Property Types Multi-Family
Orinda, Octagon Eye Strong Area Fundamentals for Atlanta Conversion Project
June 04, 2009
The nationwide downturn in employment is chipping away at demand in the apartment market, but there are still those communities here and there where the call for more rental accommodations remains relatively strong. To that end, Orinda Corp. and Octagon Capital Partners, having found just such a community, have acquired a 350,000-square-foot office building in a college-laden district of Atlanta for a $35 million apartment conversion project.
M-F Mortgage Delinquencies Increase in Q1, Says MBA
June 03, 2009
The weakening economy and continued credit crunch led to increases in commercial/multifamily mortgage delinquencies during the first quarter of 2009, according to the latest Commercial/Multifamily Delinquency Report, released by the Mortgage Bankers Association.
Moody's: Outlook for M-F REITs Stable for Now
June 02, 2009
During the fourth quarter of 2008 and first quarter of 2009, the fundamentals of the apartment industry steadily eroded, and the forecast for rental demand remains uncertain. Still, the overall outlook for the multi-family REIT sector is stable, according to a report by Moody's.
Steadfast Launches New Securities Division to Capitalize on Anticipated CRE Opportunities
June 02, 2009
With an eye on the impending onslaught of maturing debt in the real estate marketplace, Steadfast Cos. has just kicked off Steadfast Capital Markets Group L.L.C., a new securities and financial services division. The Newport Beach, Calif.-based diversified real estate investment concern's new division will give investors the opportunity to join forces with the company and take advantage of the increasing opportunities presented by the existing real estate cycle.
Confident in Market's Future, Sequoia Adds to Orange County Holdings
May 28, 2009
With the growing evaporation of jobs, Orange County, Calif.'s multi-family housing sector is starting to feel the burn. Yet, deteriorating fundamentals aren't scaring off investors like Sequoia Equities Inc., which recently acquired the 484-unit Alize Apartments in the upscale Aliso Viejo master planned community from Northwestern Mutual Life Insurance Co. for $75 million.
Fundamentals Pave Way for $47M Florida M-F Financing
May 27, 2009
Massive job loss and the struggling economy are finally catching up to the multi-family market, but with demand holding strong in certain pockets and government lenders still in full force, this sector of commercial real estate continues to attract financing with far more ease than the office and retail sectors. The 432-unit Village at Secret Lake apartment project in Kissimmee, Fla., fits the bill, having just reeled in a new $47.2 million construction/permanent loan originated by Love Funding.
As Condo Market Remains Tight, Miami Tower Scores Key Fannie Approval
May 27, 2009
In the midst of the sluggish economy and tight credit market, condominium developers are having a tough time selling units. As a result, many projects across the nation have been reverted to rental or stalled outright. But in the midst of one of the most hard-hit condo markets--South Florida--at least one developer is breathing a bit easier.
The News: Energy Management Is Tomorrow’s Green Apartment Amenity
May 26, 2009
The green movement has many of us rethinking everything from the fibers in the clothes we wear to the way we transport our groceries back from the supermarket. Now President Barack Obama has called for a new national standard for fuel efficiency that’s as strict as the California program and will set limits on climate-altering gases from cars and trucks.
The Expert: Transaction Velocity Drops, but Positive Signs Emerge
May 26, 2009
Year-to-date multi-family transaction volume plummeted to historically low levels in the first quarter of 2009. As we move into the second quarter, activity appears to be increasing as sellers adjust their expectations, a change that will establish new pricing levels over the next 60 to 90 days.
Government Efforts Could Spark Affordable Housing Development
May 26, 2009
As part of the government's efforts to relieve the pressure cooker that is the American housing market, the U.S. Department of the Treasury will inject more than $330 million into affordable housing development in Kansas, Michigan, Ohio, Wisconsin, and Puerto Rico.
BH Lands $59M in M-F Financing
May 14, 2009
Commercial property investment firm BH Properties L.L.C., has secured a 12-property portfolio financing loan valued at approximately $59 million from Wells Fargo's real estate banking group.
The News: Stimulus or No, Workers Challenged by Affordability
May 12, 2009
A major part of the federal government’s $800 billion economic stimulus package will be devoted to construction projects to improve the nation’s infrastructure, but a recent Center for Housing Policy study found that many of the jobs created by these construction projects will pay insufficient incomes to enable workers to afford rental housing in many U.S. markets.
Amid Uncertainty, $129M D.C. Apartment Project Tops Out
May 07, 2009
In the midst of a somewhat gloomy outlook for the Washington, D.C.-area multi-family market, developer Kittler has topped off a $129 million luxury apartment property. Dubbed The Millenium at Metropolitan Park, the project will open later this year to a market that has been affected by the economic slowdown, but will be somewhat bolsetered by job creation stemming from the federal government's expansion efforts.
Atlanta Developers Postpone Construction Deals as M-F Demand Wanes
May 06, 2009
Decreased completions and continual job losses are anticipated to ease the rise in apartment vacancy in Atlanta through the rest of the year, according to a second-quarter report by Marcus & Millichap Real Estate Investment Services. A shortage of construction financing and unease over constant job losses in the city have resulted in developers postponing some plans until the market stabilizes. Last year, 4,500 units were delivered, whereas in 2009 completions are expected to total just 3,300 units.
Boston Capital Closes on $120M M-F Portfolio
May 04, 2009
Boston Capital announced the closing of Boston Capital Tax Credit Fund XXXI, a multi-family portfolio of 30 affordable apartment properties in 12 states with total equity invested of $120 million.
Stoneridge Makes $70M California M-F Buy
May 04, 2009
Stoneridge Capital Partners has acquired the 498-unit Avila Apartment Homes community in Rancho Santa Margarita, Calif., from The Northwestern Mutual Life Insurance Co. in a $70 million deal.
Economic Update -- M-F Finance Deals Squeak Through
May 04, 2009
Things are looking up a little for the U.S. apartment market, if the latest quarterly survey by the National Multi Housing Council, which queried 79 CEOs and other senior executives of apartment-related firms nationwide, is any indication. That isn't to say that conditions are strong in the multi-family rental segment--just better than in the early dark days of the Panic of 2008.
Condo Bet
May 01, 2009
Where many investors may see nothing but trouble in condominium properties, one company is busily scouting the Western United States in search of these types of assets. Newly formed Sycamore Urban Properties wants to acquire new and converted condominium properties that have fallen into distress.
Economic Update - For-Sale Residential Developers Turn to Incentives
May 01, 2009
It's no secret that for-sale multi-family properties most everywhere are moving as slowly as glaciers in the days before global warming. Not only has it been difficult simply to get financing for the purchase of a multi-family unit, but there are also other obstacles for buyers.
The News: Declining Fundamentals Challenge REITs
April 28, 2009
Job losses are decreasing demand for apartments, but multi-family REITs may have some long-term trends in its favor, according to a recent Moody’s Investors Service report. The ratings agency tracks nine multi-family REITs, eight rated stable and one bearing a negative outlook. In the near term, these REITs are unlikely to face pressure from U.S. residents who are leaving their apartments to buy homes, owing to the fact that people do not want to buy assets that are falling in price, tough lending standards and the frightening employment picture.
The Expert: Bay Area Fundamentals Begin to Erode
April 28, 2009
The San Francisco Bay Area’s apartment market, which for some time seemed impervious to the economic downturn, has finally started to soften. In the first quarter of 2009, apartment vacancy rates rose to 5 percent from 4.2 percent, the largest increase since the dot-com bubble burst in 2001 as rates rose 71 percent. However, the Bay Area’s apartment vacancy rate still falls well below the national rate of 7.2 percent.
Another Day, Another Bankruptcy, as Opus South Files for Ch. 11
April 23, 2009
Just days after one of the largest commercial real estate bankruptcies ever--that of retail giant General Growth Properties last week--another high profile firm has filed for Chapter 11. Opus South Corp., one of the divisions of Opus Corp., has also been forced to say Uncle in bankruptcy court, citing the slumping Florida condo market as the main culprit.
Attractive Conditions Bring Investors Out in Droves to Snap Up Pair of San Diego M-F Properties
April 22, 2009
Apartment demand continues to hold strong in metropolitan San Diego, and with the government-controlled mortgage lenders actively doling out multi-family financing and cap rates showing signs of coming down, more than 30 potential buyers recently set their sights on two Oceanside, Calif., apartment complexes being sold by Northwestern Mutual Life Insurance Co. The Prime Group emerged victorious, snapping up the assets, which encompass a total of 658 units, for an aggregate $84 million.
Dividend Capital Gets $36M in M-F Financing
April 21, 2009
The Washington, D.C. and Dallas offices of Holliday Fenoglio Fowler L.P. has arranged $36.5 million in financing for 1300 Connecticut Avenue, a 125,900-square-foot, Class A office building in Washington, D.C.
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Commercial real estate and commercial property trends are explored extensively in each issue of Commercial Property News. CPN is the real estate magazine the industry turns to for the latest news on multi-family projects and real estate trends.
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