Latest News from MultifamilyBiz.com
Updated: 47 min 32 sec ago
MESA, AZ - Local real estate developer, Bela Flor Communities, announced Bella Victoria, a smart-tech, luxury apartment home community located at 1350 S. Ellsworth Road in Mesa, Arizona, a 2019 WalletHub top-ten city.
Each of the 236 units has a private, direct-access garage and a dedicated 220-volt circuit to charge electric vehicles from Tesla, Porsche, Nissan, Audi, and Volkswagen. In addition, the Energy Star certified smart homes include Nest thermostats, LED lighting, natural gas ranges and electric, tankless water heaters by TruTankless with a 99% efficiency rating, on-demand heating and a smart app for the ultimate in control. Finally, residents can stay connected to their world via gigabit fiber optic networks, HD cameras and high-speed wireless access points found around the property.
"If you have an EV, living at Bella Victoria is the pinnacle of convenience. No need to waste your time or range trying to find a public station. Every home has its own charging outlet in the garage so you can relax inside while your battery recharges outside," states Hudd Hassell, President of Bela Flor.
Lacy Hillard, Community Manager, says, "Bella Victoria is well-located near major freeways and shopping malls and maintains the highest standards. We proudly offer spacious two- and three-bedroom condo homes ranging from 1,000 to 1,650 sq. ft. in an inviting setting. As a non-smoking and pet-friendly community, our goal is to ensure you enjoy your time here."
BEVERLY HILLS, CA - Global real estate investment company Kennedy Wilson (NYSE: KW) has completed the sale of Pioneer Point, a wholly owned 294-unit multifamily community with 35,000 square feet of fully leased commercial space, for $130 million to RealStar, a real estate investment and management company focused on the rental residential, hospitality and alternative asset classes. Pioneer Point, located in the London suburb of Ilford, was unlevered and the $127 million of net proceeds from the sale will be recycled into new investment opportunities.
Kennedy Wilson acquired the non-performing loan secured against the freehold interest of Pioneer Point in May 2015 and took direct ownership in February 2016, implementing an ambitious asset management program and transforming the property to materially improve occupancy and more than double the NOI.
This program included lengthening leases in the north tower, commissioning and leasing the empty south tower and converting vacant ground floor space to an enhanced amenity offering including a dedicated on-site concierge and property management suite as well as resident lounges, meeting spaces and work pods, a quiet lounge, entertainment spaces with open plan kitchen and dining rooms, a kids zone, games room and cinema.
Since opportunistically acquiring Pioneer Point, we executed a wide ranging, value enhancing asset management program that put a spotlight on the breadth of our asset management expertise and brought new life to this landmark building, said Mike Pegler, Head of UK at Kennedy Wilson. The renovations, top-tier management and continued demand for rental housing in this local market resulted in a strong total return to Kennedy Wilson as we continue to focus on disposing non-core assets, recycle capital into other investment opportunities and to fund existing development projects. We are delighted that a long-term multifamily operator will continue delivering a positive experience for the residents of Pioneer Point.
HAMILTON, NJ - Total construction starts slipped 6% from December to January to a seasonally adjusted annual rate of $759.2 billion, according to Dodge Data & Analytics. All three major categories moved lower in January — residential building starts fell 8%, nonresidential building lost 6%, and nonbuilding starts moved 2% lower.
With only one, limited month of data available for 2020, it is difficult to ascribe a 2020 trend. Some perspective can be gleaned, however, by examining a 12-month moving total. For the 12 months ending January 2020, total construction starts were 1% higher than during the previous 12-month period. By major category, residential building starts were 1% lower and nonresidential building starts were down by less than a percentage point, but nonbuilding construction was 8% higher during the 12 months that ended in January 2020.
In January, the Dodge Index moved downward to 161 (2000=100) compared to the 171 posted in December 2019 and was 8% lower than its most recent 12-month average.
Coming in slightly weaker than the previous month, January s starts did little to change our view that construction starts will remain near their recent highs in 2020 even though they are likely to fall as the economy slows, stated Richard Branch, Chief Economist of Dodge Data & Analytics.
Nonbuilding construction starts moved 2% lower in January, falling to a seasonally adjusted annual rate of $167.2 billion. In January, gains were seen in highways and bridges as well as miscellaneous nonbuilding categories, which moved up 15% and 12% respectively. Meanwhile, the utility/gas plant and the environmental public works sectors both pulled back, falling 29% and 10%.
The largest nonbuilding construction project to break ground in January was the $705 million extension of the South Central LRT in Phoenix AZ. Also starting in January was the $575 million Permian Energy Center solar project in Andrews county TX and the $550 million Wheatridge wind and solar project in Lexington OR.
For the 12 months ending January 2020, total nonbuilding starts were up 8% compared to the 12 months ending January 2019. On the plus side, environmental public works were up 4% and the utilities/gas plants were up an impressive 116%. Streets and bridge starts, however, were 8% lower and miscellaneous nonbuilding starts were down 19%.
Nonresidential building starts fell 6% in January to a seasonally adjusted annual rate of $266.6 billion. However, if not for the start of a large manufacturing project nonresidential building starts would have declined 11%. In January, manufacturing starts more than doubled, while commercial building starts slipped 16%, and institutional starts fell 6%.
The largest nonresidential building project to break ground in January was the $475 million Cree Semiconductor plant in Marcy NY. Also starting was the $476 million BMO Office Tower in Chicago IL and the $400 million Husky Superior refinery in Superior WI.
On a 12-month total basis, total nonresidential building starts were less than one percentage point lower than they were in the 12 months ending in January 2019. Commercial starts were 5% higher, while institutional starts fell 3% and manufacturing starts were down 10%.
Residential building starts dropped 8% in January to a seasonally adjusted rate of $325.4 billion. During the month single family starts fell 5%, while multifamily starts lost 15%.
The largest multifamily structure to break ground in January was the $300 million Liberty on the River Apartment Tower in Philadelphia PA. Also starting in January was a $260 million mixed-used building on 10th Avenue in New York NY as well as the $249 million Downtown Fifth Luxury Apartments in Miami FL.
For the 12 months ending in January, total residential starts were 1% lower than the previous 12 months. Single family starts gained 1%, but multifamily building starts were 5% lower.
LAWRENCEVILLE, GA - Wood Partners, a national leader in multi-family real estate development and acquisition, announced the grand opening of its newest luxury residential community – Alta Sugarloaf – in Lawrenceville, Georgia.
Located in Gwinnett County, 25 miles northeast of Downtown Atlanta, Alta Sugarloaf offers residents a sophisticated lifestyle with high-quality finishes and amenities, proximity to a range of employers and unparalleled access to outdoor green spaces.
"The Alta Sugarloaf community has a quaint neighborhood feel, with apartment homes spread over nine buildings on site," said Bennett Sands, Managing Director for Wood Partners. "With quick access to Gwinnett County's ever-expanding Greenway Trails system and a booming job market, Alta Sugarloaf is a great value with best-in-class features, amenities and service."
At 1399 Herrington Road, Alta Sugarloaf is located near a number of major roadways – including Duluth Highway, Riverside Parkway and GeorgiaHighway 316 – easing commute times. The nearby Sugarloaf Mills, Gwinnett Place Mall and Infinite Energy Center provide a range of retail, dining and entertainment options.
Major employers, including Gwinnett Medical Center, Cisco Systems, Primerica Financial Services and the U.S. Postal Service, are a short drive away and several large companies are expanding into the area, with thousands of new jobs expected in coming years. Residents can shop at their grocery store of choice with Walmart, Kroger, Publix and ALDI locations in the vicinity.
Alta Sugarloaf features resort-style amenities such as an outdoor swimming pool with tanning ledges, a sundeck with shaded areas and a double-sided fireplace. The community features a 24/7 secure package room, electric vehicle charging stations, dog parks and a bicycle repair room. Several existing Gwinnett County Greenway Trails are nearby, and Alta Sugarloaf's property includes part of the future Lee Daniel Creek Greenway.
Each apartment home includes stainless steel appliances and a farmhouse sink with gooseneck faucet, low-profile gas cooking ranges, oversized side-by-side refrigerator and freezer, granite countertops and vinyl wood flooring. All homes offer full-size, in-unit washer and dryer.
Alta Sugarloaf offers 330 units in one-, two- and three-bedroom custom-designed floor plans.
BLUFFTON, SC - JMG Realty announced that Enclave at Bluffton Park, a 110-unit luxury multifamily community under construction in Bluffton, South Carolina, will open its doors to the public March 2nd with move-ins expected shortly thereafter. The first building will include both one bedroom apartments and three bedroom townhomes, as well as the leasing office and amenities including a state of the art fitness center, internet café and coffee bar, conference room and a luxury lounging nook for residents. Construction is expected to be complete in mid-2020.
The residences will have high end finishes such as luxury plank flooring, high ceilings, granite counters, subway-tile backsplash, oversized kitchen islands, and stainless-steel appliances. The community features private balconies & patios, many with views of the adjacent nature preserve. One story garden as well as two story townhome floor plans are available, as well as attached and detached garages.
Enclave at Bluffton Park boasts a variety of resort-style amenities including a sparkling pool with covered entertainment pavilion, a spacious clubhouse with 24-hour fitness center & outdoor recreational areas including grills & televisions. Pleasantly situated in a beautiful natural marsh environment, Enclave at Bluffton Park will provide plenty of privacy while it's ultra-convenient Bluffton Parkway location will allow residents easy access to all that Bluffton & Hilton Head Island have to offer.
Enclave residents can take advantage of the complimentary bicycles that will provide quick access to Old Town Bluffton shops and restaurants, being a mere half mile away and situated on the connecting bike path.
JMG's Jean Woodworth, Executive Vice President & Partner, said the following: "We look forward to carrying out the developer's vision to cultivate a lifestyle at the Enclave consistent with the vibrant low-country culture of our neighbors in Old Town Bluffton." Woodworth also noted that the community has joined the Greater Bluffton Chamber of Commerce and looks forward to being an integral part of the Bluffton business community.
SCOTTSDALE, AZ - Bascom Arizona Ventures, a subsidiary of Irvine, California based private equity firm The Bascom Group, LLC has acquired a 37-unit property located in downtown Tempe, Arizona. The purchase price was $11.5 million, or $310,811 per unit.
Dolce Villaggio Townhomes is situated within downtown Tempe's Urban Core Master Plan Community. The property is within walking distance of Arizona State University, Tempe Town Lake, and multiple shopping, employment and entertainment developments. Constructed in 2007, the property offers a swimming pool and spa, spacious two- and three-bedroom floorplans, and attached two-car garages for all units.
The purchase follows Bascom's recent acquisition of Tempo at McClintock Station Apartments located near Arizona State University. Tempo is a mid-rise multifamily property consisting of 423 residential units and one retail unit in Tempe, Arizona. The price was $89.2 million, or $210,377 per unit.
The new ownership group plans to invest in capital improvements to the property, including upgrades to the pool and unit interiors.
"Dolce provides us with an exceptional opportunity to acquire another property within the forever growing downtown Tempe area," says Mark Brotherton, portfolio manager of Bascom Arizona Ventures. "We are very excited about our newest acquisition and look forward to commencing our value-add program as soon as possible."
Comerica Bank provided debt financing, which was arranged by Erich Pryor of Talonvest Capital Inc., for the acquisition.
Chris Roach, Matt Roach, and Brad Cooke of Colliers International advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.
OVERLAND PARK, KS - Sherman Residential announced its acquisition of The Sovereign at Overland Park, a 2013 constructed Class A garden multifamily community located in the southern Kansas City metroplex.
The Sovereign is in Johnson County s Blue Valley School District, one of the top-rated districts in the country. With access to major highways and top employers, including Sprint, Cerner, and several medical institutions, residents benefit from a prime location.
Spread over 42 acres, the 24-building property encompasses 250 units and features premium amenities consisting of:
Spacious homes designed for privacy with individual entrances, patios/balconies, and attached garages
State-of-the-art fitness center
Custom-designed resident lounge
Amazing landscaping and outdoor amenities, including a car-detail and pet-washing station
On February 13, 2020, Sherman Residential purchased and assumed the management of the property.
Scott Gould, Sherman s Senior Vice President, states, "Sovereign at Overland Park represents our second acquisition in the Kansas City market since we entered it in 2019. We are excited to expand our presence in the market with this acquisition and are looking forward to acquiring additional Kansas City properties in the coming years."
With a dedicated team, they look forward to creating a true sense of community for its current and future residents.
Sherman properties benefit from a national support team with decades of experience. The company has been family-owned for three generations, since 1922, and is headquartered in north suburban Chicago. It manages a successful portfolio of multifamily properties across the country.
PHOENIX, AZ - Triumph Properties Group has acquired Deer Creek Village, a 308-unit apartment community located in Phoenix, Arizona. The $49,500,000 acquisition ($160,714 per unit) is Triumph's first residential acquisition in the Phoenix market. Deer Creek was developed by Evans Withycombe Residential Inc. in 1985 and owned by the Withycombe family for 20 years. The property was well designed and well maintained, but now requires a full interior and exterior renovation.
"Within five minutes of walking in the apartment community, I recognized the rare opportunity this was in the current market environment. I never expected to be competing with 30 other offers. Fortunately, we have the financial and human capital resources to act quickly and closed the transaction in 18 days with no financing. After closing, we will secure bridge financing and look for outside like-minded capital partners and begin the implementation of our full renovation," said Steven Feder, President of Triumph Properties Group.
Triumph is continuing to expand its acquisition platform with $100 to $150 million in acquisitions targeted over the next 12 months. Based in Beverly Hills, California, Triumph combines the flexibility and responsiveness of an efficiently managed firm with a strong balance sheet, generated by a half-century of superior risk-adjusted returns. As a long-term owner and investor, Triumph Properties Group is dedicated to identifying unrealized opportunities and maximizing value in its growing portfolio.
PORTLAND, OR - Freshwater Investments announced the acquisition of Maybeck at the Bend Apartments – a 120-unit garden-style property located in Tigard, OR, 20 minutes from Portland downtown. Built in 1998, Maybeck comprised of one-, two- and three-bedroom apartments with an average unit size of 842 square feet.
Maybeck at the Bend is the first acquisition in Portland metro area for Freshwater Investments and a significant addition to the firm's multifamily portfolio in Seattle and Colorado Springs markets.
Alex Rozenfeld, Freshwater Investments Founder and Managing Partner commented: We ve been looking at the Portland market for a while, as we see huge potential in this region. It s very competitive out there, which makes it even more thrilling to start our journey in Portland with a solid asset such as Maybeck. We welcome this opportunity to build value for our investors portfolios, while making Maybeck a better place to live for our residents.
The seller was represented by Ira Virden and Carrie Kahn of JLL.
We are thrilled with the sale of Maybeck at the Bend. This was a very smooth transaction. It was great to work with Freshwater and JLL again, said Anthony Ly, Transactions Director at Hamilton Zanze, the seller in the transaction.
Founded in 2015, Freshwater Investments is a is a California based private equity real estate investment firm offering individual investors and family offices opportunities to grow their capital through ownership of multifamily properties.
CHICAGO, IL - Greystar Real Estate Partners, a global leader in the investment, development, and management of high quality rental housing properties, announced that the first wave of apartment homes in the new Highland Ridge community are now available and ready for immediate move-in.
Developed by Heartland Real Estate Partners (Heartland) and with property management services provided by Greystar, Highland Ridge will encompass a total of 240 spacious and luxuriously appointed units with a total of nine unique floorplans available. Located at 14158 S. Hilltop Lane in historic Lockport, just 30 miles from Chicago, the garden-style multi-family development offers one and two bedroom floorplans ranging from 804 to 1,317 square feet in size.
We are excited to provide a sophisticated and luxurious community living experience for the residents of Highland Ridge, said Ferda Guvenc, Greystar s Senior Regional Property Manager for the Greater Chicago area. These state-of-the-art apartments offer a robust range of amenities and, I am confident that, with the exceptional quality of these units and Greystar s best-in-class property management services platform, Highland Ridge will prove to be one of the most sought after rental housing options in Lockport.
Featuring the same type of limestone as the lining of the town s famous I&M Canal, Highland Ridge invokes the stylistic identity of Lockport while offering an unmatched suite of modern features, such as electronic entry locks and smart thermostats. Residents will enjoy expertly designed interiors featuring hardwood-inspired floors, gourmet kitchens, stainless steel appliances, and other state-of-the-art additions. The community offers some of the best amenities and services in the area, including a lounge area, sun deck, resort-style swimming pool, fitness center, yoga room, and dog park.
As the Lockport community continues to grow, we are pleased to provide this tremendous apartment complex, said Tim Grogan, Managing Principal at Heartland. With Greystar s best-in-class team managing the property, we believe this community will represent the gold standard of high-quality rental housing options in the Greater Chicago area for decades to come.
ATLANTA, GA - Walker & Dunlop, Inc. announced that it provided $26,000,000 in acquisition financing for The Reserve at Johns Creek Walk, a Class A multifamily complex located just outside of Atlanta, Georgia, in the Johns Creek suburb.
The loan was closed on behalf of JLL Income Property Trust, a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing apartment, industrial, office, and retail properties located in the United States.
Led by Executive Vice President and Managing Director Jim Cope and Vice President Benjy Krosin, the Walker & Dunlop team navigated the complexities of the institutional investment management program. This included underwriting the loan to REIT standards and securing financing with the appropriate flexibility required by the Trust. Leveraging their deep understanding of GSE programs and extensive experience in the DST space, the Walker & Dunlop team identified Fannie Mae as the ideal lender for the transaction, securing ten-year financing with five years of interest-only payments.
Located less than 30 miles from the Atlanta Central Business District, The Reserve at Johns Creek Walk enjoys easy accessibility to nearby employment centers and is within walking distance of local retail, entertainment, and restaurants. A top choice for area renters, the city of Johns Creek was recently listed as one of Money Magazine's Top 20 Best Places to Live, thanks to its superior public schools and ample outdoor activities.
Situated on nine acres, the garden-style apartment community comprises 210 units. Amenities include a pool, fitness center, pet spa, playground, car wash, an outdoor kitchen, and picnic areas, as well as a cabana with grill stations and flat-screen TVs. The Reserve at Johns Creek is also located just off of the Johns Creek Greenway Trail.
ATLANTA, GA - LMC, a wholly-owned subsidiary of Lennar Corporation and a leader in apartment development and management, announced the start of preleasing at Gentry, a luxury mixed-use apartment community in the vibrant Buckhead Village neighborhood of Atlanta.
The 21-story high-rise, which features 290 apartment homes, approximately 6,000 square feet of ground-floor retail and an outdoor movie theater as part of a deluxe array of amenities, is located at 3172 Roswell Road on the site of former popular Tex-Mex restaurant Rio Bravo. The community was developed in conjunction with Hoar Construction, which also teamed with LMC on recent Atlanta apartment community Vireo. First move-ins at Gentry are anticipated for spring 2020.
"Buckhead offers a little bit of everything, and we're ecstatic to join the neighborhood," said Steve Gorning, vice president of development of the Southeast for LMC. "Whether residents want to live a vehicle-free lifestyle and enjoy the immediate area or commute to the various attractions and employment sectors across the city, the location is ideal. We look forward to offering one of the finest living experiences in the area."
The development of Gentry also consisted of cosmetic upgrades surrounding the property, including the addition of 20-foot-wide tree-lined sidewalks. Based in Buckhead's Tuxedo Park neighborhood, the site offers a superb Walk Score of 92 and features prime access to attractions such as The Buckhead Theater, The Shops at Buckhead, Whole Foods, Trader Joe's and Atlanta History Center. Phipps Plaza and Lenox Mall, which boast various local and national retailers, are each within two miles of the community.
The community site also provides connectivity to several public transit options and the key thoroughfares of the city. The Buckhead MARTA station is 1.2 miles from the community and serves as the gateway to the metropolitan area. Georgia State Route 400 is located one mile from the community and Interstates 85 and 75 are within a short drive.
Gentry offers studio, one-, two- and three-bedroom apartment homes and a select number of penthouse-level homes with hardwood floors. Apartment interiors feature wood-plank style flooring, custom cabinetry, high-end finishes and private balconies. Select homes are delivered with kitchen islands and wine fridges.
Community amenities include an eighth-floor terrace with grills and the outdoor movie theater. A 21st-floor amenity level includes a private dining room and catering kitchen, lounge, pool table, swimming pool, indoor/outdoor bar, grills, cabanas and a club-quality fitness center with indoor/outdoor yoga areas. Residents will also have access to bike storage, electric-vehicle charging stations and work-from-home spaces.
Gentry will mark LMC's second Atlanta-based community to open within the past year. Vireo, located about four miles south in Midtown, began leasing in 2019.
WIMBERLEY, TX - Civitas Senior Living celebrated the grand opening of its newest senior living community, Alexis Pointe Senior Living, with a Wild West themed party on January 9. Located in Wimberley, Texas, Alexis Pointe is the latest addition to Civitas' growing number of innovative senior living residences, bringing the total number of owned and operated communities to 40, with 15 more in development.
"We couldn't be prouder to bring our signature, passion-filled living experience to the heart of the Texas Hill Country," said Wayne Powell, Founder and CEO of Civitas Senior Living. "It is truly a privilege to serve seniors in an amazing place like Wimberley."
Over 350 guests enjoyed a fun-filled Western atmosphere full of live entertainment, guided tours of the community, and cuisine fit for a cowboy, albeit one with a refined palate. The Alexis Pointe dining staff served up delicious dishes such as brisket sliders, bacon-wrapped chorizo, and beef tenderloin while guests enjoyed live entertainment from a local artist. Overall, the Alexis Pointe grand opening event was a success.
Alexis Pointe's approximately 55,000 square foot community offers 49 assisted living apartments, 24 memory care suites, and 10 independent living cottages, as well as resort-style amenities.
Conveniently located near historic Wimberley Town Square and mere minutes from Cypress Creek Nature Preserve and Blue Hole Regional Park, Alexis Pointe offers spacious, beautifully appointed residences including one- and two-bedroom independent living villas and assisted living apartments. Alexis Pointe's memory care community – known as The Cottage – offers both private and companion accommodations. Select apartments and villas feature kitchens with stainless steel appliances, private bathrooms, walk-in closets, and beautiful Hill Country inspired designer touches that reflect the community's inspiring views. Alexis Pointe's mossy green and soft, sky blue palette and its rustic elegance takes their cues from Wimberley's rugged, natural beauty as well as the town's renowned arts and crafts community. "Wimberley is fun, funky, artsy, and distinctly Texas Hill Country," said Senior By Design's Reid Bonner. "We wanted to reflect that artistry and spirit found in its town's citizens through Alexis Pointe's decor."
The luxury doesn't stop there. Alexis Pointe provides its residents a carefree lifestyle with many amenities and services provided on site including a full-service salon and creative arts studio. Formal, private, and casual dining options abound at Alexis Pointe, providing deliciously nutritious chef-prepared meals served daily.
Residents and their loved ones will also benefit from Civitas Senior Living's signature Passion Program. "We believe that life is best when days are filled with passion and lived with purpose," said Powell. Civitas' revolutionary program provides each community member a rich, full life brimming with social engagements, fun activities, and personalized experiences propelled by attentive caregivers, overall wellness, and delicious food.
MELBOURNE, AU - Greystar Real Estate Partners, a global leader in the investment, development and management of high-quality rental housing properties, announced the acquisition of two existing office buildings for re-development in the Inner Melbourne market of South Yarra, on behalf of its real estate funds. An affiliate of Greystar acquired the properties, reflecting the firm s strategy to acquire, develop and manage develop-to-core projects aimed at institutionalising rental housing supply in the Melbourne and Sydney markets.
The Australian rental housing market is notable for its lack of purpose-built, professionally managed product – renter demand in the country has primarily been met by private owners of build-to-sell units, who do not have the expertise to properly manage properties and promote positive renter experiences, said Adam Pillay, Senior Managing Director at Greystar.
The market also continues to see declining rates of homeownership as affordability remains a fundamental concern. At the same time, a wave of younger Australians are making the active decision to rent in locations offering the attractive lifestyle, entertainment and convenience that they desire, and prioritise these factors over homeownership. In addition, a sustained pull-back in offshore buyer demand and financing challenges for both buyers and developers has led to decreasing competition for development opportunities among build-to-sell developers. When combined, these dynamics create a set of factors for the emergence of a highly scalable opportunity to establish a new institutional class of rental product in the country.
Greystar acquired two adjoining properties on Yarra and Claremont Streets in the suburb of South Yarra. The firm is expected to re-develop the properties into an integrated mixed-use project comprising attractive ground floor retail, approximately 5,000sqm of high-quality office space and over 500 rental units across two towers. The properties represent two of the last remaining re-development sites of scale in the sought-after Forrest Hill Precinct of South Yarra. Located in close proximity to both the South Yarra Train Station and the Toorak Road tram, residents will enjoy quick and convenient access to the CBD and other nearby Inner Melbourne locations. The local area has an abundance of retail, food and entertainment offerings, especially along Toorak Road and Chapel Street, that all add to the highly desirable characteristics of this location for modern urban living.
Australian renters deserve the same higher standard of service-orientated and amenitised housing that is available in the major urban centres around the world, in contrast to what has traditionally been an inferior rental experience here in Australia. The proposed project is an important step in advancing our strategic objective of bringing high-quality housing options to a broader spectrum of the rental population, providing them with greater choice, diversity and higher standards, said Chris Key, Managing Director for Greystar in Australia.
One of the most important issues for renters in the current market is their security of tenure. Most private rental housing owned by mum and dad investors create a scenario where renters cannot rely on their ability to renew leases on an ongoing basis. Institutional rental housing can help to solve this issue and provide the housing security that people need. We are committed to the opportunity to establish a new institutional asset class in this country, by creating purpose-built, professionally managed rental housing and providing better housing outcomes overall. With time, the asset class will attract both domestic and international institutional investment given the stable, robust and predictable nature of the cash flow and enable the growth of the sector to fill an important part of our housing continuum that is currently missing in Australia.
We look forward to working collaboratively with the various levels of Government to ensure we can deliver practical housing solutions, particularly in supply and affordability constrained markets like Melbourne and Sydney. Institutional multifamily housing has the ability to significantly accelerate housing supply and fill the shortage in housing that is rapidly emerging in our major cities.
Australia has experienced sustained economic growth fuelled by an increasing population that is driving household formations and rental demand. Changing demographics have led to rising urbanisation and housing affordability remains a significant issue in markets like Melbourne and Sydney. Rental demand is also being driven by greater job mobility and younger generations prioritising lifestyle experiences in urban centres. Greystar intends to capitalise on these factors, presenting an opportunity to establish itself as the country s premier rental housing provider.
CHICAGO, IL - CA International, the international division of CA Ventures, a U.S.-based real estate investment management company, announced it will invest $325 million to expand the firm s multifamily and student housing presence in Latin America, specifically in the Mexico cities of Monterrey, Mexico City and Merida.
Latin America continues to be a high-growth region that has attracted investors looking to acquire or develop new rental communities, particularly near major universities as housing preferences evolve, said Tony DiBiase, principal of CA International who has led the division since its inception in 2013. As a pioneer of purpose-built student housing in this region, we ve worked hard to collaborate with local stakeholders and investment partners in each country to bring quality product to market, tailoring each development to the needs of the local student population. CA International s flagship projects are changing how Latin America views student housing, offering students the chance to live away from home during their studies to gain independence and build lifelong friendships.
CA International currently has four fully operational projects in Latin America: LivinnX 18, a 123-unit, 413-bed community in Bogotà, Colombia; LivinnX 21, a 135-unit, 486-bed community, also located in Bogotà; LivinnX Barranquilla, a 162-unit, 575-bed community in Barranquilla, Colombia; and LivinnX Santiago, a 144-unit, 410-bed community in Santiago, Chile. CA s first two projects, LivinnX 18 and LivinnX Santiago, are over 93% occupied, while LivinnX 21 and LivinnX Barranquilla, which were completed in the last two years, are projected to be over 90% occupied within the next 12 months, demonstrating strong market reception. CA International has six additional projects in Mexico, Chile and Colombia slated to begin this year.
These purpose-built student accommodations, in their various forms, are being absorbed by the Latin American market at increasing levels as the needs and wants of young people everywhere continue to change, added DiBiase. CA tapped into this trend early on with great success, and we continue to build on that proven model.
Underscoring their impact on the broader market, CA International s completed residential developments have won a number of industry awards. LivinnX 18 was honored with a 2019 CEMEX Building Award for residential housing as part of an international competition. The project also received an honorable distinction at The Biennial of Architecture and Urbanism in Colombia, the most prestigious architecture event for the region. Additionally, LivinnX Santiago was nominated for ArchDaily s Building of the Year award in 2019.
CA International also has one operating asset in Europe, a 710-bed student community in Kraków, Poland, and three assets totaling 888 beds under construction in the U.K. cities of Glasgow, Edinburgh and Sheffield. By 2021, CA International will have 2,900 beds under operation in the European markets, and many more in the pipeline for 2022 and 2023.
RICHFIELD, MN - Vincent Real Estate, a division of Eden Prairie-based Vincent Companies, has announced that pre-construction dirt work has begun on the NOVO Apartments development along the border of Edina and Richfield, MN. The NOVO Apartments will include 192 market-rate multi-family apartment units in a single five-story building sitting atop a two-level, 228 stall underground parking garage. Located at 2400 West 66th Street in Richfield - approximately a half-mile from the Southdale Center shopping mall - the residential development covers nearly 2.3 acres and will include 202,276 sq. ft. of living space. Vincent Real Estate s partners on the project are Trident Development and Broadway Investors.
The project received final city approval from the City of Richfield in late 2018. Demolition and site grading work began in December 2019, with heavy construction activity to follow in the coming months. Construction is expected to take approximately 18 months, with completion targeted for the summer of 2021. A formal groundbreaking ceremony is planned for the NOVO Apartments in the spring of 2020.
This building will be designed with a contemporary, urban look with sophisticated eye-catching characteristics and spacious floor plans. NOVO Apartments will offer a full range of studio, one-bedroom, and two-bedroom options – most with a balcony - with several unit designs which also include dens. All units come standard-equipped with washers, dryers and granite countertops.
Designed to promote a feeling of community, the NOVO Apartments building will surround a central courtyard which includes a pool, hot tub, pergola, and outdoor grills. Indoor common areas feature a community room, theater, fitness center, bike storage, and more.
I m as excited about this project as anything I ve done over the last 26 years in this industry, said Dale Creed Francis, co-founder and Managing Partner of Vincent Real Estate and Vincent Companies. Not only does the Richfield/Edina community need this, they deserve it. The city officials and community members have been incredible to work with. They deserve the credit for bringing this to an area that is already desirable, but about to become irresistible. Is it rewarding? Yes. Is it fun? Yes. Is it easy? No. But that s exactly why the entire team at Vincent Companies is so passionate about making NOVO Apartments something special.
We have co-developed and partnered on over 1,000 units locally in the Twin Cities in recent years, said Ryan Litfin, co-founder and Managing Partner of Vincent Real Estate and Vincent Companies. The NOVO Apartments is one of my favorites. The architectural thought and design that went into this building are astounding! The building creates views for the upper stories and it flows from five stories down to three. Fitting 192 units on this site while maintaining a cohesive living environment that blends with the surroundings was a challenge. Facing challenges and effectively working with the team to overcome those challenges is one of the things I love the most about what we do. We do it with passion or we don't do at all. The NOVO Apartments is a great example of overcoming challenges and bringing this dynamic apartment to life.
The NOVO Apartments marks several milestones for Vincent Real Estate. The company is proud to be taking on its second-largest apartment building in terms of units to date, and their first 5-story building. It will also be the second the company has developed with an outdoor pool. This is the first time Vincent Real Estate has built a development in the city of Richfield.
SEATTLE, WA - The Jacobson Company, a Los Angeles-based real estate investment firm, acquired Alley24, a 172-unit core plus apartment community in Seattle. This is the company's second acquisition in the Seattle market.
Brian Eisendrath, Brandon Smith and Cory Wizenberg of CBRE's Los Angeles office arranged the loan on behalf of the borrower. The CBRE sales team in Seattle sold the deal on behalf of the seller.
Located at 241 Yale Ave N, Alley24 was originally built in 2006 and renovated in 2014. The mid-rise multifamily community has a unit mix comprised of one- and two-bedroom apartments, modern lofts and townhomes. Units include deluxe condo quality finishes such as designer kitchens with quartz countertops and stainless steel appliances, washer/dryers and oversized windows with views of Lake Union and downtown Seattle. Amenities include two rooftop terraces with fire pit lounge, catering kitchen, media room, 24-hour gym, and striking resident lounge. The Jacobson Company will upgrade many of the units and will improve common area amenities.
The property is in the South Lake Union neighborhood, an area that has grown rapidly due to the presence of many of the world's most prominent tech companies. Alley24 is strategically located within walking distance to many of the area's top employers, including Amazon, Facebook and Google, as well as public transportation and parks. The apartment community is also within walking distance of dozens of the area's most popular dining, retail and entertainment options.
"Given the infill location and the pipeline of 7.2 million square-feet of office space in the submarket, there is a supply and demand imbalance in local multifamily which bodes well for existing product in downtown Seattle such as Alley24," said Larry Jacobson, CEO of The Jacobson Company. "We believe this asset fits into our strategy of long-term ownership of quality assets in outstanding locations.
He added, "In the last three years, the company has aggressively expanded its historically California-based portfolio with large acquisitions in Washington, Colorado and Texas. The company plans to add to its portfolio in Washington State and Colorado in 2020."
Eisendrath added, "In order to provide The Jacobson Company's investors with high going-in cash-on-cash returns, our team helped place long-term low-cost bridge financing that also provided enough in loan proceeds to accommodate a 1031-exchange."
WEST LAFAYETTE, IN - Muinzer, a fully integrated owner and operator of commercial and residential real estate, announced the acquisition of Village West Apartments near Purdue University in West Lafayette, IN for $48 Million. The asset is one of the largest student complexes in the nation, encompassing 1,134 student-housing beds underpinned by 20 acres of land.
The off-market purchase, which was acquired at a discount to replacement cost, marks the continued expansion of the Muinzer platform in the fundamentally strong Purdue University submarket.
"Village West is exactly the asset we were looking for, with a tremendous existing management team, a strong sense of community and opportunities for sustained improvements over time. Taken together, I am delighted with the near- and long-term prospects for Village West Apartments," said Marc Muinzer, Founder and CEO, Muinzer.
The transaction caps over $100 million of apartment acquisitions for Muinzer over the preceding twelve months. "We are actively seeking additional acquisitions throughout the Midwest," added Mr. Muinzer. "The Muinzer team, with over 40 professionals and decades of property management experience, will continue to provide superior customer service to all existing and future tenants."
SUMMERVILLE, SC - American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has acquired The Tradition at Summerville, a 232-unit multifamily asset in Summerville, South Carolina. The property will undergo a $2.7 million capital improvements project and be renamed The Bryant at Summerville.
This is the firm s third acquisition in the growing Summerville neighborhood north of Charleston, with the firm planning to acquire up to $2 billion in multifamily properties throughout the Southeast and Texas.
The Southeast has remained a preferred market of ours due to its strong fundamentals, especially burgeoning markets like Summerville that we identified right when it began demonstrating significant potential for growth, said Christine DeFilippis, Chief Investment Officer of American Landmark. The area has shown a considerable rise in jobs and population since our entry in 2018, offering a compelling opportunity to seek additional assets in this rising market just north of Charleston.
The Charleston-based NKF Multifamily Capital Markets Team including Senior Managing Director Alex Okulski; Vice Chairmen Sean Wood, John Heimburger and Dean Smith; and Managing Directors John Munroe and Jason Kon brokered the transaction.
American Landmark plans to upgrade a variety of features throughout the property in a comprehensive value-add program. Unit upgrades include granite countertops, new cabinets, backsplash, stainless steel appliances, nickel-brushed plumbing fixtures, luxury lighting fixtures, USB outlets and electronic locks. For the site, improvements include a grilling table, dog park and renovated fitness center/clubhouse, swimming pool and landscaping.
Built in 2004, Tradition at Summerville is located at 325 Marymeade Drive. One-, two- and three-bedroom units include open floor plans, crown molding, screened patio/balcony and full size washer and dryer. Community amenities include a fireside lounge, outdoor summer kitchen, business center, nature trail, swimming pool, fitness center and lounge.
SAVAGE, MD - Blue Ocean, the Maryland-based real estate firm, has expanded its footprint into Howard County, Maryland, acquiring The River Front Apartments in Savage, MD. This 144-unit, waterfront and gated, residential community is centrally located in Howard County only a few miles from Downtown Columbia and providing residents immediate access to Washington, D.C., Baltimore, Annapolis and Northern Virginia.
The purchase of The River Front Apartments is reflective of Blue Ocean's long-term strategy to acquire real estate in Class A locations that provide tangible opportunities to create or add value for its Investors.
Blue Ocean identified The River Front Apartments as a rare opportunity to acquire an extremely well-built and irreplaceably located asset. The Property sits along the banks of the Little Patuxent River and is only steps from the Historic Savage Mill Shops & Dining. Although plans to improve the property are preliminary at this time, Blue Ocean intends to make meaningful quality of life improvements across the property. These investments will make this asset a premier residential apartment community.
Jonathan Ehrenfeld, President and CEO of Blue Ocean, stated "As Real Estate investors, we work tirelessly to identify high quality opportunities, with value-add elements, that are also exceptionally located. The River Front Apartments checks all of the boxes for us. I'm extremely proud of our team and equally thrilled to expand the Blue Ocean portfolio into Howard County."
The Seller was represented by Transwestern Mid-Atlantic Multifamily Group of Dean Sigmon, Robin Williams, Justin Shay and Michael D'Amelio.