Trending Multifamily News
Newmark announces it has completed the sale of Marina Shores, a 6.17-acre retail shopping center planned for multifamily redevelopment. The property sold for $67.9 million.
Newmark Co-Head of Capital Markets Kevin Shannon, Vice Chairman Bill Bauman, Executive Managing Director Ken White, Senior Managing Director Chris Benton and Managing Director Anthony Muhlstein represented the seller Regency Centers, and the buyer, Onni.
“Marina Shores received tremendous interest with over 15 offers,” said Benton. “The demand was driven by the property’s new specific plan (SEASP) conducive for multifamily development, its highly amenitized micro location and the efficiency of hard costs in regard to the scale of the development paired with the high rent growth in the submarket.”
Located at 6500 East Pacific Coast Highway, the property presents unobstructed views of the marina in the Belmont Shore submarket, bounded by Seal Beach to the south and 2nd and PCH to the north. The property is walking distance to 2nd & PCH, a high-end destination retail center delivered by CenterCal in the fall of 2019, offering national, regional and locally grown retailers and restaurateurs such as Whole Foods Market, Urban Outfitters, Lululemon, The Bungalow Kitchen by Michael Mina, Tocaya Organica, Caffe Luxxe, Peloton and more.
Muhlstein added, “Coastal Real Estate coupled with a progressive political landscape shaped a very competitive process. Developers are excited to work with cities that recognize the immense housing shortage and want to make a positive contribution. The size, demand and waterfront location complemented by walkable first-class amenities make this a unique development opportunity.”
Shannon concluded, ““The quality of the capital and the competition for this trophy multifamily site was intense which resulted in a great execution for our client.”
U.S. multifamily sales volume in 3Q21 totaled $78.7 billion, signifying the largest quarterly sales volume figure on record as investor appetite for multifamily continues to surge, according to Newmark Research. Trailing-twelve-month volume totaled $241.9 billion, also an all-time high. 3Q21 effective rent growth rose 5.9%, the largest quarterly increase on record increased to 3.1% on an annualized basis. Increased demand for apartments is projected to support strong levels of rent growth through the end 2022.
 Dba Newmark Knight Frank in California
Newmark announced that it has arranged the $135.2 million sale, $359,575 per unit and $91.4 million financing of Lyric Apartments, a luxury, 376-unit multifamily community in the high growth area of Las Vegas, Nevada’s Silverado Ranch submarket. Lyric traded from The Bascom Group—a private equity firm that has completed over $19.1 billion in multifamily value-add transactions since 1996 — to Starlight U.S. Residential Fund, a fund focused on the acquisition, ownership and operation of multifamily properties in the U.S. The property was 99% occupied at the time of the sale.
Newmark Executive Managing Director Curt Allsop and Managing Director Angela Bates along with Executive Managing Director Doug Schuster and Director Vittal Ram represented the seller in the transaction. Newmark Executive Managing Director Matthew Williams and Assistant Vice President James Maynard of the firm’s Debt and Structured Finance team helped secure the acquisition financing from Sumitomo Mitsui Banking Corporation.
“The purchase of Lyric Apartments offered a rare opportunity to acquire and add value to a well-built, luxury multifamily property in one of the most affluent residential areas in the Las Vegas MSA,” said Allsop. “The multifamily sector in Las Vegas has experienced price appreciation of approximately 100% over the past few years, and properties like these will almost always be in demand by value-add investors looking to plant their flag in this market.”
Lyric Apartments is just east of Las Vegas Blvd at 304 East Silverado Ranch and was constructed in 2014 by Nevada West, a company known for quality construction and unique floor plans. The property features a mix of one-, two-, and three-bedroom units with an average unit size of 1,084 square feet. Amenities include two resort-style pools with formal cabanas, a state-of-the-art fitness center, a LP Karaoke Lounge and a splash pad and playground. Newmark also represented the original developer, Nevada West, when the Bascom Group purchased the property in 2016.
“This purchase marks Starlight’s second multifamily acquisition in the Las Vegas MSA. Our team worked in close concert with the Starlight team to help secure the most advantageous financing for the acquisition,” said Williams. “The property will be a great addition to their portfolio, and we look forward to working with them again in the future.”
Lyric Apartments’ location in a high-growth submarket offers proximity to above average demographics and notable retail and entertainment attractions, including The Las Vegas Strip, Allegiant Stadium and McCarran International Airport.
According to Newmark Research, Las Vegas is second in the country for rent growth annually at 30.9% compared to the U.S. average of 13.4%.
 Dba Multifamily by Newmark Knight Frank in Nevada
The Altman Companies, a nationally recognized developer, builder and manager of exceptional rental apartment communities, announced today that it has secured an investment from institutional investors advised by J.P. Morgan Global Alternatives in Altis Grand at Lake Willis in Orlando, and broken ground on the development. Newmark Group, led by Vice Chairman Patrick Dufour acted as the exclusive advisor to arrange equity capital for Altis Grand at Lake Willis on behalf of The Altman Companies. The site located in the southern submarket of Orange County, just outside the Orlando city limits, will feature 329 upscale garden-style apartment homes set on 23.45-acres of land.
"We are excited to have J.P. Morgan as our partner on this community and to begin the construction process,” said Joel Altman, Chairman & CEO of The Altman Companies. “For over 53 years, The Altman Companies has developed a portfolio of rental communities that have redefined the Exceptional Living Experience in Florida and across the country and we are very proud to begin developing this upscale, environmentally friendly community.”
Altís Grand at Lake Willis redefines the highest living standards through its unparalleled way of bringing residents an “Exceptional Living Experience.” Residents will enjoy exclusive membership to The Club within the community with direct access to a 24/7 fitness center complete with a yoga, spinning & aerobics studio; a Starbucks cybercafe with entree to workspace lounges & a private conference room and a game room with virtual reality and game simulator. An additional roster of exclusive amenities at The Club will also include a resort-style heated pool, complete with a spa, cabanas, and an extensive pool-pavilion, which will be the perfect place to unwind and soak up the sun, and a wellness treatment room and a sauna, which will offer residents the perfect spot to relax and recharge.
Altís Grand at Lake Willis will offer exceptionally appointed one-, two-, and three-bedroom apartment homes available with private entry options in the Altis product, and air-conditioned interior halls, with elevator-access within the Ariya buildings. Most all 329 apartment homes will be available with a balcony or a patio option. Interior features in each home will include spa-inspired bathrooms equipped with dual sink vanities, a spacious soaking tub and clear glass shower enclosures. The spacious floorplan comes complete with quartz countertops, stainless steel and upgraded energy-efficient appliances.
Altís Grand at Lake Willis will be a pet-friendly community offering an indoor air-conditioned dog grooming spa where pets can indulge in. A multi-purpose trail and a pet park with gated, off-leash area will be available in the community to allow residents to bond and play with their pets. The community will also be equipped with a hobby/craft room and a 24/7 automated package and dry-cleaning pickup station for residents’ convenience.
Altís Grand at Lake Willis will be National Green Building Standard (NGBS) certified and its sustainable initiatives will include 100% energy efficient designer lighting, ENERGY STAR® refrigerator and dishwasher, a high efficiency water heater and sub-metered water and car charging stations.
Convenience and prime location are high priority within the development plan, allowing easy access in all directions to major employment centers, downtown Orlando, theme parks and the Orlando International Airport. Altís Grand at Lake Willis is adjacent to Vineland Pointe; a brand new, three-phase 450,000 retail shopping and entertainment center. Furthermore, the site is a five-minute walk from the Orlando Vineland Premium Outlets, which encompasses 657,000-square-feet of retail space, 160 stores with over 13 million annual visitors.
“This transaction and the groundbreaking mark another significant development for The Altman Companies as we develop another exceptional Altis community in Orlando,” added Seth Wise, co-CEO of The Altman Companies. “We are delighted to join with J.P. Morgan as our partner on this transaction, and to continue to deliver a new standard of luxury, exceptional services, and exclusive amenities to the Orlando area.”
Altís Grand at Lake Willis is set to have its first units delivered in late 2022. To learn more about Altís Lake Willis, please visit https://altmancos.com