Apartment City

With SoCal rents rising , developers are busy building apartment communities , particularly in Los Angeles. L.A. remains among the top 10 least affordable housing markets in the nation. Rents climbed to $2,054 in January, way above the national average . Ballooning home prices have made home-ownership more difficult, and in turn put downward pressure on apartment vacancy rates . Despite the issues with affordability and the growing amount of lifestyle supply, we expect continued strong demand . The pronounced need for housing has resulted in a construction boom, and there are no signs of slowing down. At this point, everyone is trying to get a slice of the action, buying and building along the way. According to Yardi Matrix data , these are the top 10 owners in the Los Angeles market , based on unit counts. 10. Aimco Palazzo East at Park La Brea Aimco, or Apartment Investment Management Co., is among the largest owners and operators of apartment communities in the United States. T...

La Mirage: hilltop site a few blocks from Qualcomm Stadium The Irvine Co. has bought an upscale apartment complex in Mission Valley — the company’s largest single-property acquisition of the year. The Newport Beach- based real estate investor and developer recently closed on the purchase of La Mirage, a 1,410- unit apartment complex just off Interstate 15. The 74- acre hilltop site is a few blocks from Qualcomm Stadium. La Mirage was bought from Chicago- based apartment owner Equity Residential . A sale price for the transaction, which was completed late last month, was not disclosed. The tab would come to about $ 350 million based on a per- apartment price of about $250,000 — the going rate for high- end rental properties in the region. That estimate would put the deal among the most expensive seen in San Diego this year. The county’s priciest real estate sale of any type this year is reported to be La Costa Resort and Spa in Carlsbad. Dallas-based Omni Hote...

Griffis Lakeline Station Colorado’s No. 2 institutional multi-family owner is raising its profile in the Lone Star State . Griffis Residential recently grabbed its third property in metropolitan Austin with the purchase of the 232- unit Talavera Apartments . The Denver-based company also operates the Griffis Canyon Creek and Griffis La Frontera apartment communities in the metro. Rebranded Griffis Lakeline Station by its new owners, the 14-year-old Class A community is located on a 12-acre site in northwest Austin’s SH-45 employment corridor. The garden- style community offers access to the Lakeline MetroRail station and the Lakeline Mall. “Our expansion in Austin is motivated by the area’s strong technology job growth , which is helping drive apartment demand and rent growth,” said Griffis Executive Chairman Ian Griffis in a statement. “As we remain open to additional opportunities in Austin, we plan to continue to expand and diversify our portfolio in areas that exhibit the p...

KING OF PRUSSIA, PA – Morgan Properties , one of the country’s largest real estate investment and management companies, announced today that it has launched its $ 25 million transformation of a six- property portfolio consisting of 1,979 units in Windsor Mill, Maryland. Morgan Properties purchased the properties from Harbor Group International for $247 million this past February. The portfolio, referred to as Rolling Road, recently underwent a rebranding and property consolidation into three communities:The Townhomes at Diamond Ridge (formerly Stratton Meadows and Crosswinds at Rolling Road)The Glens at Diamond Ridge (formerly Glens at Rolling Road)The Apartments at Diamond Ridge (formerly Rolling Wind, Granite Run, and Diamond Ridge)The property name changes are just the beginning of a plan to create a new identity for these assets, a new direction for the specific properties, and a new experience for the many residents who call them home. In addition to introducing a new propert...

FREMONT, Calif.--( BUSINESS WIRE )-- Creekside Village Apartments , a 480- unit rental community located in the East Bay city of Fremont, received a Superior Overall Score by SatisFacts Research LLC , the multifamily industry's premier resident satisfaction research provider and leading authority on resident retention. Each year, SatisFacts surveys tens of thousands of apartment residents nationwide. The recognition marks the third year this Fremont California apartment community has achieved a superior score and received a National Award from SatisFacts. SatisFacts uses a five- point satisfaction rating system focused on surveying how residents feel about their living environment and service. The firm conducted a random sampling and telephone methodology as part of its resident satisfaction survey of residents living in Shea's apartment communities . Shea currently owns and manages over 6,000 apartments in California . “The best way to find out whether your customers are...

CLOSE Lisa Conley gives the scoop on what we are working on today. Aventine at Naples (Photo: All Commercial Photography ) The sale of Aventine at Naples points to the strength of the East Naples market — and the growing demand for apartments.  The 350- unit apartment community off Collier Boulevard, between Davis Boulevard and Rattlesnake Hammock Road , recently sold for $67 million.  The sellers, Continental Realty Corp ., based in Baltimore, purchased the complex for $44.25 million in 2013, when both employment and multifamily rental rates were on the rise in the Naples area. More: Downtown Naples office tower sells for $16 million More: Newly built Port Royal home fetched record price this year, eclipsing last year's most expensive sale More: Local investors purchase a second building on Fifth Avenue South More: Two commercial buildings sold for $7.2 million on Fifth Avenue in Naples Continental made various upgrades to the complex, which included installing an outdoor k...

Lake Village Apartments is one of two Ann Arbor complexes bought this month in a record- setting deal involving The Habitat Co. Chris Asadian | AnnArbor.com Two of Ann Arbor ’s largest commercial properties were bought for a combined $85.7 million this month by an entity of the Chicago-based company that had been managing them. The Habitat Co. LLC acquired Windemere Apartments and Lake Village of Ann Arbor from Northwestern Mutual Life Insurance Company . The deals set records in the Ann Arbor market for the price paid per unit, signaling local impact of the national multifamily market experiencing a rebound. Sources said the Windemere deal is a record $92,083 for the 1980s-era property on the city’s north side near Nixon Road. And the Lake Village deal , at $115,277 per unit in the complex on South Main Street , is the highest in the market, based on information available to Habitat, said Matt Fiascone , senior vice president of finance and investment. “We think it’s the high...

Aventura firm buys Naples rentals for $67M Advenir Inc. paid about $191,000 per unit for the 350-unit property July 23, 2017 01:00PM Aventine at Naples Aventura-based Advenir Inc. bought a 350- unit apartment property in Naples for $67 million or about $191,000 per unit. The seller, Baltimore- based Continental Realty Corporation , acquired the property, called Aventine at Naples, in 2013 for $44.3 million. The Class A apartment property at 9300 Marino Circle in South Naples is located off Collier Boulevard near Marco Island. A team at brokerage firm ARA Newmark , led by Executive Managing Director Hampton Beebe , represented Continental Realty in its sale of Aventine at Naples. During its four-year ownership of Aventine at Naples, Continental Realty completed a comprehensive upgrade of unit interiors. The Baltimore-based company also installed an outdoor kitchen and grilling area, created a fitness studio, renovated the property’s clubhouse and added a 24-hour, fully automated pac...

AUSTIN, TX - Griffis Residential , a Denver- based multifamily investment and management firm, announced that it has acquired Talavera Apartments located in the northwest area of Austin, Texas. The 232-unit Class-A multifamily community is the firm’s third acquisition in the Austin metro area following the acquisition of a total 808 apartment units in November 2014 and January 2015. Griffis Residential now owns and manages 6, 198 apartment units in Colorado, Nevada and Texas.“Our expansion in Austin is motivated by the area’s strong technology job growth , which is helping drive apartment demand and rent growth,” said Griffis Residential Executive Chairman Ian Griffis . “As we remain open to additional opportunities in Austin, we plan to continue to expand and diversify our portfolio in areas that exhibit the positive economic forces and demographic trends that align with our investment strategy.” Effective immediately, Talavera Apartments has been renamed Griffis L...

GLEN BURNIE, MD - TGM Associates announced the acquisition of TGM Creekside Village , a 208 unit luxury apartment community sited on 8.3 acres in Glen Burnie, Maryland.  TGM Creekside Village features a stand-alone LEED Silver clubhouse which includes a 24- hour athletic club , resident Cafe Lounge , Apple computer bar , outdoor swimming pool , fire pit, and an outdoor kitchen. The community was constructed in 2014, and offers spacious one, two and three bedroom apartment homes with an average square footage of almost 1,000 feet.  45% of the apartment homes have granite countertops and tile backsplashes.   TGM Creekside Village represents one of the highest quality multifamily assets in in the heart of the Baltimore-Washington corridor.  The Baltimore Metro chapter of the Associated Builders and Contractors, Inc. (ABC Baltimore) recently recognized Creekside Village with the award for Excellence in Construction in the category of new project over $10 million.  The ABC Baltim...

OAK BROOK, Ill. , July 25, 2017 /PRNewswire/ --  JVM Realty Corp . (JVM), a leading vertically integrated multifamily real estate investment and property management firm , today announced that renovations are underway at The Aventine at Oakhurst North, a 464-unit community in Aurora, Ill. , acquired by the company in November 2016 . The project will include significant improvements to building exteriors, apartment homes and common amenities. Renovations to the clubhouse and other common areas have been completed, while apartment home upgrades will be phased in as residents move out. "With these renovations, The Aventine at Oakhurst North will be perfectly positioned to thrive, as the upgrades will give the community a competitive advantage in a submarket that has not experienced much new con...

Colorado Park Apartments – 1141 Colorado Avenue, Palo Alto, CA 94303 PALO ALTO, Calif. – On August 17, 2017, Palo Alto Mayor Greg Scharff , City Council Members , and other local leaders gathered to celebrate the grand re-opening of Colorado Park Apartments , an affordable residential rental community developed by Palo Alto Housing (PAH).   “The City of Palo Alto is proud to be a longstanding partner of Palo Alto Housing ,” said Mayor Scharff. “Preserving and renovating high- quality affordable housing , like Colorado Park, helps ensure that Palo Alto continues to be a great place to live, work, and raise a family.” The City of Palo Alto was also a partner in the original construction of Colorado Park in the early ‘70s. Colorado Park Apartments is a seven-building, 60- unit garden walk -up complex originally constructed in 1972 by PAH. The property has a diverse unit mix with eight one-bedroom, 24 two-bedroom, 22 three-bedroom, and six four- bedroom apartments . The latter two...

Colorado Park Apartments - 1141 Colorado Avenue , Palo Alto, Calif." title=" Colorado Park Apartments - 1141 Colorado Avenue , Palo Alto, Calif." width="250" height="150" class="im2" /> Colorado Park Apartments - 1141 Colorado Avenue , Palo Alto, Calif. PALO ALTO, Calif. - Aug. 17, 2017 - PRLog -- Palo Alto Mayor Greg Scharff , City Council Members , and other local leaders gathered today to celebrate the grand re-opening of Colorado Park Apartments , an affordable residential rental community developed by Palo Alto Housing (PAH). "The City of Palo Alto is proud to be a longstanding partner of Palo Alto Housing ," said Mayor Scharff. "Preserving and renovating high- quality affordable housing , like Colorado Park, helps ensure that Palo Alto continues to be a great place to live, work, and raise a family." The City of Palo Alto was also a partner in the original construction of Colorado Park in the early ...

Formerly known as Hunter’s Ridge, the apartment complex at 2358 NW Military Highway , near Hardberger Park, has a new owner and a new name. Presidium Group , a Dallas- based real estate investment and management firm , added the community to its portfolio. A rebranding process led to its being renamed as Elm Creek Apartments . Elm Creek Apartments San Antonio" src="https://media.atre.yardi.com/2/22596/images/Elm-Creek-Apartments-San-Antonio.jpg?w=300&h=200" alt="" width="300" height="200" />The property offers 81 units in five different floor plans, including from one to four bedrooms. A $1.1 million renovation to both the interiors and the exteriors will include upgraded flooring , lighting fixtures, appliances, hardware and plumbing. Exterior work includes landscaping , exterior wall upgrades , a pool and leasing office improvements . “The location of this acquisition, coupled with the renovation and rebranding efforts, signifi...

chief investment officer , Allied Orion; Stacy Hunt, executive director, Greystar; Jenifer Paneral, regional vice president , Pinnacle; John Hammond, CEO, Riverway Title." /> From left to right: Gary Goodman, SVP of acquisitions, Passco Cos.; Ricardo Rivas, chief investment officer , Allied Orion; Stacy Hunt, executive director, Greystar; Jenifer Paneral, regional vice president , Pinnacle; John Hammond, CEO, Riverway Title. HOUSTON — While it’s not an ideal time to be a multifamily property owner in Houston, it is a good time to be working on behalf of one. With their clients sitting on excess supply, apartment locators — middlemen who match tenant preferences to properties — are being increasingly called upon to deliver tenants. Locators work on commission, typically earning about 20 percent of the first month’s rent for their services. But in Houston’s soft market, that figure is rapidly rising. Ricardo Rivas, chief investment officer at Allied Orion Group and one of sev...

Aventura, Fla.- based Trade Street Residential , an owner and operator of apartment communities located primarily in the Southeast, announced Thursday that it purchased The Aventine Greenville apartments for $42 million. The newly constructed, 346-unit Class A apartment community is located at 97 Market Point Drive , adjacent to the Millennium Campus. The apartments consist of one-, two- and three- bedroom apartment homes with full-sized kitchens, built-in microwaves, granite countertops, walk-in closets, vaulted ceilings, private balconies/sunroom options and a full-sized washer and dryer. Its amenities include a Wi-Fi Cafe, fitness facility, pet park, business center , resort-style pool with cabanas, and a pool pavilion. “This luxury property establishes our presence in Greenville, S.C., a rapidly expanding commercial center in the Southeast, and furthers our goal to modernize our portfolio,” said David Levin, president and vice chairman of Trade Street Residential . The compa...