Regions
Stepp Arranges Sale of Santa Monica Community
The community sold for a total of $4.3 million at a 3.7 percent cap rate. Stepp Commercial represented both parties in the deal.
Genesis Cos. Launches $20M Rehab of NJ Apartments
Vista Village Apartments in East Orange, a former public housing facility, is a 100-percent affordable building that includes 180 units.
LMC Begins Leasing at Luxury Property in Seattle
Phase one of Valdok offers 178 units and provides access to amenities including coworking spaces, a 24-hour fitness center and a pet park.
Castle Lanterra Acquires VA Community
The 224-unit Meridian Obici in Suffolk includes a saltwater pool, a dog park and a car-care center. The deal marks the company’s second acquisition in the state.
On the Market: 4 Interesting Listings for the Week of 10/8
This week’s listings include a value-add opportunity north of NYC and a 1900-built, recently renovated community in a busy Richmond, Va., neighborhood.
Top 10 Inland Empire Multifamily Transactions
The Inland Empire market continues to grow its multifamily inventory at a slow burn, further inflating rent rates and property values. One result is rising per-unit prices, which are about $9,000 higher than the national average.
Hunt Finances Chicago Multifamily Portfolio
The two Freddie Mac loans total $7.4 million and were secured for financing the acquisition of 90 units located across the Bronzeville neighborhood.
Luxury Tower Breaks Ground in Long Beach, CA
Shoreline Gateway, a 35-story development, will be the city’s tallest community. Construction is expected to be completed by the end of 2021.
Top 10 Largest Metro DC Multifamily Developments
Despite the vast majority of recently delivered communities being classified as luxury rentals, many of the biggest projects underway contain significant affordable components.
Music City’s Multifamily Build-Up
Wood Caldwell, principal at Southeast Venture and 40-year veteran of the metro’s real estate industry, shares his insights into Nashville’s development boom.