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LOS ANGELES, CA - AMCAL Equities announced that its newest luxury community, Clarendon Woodland Hills, is set to open this fall with 335 new apartments. Located in the heart of Woodland Hills and only steps from Los Angeles' famed Ventura Boulevard,Clarendon Woodland Hills will offer residents easy access to local businesses, services and destinations including the Warner Center, Westfield Topanga and the Village, downtown Los Angeles, and the world famous Pacific Coast Highway leading to gorgeous Malibu and Santa Monica beaches.
Located at 22121 Clarendon Street, the beautifully landscaped 4.3-acre community with a locally-inspired modern design aesthetic will offer a variety of unit plans to accommodate varying lifestyle preferences including studio, and 1- to 3-bedroom apartments.
Luxury amenities include a resort-style swimming pool and spa, outdoor grills, fire pits and seating areas within a landscaped terrace, and a bark park with dog run and pet stations for Fido and Frida. Residents will also enjoy a state-of-the-art fitness center and a barre and yoga studio with virtual individual and group fitness classes. Other amenities include: Plenty of secured parking; Basketball court; Walking trail; Poolside cabana seating; Secure bicycle storage; Electric vehicle charging stations; Business center with conference room; Clubroom with demonstration kitchen; Separate game room for residents and their guests.
Many homes will feature large windows, generous balconies and luxurious baths with deep soaking tubs and glass-framed showers. All homes have stone counter tops and tile back splashes, self-learning Nest Thermostats, custom walk-in closets and in-home full sized washers and dryers.
"We are delighted to bring new luxury apartment homes to Woodland Hills," said Percy Vaz, AMCAL CEO. "We focused on including all the amenities that modern Los Angeleans want in their apartment homes and are excited for residents to move in and experience living at Clarendon Woodland Hills."
05/20/2019 09:24 AM
NASHVILLE, TN - San Francisco-based real estate investment firm Hamilton Zanze has acquired two apartment communities, Post Ridge Apartments and 865 Bellevue, in Nashville. The deals mark the company's first entry into the Tennessee market and ongoing regional expansion in the eastern United States.
"With its expansive unit floorplans, Post Ridge Apartments serve a highly desirable and underserved demographic, and 865 Bellevue's strategic location between Highway 70 and Interstate 40 provides its residents easy access to Downtown Nashville, the Medical District, and other major employment centers," said David Nelson, Hamilton Zanze's managing director of acquisitions. "Both properties presented an opportunity to buy well-located, value-add assets in a great market. We are excited about being a part of the Nashvillemarket and will continue to look for more opportunities there."
Built in the early 1970s, 865 Bellevue comprises 326 rentable units and is located at 865 Bellevue Road. The preliminary renovation plans for the property include modernizing walls and ceilings, resurfacing countertops, adding new flooring, and updating lighting throughout. Amenities such as the pool area, the fitness center, and the clubhouse will also be enhanced.
Post Ridge Apartments is located at 595 Hicks Road and comprises 150 two- and three-bedroom units averaging 1,489 square feet each. The property is just one mile from the One Bellevue Place development, which will be one of the largest mixed-use districts in Nashville once completed. HZ plans to make light improvements to both individual units and shared amenities, including exterior façade and roofing enhancements. Property management at both properties has been transferred to Mission Rock Residential, an affiliate of HZ.
Nashville has seen a meteoric rise in recent years, in both population and economic activity. The market is defined by a diverse economy, low costs of living and doing business, a creative culture, and a well-educated population. Early 2019, Amazon announced plans to locate a large portion of its "HQ2" project in the metro. Several other corporate relocation announcements point to continued demand, driven in part by the region's high quality of life.
05/20/2019 09:16 AM
SEATTLE, WA - JLL Income Property Trust, an institutionally managed daily NAV REIT announced the acquisition of Stonemeadow Farms, a 280-unit premier apartment community in the desirable Seattle suburb of Bothell, Washington. The purchase price was $81.8 million.
Bothell is less than 20 miles from Redmond, Bellevue and Seattle, and provides convenient access to I-405, I-5 and Highway 522 featuring multiple commuting options to an exceptional and diverse roster of high-tech, bio-tech, medical device, life sciences, telecom and utility companies including Amazon, AT&T, Boeing, Expedia, Facebook/Oculus, Google, Microsoft, Starbucks, T-Mobile and the University of Washington, Bothell.
Built in 1999, Stonemeadow Farms is a highly amenitized apartment community that has recently been renovated. It sits within a highly rated public school district as measured by LaSalle'sproprietary schools index which charts the nation's top school districts, mapping granular data on school district quality. The index has validated the significant outperformance of apartment communities in locations such as Bothell with data that has been back-tested for over a decade.
"The price to rent an apartment in Bothell, compared to this market's average household income is very low. We believe Bothell's high median household incomes coupled with Stonemeadow Farm's per-unit price of $290,000 makes this a strong investment – particularly in a market where single-family homes are averaging more than $600,000," said Allan Swaringen, President and CEO of JLL Income Property Trust. "We expect investments of this type to perform better in a late-cycle environment – which is one of the drivers of our suburban apartment strategy focused on properties in locations with barriers to entry and highly-rated school districts. These types of investments generally deliver stable cash flow, lower volatility and more resilience than other market locations."
This acquisition increases the aggregate apartment allocation of JLL Income Property Trust to over $820 million and nearly 3,100 units, representing 32 percent of the value of the overall portfolio.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.
05/17/2019 09:10 AM
VIRGINIA BEACH, VA - San Francisco-based real estate investment firm Hamilton Zanze (HZ) has acquired the 414-unit Maple Bay Townhomes in Virginia Beach, VA. The purchase closed on January 25th and property management responsibilities have been transferred to Mission Rock Residential.
The community was built in 1971 and is located in close proximity to Interstate 264 and the Virginia Beach Expressway, providing immediate access to retail, entertainment, and employment opportunities. The community offers a mix of large one, two, and three-bedroom units, ranging from 1,000 to 1,400 square feet. Each unit is two-stories and includes garage space and private a backyard or patio area.
"We are actively looking to grow our presence in the Virginia Beach metro, and Maple Bay presented an opportunity to buy a well-located asset with 1,200 square foot average units," said David Nelson, Hamilton Zanze's senior director of acquisitions. "Due to high home prices in the area, we believe large townhome rental units will serve an underserved demographic."
Units feature air conditioning, new lighting fixtures, black appliances, and updated kitchen cabinets. HZ plans to update units with the new granite countertops, faux wood flooring, and tile backsplashes, and add washers and dryers to select units.
Community amenities include a clubhouse, fitness center, swimming pool, dog park, playground, carwash station, and digital package concierge service. Plans for upgraded community amenities include fresh landscaping and pool grounds, and interior clubhouse updates.
The market's high median home value of $260,840 creates a tailwind for strong apartment demand in the Virginia Beach East submarket. The submarket recorded zero new supply in Q1 2019, with no new supply forecasted for 2019. Metro-wide occupancy is solid at 95.4%.
The region's median income is 6% higher than the U.S. average. The market is bolstered by diverse employment opportunities in nearby Norfolk, which is home to thriving shipping, military, data, and financial management industries.
05/17/2019 09:06 AM
TAMPA, FL - ZOM Living, in partnership with affiliates of The Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, recently sold AZOLA Apartments, a 366-unit multifamily apartment community located within the Brandon area of Hillsborough County to an affiliate of institutional investor Nuveen Real Estate.
Azola at Magnolia Park was completed in Fall 2018. With convenient access to downtown Tampa, the beaches, shopping, and major employment centers, Azola Apartments are spread across 25 acres and feature well-appointed one, two, and three bedroom units in a variety of floor plans ranging from 704 to 1,457 square feet, with private yards and hard surface flooring in select units. A large resident community center and on-site amenities include a club room with cyber café, game room with virtual sports simulator, dog park and dog spa, state-of-the-art fitness center complete with cardio and cycling studio, as well as a boxing ring. The clubhouse is adjacent to an oak hammock and lushly landscaped grounds, which feature a resort-style pool with beach entry, private cabanas and grilling station.
“Azola’s community orientation and design aesthetics contributed to strong absorption of 30 apartments per month and we achieved top tier rental rates for the submarket,“ said Kyle Clayton, Senior Vice President, ZOM Living. “This was our first venture with ZOM, and to combine with Clarion Partners made for a terrific ownership team,’” added Ricardo Caporal, Founder and President of Mattoni Group. “We are very pleased with the result, and also adding this fine project to the Brandon/Riverview community.”
"Sole at Brandon, as now rebranded, offers luxury interiors and resort amenities at mid-level rents in one of the fastest growing submarkets in Tampa. The property is immediately adjacent to I-75 and the Selmon Expressway, providing connectivity to Downtown, Westshore Business District and other major employment entertainment centers within minutes. We are looking forward to continue expanding our housing platform in the main Florida MSAs as part of our investment strategy,” said Carlos A. Burneo, Senior Director at Nuveen Real Estate and lead for Housing in Florida
Newmark Knight Frank (NKF) exclusively represented the seller in the disposition. “ZOM’s ability to deliver best-in-class product in one of Tampa's fastest growing submarkets allowed for a very successful lease-up," said Patrick Dufour, NKF Vice-Chairman
05/16/2019 09:20 AM
LAFAYETTE, LA - Alpha Capital Partners, a Pittsburgh based real estate investment and development firm, announced the acquisition of University Place, a 342-bed student housing community in Lafayette, Louisiana.
With over 2,100- beds under management within Alpha’s student housing platform, University Place is Alpha’s 10th student housing community. This acquisition is the second of five identified projects in Alpha’s Opportunity Zone Fund. The Fund is a targeted $250 million fund launched in October 2018 to take part in the opportunity zone program implemented by the Tax Cuts and Jobs Act of 2017.
University Place is located adjacent to the University of Louisiana at Lafayette and is the closest student housing property to campus. It offers access to a private pedestrian bridge, which students can walk to university classrooms and facilities. The property also features a 24-hour fitness center, swimming pool with LED lighting, cybercafé with free printing and a host of other amenities. University Place is highly differentiated in that it offers a significant number of one- and two-bedroom units which are especially appealing to upperclassmen and graduate students.
Alpha’s development, property management, and marketing teams have begun to execute on its business plan to take advantage of the property's significant operational upside.
According to Jide Famuagun, CEO of Alpha Capital Partners, “The upside of this property provides the opportunity to reposition the asset and resident experience through a value-add strategy supported by significant capital that would not have been possible without the opportunity zone program. University of Louisiana at Lafayette has witnessed record setting enrollment for five consecutive years, and I believe that with the expertise our team brings, we will be successful in repositioning and rebranding this asset. We look forward to reintroducing University Place to the Ragin’ Cajun community. Our team has been working on the opportunity zone concept since summer 2018 so we are very excited to acquire projects such as University Place into the Fund."
05/16/2019 09:17 AM
LOS ANGELES, CA - Starwood Capital Group, a global private investment firm focused on real estate and energy investments, announced that a controlled affiliate has formed a joint venture with Holland Partner Group to acquire and develop a Class A multifamily project, 550 Harborfront, in San Pedro, CA, an emerging coastal neighborhood in the South Bay of Los Angeles. Starwood and Holland expect to complete the Opportunity Zone development in the Spring of 2020.
550 Harborfront will consist of 375 units in a seven-story, podium-style community with 37 studios, 177 one-bedroom units, 139 two-bedroom units, 20 three-bedroom units and 2 four-bedroom units. Additionally, the property will offer residents top-of-the-market finishes and a comprehensive amenity package consistent with market standard Class A multifamily developments throughout Los Angeles. Tenant amenities will include a two-story fitness center, resident lounges, a pool and a rooftop lounge with outdoor kitchens and barbecue stations, which are collectively expected to attract young professionals and families. Located at 550 South Palos Verdes Street, 550 Harborfront is well situated at the intersection of the waterfront and San Pedro's commercial district, and within one mile of the 110 Freeway providing convenient access to Downtown Los Angeles and other major employment centers.
"We are excited by the opportunity to develop the first Class A multifamily property in San Pedro since 2008," said David Baker, Senior Vice President at Starwood Capital. "550 Harborfront is well positioned to capture demand given its coastal location and accessibility, over $1 billion of ongoing investment into the adjacent waterfront and ports, and relative affordability in the context of persistent housing shortages and rising rents in LA's core infill neighborhoods."
"The Los Angeles multifamily market is among the strongest in the United States and San Pedro in particular stands to benefit from its favorable supply/demand fundamentals," said Anthony Balestrieri, Senior Vice President and head of Starwood's Opportunity Zone investment business. "San Pedro's Opportunity Zone designation has accelerated investment into the neighborhood, which we expect to grow. As Starwood Capital grows its Opportunity Zone investment portfolio we will continue to identify attractive investment opportunities and create value for our investors."
Starwood Capital announced the formation of its Opportunity Zone business on Jan. 30, 2019, to ensure the success of its ongoing investments in Opportunity Zones, which were created by the 2017 Tax Cuts and Jobs Act to offer investors certain tax advantages for developing and operating assets in designated Opportunity Zones. Starwood Capital will focus its Opportunity Zone strategy on markets in regions where the firm has developed a strong real estate presence, including the West Coast, Southeast and large metropolitan markets such as New York City and Washington, D.C. Starwood Capital is well positioned in many of these markets and will continue to actively invest in, reposition and develop real estate assets in these communities.
05/15/2019 09:02 AM