Institutional Property Advisors closes sale and arranges financing for Phoenix multifamily asset
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale and financing of Spring, a 186-unit apartment asset in Phoenix, Arizona. The property traded for $42 million, or $225,806 per unit. “Spring’s...
JOLT data reflect weakening jobs market
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in March was 9.59 million, down 384,000 openings from last month’s revised...
The Mogharebi Group closes on 142-unit multifamily community in Sacramento, California
The Mogharebi Group (TMG) has arranged the $15.75 million sale of Continental Terrace in South Sacramento, California. Senior Vice President Robin Kane and Vice President Brendan Kane represented the seller in the transaction, who...
Cushman & Wakefield arranges $26.6+ million sale of Grove at Temple Terrace in Tampa
Cushman & Wakefield announced that the commercial real estate services firm has arranged the $26,650,000 sale of the Grove at Temple Terrace, a 180-unit multifamily community located at 8741 Grove Terrace. Nick Meoli and Mike...
Multifamily fundamentals begin to stabilize
The U.S. multifamily sector is beginning to stabilize as vacancy rate expansion and negative absorption ease—trends that are expected to continue in 2023, according to CBRE’s latest research. The overall multifamily vacancy rate increased by...
Denholtz Properties bolsters Southeastern multifamily capabilities with key new hire
Denholtz Properties, a leading commercial real estate investment and development company, announces the hiring of Derek Janney as Multifamily Regional Manager for their southeastern multifamily portfolio. The addition of Janney strengthens Denholtz Properties’ significant...
First Republic takeover deals yet another blow to Bay Area real estate
The takeover of First Republic by JPMorgan Chase adds another complication to a local real estate market already hampered by high interest rates, difficulties in financing and low occupancy. And for Bay Area real estate...
Slow rise in multifamily construction spending in March
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in March was up 0.4 percent month-over-month. Spending on single-family fell for the 11th month in...
Multifamily property prices up on higher sales volume
CoStar reported that its value-weighted index of multifamily property prices fell 7.2 percent year-over-year in March 2023. However, this index was up 1.4 percent month-over-month, the first monthly rise after a string of 8...
Griffith Pepdjonovic Group arranges the $2.3 million sale of Kingswood Apartments in Foxborough
Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of the Kingswood Apartments, a 15-unit multifamily offering located in Foxborough, Massachusetts,...
April rent growth lags prior years
The latest rent report from Apartment List shows that the national average monthly rent growth in April was a positive 0.5 percent, down 0.1 percentage point from last month’s increase. It was the third...
The Mogharebi Group completes sale of new 70-unit apartment community in San Bernardino
The Mogharebi Group (TMG) has arranged the $21.5 million sale of Loma Villas, a newly constructed 70-unit multifamily community in San Bernardino, Calif. Located at 415 E. Commercial Rd. in the Inland Empire’s second largest...
Sale of multihousing community in the Twin Cities medical alley closes
JLL Capital Markets announced that it has closed the sale of Urbana Court, a 207-unit, multihousing community located in the heart of the Twin Cities medical alley in Brooklyn Park, Minnesota. JLL worked on behalf...
Institutional Property Advisors brokers multifamily asset sale in Tacoma
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Caesars Luxury Apartments, a newly built, 131-unit multifamily property in Downtown Tacoma, Washington. The $35.35 million sales price equates to...
Trepp examines refinance risk
A recent report from Trepp looked at the amount of securitized debt on multifamily property that is expected to come due over the next 2 years and estimated that 42 percent of that debt...
