Author

Channing Hamilton

A 3D render of 710 Broadway, a rounded contemporary-style building.
CaliforniaDevelopmentNewsWestern

Related California Breaks Ground on $385 Million Redevelopment in Santa Monica, California

by Channing Hamilton

SANTA MONICA, CALIF. — Related California is redeveloping a former Vons grocery store site into a mixed-use project in Santa Monica. The project, called 710 Broadway, will include 280 residential units, 84 of which will be reserved for residents earning at or below 30, 50 and 80 percent of the area median income (AMI). The developer did not release the project cost, but Related California recently obtained $385 million in construction financing, according to the Los Angeles Business Journal. The project will also include approximately 99,000 square feet of ground-floor commercial …

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South Hills Apartments, a gray apartment complex with black roofing and brick chimneys, behind a swimming pool.
CaliforniaInvestment SalesNewsWestern

IPA Brokers $38.3 Million Sale of South Hills in West Covina, California

by Channing Hamilton

WEST COVINA, CALIF. — Institutional Property Advisors (IPA) has arranged the sale of South Hills Apartments, an 85-unit property in West Covina for $38.3 million. The seller was NextGen Properties Group, which 1031 exchanged the proceeds to buy Alivia Apartments in Whittier, California. HFH Ltd, also a 1031 exchange investor, was the buyer.  IPA’s Kevin Green, Joseph Grabiec and Greg Harris as well as Marcus & Millichap’s Tyler Leeson, Mathew Kipp and Nick Kazemi represented the seller and secured the buyer. South Hills Apartments was built in 1966 on approximately …

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Parkside Terrace, a two story brick multifamily building with white balconies overlooking a small green lawn and hedges.
Industry VoicesOperations

How Proptech Is Proving to Be a Game-Changer in Class B and C Multifamily Market 

by Channing Hamilton

— By Sylvia Crawford, Senior Director of Marketing Strategy and Planning, Arize — Nationwide, the average apartment rent increased by 14 percent last year, and by as much as 40 percent in cities like Austin and Miami, according to The Washington Post. Renters with low- and moderate-income levels are struggling, as the demand for accessible housing is growing faster than inflation. For years, proptech has primarily been leveraged in luxury homes and high-rises, as only Class A property owners could justify investing in these devices. Meanwhile, Class C properties have traditionally shied away from implementing …

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CaliforniaInvestment SalesNewsWestern

CMCT Acquires Three Apartment Buildings in California

by Channing Hamilton

LOS ANGELES AND OAKLAND, CALIF. — Creative Media & Community Trust Corp., a Dallas-based real estate investment trust operated by affiliates of CIM Group, has acquired three apartment assets in California. The properties are Parkview Apartments, a 75-unit community in the Echo Park neighborhood of Los Angeles and the 288-unit Eleven Fifty Clay and the 33-unit Channel House both located in Oakland. The acquisition cost was not disclosed.

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Company NewsNewsWashingtonWestern

Capstone Cos. Opens Seattle Office

by Channing Hamilton

SEATTLE — Capstone Cos. has opened a multifamily brokerage office in Seattle and hired Evan McLeod and Chris Hardman to lead the team. McLeod and Hardman, whose respective titles are managing director and director, join Capstone from Seattle-based investment sales firm CPX. Prior to CPX, both McLeod and Hardman worked for Marcus & Millichap. Capstone says it will announce additional new office openings in 2023. Last year, the firm opened offices in Salt Lake City, Indianapolis and Huntsville, Alabama.

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Griffin Gate, a two-story multifamily property. The first floor is brick, the second floor is eggshell yellow.
FeaturesInvestment SalesSoutheast

Roundtable: Southeast Brokers Bank on Region’s Renter Demand

by Channing Hamilton

Nothing can compare to the rent growth and investment activity of 2021 and early 2022. Most brokers active in the Southeast predict the first half of 2023 will be slower compared with the past several quarters, but the second half of the year could provide just enough clarity about interest rates to inspire buyers and sellers. A positive spring leasing season could fan the flames of pent-up demand from investors who, for now, will wait to make their next move. Southeast Multifamily & Affordable Housing Business sent questionnaires via email to …

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Edmund Place, a five-story, dark gray apartment building.
Market ReportsMichiganMidwest

Detroit’s Multifamily Market is Firing on All Cylinders 

by Channing Hamilton

Over the past decade, Detroit has undergone a period of revitalization, both culturally and economically. At the start of the early 2010s, the city’s Midtown and central business districts attracted multiple high-profile investors led by Detroit native and billionaire Dan Gilbert, the founder and chairman of Rocket Cos. (NYSE: RKT), formerly known as Quicken Loans. Gilbert’s hometown pride can’t be denied, and his investment started what is commonly referred to as the “Detroit Renaissance.” After moving the headquarters for Quicken Loans to downtown Detroit from the western suburb of Livonia …

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A 3D render of Penler Cherokee, a single-story grey and brown building with a black roof and brown wood pillars.
DevelopmentGeorgiaNewsSoutheast

Penler, Mcshane Construction Break Ground On 192-Unit Project Near Atlanta

by Channing Hamilton

ACWORTH, GA. — Penler has broken ground on Penler Cherokee, a 192-unit project in Acworth, located approximately 35 miles northwest of Atlanta. McShane Construction Co. is the contractor, which also recently completed The Parker, a 240-unit community in nearby Dawsonville, Georgia, for Penler. The new Acworth apartments will be constructed within eight two-story, garden-style buildings. Amenities will include a clubhouse, fitness center, pool and private garages for residents. The architect for the project is Dynamik Design. Penler Cherokee is slated for completion in August 2024.

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Cameron Run, a two-story multifamily building. The first floor is brick, and the second is pale yellow wood.
GeorgiaInvestment SalesNewsSoutheast

Crown Bay Group Acquires Cameron Run in Atlanta for $35 Million

by Channing Hamilton

ATLANTA — Locally based Crown Bay Group has acquired Cameron Run in southwest Atlanta for $35 million from an undisclosed seller in an off-market transaction. The 284-unit property was built in approximately 1972 and was 93 percent occupied at the time of sale. Amenities include a recently renovated fitness center, a playground, artificial-turf sports field and a dog park. Units are offered with one, two or three bedrooms.

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A 3D render of Haven at Treeline's clubhouse and swimming pool, under pink-flowered cherry trees.
DevelopmentNewsTexas

Ascendant Development Breaks Ground on Haven at Treeline in Houston

by Channing Hamilton

TOMBALL, TEXAS — Locally based Ascendant Development has started construction of the 231-unit Haven at Treeline in Tomball, Texas, approximately 35 miles northwest of downtown Houston. The garden-style community will begin pre-leasing in summer 2024. Treeline at Tomball will consist of seven three-story buildings housing one- and two-bedroom floor plans ranging from 670 to 1,274 square feet. Amenities will include a clubhouse, fitness center with a yoga and spin room, a dog park, game room and a saltwater pool.

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