MultifamilyBiz.com - Multifamily Housing News
Multifamily Housing News Headlines.
Feed Type: Informational
$en['out_link'] = (int)link_type == 0 ? constant('dir').'visit.php?id='.$en['l_id'] : $en['l_website']; ?>
Most recent items from this feed:
LOS ANGELES, CA - Wood Partners, a national leader in real estate development and acquisition, announced today the grand opening of The Fifty Five Fifty in Los Angeles, California. The new 280-unit community is located at 5550 Hollywood Boulevard, between historic Hollywood and vibrant Los Feliz.
"The Fifty Five Fifty is conveniently located in East Hollywood where residents can enjoy iconic Hollywood while taking advantage of the emerging arts and cultural scene in dynamic Los Feliz," said Brian Hansen, Development Director for Wood Partners in Southern California. "We are adjacent to the metro and in close proximity to Griffith Park and Griffith Observatory, making The Fifty Five Fifty an ideal community for young professionals and families looking to enjoy the best Los Angeles has to offer."
The Fifty Five Fifty features over 3000 square feet of gym and fitness space, open courtyards and outdoor fireplaces, a pool and spa, workout facilities, a theater room and stunning views of the city. Residents will also enjoy easy access to prime retail and shop from the ground floor of the community. The facade of legendary 1920's-era Falcon Studios building – where the original Zorro star, Errol Flynn, taught fencing lessons – has been integrated into the design of this distinctive community.
The Fifty Five Fifty has a unique program from Wood Partners, called The Ground Floor Project. The Ground Floor Project has worked with Chalk Repertory Theater to create a space where Los Angeles based writers can write and produce interactive performances within the space. As The Ground Floor Project continues to evolve at the community, residents can expect to be immersed in the monthly culture, arts, music and entertainment events just steps from their apartment home door.
The community offers residents luxury finishes, modern conveniences, and easy access to urban living in a setting that retains Hollywood's unique character and charm. Positioned in East Hollywood, residents will enjoy less commute times and easy access to all that the area offers. The Fifty Five Fifty features studio, one-, two- and three-bedroom floor plans that range from 480 square feet to over 1,200 square feet.
04/20/2018 09:34 AM
CHANDLER, AZ - Marcus & Millichap announced its Institutional Property Advisors (IPA) division closed the sale of The Met at Fashion Center, a three-building, 303-unit multifamily investment property in Chandler, Arizona. The property sold for $64.8 million, which equates to $213,861 per unit.
“The Met at Fashion Center’s location is ideal for professionals delaying home purchases to live in urban settings where they can work and socialize within a short distance of home,” said IPA’s Steve Gebing. “Despite above average household incomes of more than $96,000 in the area, residents of Chandler living within a one-mile radius of The Met at Fashion Center face single-family home prices that are 59 percent higher than the city of Phoenix average.”
Gebing and Cliff David, also with IPA, represented the sellers, HCW Development and the Statesman Group, and procured the buyer, an institutional investment manager.
Built in 2016, The Met at Fashion Center is adjacent to the Chandler Fashion Center, a 1.3 million-square-foot super regional shopping mall. The location provides immediate access to the Price Corridor, which accounts for nearly one-third of the city’s total employment base. Chandler Regional Medical Center is three miles away, and Downtown Chandler is within four miles.
04/20/2018 09:31 AM
WAKE FOREST, NC -Waypoint Residential, a vertically integrated real estate investment firm focused on the U.S. rental housing sector, announced that it has acquired Capital Creek at Heritage, a new 214-unit class A apartment community located in Wake Forest, North Carolina.
Since 2011, Waypoint has invested in approximately 3,000 units representing 13 conventional multifamily and student housing properties throughout North Carolina.
“Capital Creek at Heritage is a terrific addition to our diversified portfolio of conventional multifamily, student housing and senior housing properties,” said Scott Lawlor, Chief Executive Officer, Waypoint Residential. “This acquisition demonstrates Waypoint’s ability to capitalize on compelling opportunities across the risk spectrum.”
Capital Creek at Heritage is a garden-style property located 15 miles north of downtown Raleigh in the Heritage at Wake Forest master planned community. This neighborhood provides residents with highly ranked schools, parks, an array of restaurants and retail, greenway linked trails and bike paths, as well as golf, swim and tennis clubs. The location offers convenient access to the Research Triangle Park and employment and entertainment centers in and around the Raleigh-Durham and metro areas.
Raleigh-Durham has consistently ranked among the nation’s fastest growing metro areas. The Research Triangle Park, a key driver for the market, is the number one research park in the United States and is comprised of more than 250 companies across a diverse array of industries.
“Raleigh-Durham is a dynamic and thriving MSA, and one of our highest ranked markets due to its outstanding demographic profile and fundamentals,” said Jeremy Pemberton, Chief Acquisition Officer, Waypoint Residential. “We expect to continue to be very productive in the area for both acquisitions and development projects.”
Michael Bippus, Managing Director, oversees Waypoint’s acquisitions efforts in the region.
04/19/2018 06:28 AM
IRVING, TX - JPI truly recognizes the development opportunities in Farmers Branch, a submarket that is proving to be a magnet for employers and residents alike. The latest example, Jefferson Alpha West, a four-story, luxury apartment community that JPI broke ground on. The property will add 409 homes to a larger mixed-use development at Alpha and Inwood, which also includes a 155 room ALOFT Hotel, 296,000 square feet of high-rise office space and 22,000 square feet of retail space.
"Jefferson Alpha West combines exceptional design with ultimate convenience in a market poised to grow tremendously," said Matt Brendel, senior vice president and development partner at JPI. "The location provides residents a walkable, amenity-rich environment while maintaining a strong sense of community."
Located off the Dallas North Tollway, Jefferson Alpha West is just steps away from the Galleria mall. The community is also less than two miles from the well-known Addison Circle, which encompasses 120,000 square feet of retail space and a 10-acre park that serves as a special events center for activities throughout the year.
Tying in to the inner-city location, Jefferson Alpha West will have an urban-design feel that is brought to life by extensive use of storefront glass at the main entry and leasing area. The community will be highly integrated with its surrounding environment through wide walkways and landscaping. Jefferson Alpha West will also offer residents: Urban 10-foot ceilings, Private patios with ground-floor private yards, resort-style pool, fourth-floor rooftop lounge, two-story vaulted-ceiling clubhouse, and community dog park.
JPI is a national developer, builder and investment manager of Class A multifamily assets across the U.S. and is the most active multifamily developer in Dallas-Fort Worth, with 4,610 apartment homes under construction. With a 30-year history of successful developments throughout major U.S. markets and an unparalleled depth of industry-specific experience, JPI stands among the most active privately held real estate companies in the country.
04/19/2018 06:22 AM
GREENSBORO, NC - Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of University Village located near the University of North Carolina at Greensboro ("UNCG"). With this latest transaction, Vesper's student housing portfolio now totals over 17,000 beds. Inclusive of this acquisition, Vesper has purchased 15 properties totaling approximately $450 million over the last 18 months. University Village is the fifth student housing community that Vesper has acquired during the last 4 months alone.
University Village is a 600-bed apartment community that caters to students enrolled at the University of North Carolina at Greensboro. Completed in 2006, University Village is the best-located property in the UNCG off-campus market. The property is located across the street from the main entrance of the University and is pedestrian to the core nightlife in Greensboro.
The Property's unit mix consists of two-, three-, and four-bedroom floor plans – all with bed-to-bath parity. The apartments feature large fully-equipped kitchens, washers and dryers, patios/balconies, cable television, and high-speed internet. University Village residents enjoy a full range of amenities including a clubhouse, swimming pool, 24-hour fitness center, business center, computer lab, and tanning beds.
Vesper purchased University Village for $40.0 million in an off-market transaction. Vesper is planning to invest over $1 million in capital expenditures. Property improvements will include a renovation of the units and amenities, as well as extensive enhancements to the property's exteriors and substantial technology upgrades throughout the complex.
"Our acquisition of University Village is part of a strategy to purchase pedestrian-to-campus properties that offer our investors superior risk-adjusted returns," commented Isaac Sitt, Co-founder, and Principal of Vesper Holdings. "We are pleased to expand our footprint in North Carolina and incorporate this property into our rapidly growing student housing portfolio."
Vesper Holdings' student housing portfolio is the 8th largest in the United States. Vesper's portfolio, including University Village, is managed by its in-house property management company - Campus Life & Style (CLS).
04/19/2018 06:19 AM
SAN JOSE, CA - The Millbrae City Council approved the entitlements that will allow for the Gateway at Millbrae Station development to move forward and provide the region with critical housing.
Offering 400 apartments, including 80 standalone veteran preferred affordable apartments, and an additional 20 affordable rate apartments within the market rate complex, the development is viewed as a major victory for housing advocates.
"The Gateway at Millbrae Station development will provide critical housing to help alleviate the region's housing shortage," said Michael Van Every, Chief Executive Officer/President, Republic Urban Properties. "After six years of going through the approval process, I am thankful to the Millbrae community for their amazing support. I promise them a project that they will be proud of having in their community."
Republic Urban Properties partnered with Bay Area Rapid Transit, the City of Millbrae, veterans groups, affordable housing advocates, and many other stakeholders to develop a framework that provides housing while also meeting other community needs such as easy access to public transportation.
"The Gateway at Millbrae Station development, with its transit-orientated design, takes live-work to a new level of convenience," said Craig Kalinowski, Executive Managing Director, Newmark Cornish & Carey. "Located at the largest multimodal transit hub west of the Mississippi, tenants and residents can keep the car in the garage and enjoy a stress-free commute via BART, Caltrain, SamTrans and the future High Speed Rail."
Besides housing, the development will offer 151,000 square feet of Class A office space, and 44,000 square feet of ground floor retail. Mixed in with the housing, these elements will revitalize Millbrae's local economy while creating a new vibrant community.
"The Gateway at Millbrae Station is well positioned to serve the retail and restaurant needs of the local community and the greater Bay Area," said Josh Shumsky, Director, Retail Services, Newmark Knight Frank. "The limited supply of new retail product along the Peninsula has already driven significant interest in this development as this project will create the gathering place that has been missing from this high energy trade area."
04/18/2018 09:30 AM
COLORADO SPRINGS, CO - Real Estate Equities Development announced plans for its newest Village Cooperative community, which will be the first owner-occupied senior housing cooperative in Colorado Springs, CO. Senior cooperative housing communities originally began in Minnesota in the 1970s and have had a successful track record with over 120 communities, primarily in the Midwest. Real Estate Equities Development, LLC in Eagan, MN is the developer for the Village Cooperative and now has 32 Village Cooperative communities that are either operating, under construction, or scheduled for construction in the next year and can be found in seven different states.
"Our company started developing Village Cooperative communities in 2003 because we saw the demand for this type of dynamic lifestyle. Cooperatives give active adults and retirees an excellent home ownership option with a hassle-free lifestyle—all at a great value," said Keith Jans, President of Real Estate Equities Development, LLC.
Details for the Village Cooperative of Briargate in Colorado Springs will be unveiled at upcoming public informational seminars that begin on April 26th. They will be held as an opportunity for the public to learn more about how maintenance-free cooperative living works, the community and lifestyle, its Colorado Springs location, the financial benefits as well as a background on cooperative housing and why it has been so popular. Reservations will be accepted and priority numbers given as an important step to secure a home in the new cooperative.
The multi-story Village Cooperative building will feature beautifully decorated community areas including a community room with kitchen, guest suite for friends and families, club room, reading areas, raised outdoor gardening beds, workshop, fitness center, internal storage area and underground heated parking with a car wash bay. Because the building is 100% owner-occupied, priority number holders will have the opportunity to choose from a wide variety of spacious homes that range from approximately 900 sq. ft. to 1,600 sq. ft. of single-level living space. Options vary from one bedroom and one bathroom plans up to 2 bedroom and 2 bathroom plans with a den. Each home is completely maintenance-free and has its own private laundry room, storage area and balcony. Fully-equipped kitchens include spacious, open floor plans with kitchen islands, rollout shelving in the base cabinets and a choice of cabinetry and countertops to suit each member's personal style.
The cooperative will also employ a Member Services Manager as well as offer courtesy services. As a cooperative, the members control all aspects of ownership. There is no other senior cooperative in the area that offers the convenience and easy lifestyle available at the Village Cooperative.
04/18/2018 09:28 AM