West

MARKET SNAPSHOT: Sacramento Supply Constraint a Bright Spot

The biggest bright spot for the multifamily market in the Golden State’s capital is the fact that there is no new supply coming online, which will eventually lead to positive absorption, notes Mark Leary, principal in ARA’s (Apartment Realty Advisors) Pacific office. In addition, the shadow market is on the decline.

Most Multifamily Properties Won’t Need Refi Soon: MBA Report

According to the Mortgage Bankers Association’s 2009 Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes released this week, the volume of commercial and multifamily mortgage debt maturing this year and during 2011 is only about one-fifth of the total. Of the $1.45 trillion balance of outstanding mortgages held by non-bank investors, only 13 percent of the total ($183.9 billion) will mature in 2010 and 7 percent ($99.8 billion) in 2011.

SPECIAL REPORT: Multifamily Borrowers May be the Next Group to Abandon their Properties, Financing Movers and Shakers Fear

The multifamily industry is holding up but faces challenges that could potentially tip the balance, according to speakers at the Mortgage Bankers Association (MBA) Commercial Real Estate Finance/Multifamily Housing Convention and Expo being held in Las Vegas this week.

New Affordable Housing Comes on Line in Irvine, Calif.

The nonprofit Jamboree Housing Corp. has completed its latest affordable housing project, the Arbor at Woodbury Apartment Homes, a 90-unit, six-building property in the company’s hometown of Irvine, Calif. The development is designed to provide housing for families earning between 30 percent and 60 percent of the area’s median income.

Colliers Directs $9.25M Note Purchase From China Trust Bank

Colliers International has directed the notes sale of a 51,729-square-foot multifamily property at 18557 Saticoy Street in Reseda, Calif. The sale is valued at $9.25 million.

Western National Properties’ 195-Unit Rental Community is Nearing Completion

Western National Properties is currently developing a 195-unit multifamily project in the Woodland Hills neighborhood of Los Angeles, which is nearing completion. This project is the first development with the firm’s second private equity fund, Western National Realty Fund II, L.P. The ground-up multifamily development, The Enclave at Warner Center, features a195-unit, four-story apartment complex wrapped around a five-and-a-half story parking structure.

MARKET SNAPSHOT: Leasing Activity Increases in Denver

Overall leasing activity in Denver reached a near-record high during the third quarter of 2009, according to Grubb & Ellis’ Multi-Housing Trends Report—Third Quarter 2009.

TODAY’S DEAL: Marcus & Millichap Arranges Sale of 136-Unit Rental Property for Over $33M

Marcus & Millichap Real Estate Investment Services has brokered the sale of Waterstone Millbrae, a 136-unit, 114,440-sq.-ft. multifamily property in Millbrae, Calif. The sale price of $33,782,500 represents $248,400 per unit and $295 per square foot.

TODAY’S DEALS: Alliant Capital Closes Two Loans Totaling Over $7M for Two Apartment Communities, and Other Transactions

Alliant Capital LLC recently completed the acquisition financing of Spring Lake in Seattle and the refinance of Misty Bayou Apartments in Houma, La., for a total of $7.7 million.

Nevada Latest State to Allow Apt. Owners to Offer Surety Bonds, Other Security Money in Place of Security Deposits

A new law affirms that apartment landlords throughout the state of Nevada can offer a surety bond or a combination of a surety bond and other security money as an option in lieu of a traditional security deposit as required by the landlord. A.B. 512 revises provisions relating to security deposits for the rental of real property (BDR 10-921). Both a security deposit and a surety bond as a security deposit alternative provide for the protection of the landlord.