A week ago Vulcan announced the sale of the Stack House Apartments and the Supply Laundry Building (commercial) to J.P. Morgan Asset Management. The week before Vulcan announced the sale of Rollin Street Lofts to Stockbridge Capital for $138.2 million. But Seattle-based Vulcan has no plans on leaving its hometown—the company intends to use funds from all sales for new development and land/value-add investments in the region. CBRE brokered all three sales.
According to Marcus & Millichap’s 2015 National Apartment Index, Seattle multifamily values look to be reaching a price plateau around $190,000 per unit. Rent growth also appears to be slowing down from nearly 8 percent in 2014, to a projected 5.5 percent for 2015.
Greystar, The Carlyle Group Sells 251 Units in Austin
The garden-style community was built in 2014. Amenities include an outdoor lounge area with full kitchen, a fitness center, business center and club lounge. Occupancy at the time of sale stood at 95 percent.
The Preiss Co. acquires student housing
The 286-bed property was purchased for an undisclosed amount by a joint venture comprised of Preiss, Baltimore-based Criterion Holdings LLC as the general partner, and a separate private investment group. The Preiss Co. will oversee the property’s operations, as well as an estimated $500,000 upgrade to the facilities.