Archive for ‘National’

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November 20, 2011

Apartment Briefs

HOUSTON – Greystar, has purchased a 6-acre tract near the Galleria in Houston for future development. Greystar bought the land, located at 3315 Barrington at Richmond Avenue in the Galleria area from Houston Independent School District for $9.7 million. John L. Guess III of the Guess Group and Doug Elliott of CB Richard Ellis represented the seller. Greystar Vice President Trent Conner represented the his firm. Greystar will construct 394 units will initial occupancy slated for late 2012. Meeks + Partners is the architect.

NORTH HOLLYWOOD, Calif.. – LOT Burbank Partners bought the 36-unit Valley Vine, located at 6717 Wilkinson Avenue in North Hollywood for $3,580,000. This equals a 6.0% Cap Rate and a 9.01 Gross Rent Multiplier. Built in 1959, Valley Vine includes all one-bedroom units.The Seller was Valley Vine Ltd. of Ventura, CA.The transaction was negotiated by Chris Malcolm and David J. Harrington of the North Los Angeles office of Hendricks & Partners on behalf of the Buyer and Seller.

AUSTIN – HFF arranged a refinancing for Waters Edge Apartments, a 184-unit multi-housing community in northwest Austin. Working exclusively on behalf of Venterra Realty, HFF placed the seven-year, adjustable-rate, securitized loan through Freddie Mac. HFF will service the loan through its Freddie Mac Program Plus Seller/Servicer program.Waters Edge Apartments is located at 12330 Metric Boulevard just west of I-35. Situated on 6.62 acres, the property has seven buildings with one- and two-bedroom apartments and townhomes averaging 760 sf. It is 95 percent leased. HFF’s Cortney Cole directed the re-fi.

HOUSTON — Alliance Residential Co.is constructing Broadstone West Dallas, a four-story, 246-unit apartment complex near downtown Houston. The site is located at the intersection of West Dallas and Gillette streets. Initial leasing will start in the fourth quarter of 2012.

MONROVIA, Calif. — Hendricks & Partners announced the sale of Wellesley Court, located at 208-210 West Lemon Avenue in Monrovia. The 36-unit apartment community was sold for $4,550,000. The Buyer assumed a five-year, fixed-rate loan payable at 6.28%. The buyer plans to make renovations over the next 18 months. The Seller was Wagon Wheel Village, Inc. of Jackson, WY. The Buyer was 208-210 W Lemon Ave, LLC of Los Angeles. The transaction was negotiated by Peter M. Hauser and Steven C. Brombal of the Newport Beach office of Hendricks & Partners on behalf of the Seller.

SAN ANTONIO -Four Texas projects, with a total of 1,040 units, have been sold. The portfolio includes Vantage at Converse (224 units), Vantage at Midland (300 units), Vantage at New Braunfels (228 units), and Vantage at Schertz (288 units). The four properties were built between 2007 and 2009. The transaction was negotiated by Mike Miller, Chris Ross, and Will Caruth of the San Antonio officeof Hendricks & Partners on behalf of the Seller.

CHICAGO – HFF has closed the sale of Regents Park, a two-tower, 1,031-unit multi-housing property with 7,591 square feet of ground floor retail space. HFF marketed the property on behalf of the sellers, who are members of the Crescent Heights group of companies. RP Holdings, LLC purchased Regents Park for $159 millionand assumed the existing financing on the property. Regents Park is located at 5020-5050 South Lake Shore Drive along the western shore of Lake Michigan in Chicago’s Hyde Park neighborhood. The HFF investment sales team representing Crescent Heights was led by Matthew Lawton, Sean Fogarty and Marty O’Connell.

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November 14, 2011

Prediction: CRE to Improve in 2012

ANAHEIM, Calif. — A majority of the commercial real estate sectors are still experiencing rising
absorption and little improvement in rents, according to Lawrence Yun, chief economist for the National Association of Realtors. The multifamily apartment sector remains the strongest with net absorption rates increasing and vacancies decreasing, causing rents to rise across the country, said Yun, who was speaking at the annual convention of the National Association of Realtors. Yun said  rising foreclosures and short sales are driving many individuals into renting and that the lack of available credit to qualified home buyers is keeping many in the rental market. However, high, increasing rents combined with record-low interest rates are enticing some individuals into the housing market.

Yun predicted moderate improvements in commercial real estate markets and the broad economy because job growth and other economic factors are slowly improving. He said that despite the stock market’s volatility, it is performing higher than it was in 2008, making it easier for companies to raise capital and for consumers to gain wealth.

Yun doesn’t anticipate a second economic recession in the near term, because of
the strong cash potential that businesses could release into economy, which
would help the country avoid a second recession. He said that international
trade is expanding and that international home buyers are taking advantage of
the weaker dollar and investing in commercial and residential real estate.

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November 14, 2011

Apartment Briefs

ANAHEIM – Rental rates will rise about 3 percent annually over the next three years, predicted Lawrence Yun, chief economist of the National Association of Realtors. Yun, speaking Friday at the annual NAR convention, predicted a slow, gradual recovery for the nation’s housing market.

HOUSTON — – Hines, the international real estate firm, announced that John Favreau has joined the firm as Vice President in its West Region.  Favreau, a 24-year multifamily development veteran, will be located in Hines’ Los Angeles  office.  His focus will be to coordinate the multifamily activities throughout Southern California and the Pacific Northwest, including Utah, Oregon and Washington states. Favreau was principal of JRS Realty Partners, LLC – a Southern California-based MF developer.

OCEANSIDE, Calif. – –HFF  has arranged a $14.85 million refinancing for Village View, a 114-unit garden-style multi-housing community in Oceanside, California. HFF worked on behalf of the borrower to secure the 35-year, fixed-rate loan through M&T Realty Capital Corporation.  The borrower took advantage of the low interest rate environment and locked in a rate of 3.95 percent.  The loan is an FHA 223(f) refinance of an existing bridge loan through M&T Realty Capital Corporation that HFF arranged at the time of the acquisition in 2010.

WASHINGTON, DC – Increased demand for rental housing has led to a considerable uptick in multifamily construction, finds the National Multi Housing Council’s latest Quarterly Survey of Apartment Market Conditions. The pace of development activity has increased in most markets.  Two-thirds (67%) of respondents noted considerable activity, either in the planning stage or actual new construction.  In particular, 20% said developers are breaking ground on new projects at a rapid clip.  The other 47% reported an increase in pre-construction activities—acquiring land, lining up financing, getting building permits—but not much actual construction yet. Even with this increased activity, more than half (54%) think new development remains considerably below demand. 

PLANTATION,  Fla. - HFF  has arranged $23.5 million in financing for Planation Colony Apartments, a 256-unit multi-housing community in Plantation, Florida. HFF worked exclusively on behalf of the borrower to secure the seven-year, fixed-rate loan through Western National Life Insurance Company.  Loan proceeds were used to recapitalize the property, which is 95 percent leased. 

MESA, Ariz. — Hendricks & Partners  announced the sale of Country Club Verandas, located at 1415 North Country Club Drive in Mesa, AZ. The 348-unit apartment community was sold for $13,000,000. The Buyer was Country Club Verendas, LLC, an Arizona limited liability company of Kirkland, WA.The transaction was negotiated by Mark Forrester and Ric Holway of the Phoenix office of Hendricks & Partners on behalf of the Seller.

CHOCTAW, Okla. -  The 60-uni Savannah House of Choctaw, a seniors project located at 1715-1801 North Choctaw Road in Choctaw, OK was sold for $1,850,000. Savannah House of Choctaw, built in 2005, is a senior housing community.

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November 8, 2011

Sixteen Self Storage Projects Sell for $357 Million

HOUSTON – HFF  has closed the sale of a 16-property self storage portfolio in Connecticut, New York and Pennsylvania.

HFF and Louis Perfetto, Esq. of the law firm Cohen & Perfetto LLP, represented the seller, Storage Deluxe.  CubeSmart purchased the entire portfolio for $357.31 million. 

The HFF investment sales team representing Storage Deluxe was led by senior managing director Aaron Swerdlin.

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