Trending Multifamily News
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has closed the sale of Woodley Plaza Apartments, an 85-unit multifamily community in Northridge, California. The $21.25 million sales price equates to $250,000 per unit.
“Built in 1971, Woodley Plaza provides new ownership with a proven value-add opportunity with an established premium,” said IPA executive director Greg Harris. “Six apartments received deluxe renovations in 2016 and are achieving a significant premium over in-place rents. The opportunity remains to bring the 47 non-renovated interiors and 32 partially renovated units up to high-end luxury specifications.”
Harris, and IPA senior directors Kevin Green and Joseph Grabiec represented the seller, Prime Residential and procured the buyer, 4D Development & Investment.
The property is located approximately five miles from the Northridge Metrolink Station, which brings commuters to downtown Los Angeles in less than 40 minutes. Five nearby freeways give residents access to San Fernando Valley employment hubs and job centers in Santa Clarita Valley, Conejo Valley and Simi Valley.
“The San Fernando Valley is poised for economic growth, thanks to a diversified employment base that includes the healthcare, entertainment, business services, aerospace, foreign trade and advanced manufacturing industries,” noted Green. “Average household income in the Valley has grown by 32 percent since 2000 and is projected to grow an additional 15 percent by 2019.”
Woodley Plaza Apartments consists of six two-story buildings situated on 2.68 acres. Community amenities include a fitness center, landscaped courtyards, a swimming pool, two 24-hour laundry facilities, and individual garage parking. The one-bedroom and two-bedroom apartment homes have fully equipped kitchens and central air conditioning.
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has closed the sale of Sonoma Ridge Apartments, a 180-unit apartment community in Santa Rosa, California. The $44,650,000 million sales price equates to $248,056 per unit.
“Santa Rosa’s multifamily market experienced 8.1 percent rent growth over the last 12 months and had maintained an average occupancy rate of approximately 96 percent as of the first quarter,” said Stan Jones IPA executive director. “This type of solid market support, plus strong barriers to entry from growth restrictions imposed by the city of Santa Rosa, helps drive investment appeal for Sonoma Ridge Apartments.”
Jones, together with IPA executive directors Philip Saglimbeni and Salvatore Saglimbeni, represented the seller, CORE Realty Holdings Management, and procured the buyer, Bridge Partners.
“Strong rental demand presents new ownership with an exceptional value-add opportunity through the renovation of unit interiors and enhancements to common area amenities,” added Philip Saglimbeni. “Unit interiors have been largely untouched since a previous renovation about 10 years ago.”
Built in 1974 on approximately 17 acres at 2900 St. Paul Drive in Santa Rosa, the property is adjacent to the Bennett Valley Golf Course and Annadel State Park. The Bennett Valley Shopping Center is one block away and the Whole Foods-anchored Mayette Village Shopping Center is 1.5 miles north.
Sonoma Ridge’s 22 one- and two-story buildings have a mix of one-, two- and three-bedroom apartment homes that average 987 square feet. Interiors feature oversized living rooms, large patios or balconies and double-paned windows. Community amenities include a resort-style swimming pool, business center, children’s play structure, and a community garden.
About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has closed the sale of Calibre Bend Apartments, a 212-unit luxury multifamily asset in Winter Park, Florida. The $29 million sales price equates to $137,000 per unit.
“The property is an extensively renovated, impeccably maintained asset with a 25-year history of institutional ownership,” said Steve Witten, an executive director of IPA’s Northeast and Florida team.
“The acquisition provides new ownership with an immediate opportunity to add value to a ‘best-in-class’ asset in the submarket by implementing light interior upgrades,” added Frank Carriera, first vice president investments.
Witten and IPA executive director Victor Nolletti, along with Carriera and Michael Regan, first vice president investments, represented the seller and procured the buyer.
“The price per unit for this vintage asset can be attributed to the Orlando market’s strong fundamentals and the broad reach of IPA Northeast & Florida,” said Regan.
The property is located at 3924 Calibre Bend Lane in Winter Park and situated on the south side of University Boulevard in one of Orange County’s highest demand rental locations. Full Sail University, Winter Park’s largest employer, is within walking distance. Other nearby employment and educational centers include downtown Winter Park, downtown Orlando, the University of Central Florida, Valencia College, and Central Florida Research Park. Orlando’s most desirable retail and shopping destination, the Park Avenue district in Winter Park, is nearby.
Built in 1987, Calibre Bend Apartments’ community amenities include a designer-decorated clubhouse and leasing center, a business center, a resort-style swimming pool, a lighted tennis court and a car wash station. Apartments feature individual ground-floor entrances, built-in bookcases, full-size washers and dryers, and private, screened patios or balconies.
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division closed the sale of IMT Thousand Oaks, a 191-unit multifamily community in Thousand Oaks, California. The $67 million sales price equates to more than $350,000 per unit.
“The acquisition provided the buyer with the opportunity to enter a highly coveted market supported by the city’s strong submarket fundamentals, lack of new multifamily supply and high cost of ownership in meaningful scale,” said IPA executive director Greg Harris.
Harris, and IPA senior directors Kevin Green and Joseph Grabiec, represented the seller, IMT Capital LLC. The buyer is an affiliate of Pacific Urban Residential.
“The property benefits from Thousand Oaks’ strong public school ratings, low unemployment and low apartment vacancy,” added Green. “Plus, the city’s business-friendly environment and proximity to major employment centers along the 101 corridor will continue to attract growth and foster economic prosperity.”
The asset is located at 491 West Gainsborough Road along U.S. Highway 101 with proximity to companies such as Amgen, General Dynamics Corp., Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the Dole Food Co.
Built in 1973, IMT Thousand Oaks is a garden-style community of one-, two-, and three-bedroom floorplans with large private patios or balconies. Community amenities include an on-site business center, a pet park, and a swimming pool with cabanas.
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA)division closed the sale of Casa Monterrey, a 208-unit apartment community in Huntington Beach, California. The $60,250,000 sales price equates to nearly $290,000 per unit. The asset had been owned and operated by a local family office since 1974.
“Originally constructed in 1970 and impeccably maintained by previous ownership, Casa Monterrey Apartment Homes has undergone over $4.2 million in upgrades since 2007, and yet the opportunity remains to elevate the standard of rental living via targeted interior and community enhancements,” said Joseph Berkson, Marcus & Millichap first vice president investments.
“The rare opportunity to acquire an institutionally sized multifamily asset in coastal Orange County with a value-add component, allowed us to generate significant interest in the offering from a wide range of investor profiles,” added Stewart I. Weston, IPA executive director.
Berkson and Weston, along with Christopher Zorbas, IPA senior director, Alexander Garcia, Jr., IPA senior director, David Sperling, IPA director, and John Montakab, IPA associate director, represented the seller, and procured the buyer, Saratoga Capital Inc.
Located on the corner of Warner Avenue and Edwards Street in Huntington Beach, the apartment community is just minutes from the region’s major employment centers, high-profile retail destinations, and renowned beaches.
Marcus & Millichap (NYSE: MMI) today announced the sale of a four-property, 652-unit multifamily portfolio in Tampa, Florida. The $30,025,000 sales price equates to more than $46,000 per unit.
“The acquisition is an excellent opportunity for the new owner to realize outsized returns through stabilization and continued strategic renovations,” said Michael Donaldson, vice president investments in Marcus & Millichap’s Tampa office.
Donaldson and Nicholas Meoli, also a vice president investments in Tampa, represented the seller and procured the buyer.
“The properties are located within the University and Temple Terrace submarkets, which have experienced strong occupancy and rent growth over the last few years,” said Meoli.
The communities that were part of the sale include: Palm River Apartments, 70 units built in 1985; Laurel Chase, 122 units built in 1968; Rivertree Landing, 228 units built in 1974; and Puritan Place, 232 units built in 1974.