GLHP Asset, Echo 1055, Makes Top 100 MFE Student Housing Ranking
For the fourth year in a row, Echo 1055 has made it within Multi Family Executive's ranking of the top 100 student housing properties in the country.
In 2021, we were ranked 97, and this year, we rose in the rankings to 54. We hope to continue to build on this accomplishment in the coming years.
See below for the full article ( The Best in Student Housing for 2022 by ORA | Multifamily Executive Magazine ).
Institutional Property Advisors Brokers the Sale of Two Multifamily Assets in North Tempe
TEMPE, Ariz., June 15, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of 134-unit Sakara Tempe and 36-unit Sakara Villas at Tempe in Tempe, Arizona. Together, the properties sold for $30.5 million, which represents $178,363 per unit.
“Located at the doorstep of Arizona State University, these garden-style apartment communities offer two of the remaining cost-effective price points near campus,” said Cliff David, IPA executive managing director. “Residents enjoy more favorable rent economics in comparison with the towering purpose-built student housing alternatives and traditional Class A market-rate communities that surround the properties and permeate North Tempe. Sakara’s rent affordability measured against North Tempe’s best-in-class housing stock and the nearly 70,000 employees and 2,000 total business in the surrounding area make it ideal for the implementation of a comprehensive renovation strategy.” David and IPA executive managing director Steve Gebing represented the seller, GoodLife Housing Partners, a student housing and apartment investment firm based in Los Angeles, California founded by principals, Rohan Gupta and David N. Fong. Cliff David and Steve Gebing also procured the buyer, Capital Allocation Partners, Nathan Reid, principal.
“We are truly excited about the sale of the Sakara portfolio as it represents a successful exit and execution of our value-added renovation business plan for the property after acquiring it three years ago for approximately $20.8 million,” stated Fong.
Built in 1968, the properties are within walking distance of Arizona State University and the University Drive/Rural Road Transit Center. There is over 4 million square feet of retail and dining within a three-mile radius of the communities, including Downtown Tempe, Tempe Marketplace, and Mesa Riverview/Sloan Park. Loop 202, Loop 101, and U.S. Route 60 are also within three miles of the two properties.
Sakara Tempe and Sakara Villas at Tempe feature one-, two- and three-bedroom apartment homes. Select apartments have new laminate kitchen countertops, wood-style vinyl flooring, and two-tone paint with accent walls. Some of the units are furnished for the convenience of students. Common area amenities at Sakara Tempe include a resort-inspired swimming pool with cascading water features and poolside cabanas, a fitness facility, bocce ball court, and an outdoor television lounge
Newmark Announces Sale and Financing of 416-Unit Multifamily Asset in DFW Market
Newmark announces the sale and financing of Marbletree Apartments, a 416-unit, garden-style multifamily asset at 4057 North Belt Line Road in Irving, Texas. The property is currently 98% occupied.
Newmark Senior Managing Director Jakob Andersen and Executive Managing Director Brian O’Boyle, Jr. represented the seller, LumaCorp, Inc., in the transaction to buyer, privately held real estate investment company GoodLife Housing Partners (GoodLife HP). Financing for the purchase was provided by Ready Capital and placed by Newmark Vice Chairman Deverick Jordan, MAI, FRICS and Associate William Hairston.
“This was a cooperative effort, with value added for all parties. The transaction was executed in a timely manner and facilitated a 1031 exchange for the seller; the buyer is able to expand their footprint in the Dallas-Fort Worth market,” said Brian. “Additionally, the transaction demonstrated the health of the debt capital markets,” added Deverick.
“Our objective as the lender was to provide the sponsor with an optimal loan structure to match their business plan. We were able to meet their timeline with certainty of execution through our upfront process,” said David Cohen, Managing Director of Ready Capital.
Built in 1982 and having never undergone renovations, the property is well-positioned for capital improvements, including updated unit interiors and improved property amenities, which is in-line with the Buyer’s value-add investment strategy.
The property is located less than two miles from Dallas-Fort Worth International Airport and has direct access to Interstates 161 and 183, providing residents a convenient 20‐minute drive to Dallas Love Field Airport, Downtown Dallas and Downtown Arlington, and a 30‐minute drive to Downtown Fort Worth. There are 185,227 jobs within a five‐mile radius of Marbletree Apartments and several new major employment hubs are under development nearby, including Las Colinas Urban Center (26,000+ employees), American Airlines headquarters (11,000+ employees) and Cypress Waters (17000+ employees).
According to Newmark Research, despite the impact of COVID‐19, annual rent growth for 1980s vintage multifamily assets in the Irving submarket remained positive at 2.4%. In the past five years, the average annual rent growth has been 4.2% and the average occupancy rate has been 95.2%, reflecting the strength of the submarket.
About Ready Capital
Ready Capital (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans. Our National Bridge Originations Team offers nonrecourse financing on transitional, value-add and event-driven commercial and multifamily real estate opportunities. Ready Capital is a direct lender that provides comprehensive financing solutions to real estate owners, investors and small business owners, which generally range in original principal amounts between $2 – $45 million and larger for select assets and portfolios. For more information, contact David A. Cohen, National Bridge Originations Managing Director for Ready Capital at david.cohen@readycapital.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.