January 26, 2012

Multi-Family Wire

INDIANAPOLIS — HFF announced secured acquisition financing totaling $52 million on behalf of The Scion Group and Arch Street Capital Advisors.  The acquired properties were the 125-unit Retreat at Denton and the 218-unit Retreat at Lubbock; Class A, cottage-style student housing communities serving The University of North Texas in Denton and Texas Tech University in Lubbock.  Upon acquisition The Scion Group rebranded the properties. HFF placed the five-year, interest-only securitized loans with Freddie Mac’s CME Program.  An $18.18 million, fixed-rate loan was arranged for The Republic at Denton and a $34.02 million, fixed-rate loan was arranged for The Republic at Lubbock.

MESA, Ariz — Hendricks & Partners announced  the sale of Camden Vista Valley, located at 922 South Longmore Street in Mesa, AZ. The 357-unit apartment community was sold for $24,500,000.  Built in 1986, Camden Vista Valley features 124 one-bedroom and  233 two-bedroom  units. The Seller was Camden USA  Houston. The Buyer was ONNI Capital LLC, a Nevada limited liability company of Vancouver, BC. The transaction was negotiated by Mark Forrester and Ric Holway of the Phoenix office of Hendricks & Partners on behalf of the Seller.

HARRISBURG, Pa. – Marcus & Millichap Real Estate Investment Services has announced the sale of Harrisburg Park, a 163 unit Apartments property located in Harrisburg, PA for $5,831,750, according to Spencer Yablon, Regional Manager of the firm’s Philadelphia office.

PHILADELPHIA – HFF has closed the sale of Red Lion Apartments and Cheswick Apartments, two multi-housing properties totaling 231 units in Philadelphia. HFF marketed the offering on behalf of the seller, AIG Global Investment Group.  The Galman Group purchased the assets for $16.147 million. The properties are part of the second pool of assets HFF has marketed and sold for AIG Global Investment Group.  In July 2011, HFF closed the $241.5 million sale of a 2,185-unit multi-housing portfolio in central New Jersey. 

  FOR MORE APARTMENT NEWS  click here.

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January 27, 2012

Grubb & Ellis: Dallas Office Market Showing Improvement

DALLAS – The Dallas-Fort Worth office market vacancy rate decreased to 21.7 percent during 2011, a decline of 110 basis points from the prior year, according to Grubb & Ellis. The Grubb & Ellis report said:

  • The vacancy rate for Class A office space decreased 60 basis points to 20.2 percent in the last 12 months, marking the sector’s lowest level since early 2009. The vacancy rate for Class B properties dropped to 23.7 percent in the last year, a 110-basis-point reduction and the sector’s best performance since the end of 2008.
  • The region’s office market posted 887,832 square feet of positive net absorption in the fourth quarter of 2011, bringing the year-to-date positive absorption total to more than 2.1 million square feet.
    • The bulk of the net absorption gains in 2011 occurred in the Class B sector, which experienced 867,313 square feet of positive net absorption as tenants leased good quality space at competitive rental rates.
    • Year-over-year, average asking rental rates for the region’s Class A office market decreased $0.38 to $22.92 per square foot. Average asking rental rates for Class B office space dropped to $17.73 per square foot at year-end, a $0.07 decrease from the prior year.
    • More than 4.4 million square feet of sublease space was available at the end of 2011, a drop of 28.5 percent from the peak in early 2010.
    • The Dallas-Fort Worth region closed the year with 615,600 square feet of space under construction in the form of three speculative and one build-to-suit projects. Developers broke ground on a 164,000-square-foot, six-story office building during the fourth quarter in the West Plano/Frisco submarket that will be completed in early 2013.

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January 23, 2012

Miami Group Buys 800,000-sf Brookhollow Office Complex in Houston

HOUSTON -  Parmenter Realty Partners has acquired Brookhollow Central, a three-building office complex totaling 800,000 square feet, on the northwest part of Loop 610 in Houston, according to a report by Katherine Feser of the Houston Chronicle.

The seller was  TPG CalSTRS, a joint venture of Thomas Properties Group and the California State Teachers Retirement System.

Miami-based Parmenter also owns the Woodland Park Plaza building in the Westchase area of Houston.

Brookhollow is a value-add acquisition. The 11-story Brookhollow Central I building, formerly home to the Harris County Appraisal District (HCAD), is 100 percent vacant.

Posted in Capital Markets, Houston, Office, Trades | Leave a Comment »

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January 17, 2012

Houston Home Sales Rebounded in 2011

By Ralph Bivins

HOUSTON — Houston’s home sales were up 4 percent in 2011, over the prior year, the Houston Association of Realtors reported Tuesday.

The city’s strong job growth, boosted by the energy industry, provided the basis for the rebound. With another increase in December, Houston ended 2011 with seven consecutive months of sales increases.

“2011 ended on a very promising note,” said Wayne Stroman, HAR chairman and President/CEO of Stroman Realty.  The key to sustaining that positive momentum in 2012 will be continued improvement in Houston’s employment numbers.”

The Houston housing market concluded calendar year 2011 with noteworthy gains in sales volume along with strong pricing. Single-family home sales rose 4.0 percent for the year while sales of all property types increased 4.3 percent. On a year-to-date basis, the average price rose 0.9 percent to $213,723 while the median price ticked up 0.7 percent to $155,000. Total dollar volume for full-year 2011 climbed 5.2 percent to $13 billion compared to full-year 2010.

Month-end pending sales for December totaled 2,907, up 3.0 percent from last year and a signal that a further increase in demand is likely when the January figures are tallied. The number of available properties, or active listings, at the end of December fell 14.1 percent compared to December 2010. This absorption of housing inventory accounted for a 20.2 percent decline in months inventory to the lowest level since December 2009—5.8 months versus 7.2 months in December 2010. That means it would take 5.8 months to sell all the single-family homes on the market based on sales activity over the past year. The figure is significantly better than the national inventory of single-family homes of 7.0 months reported by the National Association of Realtors.

For more: http://houston.culturemap.com/newsdetail/01-17-12-10-53-houstons-real-estate-rebound-home-sales-finish-up-in-2011-with-seven-straight-months-of-gains/

Posted in Houston, Ralph Bivins, Residential | Leave a Comment »

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