Author: ipgocorp

CHARLOTTE, NC – Wood Partners, one of the nation’s leading multifamily real estate development and acquisition companies, announced the closing on a 2.3-acre parcel. The company plans to break ground on a 261-unit apartment community located at the intersection of 25th Street and North Brevard in the southern end of the NoDa submarket. The apartments, still to be named, will offer a convenient location adjacent to the new 25th Street Station of the Blue Line Extension and the Charlotte Greenway trail.

“Our new community fits perfectly with our strategic vision for Charlotte,” said Carter Siegel, East Regional Director for Wood Partners. “The overall design of the space will foster the artistry, culture and history of the surrounding community, as well as provide high-end amenities and finishes.”

The apartments will feature a courtyard and saltwater pool, lounge, game room and kitchen area overlooking the Charlotte Greenway.

“Wood Partners is committed to bringing top-tier living experiences to unique, authentic communities, and we believe our development will deliver on that vision,” said Tom Burkert, the Director for the Wood Partners’ Charlotte office.  “We are excited to join and enhance the surrounding community as a new neighbor.”

The site is currently a truck yard, and the surrounding area was traditionally used for cotton and textile mills. That distinctive heritage is reflected in the community’s design, including programming of the space and the finishes in the amenity areas.

Construction is expected to run through early 2019.

NEW YORK, NY – Mortgage rates fell the lowest levels of the year, with the benchmark 30-year fixed mortgage rate now 4.16 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.28 discount and origination points.

The larger jumbo 30-year fixed dropped to the lowest level since mid-November, now 4.07 percent, with the average 15-year fixed mortgage rate following suit, sinking to 3.35 percent. Adjustable mortgage rates were sharply lower as well, with the 5-year ARM and 7-year ARM each falling to 5-month lows of 3.42 percent and 3.56 percent, respectively.

Mortgage rates fell for the third week in a row and fourth time in the past five weeks as markets remain jittery about North Korea, Syria, and other global hotspots. The international tensions, coupled with a spate of weak economic data, have prompted more investors to move into safe haven instruments like U.S. Treasuries. When bond prices rise, bond yields fall and mortgage rates are closely related to the yields on long-term government bonds. Weakness, uncertainty, and nervousness, which have each been in plentiful supply in recent weeks, are good news for bond investors and mortgage shoppers alike. Expectations for a June Fed interest rate hike have also eased slightly, further contributing to the downward adjustment on bond yields and mortgage rates.

At the current average 30-year fixed mortgage rate of 4.16 percent, the monthly payment for a $200,000 loan is $973.37.

SURVEY RESULTS

30-year fixed: 4.16% — down from 4.22% last week (avg. points: 0.28)

15-year fixed: 3.35% — down from 3.43% last week (avg. points: 0.25)

5/1 ARM: 3.42% — down from 3.46% last week (avg. points: 0.30)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. For a full analysis of this week’s move in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. This week the panelists are split, with 38 percent forecasting further declines and 38 percent expecting mortgage rates to remain more or less unchanged over the next week. Just 24 percent predict a rebound in mortgage rates in the next seven days.

(RECAP: The Irvington Town Council last week approved a new comprehensive plan, which includes a planned unit development (PUD) ordinance. “A PUD doesn’t separate the community from others,” said Gary Hooper. “What it provides is affordable housing because it’s mixed housing.”)

(RECAP: The Charlottesville City Council has committed nearly a quarter-million dollars toward helping the Thomas Jefferson Community Land Trust meet its goal of creating more affordable homes in one of Virginia’s hottest real estate markets.)

(RECAP: The money raised to support Cornerstones’ work will go toward supporting Cornerstones’ current 103 units of affordable housing, the Embry Rucker Community Shelter for the homeless and its Laurel Learning Center.)

LOS ANGELES, CA – Oakwood Worldwide, the global leader in corporate housing and serviced apartment solutions, opens Oakwood Olympic & Olive, a stylish addition to its portfolio of more than 50 branded properties globally. Located at 1001 South Olive Street in the heart of Downtown Los Angeles, this newly constructed property is also the ninth US corporate housing asset owned by Singapore-based Mapletree Investments, the parent company of Oakwood Worldwide. This is the first property added to Oakwood’s portfolio since Mapletree acquired Oakwood Worldwide in February 2017.

Oakwood Olympic & Olive combines modern architectural design and urban accessibility, located within easy reach of L.A. Live, the Financial District and the Fashion District.  This modern midrise apartment community features an energetic downtown presence where residents can experience boutique-style design, including a hip seventh floor sky lounge, downtown views from the pool deck and townhomes with front-door stoops along Olive Street.  The outdoor spaces and other amenities foster a sense of community for residents, creating an urban oasis amidst the downtown energy.  

The property offers furnished and unfurnished apartment options, and includes 201 units of studio, one- and two-bedroom accommodations with open-concept living areas.  The units feature designer finishes, including quartz countertops, glass-tile backsplashes, stainless steel appliances, gas ranges, 10-foot ceilings and in-unit washers and dryers.  The fully furnished apartments are comfortable and complete with fully equipped kitchens and contemporary furniture.  The property’s outdoor spaces include a pool, as well as more intimate spaces for smaller gatherings and a paw park for four-legged residents.  Onsite conveniences include secure bike storage, underground parking with EV charging stations, multiple co-working spaces for groups two-12, and a high-tech fitness center. With a Walk Score of 95, a Transit Score of 100 and a Bike Score of 82, guests will enjoy easy access to the downtown Los Angeles area, including close proximity to the 10 and 110 freeways and a six-minute walk to the Pico Metro stop on the Blue Line.

“Oakwood Olympic & Olive represents an evolving approach in our collection of serviced apartments, and we are excited to invite our clients and guests to experience the revitalization of Downtown LA and live like a local in our newest addition to the Oakwood family,” said Chris Ahearn, CEO, Oakwood Worldwide. “This modern style and design, along with the community-enhancing common spaces, reflect the qualities we are seeking in the new properties we will be adding to our portfolio as we accelerate our global expansion.”

Oakwood Olympic & Olive is Oakwood Worldwide’s third branded property in Los Angeles.  2016 saw the company expanding its branded properties into four new countries, Australia, Malaysia, Singapore and Vietnam, as well as increasing its presence in markets where it already has properties, such as London, Tokyo, Jakarta and several locations in China. 

With its acquisition of Oakwood Worldwide, Mapletree has reaffirmed its intentions to accelerate the acquisition and development of Oakwood-managed corporate housing and serviced apartment assets in the US, Europe and Asia Pacific.  In addition to the ten Mapletree properties operated by Oakwood in the US and Australia, Mapletree is currently developing three serviced apartment properties in Japan and Vietnam which will be managed by Oakwood Worldwide upon completion.

BOSTON, MA – TA Realty, a leading provider of real estate investment management services to institutional and private investors, announced that, on behalf of The Realty Associates Fund IX, L.P. (“Fund IX”), it has sold a six-property, 2,514-unit multifamily portfolio to Blackstone Real Estate Income Trust for approximately $430 million.

“We believe the outcome of this transaction represents compelling value for Fund IX investors,” said Tom Landry, Managing Partner at TA Realty. “The price we were able to command for this well-located portfolio of apartment communities reflects the significant value created through strategic operational and capital improvements over the ownership period.”

The apartment communities that comprise the portfolio are located across four states in high-barrier-to-entry markets, including Dallas, Chicago and Orlando metros. These markets are supported by favorable demographic trends and positive economic indicators.

Fund IX is part of TA Realty’s flagship fund series that focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation. A commingled fund with $1.49 billion in equity capital, Fund IX received commitments from a diverse group of institutional investors.

The TA Realty team members involved in the transactions include Partners Nicole Dutra Grinnell, Michael Haggerty, Jim Raisides and Dispositions Officer Luke Marchand. JLL represented TA Realty in transaction negotiations.

INDIO, CA – The Mogharebi Group (“TMG”) has completed the sale of Mountain View Cottages, a 311-unit community that is located on Arabia Street in Indio, CA. The property sold with multiple offers for a sales price of $15.5 million. The buyer was a Simi Valley based private investor.

“Due to the low price per unit and attractive yield of this property, the potential buyer pool was significant in size,” says Alex Mogharebi, President of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high net worth private clients several of whom are in exchange. Not only did the property have a strong going in yield, it also provided upside with improved management and renovations. Additionally, the neighborhood is experiencing growth due to new construction that is fueled by tourism demand from the increasing festival activity in the area.”

Alex Mogharebi and Otto Ozen of TMG represented the seller, a private investment group based in the San Gabriel Valley, and the Simi Valley based buyer.

According to Alex Mogharebi, “This sale demonstrates that private investors are outpacing other buyer types even through a rising-interest rate environment.”

Built on a 12.42-acre site in 1965, Mountain View Cottages is located at 46289 & 46299 Arabia Street in Indio. The community is near to the Indio Fairgrounds and the Larson Justice Center. It is minutes to the Empire Polo Club which is the site of renowned festivals including Coachella, Desert Trip, and Stagecoach.

Mountain View Cottages offers the finest in common area amenities. There is a sparkling swimming pool and a fun playground that is surrounded by a tropical landscape and beautiful mountain views. All the units are bungalow style, meaning that residents don’t share a wall with other units.

With unrivaled local knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.

BOSTON, MA – Taurus Investment Holdings, a private global real estate investment firm, announced the acquisition of Wellington Parkside from SMC Management for a purchase price of $56 million. The community, built in 2015, is a 190-unit, Class A apartment complex located in Everett, Massachusetts.

Terence Scott of TMS Real Estate Investment Advisors, Simon Butler and Biria St. John of CBRE New England marketed the property for sale on behalf of SMC Management. The acquisition of Wellington Parkside, located at 12 Valley Street, will boost Taurus’ Greater Boston multifamily portfolio (containing approximately 1,230 units) to over $200 million.

“We are excited about our recent acquisition,” says Peter Merrigan, CEO of Taurus Investment Holdings. “The combination of major area developments, including Assembly Row, Station Landing, and the future Wynn Casino, coupled with transportation infrastructure providing access to Boston were attractive attributes to the opportunity. With modest property improvements, combined with Taurus management and marketing approach, we believe the property will be well positioned to take advantage of the positive changes to Everett and the overall dynamics of Boston’s urban-infill submarket.”

Wellington Parkside is located just 4 miles from downtown Boston in one of the most progressive up-and-coming satellite cities, offering direct access to Boston and Cambridge’s continuously growing employment market, as well as their lively retail and restaurant locations. As Taurus will be working with The Dolben Company for management of the asset, Taurus believes the overall asset value could increase noticeably over the next few years.

Taurus is a Real Estate Private Equity Company and active deal participant in thirty markets around the world. Through fully owned local subsidiaries such as advisory, property management and value add development companies, Taurus, together with its international private investors and strategic joint venture partners, leverages its local market proficiency and performance record to capitalize on select investment opportunities.

GLENDALE, AZ – Marcus & Millichap announced its Institutional Property Advisors (IPA) division has closed the sale of Indigo Creek, a 408-unit multifamily property in Glendale, Arizona. The $55.2 million sales price represents more than $135,000 per unit.

“Indigo Creek is a vibrant, luxury multifamily asset that provides new ownership with the opportunity to enhance revenue through the continued implementation of the apartment interior renovation program,” said Steve Gebing, IPA senior director.

Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller, Bascom Arizona Ventures and procured the buyer, Resource Real Estate.

Developed in 1998 by Gray Development Group, the property is located on more than 19 acres in the Arrowhead region of Greater Phoenix, three miles from the Bell Road Retail Corridor, which has more than 5.6 million square feet of retail space. Banner Thunderbird Medical Center and Arizona State University are less than one mile away.

Among Indigo Creek’s interior amenities are ceramic tile entries and oval, Roman-style soaking tubs. Community amenities include three resort-inspired swimming pools and two spas accented by gas-burning fire pits.