Thursday, October 24, 2024
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Affordable Housing Demand Berkadia Marge Novak quote
Affordable HousingBerkadiaBerkadia FeatureContent PartnerDevelopmentFeaturesIndustry ContentInvestment SalesMidwestNortheastSoutheastTexasWestern

Heightened Demand for Affordable Rental Housing Sets Tone for 2024 Investment Opportunities

by Sarah Daniels

Multifamily & Affordable Housing Business sat down with Marge Novak, senior vice president and head of Capital Markets at Berkadia, for a question-and-answer discussion about the current state of the affordable housing market and the challenges likely to influence 2024. Multifamily & Affordable Housing Business: How is the affordable housing market faring in the current economic conditions? Novak: With increased inflation and interest rates, home prices hit all-time highs, making them less affordable than at the height of the 2006 housing bubble. While buyers waited for prices to fall, sellers …

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Light Road Apartments in Oswego, Illinois
IllinoisInvestment SalesMidwestNews

Marcus & Millichap Arranges Sale of Light Road Apartments in Chicago Suburb

by Channing Hamilton

OSWEGO, ILL. — Marcus & Millichap has negotiated the sale of Light Road Apartments, a 168-unit community in the Chicago suburb of Oswego. Ryan Engle and Andrean Angelov of Marcus & Millichap’s Chicago Oak Brook office represented the seller in the deal. Engle and Angelov, in conjunction with Zack Mahoney, also procured the buyer. Both the buyer and the seller were private investors. Light Road Apartments was built in 1972 on 10 acres. The property offers 98 one-bedroom units and 70 two-bedroom units. Amenities include a clubhouse, pool, off-street parking and …

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BerkadiaFinanceInvestment SalesNewsWashingtonWestern

Berkadia Arranges $21.5 Million to Acquire Duo Apartments in University Place, Washington

by Channing Hamilton

UNIVERSITY PLACE, WASH. — Berkadia has negotiated $21.5 million in financing for the purchase of The Duo Apartments, a 104-unit complex in the Tacoma, Washington suburb of University Place. The Duo Apartments offers studio, one- and two-bedroom floor plans ranging from 472 square feet to 989 square feet in size. Amenities include a recreation room, fitness center, outdoor patio/barbecue area, off-street parking and for-rent garages. Bayview provided the $21.5 million, five-year, fixed-rate loan with flexible prepayment terms. Michael Manolides and Robert Doxsee of Berkadia Seattle, along with Michael Basinski and Brad …

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Investment SalesMassachusettsNewsNortheast

Marcus & Millichap Brokers $16.5 Million Sale of Rose Garden Apartments Near Boston

by Channing Hamilton

FRAMINGHAM, MASS. — Marcus & Millichap has arranged the $16.5 million sale of Rose Garden Apartments, a 72-unit community in the western Boston suburb of Framingham. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity. Rose Garden Apartments rises three stories. The building offers studio, one- and two-bedroom units, 21 of which were recently renovated.

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ColoradoInvestment SalesNewsWestern

Harbor Group International Acquires Two-Property Portfolio in Colorado for $132.5 Million 

by Channing Hamilton

DENVER AND CASTLE ROCK, COLO. — Affiliates of Harbor Group International has acquired a portfolio in Colorado for $132.5 million. The portfolio consists of two recently-constructed properties, Ladora Modern and Prospector Modern. Both communities were completed in December 2023 and offer amenities such as pools, fitness centers, and dog parks. Ladora Modern is a 196-unit community in Denver. Units come in two- and three-bedroom floor plans and average 1,000 square feet in size. The property was 85 percent occupied at the time of sale. Prospector Modern is a 238-unit property …

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Investment SalesNewsTexas

Colliers Arranges Sale of 152-Unit Oak Bend Place Near Houston

by Channing Hamilton

TOMBALL, TEXAS — Colliers has arranged the sale of Oak Bend Place, a 152-unit complex in the northern Houston suburb of Tomball. Chip Nash, Bob Heard, Kitty Wallace and Jaleel Adatia of Colliers represented the seller, Alphil Investments, in the deal. The buyer was not disclosed. Oak Bend Place was originally built in 1984. According to Apartments.com, the property offers two-bedroom apartments, as well as amenities such as a pool, pet play area and outdoor grilling and dining stations. 

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Investment SalesNewsTexas

Sunstone Two Tree Acquires Villas Del Paseo in Houston for $28.9 Million

by Channing Hamilton

HOUSTON — Sunstone Two Tree has acquired Villas Del Paseo, a 384-unit asset in Houston’s Westchase neighborhood, for $28.9 million.  Villas Del Paseo was built in 1978. The property offers one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, playground, business center, package services and outdoor grilling and dining stations. Mark Saunders of Newmark represented the seller, Comunidad Partners, in the deal. The new owner plans to invest about $10.5 million in capital improvements. Exterior renovations will include new paint, roof replacements, lighting, landscaping and signage. Unit interiors will …

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St. Andrews Villa in Madison, Alabama
AlabamaInvestment SalesNewsSoutheast

Marcus & Millichap Broker $21.7 Million Sale of St. Andrews Villa in Madison, Alabama

by Channing Hamilton

MADISON, ALA. — Marcus & Millichap has brokered the sale of St. Andrews Villas, a 96-unit townhome-style community in Madison. The project’s developer, Keelon Development Inc., sold the asset to an undisclosed buyer for $21.7 million. Josh Jacobs and Royce Emerson of Marcus & Millichap represented Keelon Development in the deal. Built in 2023, St. Andrews Villas offers one-level rental townhomes with 9-foot ceilings, walk-in showers and garages with EV chargers. Amenities include a swimming pool, coworking space and a fitness center. The community is situated at 29789 Hardiman Road, …

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FinanceInvestment SalesMichiganMidwestNews

BWE Secures $19.8 Million in Acquisition Financing for 326-Unit Portfolio in Detroit Suburb

by Channing Hamilton

CLINTON TOWNSHIP, MICH. — BWE has secured $19.8 million in acquisition financing for a portfolio totaling 326 units in the Detroit suburb of Clinton Township. The portfolio consists of 13 low-rise buildings. The properties offer a mix of one- and two-bedroom units, as well as amenities like a pool, clubhouse, tennis court, on-site laundry and parking. Adam Gould of BWE’s Detroit office originated the value-add, non-recourse bridge loan, which features three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in …

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ConnecticutInvestment SalesNewsNortheast

Northeast Private Client Group Brokers $4 Million Sale of Two Buildings in Bridgeport, Connecticut

by Channing Hamilton

BRIDGEPORT, CONN. — Northeast Private Client Group (NEPCG) has negotiated the $4 million sale of two buildings totaling 38 units in Bridgeport. Brad Balletto, Rich Edwards, Bob Paterno and Jeff Wright of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the deal. The first property, Beers Apartments, features 18 units. The second property, Wayne Studios, has 20 units.

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