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.