Archive for Apartments

Jun
19

Greenville Apartment Occupancy up to 92.6%

Posted by: | Comments Comments Off on Greenville Apartment Occupancy up to 92.6%

real data LogoAccording to Real Data, for the first time since 2015, apartment demand exceeded new supply for the Greenville metropolitan area. Occupancies were effected by this and increased to 92.6%. There are currently 1,491 units under-construction in the metropolitan area. Proposed units increased over the past six months. The current average monthly rent is $971.

Demand is forecasted to outpace new supply levels over the next twelve months allowing occupancies to improve. Rental rates will likely increase by 2.0% to 3.0% going into 2019.

Categories : Greenville
Comments Comments Off on Greenville Apartment Occupancy up to 92.6%
Dec
11

Crown Bay Group Acquires Columbia Apartments

Posted by: | Comments Comments Off on Crown Bay Group Acquires Columbia Apartments

Lake ShoreAtlanta based Crown Bay Group LLC and its partner Vantage Capital Group has announced their acquisition of Lake Shore Village Apartments in Columbia, SC. The property was recently annexed into the City of Columbia boundary.

The garden style property is located on Garners Ferry Road, a major south-east artery which enjoys a highly accessible location with frontage on Garners Ferry, just minutes from I-77 (1.25 mi.). It is comprised of 280 units spread over 23 acres, that also includes a beautiful lake frontage. The new owners intend to complete a full deferred maintenance program including new roofs. Other improvements will include an interior upgrade package with new modern lighting, flooring, kitchen cabinets and black appliances that will take place over the next 24 months. In addition to renovating the units, a washer-dryer rental program will be put in place and a large outdoor tenant amenity area will be created to include a new playground, barbeque/picnic area and pavilion with the goal of upgrading Lake Shore’s image to attract tenants and increase occupancy.

 

The property will be managed by Crown Bay Management, a subsidiary of Crown Bay Group.

Categories : Columbia
Comments Comments Off on Crown Bay Group Acquires Columbia Apartments
Oct
19

Greenville’s Haywood Reserve Sold

Posted by: | Comments Comments Off on Greenville’s Haywood Reserve Sold

sold_sign65CNL Growth Properties, a real estate investment trust (REIT) which invested in the development of Class A multifamily communities in the mid-Atlantic and Sun Belt regions of the United States, has completed the successful liquidation of its portfolio according to the plan approved by shareholders in August 2016. The company closed on the sale of its 17th and final property, Haywood Reserve in Greenville, South Carolina, on Sept. 29, 2017, for $53.8 million.

Categories : Greenville
Comments Comments Off on Greenville’s Haywood Reserve Sold
Sep
06

Raleigh Durham Apartment Vacancy at 5.4%

Posted by: | Comments Comments Off on Raleigh Durham Apartment Vacancy at 5.4%

real data LogoAccording to Real Data, the Raleigh-Durham metro area continues to be an active market for new development. There are currently more than 9,000 units under construction or proposed throughout the Triangle.

The average vacancy rate is now 5.4%. Demand remains strong with more than 2,000 units absorbed over the past six months. Over the same time period, there were more than 1,800 new units completed.

The average rental rate for an apartment in the Triangle is now at $1,101 per month, which is up from $1,064 one year ago.

The average vacancy rate is forecast to reach 5.0% in the coming year. Rental rates are expected to grow by 4% over the same time period.

Categories : Durham, Raleigh
Comments Comments Off on Raleigh Durham Apartment Vacancy at 5.4%
Aug
29

Spartanburg Apartments Sold for $46,400/Unit

Posted by: | Comments Comments Off on Spartanburg Apartments Sold for $46,400/Unit

serenity aptsElevation Financial Group, LLC, provider of affordable housing for seniors and families, is pleased to announce the disposition of Elevation Real Property Fund V asset, Serenity Apartments® at Spartanburg. The 152-unit multifamily community sold for a purchase price of $7.05 million, or $46,381/unit, and represents the first disposition for Elevation Real Property Fund V. The transaction was brokered by the Charlotte office of Capstone Apartment Advisors.

Elevation purchased the multifamily apartment community from the original developer in 2015 for $4.05 million, or $26,315/unit, and immediately initiated approximately $1 million in renovations. Upgrades included new windows, new roofs, renovated unit interiors, and rebranding of the entire property. Consisting of one-bedroom garden-style units, the property was totally transformed by the vigorous revitalization. Through the strong oversight of Elevation Property Management, the community stabilized and consistently maintained an occupancy level at or above 95%.

Categories : Spartanburg
Comments Comments Off on Spartanburg Apartments Sold for $46,400/Unit
Aug
15

RADCO Acquires Charleston Apartment Community

Posted by: | Comments Comments Off on RADCO Acquires Charleston Apartment Community

Woodbridge_ApartmentsThe RADCO Companies, one of the nation’s leading opportunistic real estate developers, completed its sixth acquisition of 2017 with the closing of Woodbridge Apartment Homes in Charleston, South Carolina. This is RADCO’s 72nd acquisition since 2011, its seventh community in South Carolina, and its second community in the Charleston market.

The 198-unit, Class B property has been renamed Radius at West Ashley. Radius at West Ashley will be proudly managed by RADCO Residential, the Company’s proprietary management platform.

Radius at West Ashley is favorably located in the heart of the West Ashley submarket of Charleston, just minutes away from downtown Charleston, College of Charleston, MUSC, and scenic South Carolina beaches. The community’s location and accessibility to major roads allows for an easy commute to the area’s major office facilities and employers, including Boeing.

READ MORE HERE

Comments Comments Off on RADCO Acquires Charleston Apartment Community
May
22

Greer Mill Building to be Converted to Apartments

Posted by: | Comments Comments Off on Greer Mill Building to be Converted to Apartments

Lofts RenderingTucked away off E. Wade Hampton Boulevard in Greer is a former mill community that is undergoing a makeover.

Apalache Mill, which opened in 1888, had a grist mill, a saw mill and a small textile mill. It was one of the first mills to be built in the Spartanburg area, and remained active until 2007. The building and 7.2-acre property it sits on is being refurbished into residential apartments called Lofts by the Lake at Apalache Mill. The development is located at 2200 Racing Road in Greer.

Upstate developer Dale Goodrich is turning the abandoned mill into 97 one- and two-bedroom units. The proposed apartment community will feature high-end, loft-style amenities including massive two-story windows, pine columns, exposed historic brick walls, lake views in 51 of the units, and communal resources including lake access and kayak shoots.

 

READ MORE HERE

Categories : Greer
Comments Comments Off on Greer Mill Building to be Converted to Apartments
Apr
18

Why Aren’t More Small Apartment Projects Built?

Posted by: | Comments Comments Off on Why Aren’t More Small Apartment Projects Built?

Large, luxury apartment and condo developments have been dominating headlines and casting a big shadow over the “little guys” in rental housing. A new report released by Enterprise Community Partners and the University of Southern California’s Bedrosian Center on Governance aims to call attention to this overlooked segment of the market.

The Understanding the Small and Medium Multifamily (SMMF) Housing Stock report emphasizes the formidable size of this segment of the market and its importance as a source of naturally occurring affordable rental housing. SMMF properties with two to 49 units account for more than half (54 percent) of all rental housing in the United States, according to the report. Many of these properties were originally built in the 1960s, 1970s, and 1980s. That aging inventory, along with limited amenities in many cases, contributes to lower average rental rates compared with those obtained by its larger, newer competitors.

small apartments

READ MORE HERE

 

Categories : National News
Comments Comments Off on Why Aren’t More Small Apartment Projects Built?
Feb
27

HFF Closes $20.75 Million Sale of Raleigh Apartments

Posted by: | Comments Comments Off on HFF Closes $20.75 Million Sale of Raleigh Apartments

regency placeHolliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $20.75 million sale of Regency Place Apartments (Regency Place), a 180-unit, garden-style apartment community in the West Raleigh submarket of Raleigh, North Carolina.

HFF marketed the property on behalf of the seller, Covenant Capital Group. Towne Properties (Towne) purchased the asset free and clear of existing debt. Regency Place is Towne’s first acquisition in North Carolina and in the southeastern region of the United States.

Regency Place is located at 6210 St. Regis Circle near the nexus of Interstates 40 and 440. The property’s centralized location within the Raleigh-Cary MSA provides connectivity to downtown Raleigh’s burgeoning tech hub and other high-growth employment centers such as North Carolina State University and Cary’s Weston area, which is home to companies, including SAS, MetLife and Fidelity Investments. Regency Place comprises nine three-story residential buildings with a mix of one- and two-bedroom units averaging 848 square feet each. During the past two years, the property has undergone renovations to upgrade amenity spaces, exterior features and unit interiors. Exterior and common area improvements include clubhouse modernization, fitness center expansion with new equipment, a new dog park, new pool pavilion and deck, landscape enhancement and new exterior paint. Unit upgrades include the addition of stainless steel appliances, granite countertops, new cabinet doors, new hardware and lighting, fresh interior paint and faux-wood flooring.

The HFF investment sales team representing the seller was led by managing director Justin Good, director Allan Lynch, managing director Jeff Glenn and senior managing director Jason Nettles.

Categories : Raleigh
Comments Comments Off on HFF Closes $20.75 Million Sale of Raleigh Apartments
Oct
18

Columbia Apartments Sold for $28,000/Unit

Posted by: | Comments Comments Off on Columbia Apartments Sold for $28,000/Unit

marcus millichapPark Place Apartments, a 300-unit property in West Columbia, has sold for $8.4 million to a private Upstate investor who plans immediate upgrades to unleased units to improve occupancy and rents.

Drew Babcock, director of multi-family transactions in the Columbia office of commercial real estate investment service firm Marcus & Millichap, brokered the transaction on behalf of the seller, a partnership that has owned the property since the late 1970’s. Babcock also secured the buyer, said Raj Ravi, regional manager of the firm’s N.C. and S.C. offices. The selling price represents a value of $28,000 per unit.

“Park Place is an attractive investment due to the upside in raising rents and occupancy,” Babcock said in a release.

The 18.42-acre complex at 1035 Comanchee Trail includes a mix of one-, two- and three-bedroom apartments.

 

Categories : Columbia
Comments Comments Off on Columbia Apartments Sold for $28,000/Unit
May
19

Columbia Apartment Community Sold for $24.5M

Posted by: | Comments Comments Off on Columbia Apartment Community Sold for $24.5M

crossroads aptsBerkadia has brokered the $24.5 million sale of The Crossroads Apartments, a 622-unit apartment community located at 716 Zimalcrest Drive in Columbia. Built in 1979, the property was 95 percent occupied at the time of sale. Apartment units include fully equipped kitchens, carpeting, hardwood floors, cable and wireless internet access and fireplaces and washer and dryer connections in select units. Community amenities include two swimming pools with sundecks, four tennis courts, two picnic and playground areas, a clubhouse, fitness center and a laundry facility.

David Oakley, David Etchison, Mark Boyce and Blake Coffey of Berkadia brokered the transaction between the buyer, Asia Capital Real Estate Management LLC, and the seller, AMAC I Crossroads LLC.

Categories : Columbia
Comments Comments Off on Columbia Apartment Community Sold for $24.5M
May
18

JLL: Q1 2016 Apartment Market’s Strongest First Quarter Ever

Posted by: | Comments Comments Off on JLL: Q1 2016 Apartment Market’s Strongest First Quarter Ever

JLL-OG-Logo-180x110JLL’s latest research indicates the multifamily sector’s first quarter of 2016 was the strongest first quarter ever recorded, with figures reaching $34.5 billion.

The power of private equity is one reason multifamily is continuing its more than six-year boom period. The investor group accounted for more than $8.2 billion in activity during the first quarter, more than doubling comparable activity from the first half of 2015. Suburban, garden-style properties are the primary target of the group.

“Private equity in particular has demonstrated an appetite for suburban, garden-style assets, and it largely boils down to a play for yield and the strategy to diversify investments,” David Williams, JLL’s leader of multifamily capital markets, told MHN.

“Compared to CBD product, suburban, garden-style assets deliver higher yields and often have lower rents, which mirror renters’ preference toward more affordable rents,” he said. “In addition, the REITs have been net sellers of their older suburban assets evidenced by an increase in portfolio activity which has tripled year-over-year. The suburban value-add play on the transit corridors and in the best school districts are highly sought after by renters [who] are being priced out of the core.”

READ MORE HERE

 

Categories : National News
Comments Comments Off on JLL: Q1 2016 Apartment Market’s Strongest First Quarter Ever
Mar
21

Three Upstate Apartment Communities Sold

Posted by: | Comments Comments Off on Three Upstate Apartment Communities Sold

Multi Housing Advisors (MHA) has arranged, in separate transactions, the sales of three apartment communities located in Upstate South Carolina. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in the transactions.

  • Carlisle Residential Properties sold Bent Oak to DBC Real Estate Management. The 120-unit property was built in 1980 and is ideally located with quick access to major thoroughfares. Large employers, business and shopping centers are minutes away, along with the Greenville-Spartanburg International Airport located just three miles away.
  • Graycliff Capital Partners sold Park Square to Monument Capital Management. The 96-unit property was built in 1972 and is located in the heart of West Spartanburg near Westgate Mall, with convenient access to I-26 and I-85.
  • VTT sold Hunters Park to Greystone Capital, who has since changed the name to Hawk’s Landing Apartments. The 353-unit property was built in 1973 and is located close to public transportation, entertainment, major highways and Downtown Greenville.
Categories : Greenville, Spartanburg
Comments Comments Off on Three Upstate Apartment Communities Sold
Mar
10

Spartanburg Apartments Sold for $41,826/Unit

Posted by: | Comments Comments Off on Spartanburg Apartments Sold for $41,826/Unit

whispering pines spartanburgTony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman’s Multifamily Division represented the seller, Southwood Realty, in the sale of Whispering Pines Apartments, a 312-unit complex located at 408 Abner Road in Spartanburg, SC. The multifamily property sold for $13,050,000 ($41,826 per unit). This transaction is the NAI Earle Furman’s Multifamily Division’s fourth representing Southwood Realty.

The purchaser, Cedar Grove Capital, based out of New York, NY, had no broker representation. Their plan is to renovate and hold the property.

“Value-add deals of this size are becoming exceedingly hard to come by in the Upstate. We were happy to represent Southwood once again in a sale and are equally excited to see what Cedar Grove makes of this well positioned opportunity,” says Kay Hill, Shareholder and NAI Earle Furman Multifamily Broker.

Categories : Spartanburg
Comments Comments Off on Spartanburg Apartments Sold for $41,826/Unit
Nov
06

Charleston Apartments Sold for $239,000/Unit

Posted by: | Comments Comments Off on Charleston Apartments Sold for $239,000/Unit

riviera-at-seasideA New York real estate investment firm has added a Mount Pleasant apartment complex to its portfolio, paying $60.5 million for the Riviera at Seaside. The deal worked out to about $239,000 per unit.

The buyer is a group formed by AVR Realty of Yonkers, N.Y. The seller was Riviera at Seaside LLC, which was affiliated with The Beach Co. of Charleston, property records show.

The 253-unit apartment was completed last year. It is in the Seaside Farms mixed-use development, near the Isle of Palms Connector and Rifle Range Road.

AVR’s website shows that the Riviera acquisitsion is its only investment in the Charleston area. The company already owns seven apartment complexes in South Carolina. They are in Aiken, Boiling Springs, Columbia, Florence, Irmo, Lexington and Spartanburg.

READ MORE HERE

Comments Comments Off on Charleston Apartments Sold for $239,000/Unit