Archive for Multifamily

Feb
12

Spartanburg’s Valley Creek Apartments Sold

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Mark Boyce, of Marcus & Millichap represented the seller in the sale of Valley Creek apartments at 9085 Fairforest Road, Spartanburg, SC.  The sale price was $3,440,000 ($33,725/unit). The cap rate reflected is below 8%.

Valley Creek is comprised of 102 units and is located at 9085 Fairforest Road, Spartanburg SC, 29301. The exteriors have been recently renovated and the asset offers great visibility and traffic counts from Fairforest Road. The property is less than two miles from both I-26 and I-85 business route and centrally located to downtown Spartanburg and Greenville, SC.

Valley Creek was constructed in 1973 of wood framing and brick and vinyl siding. The roofs have recently been replaced and are pitched composite shingle. The vinyl siding and windows have also recently been replaced. The property consists of seven, three story buildings, a laundry facility and leasing office. The property offers a unit mix of one, two and three bedroom floorplans. There are 21 one bedroom/one bath units at 840 square feet, 60 two bedroom, 1.5 bath units at 1050 square feet and 21 3bedroom, two bath units at 1200 square feet. All units have central heating and A/C. There is also a pool, playground, laundry facility, fitness center, picnic barbecue areas and business center with free Wi-Fi.

Categories : Spartanburg
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Nov
01

Job Growth Slowing Apartment Market?

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The U.S. apartment sector posted its smallest vacancy decline in nearly two years, raising the possibility that the strongest commercial real estate category may be succumbing to the sluggish economy, according to real estate research firm Reis Inc.

For nearly two years apartment landlords have been able to boost rents and fill their buildings as Americans, either burned by the housing bust or unable to get a mortgage, turned to renting instead of owning a home.

But rent growth ultimately depends upon significant job growth and rising incomes, and during the third quarter neither have come through.

READ MORE HERE

Categories : National News
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Oct
17

Charleston’s Silvana Oaks Apartments Sold

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Silvana Oaks, a Class A multifamily apartment community in North Charleston, has traded for approximately $21.5 million. Palmetto Park Apartment Associates LLC sold the property, which was built in 2010 adjacent to the Publix Palmetto Pavilion Shopping Center on Dorchester Road in North Charleston, to Silvana Oaks LLC. Rivers Evans and Donald Evans of Evans, Rivers and Co. represented the seller, and Dexter Rumsey of NAI Avant represented the buyer.

The complex includes one, two and three bedroom units from 770 to 1,200 square feet.

Categories : Charleston
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Oct
02

Charleston’s Apartment Occupancy Up to 93%

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According to Real Data, a  regional apartment real estate research firm, strong apartment demand over the past six months allowed the occupancy rate to climb to 93%.

Developers continue to show strong interest in apartment development within the Charleston area. There are nearly 1,550 units currently under-construction and approximately 4,700 units proposed for development. The Mt. Pleasant and West Ashley submarkets are the most active areas for development.

The current rent is $853 on average per month. The occupancy rate will likely remain level over the next year as renters absorb new supply expected to come online. Modest rent growth is forecasted throughout 2013.

Categories : Charleston
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Sep
20

Greenville’s Crossroads Apartments to be Renovated

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Davis Property Group, LLC, a Greenville based real estate development, investment and consulting firm specializing in multifamily properties, has acquired the Crossroads Apartments on Cleveland Street in Greenville. Davis Property Group will begin work immediately to renovate the property.

According to reports, the seriously deteriorated property constructed in 1971, has suffered from deferred maintenance, chronic rent delinquency, and high levels of ongoing crime. Beginning in late September, construction crews will begin work to overhaul the development. Due to the extensive renovations, Davis Property Group does not intend to renew existing  leases.

Austin Knapp, development manager at Davis Property Group, said “that current plans anticipate preleasing to begin in February 2013, with new move-ins expected as soon as late spring 2013. Renovations will provide new residents with completely renovated interiors and exteriors as well as amenity upgrades that include a newly constructed clubhouse, pool cabana, fitness center and dog park.” The City Kids Child Development Center, also located on the Crossroads Property, will be renovated as well.

Categories : Greenville
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Jul
30

Apartments Enticing Banks Back into Lending

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The thaw in bank lending for commercial real estate appears to have quickened a bit in the second quarter based on comments from bank executives in their earnings conference call.

It is not a unanimous movement back into CRE lending as several of the larger banks are still working through mounds of distressed assets and many are still in cost-cutting mode. However, a number of others have decided the markets are ripening and the time is either right to return to CRE lending, or is fast approaching to do so.

Interest in multifamily properties is leading the comeback, but many bank executives said that is just the jumping in point and not the sole purpose for getting back into lending.

READ MORE HERE

Categories : National News
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Jul
06

U.S. Apartment Revenues Soar 2.5% in 2Q 2011

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Categories : National News
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