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Alexan Lofts, Former El Mercado, Is Up For Sale Houston – CB Richard Ellis has been retained by Trammell Crow Residential to market the Alexan Lofts, a 244-unit, historic, multi-housing complex in Downtown Houston’s East End. Originally built between 1880 and 1920, the 6-building, renovated landmark, is noted in the National Register of Historic Places and is part of Houston’s revitalized Warehouse district. Formerly known as the El Mercado del Sol, a mixed-use retail center, Alexan Lofts was re-developed in 2003 by Trammel Crow Residential, as a progressive luxury residence. Initially used to store cotton, Trammell Crow focused on preserving the architectural style of the buildings while incorporating mainstream features such as 16’ ceilings, original brick walls, historic wooden floors, and 100-year old beams harvested out of Texas Heartwood Pines. Located on the up-and-coming east side of downtown, Alexan Lofts is situated at 2115 Runnels Street and is 91% occupied. The complex is in close proximity to Minute Maid Park, the proposed Dynamo stadium, Toyota Center and is near future stops for Metro’s East End Corridor rail line. The area is also seeing an increase in development including the addition of the city’s Discovery Green Park. Craig LaFollette, Todd Stewart, Todd Marix Tre Banks, and Chris Curry with CB Richard Ellis are exclusive agents for the marketing effort on this property. .................................................................................................. Renters in No Hurry to Buy Homes
A new survey commissioned by the National Apartment Association finds 67 percent of current renters will not make the move to buy their own home in the next year. The survey also found consumer confidence in the existing state of the U.S. housing market at a low point, with 80 percent of U.S. adults believing the situation will not improve over the next six months. Meanwhile, apartment occupancy is at an all-time high. “The country is deep into the discussion of the economic fallout of sub-prime mortgage lending. However, little attention has been paid to how the crisis is impacting people’s choices to stay in rental homes and wait out the storm,” said National Apartment Association (NAA) President Douglas Culkin. “The results of this survey reflect what our membership is experiencing across the country. Renters are not eager to take a chance on homeownership this year. If the economy improves, that trend may abate, but, for now, people are generally staying put.” The independent survey of more than 2,000 U.S. adults, conducted by leading market research firm Harris Interactive®, also finds an increase from last year’s survey with respect to the financial benefits of renting vs. owning, 48 percent in 2008 compared to 43 percent in 2007. NAA also reports that occupancy rates in rental housing have seen the largest annual increase (1.5M units) in history dating back to 1965, based on the Commerce Department Data Series1. This increase has produced an all-time record high of the number of rental housing units in the country, now totaling 34.7 million units or about 83 million persons. “Just last week, the Commerce Department cited that the main reason for an upswing in U.S. homebuilding is the construction of rental properties -- not single-family homes – further supporting our findings of what the average U.S. adult is experiencing,” added Culkin. Among the key findings in the National Apartment Association survey: Consumer confidence is low - it’s going to get worse before it gets better: 80 percent of U.S. adults believe that the current housing market situation will worsen or stay the same over the next six months.
................................................................................... Phoenix: $24.7 Million for 274 Units HFF (Holliday Fenoglio Fowler, L.P). has announced that it arranged a $24.7 million construction loan for West Town Court, a 274-unit multifamily development in Phoenix, Arizona. HFF senior managing director Tim Wright and director Aldon Cole worked exclusively on behalf of The Greystone Group to secure the 36-month, adjustable-rate loan with US Bank. The Greystone Group is a fully-integrated real estate development, management and construction services firm headquartered in Newport Beach, California. Aries Capital was the co-broker for the transaction. ........................................................................ Sueba in Pearland Mixed-Use Project Sueba USA has signed a deal to develop the apartments that are part of a new mixed-use development being developed by Tenn.-based CBL. The Sueba mulit-family will be part of the Pearland Town Center at FM 518 and Highway 288 in Pearland, south of Houston. The mixed-use project also has some additional rental units built above street-level retail. The center will open this year. It includes a Dillards, Macy's and a Courtyard by Marriott hotel, plus some office space.
........................................................................ Austin deal for Seamless The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $1.8 million financing for Alpine Village and Alpine Grove Apartments, two multifamily communities totaling 68 units in southern Austin, Texas. HFF managing director Tucker Knight worked exclusively on behalf of Seamless Development Inc. to secure the three-year, 5.99% fixed-rate loan with Washington Mutual. Seamless Development. is using the loan proceeds to acquire the properties, implement a more efficient property management team and make minor capital improvements to facilitate immediate increases in rental rates. Alpine Village and Alpine Grove Apartments are located at 116 & 126 West Alpine Road off of South Congress Avenue and north of Ben White Boulevard in Austin. “The multifamily market in South Austin has been very resilient in withstanding rental increases without affecting occupancy levels. The close proximity to St. Edward’s campus and the mismanagement of the property made it an attractive play for us to unlock immediate value. We have cured deferred maintenance, raised rents considerably and extended all of the leases at the property,” said Joe Warnock, president of Seamless Development, Inc. Seamless Development Inc. is an Austin-based land development company founded in 2006 that focuses on infill redevelopment opportunities in the urban core. .............................................................................. Finger High-Rise in Downtown Houston HOUSTON -- Downtown Houston’s first high-rise rental apartment tower to be constructed in over 40 years will now have two penthouse levels. The 36th floor will be configured for six penthouses, in addition to the four on the 37th floor. Construction of the tower is proceeding on schedule with one structural floor completed each week. Models will be ready for showing by fall of 2008. It is the only residential building adjacent to Discovery Green, Houston’s new downtown park set to open in March 2008. The 346 luxury apartments on 30 levels, with a total net rentable space of 498,000-square-feet, will have traditional interiors with upgraded appointments unusual for most high-rise rental apartments, but standard in the Finger Companies’ developments.
..................................................... Lexington: 318 units for $28.5 Million HFF (Holliday Fenoglio Fowler, L.P.) announced the sale of The Fountains at Andover, a 318-unit multifamily community in Lexington, Kentucky. The HFF investment sales team was led by directors Marty O’Connell, Sean Fogarty and Dave Nachison, and senior managing director Matthew Lawton, who marketed the property on behalf of the seller, Northwestern Mutual. B & M Management Company, LLC purchased The Fountains of Andover for $28.5 million free and clear of debt. .................................................... Juniper Buys Class B HFF (Holliday Fenoglio Fowler, L.P.) announced that it secured $26 million in financing for Brannon Park, Casa del Sol and Casa del Lago, three multifamily properties totaling 833 units in Greensboro, Raleigh and Charlotte, North Carolina. Senior managing director Mark Sixour, who recently relocated to HFF Atlanta from the Houston office, worked exclusively on behalf of Juniper Investment Group to secure the three-year, adjustable-rate financing through GE Real Estate. Loan proceeds are being used to acquire and renovate the properties. HFF has closed numerous transactions on behalf of Juniper Investment Group since 2003. The portfolio includes Brannon Park, a 299-unit property that is located at 3822 Mizell Road in Greensboro; Casa del Sol, a 176-unit property at 4009 Deep Hollow Drive in Raleigh; and Casa del Lago, a 358-unit complex at 5417 Albemarle Road in Charlotte. The properties have an average occupancy of 88%. ”Juniper’s excellent borrowing history with GE, coupled with its strong track record in the rehabilitation and property management of Class B apartments, were the key factors in securing this financing at a particularly turbulent time in the capital markets,” said Sixour. Juniper Investment Group, Inc. was founded by J. Douglas Rippeto, Jr. to purchase Class B and C multifamily properties across the Sunbelt that represent value-added investment opportunities. ................................................... Greenbriar Houston John Burke, Senior Vice President and Managing Director, of
NorthMarq Capital, Inc.’s (NorthMarq) Houston Regional office, arranged first mortgage financing of ................................................... Corpus Christi Deal Grubb & Ellis|BRE Commercial San Diego and Grubb & Ellis’ San ................................................ Austin Construction Slated for Morgan Group Capmark Finance Inc. funded non-recourse construction financing for the development of The Lakes at Tech Ridge Apartments, a multifamily property to be built at the intersection of Howard Lane and Lake Boulevard in Austin, Texas. The loan has a four-year term. Situated on 16.35 acres, The Lakes at Tech Ridge Apartments will be comprised of 350 Class-A, garden-style units. Each unit features nine-foot ceilings, upgraded cabinets, ceiling fans, a security system, crown molding, a garden tub, walk-in closets and large balconies or patios. The apartment community will provide 104 covered parking spaces, and 30 of those spaces will be tucked under the buildings. Amenities will include a resort-style clubhouse and swimming pool, as well as a health-club-quality fitness center. Leasing is planned to begin in summer 2008. The Morgan Group was the borrower. The Morgan Group, a developer based in Houston, was founded in 1959 as a full-service real estate firm. The company now specializes in the luxury, Class-A multifamily segment and has built over 10,000 units with a total value of more than $1 billion ............................................................ Camden Sells St. Louis Project Holliday Fenoglio Fowler, L.P. handled the sale of a 372-unit multifamily community in suburban St. Louis, Mo.. ................................................................................................................. -------- A Solemn Note --------- Apartment developer J. Frank Miller III of JPI Companies of Dallas has passed away. He was 55. Frank was a leader in the multifamily industry, serving on National Multi Housing Council's Executive Committee as well as in leadership positions with the Urban Land Institute. He is survived by his wife of 30 years, Kay, and their six children. ...................................................................................................................
Northwest Deal KC Venture Group L.L.C. has purchased the Champions Centre and Champions Park multi-housing communities located near the intersection of FM 1960 and Highway 249 in Northwest Houston. The properties contain a total of 438 units. KC Venture Group currently owns approximately 9,500 units in Texas, Arizona and the Midwest. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks represented the sellers, SC Champions Centre-Houston, LP and SC Champions Park-Houston, LP in the transactions. .................................................................................................... HUD Language Policy for Leases Draws Lawsuit from Apt. Industry
WASHINGTON, DC -- The National Multi Housing Council and National Apartment Association (NMHC/NAA) today filed a lawsuit against the U.S. Department of Housing and Urban Development (HUD), asking a federal judge to strike down HUD’s recently issued Limited English Proficiency (LEP) Guidance. HUD’s Guidance, which went into effect on March 7, requires federally funded apartment owners to translate a broad array of documents in multiple languages and to provide verbal translations for those who do not read in their native language. .................................................................................... Bush at TAA Session
Former President George Bush delivering the opening address of the Texas Apartment Association Education Conference and Lone Star Expo at the George R. Brown Convention Center. .......................................................................................... Fein Launches Major Development Effort Martin Fein Interests, Ltd., in partnership with BlackRock Realty, will develop four apartment complexes in suburban Houston in a construction program with an approximate value estimated at $100 million. The new projects, located in large-scale master-planned residential communities, demonstrate that highly sophisticated investors have considerable confidence in the Houston multi-family market. “Houston’s strong economy presents a rich opportunity to commence this unprecedented multi-family development program, which will begin immediately,” said developer Martin Fein. “The participation of BlackRock Realty, an advisor to major institutional investors, represents a unique endorsement of Houston’s multi-family market,” said Hal Holliday of Live Oak Capital, a Houston-based commercial mortgage banking firm. “This is a milestone in Houston real estate. We have never seen capital of this high quality come into the city and undertake three or four new projects simultaneously,” Holliday said. The apartments will be located in suburban master-planned communities developed by Johnson Development Corporation. Currently under development are the 270-unit Gateway at Sienna Plantation Apartment Homes in the Sienna Plantation community in Missouri City, the 204-unit Sorrento at Tuscan Lakes Apartment Homes in the Tuscan Lakes community in League City, and the 246-unit Cascade at Fall Creek Apartment Homes in the Fall Creek community in Humble Texas. The joint venture also controls 15 acres for another development in Tuscan Lakes. “Many developers realize that Houston’s Inner Loop is a prime location for multi-family projects,” Fein said. “However, large master-planned communities have fully emerged as the ideal niche for suburban apartment development.” Fein’s firm, founded in 1989, has completed 6,500 units, with more than 1,500 units currently under development. Westchase Construction, Ltd., a Fein affiliate, will be general contractor for the new projects. JP Morgan Chase, represented by Todd Fuller, is providing construction financing. David Aaronson and Hal Holliday of Live Oak Capital arranged the Fein/BlackRock joint venture. Executive Vice President Timm Wooten represented Martin Fein Interests. .............................................................................................. Chicago Apartments Sold CHICAGO – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Sturbridge Square, a 270-unit multifamily community in suburban Cleveland, Ohio. ...................................................................... New Apartments in Clear Lake CB Richard Ellis announced the sale of the Alexan Landing Apartments, a 364-unit, Class “A”multi-family complex located in the Clear Lake area of Houston. CBRE’s Craig LaFollette, Executive Vice President; Todd Stewart, Executive Vice President; Todd Marix, Senior Vice President; and Tre Banks, Senior Associate, represented the seller Clear Lake Apartments Limited Partnership in the transaction. The buyer, Inland American Webster Clear Lake Limited Partnership, represented themselves. The property is at 501 Sarah Deel Drive in Webster.
Financing In North Texas
New Apartments in College Station HOUSTON – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged financing for the development of Crescent Pointe Apartments, a 280-unit, luxury multifamily community in College Station, Texas. National Rankings WASHINGTON, DC – Concentration in the management sector of the apartment industry changed dramatically in 2006, according to the National Multi Housing Council’s (NMHC) 18th annual ranking of the top 50 apartment owners and top 50 apartment managers.
High-rise Condos For Downtown Austin
................................................ New Project in West Houston
Houston–Newport on the Lake, L.P., led by the principals of Cambridge Development Group, Inc. and Atticus Real Estate Development, has begun the construction of the 234-unit Newport on the Lake Apartments in West Houston. The ten-acre site is located on the west side of Barker Cypress Road between Saums and South Parkview and the entire northern property line abuts the Cullen Park and Alkek Velodrome facility, while the western and southern property lines front on a private lake. The site is in proximity to the rapidly expanding Energy Corridor employment base and is one-half mile north of the recently announced Texas Children’s Hospital West Houston Campus. Humphrey’s & Partners Architects, L.P. of Dallas designed the project using their copyrighted “Big House” design whereby many of the units will have attached garages with direct access to the units. “This design has proved to be well received throughout the country as “Big House” communities throughout the U.S. are averaging in excess of 94% occupancy,” said Mark Humphreys. Newport on the Lake is a new prototype for the “Big House” known as the “Newport Series”. The community will feature a traditional design using a predominately stone veneer exterior and will feature both two-and three-story buildings. Floor plans will range from one bedroom/one bath units of 762 sf to three bedroom units of 1,454 sf with an average unit size of 1,080 sf. Unit amenities include crown molding, vaulted ceilings, ceramic tile kitchen and entries, granite countertops in the kitchen, fireplaces with raised hearths, built in computer desks, washers and dryers and full internet capabilities. The facility also has direct access to the lake and park system. The clubhouse will be centered around a great room with adjacent kitchen, conference room, business center and fully equipped exercise room. The site will be extensively landscaped and parking will be provided for 370 residents and guests. “We think this design and amenity package will set the standard for West Houston,” said Ron Lightfoot of Cambridge. “The direct access garage and overall residential feel of the design located between a park and lake is very unique for this part of the city and we are excited about the project,” said Doug Dalton of Cambridge. In addition to the architecture by Humphrey’s & Partners Architects, L.P., civil engineering is provided by Momentum Engineering, structural by Sterling Engineering Design Group, MEP by Summit Consultants, landscaping by McDugald Steel, and C.F. Jordan will be the general contractor. John Fenoglio and Kelvin Wascom of Live Oak Capital, Ltd. arranged the financing with Jim Waschow of Key Bank Real Estate Capital and Fred Ruess of Key Bank Private Equity Group.
....................................................... Java Investments Completes Re-Fi Live Oak Capital, Ltd. has arranged for the refinance of the Inwood Apartment Portfolio in Houston.. Jim Kirkpatrick and Brandon Myers of Live Oak Capital arranged the loan with Legg Mason Real Estate Investors out of California. The $11 million loan is a fou-year LIBOR based floating rate loan that carries interest-only payments. The portfolio consists of three, Class C apartment properties. The properties are Inwood Greens, Oaks of Inwood and Trails of Inwood Forest, which were purchased in 2005 by Java Investments, a California-based sponsor. Having completed an extensive renovation on two of the properties in 2006, the borrower elected to refinance the project to obtain the lower interest rate and to seek additional monies, which will finalize the rehab of this apartment complex. The project is scheduled to be completed in the 3rd quarter of 2007. The Inwood Apartment Portfolio are multi-family properties totaling 564 units in the Inwood Forest suburb of Houston. All three properties have frontage on West Gulf Bank Road, with a small bayou separating one property (Inwood Greens) from its sister properties (Oaks of Inwood and Trails of Inwood Forest).
........................................................................ Pat O'Connor: Apartment Forecast 2007 The Houston apartment market is expected to see lower occupancy rates in 2007 in Class B and C propoerties, despite the city’s outstanding job growth and an economy fueled by high oil prices, according to multi-family analyst Patrick O’Connor. The reduction in the bubble of Katrina evacuees, many of whom are returning to New Orleans or finding other housing options, will have a dampening effect on the Houston occupancy rate this year, said O’Connor of O’Connor & Associates at the company’s recent apartment forecast luncheon. A large number of new apartment projects – some 13,000 units are under construction – will put downward pressure on occupancy, O’Connor said. Developers are being encouraged to construct multi-family properties in Houston because investors, including REITs, are eager to purchase them and put profits into the developers’ coffers. The new Class A units should perform fairly well in 2007. But the older apartment complexes, particularly Class C projects, would see some substantial declines, O’Connor said. If the conditions take a negative turn, the occupancy rate for Houston’s Class C segment, could fall to 80.3 percent occupancy by the end of 2007, down from 86 percent at the end of 2006, O’Connor projected. A significant factor in the multi-family picture is the prevailing low mortgage interest rates, which remain in the low 6-percent range. The low rates have encouraged many apartment dwellers to buy homes, a detriment to the rental market. “2007 and 2008 will be difficult years for B and C property owners,” O’Connor said. However, if the Houston economy remains robust and job growth is exceptionally strong and the drain-off of the Katrina renters is mild, then Houston apartment market should remain in fairly good shape. Two apartment brokers who were speaking at the luncheon, David Mitchell of Apartment Realty Advisors and Todd Marix of CB Richard Ellis, commented that institutional investors have become highly interested in the Houston multi-family market. In addition, REITs are again active in Houston.
.......................................................................................... Crescent REIT Crescent Real Estate, a large REIT based in Fort Worth, announced that it has sold a 301-unit project in Dedham, Mass. The project was developed in partnership with JPI. For its part, Crescent will recognize a $5 million gain on the sale. ......................................................................... Dallas Sale Transwestern’s Dallas office represented Bascom Group in the sale of Spanish Village Apartments near the intersection of Coit and Arapaho in Dallas, Texas. The 272-unit garden and duplex style property was purchased by Bascom Group for an undisclosed amount. Transwestern vice presidents Armand Charbonneau and Mark Freeman brokered the transaction. ....................................................................... Teresa Guidotti Lowery Organizes All-Cash Sale
HOUSTON -- Offers from qualified investors are being received for two multi-family properties in Houston’s burgeoning Westchase District, in an investment sale organized by Teresa Guidotti Lowery, a recognized multi-family investment specialist for Colliers International. The two properties, the 296-unit Boca Springs Apartments and the 166-unit Pagewood Place, are being offered on an “all-cash” basis. “The interest level in these properties is very strong. The numerous energy companies located in West Houston have a lot of momentum and the surge in the local economy holds a lot of promise,” said Lowery. “Houston is regarded as one of the top markets for multi-family investors and West Houston is one of the city’s most rewarding submarkets.” Chevron-Texaco, Dow Chemical, Halliburton and many major energy companies have facilities in West Houston’s famed Energy Corridor. In addition, the influx of over 100,000 evacuees from Hurricane Katrina has tightened the Houston apartment market a great deal, said Lowery, chairman of Colliers International Multi-Family Advisory Group of North America. Lowery, who has specialized in multi-family investment sales since 1980, has generated almost $2 billion in apartment transactions in her career. Over the years, Lowery has represented many institutional investors, financial institutions, real estate investment trusts, private investors and governmental entities. Saul Keeton, a vice president in the Houston Multi-Family Investment group in Houston, is also organizing the sale. Pagewood Place, 9767 Pagewood Lane, was built in 1980 and it is currently 96 percent occupied. The Boca Spring Apartment 3777 South Gessner Road, was built in 1997 and it is currently 95 percent occupied. The properties may be purchased individually or as a portfolio. For more information about the properties please go to: http://www.rcm1.com/invite/1276-01-A2EEA The Westchase District is one of the premier master-planned developments in Texas. Westchase has 14.1 million square feet of office space in 97 buildings, 2.4 million square feet of retail space and 17 hotels with 2,481 rooms. More than 500,000 people live within five miles of the Westchase District. ........................................................... Dallas Project Sold DALLAS – The Dallas office of Holliday Fenoglio Fowler has closed the sale of The Madison, a 364-unit multifamily community in Dallas.
...................................................................... Live Oak Loan Live Oak Capital, Ltd. has arranged the permanent financing for Retreat at City Park in Houston, Texas. Rob LaRue of Live Oak Capital arranged the loan with Guardian Life Insurance Company of America of New York in the amount of $22 million with a fixed interest rate of 6.30 for a term of 10 years and amortized over 30 years. Retreat at City Park is located at 1640 East T. C. Jester, Houston, TX. The property consists of 308 units with 257,364 sf. The property was built and developed in 2001 by Allied Realty with principals being Tim Myers and Al Bradley and Greg Baxter of Baxter Development Corporation. City Park Venture, Ltd., is the owner and is locally based here in Houston. Allied Realty Services Orion Real Estate Services, Inc. provides on-site management services. In addition, Orion Real Estate Services, Inc. provides marketing and management operations consulting to financial institutions and other owner-clients. Offices are located in both Houston, Texas and Denver, Colorado. “The borrower was looking for life insurance execution and Guardian understood the ramifications of the Katrina effect,” said LaRue. Live Oak Capital, Ltd. will service the loan as a mortgage loan correspondent for Guardian Life Insurance. Live Oak Capital is a full-service commercial real estate mortgage-banking firm that specializes in debt and equity placements and loan servicing for the commercial real estate industry.
....................................................................... Two Houston Projects Sold Two Houston apartment projects have been sold. The 534-unit Sierra Vista Apartments, 5500 El Camino del Rey, and the 142-unit La Scala project were sold in separate transactions handled by CB RIchard Ellis. The buyer of the La Scala , 7510 Burgoyne in the Galleria area, plans to redevelop the property. The buyer was GC 127 Voss Holdings LLC. The seller was Wentwood Capital Fund I, LP. GALP Sierra Vista Limited Partnership purchased the Sierra Vista Apartments on El Camino. The seller was Villa Del Rey Properties, LLC, an affiliate of Beverly Hills, California based StarPoint Properties, LLC. The sellers were represented by CBRE’s Craig LaFollette, Executive Vice President; Todd Stewart, Senior Vice President; Todd Marix, Senior Vice President; and Tre Banks, Senior Associate Houston is the 4th largest rental market in the nation with 2,522 total properties and 491,925 total units, according to CB RIchard Ellis. Citywide average occupancy has averaged at or about 90% for three quarters, rental rates remain at record highs, and the city has absorbed 33,306 net units over the last six quarters.
...................................................................... Finger Names Downtown Tower Groundbreaking will be held in January for a 37-story tower being developed by Finger Cos. in downtown Houston. Finger said the project, announced last May with the name Park Tower, has been renamed One Park Place. The tower's occupancy will start in the spring of 2009.
One Park Place will be located adjacent to the new Houston Downtown Park. The high-rise luxury apartments will be an urban residential environment on the eastside of downtown.
"As our design plans for the tower evolved and expanded and with the Downtown park taking on more significance, I wanted a sterling identity for what I consider will be an instant landmark," stated One Park Place developer, Marvy Finger, president of the Finger Companies, developer of the project. "One Park Place will be the premiere residential address in Downtown Houston."
The 346 luxury apartments will have traditional interiors with upgraded appointments unusual for most high-rise rental apartments. All will have balconies, 10-foot-high ceilings, hardwood floors in living spaces, designer kitchens, luxurious baths and spacious walk-in closets. The eighth level will feature four terraced suites; a 2,000-square-foot grand social terrace facing the park; a business center; three resident social rooms; and a fully-equipped, state-of-the-art exercise facility facing the 35,000 square-foot, outdoor, resort-style grand pool terrace. One Park Place will also provide retail services to residents and others in Downtown. Plans include 21,800-square-feet of retail lease space in two sections on the street level to feature a specialty gourmet grocery store, wine merchant, specialty coffee shop and sidewalk café. The tower is within a short walk to many urban amenities in addition to the park: the METRO light-rail line, with its direct access to the Museum District, Texas Medical Center and Reliant Park, home of the Rodeo and the Texans; the Toyota Center sports and performance venue; Minute Maid Park, home of the Astros; the Hilton Hotel Americas and the Four Season’s Hotel; and Downtown’s indoor shopping mall, the Park Shops at Houston Center. The Theatre District, Historic District and Buffalo Bayou amenities are within a brief walk, run or bike-ride away. The Finger Companies is an independent developer of luxury multi-family properties. .......................................................................... Camden's DC Development Camden Property Trust, one of the nation’s largest multifamily companies, announces the development of Camden Monument Place, a 368 unit apartment community expected to open in early 2007. Camden Monument Place will be the third Camden community in the Fairfax, Va., area. With this addition, Camden will own and operate a Washington, D.C. portfolio that includes thirteen apartment communities representing 4,499 apartment homes, including those under construction. Located on the northeast quadrant of Monument Drive and Fair Lakes Parkway, Camden Monument Place sits on seven and one-half acres in the Fairfax Center area. Immediately west of the Interstate Highway 66 and Route 50 Interchange, the community is well-situated with easy access to the major transportation corridors within the D.C. metro and Northern Virginia areas. Fair Lakes Parkway and Monument Drive lead to major destinations within Fairfax County including the Government Center, Fair Lakes shopping district and the regional Fair Oaks Mall. Houston-based Camden maintains a mix of property types, including one, two and three bedroom garden-style apartment homes in suburban communities and upscale studios, lofts and town homes in urban mid-and high-rise residences – a variety that appeals to differing consumer demographics and lifestyles. In addition to the greater D.C. metro area, Camden has multifamily communities in eighteen high-growth markets, including Atlanta, Miami, Tampa, Charlotte, Houston, Austin, Phoenix, Denver, Las Vegas and Los Angeles. From late 2006 through 2007, Camden will open four additional communities in the greater D.C. area, two communities in Houston, and one community in Orange County. Camden Property Trust owns interest in and operates 185 communities, consisting of 63,449 apartment homes, geographically dispersed across the lower half of the United States from Washington, D.C. to Los Angeles. Through the ownership of land parcels and development rights in promising markets, Camden is uniquely prepared for future growth. Their development pipeline is substantial, with over $1.4 billion in current and future projects. Upon completion of thirteen communities under development, the company's portfolio will increase to 67,911 apartment homes and 198 communities. .................................................................... El Paso Deal The Houston office of Holliday Fenoglio Fowler L.P. has arranged refinancing totaling $5.28 million for two El Paso, Texas multifamily communities: Ashton Parke Apartments and Southview Apartments.
Community amenities include laundry facilities, storage units, a party room and a swimming pool. The 97% occupied property is located on 2.7 acres at 5815 Timberwolf Drive east of downtown El Paso. .............................................................................. Tampa Deal Goes For $21.2 M Holliday Fenoglio Fowler, L.P has closed the sale of The Remington Apartments, a 369-unit multifamily community in Tampa, Fla.
........................................................................... Las Vegas Financing
The Orange County office of Holliday Fenoglio Fowler has secured a $20 million financing for Rancho Serene Apartments, a 216-unit luxury multifamily community in Las Vegas.
.............................................................. Memorial Heights Project Sold
The 437-unit Estates at Memorial Heights apartment project, located new Memorial Drive and ...................................................................... Multi-Family Investors: What Are They Thinking? Rising mortgage interest rates may be diminishing the attractiveness of home buying in the eyes of apartment dwellers and first time home buyers. The rising rate may be slowing down the conversion of apartments into for-sale condo units. After a record number of condo conversions in 2005, the first three
At the same time, rising interest rates and overall capitalization
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Camden Reports 2nd Quarter Camden Property Trust, a Houston-based apartment REIT, has reported increased second quarter profitability. Camden's funds from operations (“FFO”) for the second quarter of 2006 totaled $0.89 per diluted share or $53.4 million, as compared to $0.80 per diluted share or $47.0 million for the same period in 2005. During the quarter, Camden disposed of three wholly-owned apartment communities: Camden Pass, a 456-unit apartment community in Tucson for $20.3 million; Camden Trails, a 264-home apartment community in Dallas for $8.8 million; and Camden Wilshire, a 536-home apartment community in Houston for $20.4 million. Gain on sale of those three properties totaled $23.7 million. In addition, the Company sold a 4.7 acre parcel of undeveloped land in College Park, MD for a gain of $0.8 million.
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Rents Are Rising As Housing Markets Shift To New Era Rent.com, the online apartment listing service, says renters in Houston can expect to see more competition for apartments in coming months. Cooling housing markets and rising interest rates are expected to increase rental demand throughout the summer. Rent.com data indicates demand is already on the rise in Houston.
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