officer of IPC. “We purchased the property in 2012, and it provided consistent income and a substantial profit on the sale, resulting in an 8.17 percent average annualized return to investors.”

As of the date of the sale, the property was 98.3 percent leased.

The sale resulted in a total return to the investors of 157.12 percent (calculated based on the aggregate amount of original capital invested in the property).

LMC Announces Start of Leasing at Mixed-Use Residential Community in Downtown Oakland

Wed, 09/04/2019 - 02:15

OAKLAND, CA - LMC, a leader in apartment development and management, announced the start of leasing at 17th & Broadway, a mixed-use high-rise apartment community in Downtown Oakland. 

The 34-story community, which represents LMC's first development in Oakland, consists of 254 luxury apartment homes, 4,800 square feet of ground-floor retail space and three floors of deluxe amenities. The community offers fully integrated smart homes with superior Wi-Fi coverage and smart home programming for temperature control and electronic roller shades. Move-ins are anticipated for September. 

"We first want to give credit to the City of Oakland and their staff for the guidance and expertise they shared with us to bring this building to actuality," said Tyler Wood, vice president of development for LMC. "Projects of this scale require an advanced team approach where all parties to work together in a constructive and synergistic fashion. We cannot give enough credit to all of the people associated with the project, from community stakeholders and City staff to our architectural, engineering, and contractor trade partners.  Everyone should feel a sense of pride that they contributed meaningfully to 17th & Broadway."

Located at 447 17th Street, 17th & Broadway includes a large public art feature constructed by local Oakland artist David Huffman. The community boasts prime connectivity with a one-minute walk to BART, a Walk Score of 99 and a Bike Score of 91. Oakland's Uptown and Old Town districts are easily accessible from the community and Downtown San Francisco is within a 12-minute commute. The community also offers near-immediate access to the area's key thoroughfares and two BART stations (12th and 19th streets). In addition, Lake Merritt and Snow Park are within walking distance of the community. 

17th & Broadway offers 1-, 2- and 3-bedroom contemporary apartment homes equipped with a variety of high-end features and finishes. Included are nine-foot ceilings, quartz countertops and vanity tops, glass-tile kitchen backsplashes, Barbosa designer cabinets, stainless-steel appliances, custom pendant lighting, hard surface flooring, ceramic tile shower surrounds and front-loading washers and dryers. 

The community also provides residents with an abundance of lifestyle-enhancing amenities on the first, sixth and 34th floors. First-floor amenities include a lobby seating area with 18-foot ceilings, full-time concierge service, bike parking, large mailroom with digital package lockers and a must-see pet washing and grooming station. The sixth floor offers an outdoor pool, spa, lounge area, barbecue grills, fire pit and creative co-working space with televisions and seven reservable conference rooms. The floor is also home to a 24-hour fitness and training center that includes cardio equipment, weights and LMC's exclusive motivational wall powered with extreme Go-Pro content. 

On the 34th floor, a Penthouse level lounge offers a game room, pool table, commercial-grade entertainment kitchen, private-dining solarium and an entertainment room with floor-to-ceiling glass and panoramic views of the city skyline. The floor also includes a sky deck with multiple fire pits, wet bar, stunning views and a large event and gallery space designed to lease to residents and third parties for private events.  

"17th & Broadway will be a unique addition to Oakland apartment living, combining walkability and a transit-oriented location adjacent to BART with high-end finishes and an amenity-rich lifestyle," Wood said. "The community will be the premier place to live in Downtown Oakland, providing residents with an unparalleled living experience and easy access to a wide variety of neighborhood attractions."

Including 17th & Broadway, LMC has five apartment communities in operation or under construction in the Bay Area. Others include Capitol 650 (Milpitas), Novo (Mountain View), 19th + Harrison (Oakland) and AYA (Fremont).

Groundbreaking Celebrated for The Strand Residences in Deanwood Neighborhood of Washington, D.C.

Tue, 09/03/2019 - 02:32

WASHINGTON, DC - The NHP Foundation (NHPF), The Warrenton Group (TWG) and the Washington Metropolitan CDC (WMCDC) broke ground on the construction of the Strand Residences, an affordable housing development with 86 one-and two-bedroom affordable apartments in the Deanwood neighborhood of Washington, D.C. at 5109 Nannie Helen Burroughs Ave, Washington, D.C.

The ceremony included remarks from Mayor Muriel Bowser and Councilmember Vincent Gray, both supported the project for many years. The event, an ice cream social for neighborhood residents and local officials, was held after another local affordable housing groundbreaking at the nearby Providence Place.

“Construction of The Strand Residences, in the making for more than a decade, is being financed by DMPED which is investing $15.6M from the District’s New Communities Initiative, DCHFA which allocated $19.5M of tax-exempt bonds, and DCHA which contributed operating subsidies for 28 units through a Local Rent Supplement Program contract (LRSP),” said Mayor Muriel Bowser. “As well, the tax-exempt bonds triggered an allocation of 4% Low-Income Housing Tax Credits that helped attract a $12.3M equity investment from Enterprise Community Partners.”

In addition to the 86 apartments, the Residences will feature a large multi-purpose room, exercise room, bike storage room, outdoor patio area for grilling, and on-site resident services provided by NHPF’s affiliate, Operation Pathways. The first floor also includes retail space for a neighborhood non-profit and a community-based retailer. Construction is expected to complete in January 2021.

"The Strand Residences boldly underscore NHPF’s mission to provide quality affordable housing that’s ‘more than a roof’,” said NHPF CEO and President Richard Burns. “This service-enriched property will bring about positive change for the community and its residents for years to come.”

Added TWG President Warren Williams, “After twelve years of effort by The Warrenton Group, the local ANCs and Lincoln Heights New Communities Resident Council, neither residents nor local businesses were displaced for this project which is critical to preserve a community while still increasing value for Ward 7. Partnerships with local leaders such as Pat Malloy and local resident Councilmember Vince Gray were instrumental in developing the New Community Master Plan its successful materialization. The Strand really is evidence that ‘teamwork makes dreams work’.”

The Strand Residences will be built on land that was contaminated by Volatile Organic Compounds (VOCs) and prevented its redevelopment for years. To ensure proper remediation of the brownfield, the Development Team entered the District’s Voluntary Clean-Up.

“With the Strand, as well as Providence Place development nearby, it is heartening to have these new affordable housing options in our community,” added Pastor Stephen Young of WMCDC.

The Residences is next to the Strand Theater, a storied local historic landmark that the Development Team plans to convert into a new restaurant in 2020.

PGN Architects is the architect of record. Bowman Consulting provided civil engineering, landscape design, and surveying services. WCS Construction is the general contractor and WCS Property Management will be the property manager. The Development Team is committed to spending at least 35% of the project’s funds on products and services provided by Certified Business Enterprises. WCS Construction is committed to meeting the District’s First Source hiring requirements.

Once complete, the Residences will include 71 one-bedroom apartments and 15 two-bedroom units. The 28 LRSP units will be rented to residents who earn less than 30% AMI and will be reserved for residents relocating from the nearby Lincoln Heights and Richardson Dwellings properties.

Stoneleigh Companies Opens 234-Unit Switchyard Apartments in Downtown Carrollton, Texas

Tue, 09/03/2019 - 02:29

CARROLLTON, TX - Switchyard Apartments are now open and leasing in downtown Carrollton, TX. Managed by real estate experts, Lincoln Property Company, the 234 apartment homes are conveniently situated off I-35 and W Belt Line Road, a five-minute walk to historic downtown Carrollton. Adjacent to the downtown Carrollton DART station, the location offers easy access to downtown Dallas, Love Field and DFW airport.

Standing four stories tall, Switchyard offers studio, one, and two-bedroom floorplans ranging from 525 to 1,262 square feet. Amenities encourage a more active lifestyle, including an indoor bike storage and repair studio, pet salon, a healthy vending juice bar, state-of-the-art fitness center, interactive fitness studio with FitnessOnDemand™ and Peloton® bikes and easy access to the regional trail system.

When residents aren’t commuting to work on the DART, working from home is made easy with tech and club lounges with complimentary Wi-Fi, java bar and 24 hour “Parcel Pending” package lockers.  When it’s time to unwind after a long day, residents can enjoy the 4th floor club room and terrace deck with wet bar, resort-style pool with clubhouse and outdoor TV lounge and fireplace.

Interior amenities include quartz countertops, stainless steel appliances, subway tile backsplashes, built-in wine racks, Salto keyless fob access systems, LED dimmable lighting packages, Custom Elfa closet systems, USB outlets, walk-In closets, in-unit washer/dryers, hardwood-inspired luxury vinyl floors, designer carpet and available private tuck under garages.

“Switchyard apartments are a great example that high-end apartment living is not limited to downtown Dallas,” said Ryan Swingruber, Vice President of Development for Stoneleigh Companies, LLC, one of the developers of the community. “Switchyard is an ideal balance of high-end amenities and apartment finishes you would find in the heart of Dallas but is a community designed for renters who are looking for something outside of downtown living. The property offers efficient unit types for those who desire walkability to quaint shops and restaurants in Downtown Carrollton and an easy access to I-35 and DART making your commute and day-to-day lifestyle that much easier.”

Pages