Property Acquisitions and Dispositions
The Calta Group, a real estate and development company, today announced it has completed the acquisition of an assemblage of seven parcels in Allapattah from Enis Realty and Grupo Park for $17.2 million.
Universe Holdings has made its entry into the Florida real estate market with the acquisition of Pearce at Pavilion, a 250-unit multifamily property in Tampa, FL for $66 million. The acquisition included the assumption of Fannie Mae loan at a 4.13 percent interest with several years remaining on term, at 47% LTV.
The Mogharebi Group (TMG), has announced the $127 million sale of Regency Palms, a 310-unit gated multifamily community in Huntington Beach, CA in what is one of the largest multifamily transactions in Orange County over the last 12 months. The transaction was arranged by Senior Vice Presidents Brett Bayless, Bryan LaBar, and Associate Advisor Nick Earl from the TMG headquarters located in Costa Mesa, CA.
The seller, an institutional investment firm which owned the asset for nearly 30 years, sold it to a private local Orange County buyer.
“Private investors are taking advantage of a period of buyer hesitation, with institutional capital either remaining on the sidelines or showing constraint in acquisition valuations,” said Senior Vice President Brett Bayless.
“Today’s market dislocation is creating an opportunity for private investors with a longer, often multigenerational, investment horizon and deeper knowledge of local submarkets,” added LaBar. “Transactions such as these can be the early signs of a stabilizing market, and an indication of the long-term demand for Southern California assets.”
Located at 6761 Warner Avenue, approximately two-and-half miles from the coast, Regency Palms offers a mix of one- and two-bedroom apartment homes housed in two-story residential buildings on a 14-acre site. Community amenities include three swimming pools, outdoor grilling areas, on-site laundry facility, and two gated entrances. Regency Palms benefits from numerous demand drivers including its highly ranked schools, proximity to Orange County’s world-famous beaches and strong rental demand driven by the high cost of home ownership in Huntington Beach which boasts an average home price of $1.265 million.
“There is a high barrier to entry, especially in Orange County’s coastal communities which is considered a safe haven for many investors due to the strong demand for rental housing and high replacement costs,” added Bayless. “Much of the inventory are considered long-term hold assets so it’s rare to have an opportunity to acquire a property, especially of this size and quality in this market.”
Sola Westchase multifamily community marks Eastham’s 31st acquisition for its Fund VI
JLL Capital Markets announced today that it has arranged a construction loan for The Grove at La Frontera, a to-be-built, best-in-class mixed-use multi-housing community located within the DFW metroplex in Arlington, Texas. Once complete, the Grove at La Frontera will feature three distinct uses, which include 336 mid-rise apartments, 60 bungalow-style single-family rental units and 10,000 square feet of ground-floor retail.
JLL Capital Markets announced today that it has arranged $215 million in construction financing for The Ritz-Carlton Residences, Estero Bay South Tower, which is the first of a multi-phase condominium development located in Bonita Springs, Florida. The property will be the first Ritz-Carlton Residences in Southwest Florida, where there is currently significant brand recognition from two Ritz-Carlton Resorts.
MIAMI, Jan. 3, 2024 – JLL Capital Markets announced today that it has arranged the $65 million construction financing and preferred equity for Marisol, a 292-unit, garden-style multi-housing development in Port Charlotte, Florida.
The Mogharebi Group (TMG) has arranged the $42.7 million sale of the Edge at Lakewood Apartments, a 196-unit apartment community in Modesto, CA, on behalf of Osso Capital and Graceada Partners. The sale, which closed at the end of December, marks the largest multifamily transaction in California’s Central Valley in 2023.
With a population of 6.5 million people, California’s Central Valley stretches 20,000 square miles from Sacramento to Bakersfield. Cities nestled within the Valley, such as Modesto, Fresno, and Visalia present an affordable alternative with rental rates significantly lower than those in San Francisco and the Greater Los Angeles area. These demand drivers are attracting investors, particularly private capital and exchange buyers to the region, according to Executive Vice President Otto Ozen. Moreover, Modesto’s proximity to the Bay Area and Sacramento makes it increasingly appealing, particularly within the context of rising affordability compared to core metropolitan areas, especially in the hybrid work environment. Essentially, many tenants benefit from reduced rental costs and larger living spaces while commuting to the office a couple of days per week.
As a leader in multifamily investment advisory since its founding in 2015, TMG has closed on more than 2,600 apartment units in Modesto specifically and more than 10,000 units in the Central Valley region, with a total value exceeding $1 billion. TMG commands a majority market share in the Central Valley region and has arranged for the two largest deals to close in the Modesto submarket this year.
The Edge at Lakewood sits on 7.63 acres of land at 1401 Lakewood Ave. Built in 1985, the property is comprised of one- and two-bedroom units ranging from 598 to 880 square feet. Community amenities include a fitness center, clubhouse, pool, and covered parking.
