Posts tagged ‘apartments’

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May 16, 2013

Multi-Family Wire

LOS ANGELES – Trion Properties,  a Los Angeles-based real estate investment company acquired two multifamily properties in the California cities of El Cajon and Sacramento.In El Cajon, Trion acquired a 22-unit apartment building for $2,350,000, or $106,818 per unit. In Sacramento, the company acquired a 128-unit apartment building from a lender for $4,900,000, or $38,281 per unit.

SAN DIEGO – OliverMcMillan, a San Diego-based real estate development firm,  and Capri Capital Partners, are building The Lofts at 688 13th Street, with a two-year construction schedule. The Lofts at 688 13th Street is planned as a five-story residential building fronting 13th Street between Market and G Streets in the East Village Arts District of downtown San Diego. Covering three-quarters of a city block, the new construction includes 208 mid-rise and ground-level apartments with studio, one-bedroom and two-bedroom residences and about 5,000 sf ground-level retail.

FORT LAUDERDALE, Fla. – The Morgan Group, a Houston-based multifamily developer has broken ground on a 331-unit midrise apartment development in Flagler Village in south Florida. Morgan acquired the site, which is located just north of the Las Olas River in downtown Fort Lauderdale, in December 2012. First move-ins are projected for Summer 2014. The site, which fronts Federal Highway, marks the return of The Morgan Group to south Florida and the company’s first development within Broward County. Said Chairman and CEO Mike Morgan. “We were very active in the area until the late 1990s and are looking forward to growing our presence here once again. Richard A. Buck is leading our regional development efforts and we’ve recently opened an office in Fort Lauderdale.”

PLAYA DEL REY, Calif. – Hendricks-Berkadia announced the sale of Tiffany Apartments, located at 8040 W. 83rd Street in Playa Del Rey. The 18-unit apartment community was sold for $4,325,000, $125,000 over asking price. The sellers had received 25 offers on the building, eight of which were at or over asking price. The transaction was negotiated by Steffan Braunlich and Mike McKinney of the South Bay Los Angeles office of Hendricks-Berkadia.

 

 

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January 7, 2013

Rents Up 16 % in Houston, But More Hikes to Come – Everywhere

The Trulia organization reported that Houston led the nation last year with a 16.2 average gain in apartment rents.

But Houston’s not alone. There are rent hikes more to come in 2013, for most markets in the nation, according to new projection released by The MORE Group.

The MORE Group is projecting overall nationwide apartment rental rate increases of 3 to 5 percent in the year ahead, although certain markets will see larger rent gains.

Rising rents, declining vacancies and an expansion of construction activity will prevail in most of the nation’s multifamily markets in 2013, according to The MORE Group, a real estate organization specializing in developing, rehabilitating and marketing apartment properties.

“The opportunities for multifamily investors will be exceptional in 2013,” said Victoria Wood, president of The MORE Group. “The new year brings the probability of rising valuations on multifamily properties and the trend is firmly supported with rising rental rates and high occupancy.”

The MORE Group is receiving a number of inquiries from investors and institutions regarding asset management services for multifamily portfolios following their recent acquisitions across the nation, Wood said.

“The multifamily sector is strong and many sophisticated investors need to establish a position with well-timed apartment investments,” Wood said. “We are partnering with a number of investment groups that rely on The MORE Group for acquisition counseling and asset management services.”

The uptick in multifamily construction is expected to continue throughout 2013, and perhaps well into 2014, Wood said.

A number of developers are seeking urban infill locations, which have strong market appeal to the Generation Y, a large demographic segment between 20 and 34 years old. A similar trend to watch is the emergence of “micro” units, some less than 500 square feet, which have lower rents for tenants on limited budgets, Wood said.

The MORE Group is a Delray Beach, Florida-based real estate organization that operates across North America developing, rehabilitating and marketing rental units, as well as condominiums with for-sale units. The firm has experience in optimizing more than $1 billion in real estate assets, directing asset management, fractured condominium workouts and construction projects. http://www.TheMOREGroupre.com

 

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October 11, 2012

Hines Buys Cafe Adobe Site for Houston Apartment Construction

HOUSTON – Hines, one of the largest real estate development firms in the world, has acquired the Cafe Adobe restaurant property on Westheimer Road in Houston for a new apartment project, according to CultureMap.com.

The restaurant’s remaining TexMex eateries will remain open, but the original Cafe Adobe, 2111 Westheimer, one block west of Shepherd Drive, has been purchased by Hines.

Hines will begin construction next year. The Cafe Adobe location, which opened in 1981, has an exceptionally large parking lot fronting on Westheimer.

“The design has not been finalized but it will definitely be a great looking addition to the neighborhood. We love the location, as it straddles River Oaks and Montrose and plan to build something that’s an asset to the neighborhood,” Hines senior vice president George Lancaster told CultureMap.

Hines is also constructing the Waterwall Place apartments, across the street from the Gerald Hines Waterwall Park in the Galleria in Houston.

Cafe Adobe is continuing to operate the Westheimer restaurant for awhile and is looking for another location in the the Inner Loop of Houston, said restaurant owner Bob Borochoff.

For more: http://houston.culturemap.com/newsdetail/10-10-12-11-58-an-inner-loop-icon-is-closing-cafe-adobe-moving-out-of-original-location-next-year/

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August 18, 2012

Hines Developing Midrise Apartment near Houston’s Galleria

HOUSTON – Hines, the international real estate firm, along with joint venture partner, Hines Global REIT,  will build WaterWall Place, a seven-story, 316,000-sf, 322-unit  for-rent residential project in Uptown Houston, adjacent to the Galleria mixed-use development.

The apartment building will be located on a three-acre site at the northeast corner of Hidalgo Street and McCue Road, overlooking the Gerald D. Hines Waterwall Park.

Hines said WaterWall Place is the first of several multi-family projects it has planned in Houston.  WaterWall Place will begin construction in September and have its first units occupied in Novmeber 2013.

Designed by Wallace Garcia Wilson with Jackson Ryan as design architect, the steel-framed WaterWall Place will form a “U” shape surrounding a grand courtyard space.

Kevin Batchelor, Hines managing director and leader of the firm’s Southwest Region multifamily platform, said, “WaterWall Place is significant on many levels – it will be our flagship residential property in Houston; it is right next door to Hines’ corporate headquarters; it is located in a high-density, highly amenitized area; and it will add to the vibrancy of the Uptown neighborhood.”

Kevin Batchelor, Hines managing director and leader of the firm’s Southwest Region multifamily platform, said, “WaterWall Place is significant on many levels – it will be our flagship residential property in Houston; it is right next door to Hines’ corporate headquarters; it is located in a high-density, highly amenitized area; and it will add to the vibrancy of the Uptown neighborhood.”

Currently,  Hines’ Multifamily Division has more than 5,000 units in projects in various stages of development.  They are located in U.S. cities including: Atlanta; Austin, TX; Cambridge, MA; Denver; Houston; Miami; Minneapolis; Phoenix; St. Petersburg, FL; and Rockville, MD.

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