From the East to West coasts, this week’s multifamily deals span across the entire country and range from large to small. On the heels of the recent announcement from Fannie Mae detailing robust growth in multifamily during the first quarter of 2012, sales continued to surge this week across the country.
"Fundamentals in the rental housing market remain strong. New construction is subdued and tight supply is supporting rent growth as vacancy rates continue to decline," said Jeff Hayward, Fannie Mae Senior Vice President and Head of Multifamily. The company announced that it issued $7.1 billion of multifamily MBS in the first quarter of 2012, backed by new multifamily loans.
Here’s a look at just a few of the key multifamily transactions that took place this week:
A joint venture of New York-based Broad Street Development and Dallas-based Crow Holdings acquired a 208 unit apartment portfolio in Manhattan for $85 million. The two buildings are both 100 percent occupied with renovations planned.
Chicago-based Capri Capital Partners purchased a 213 unit multifamily property in San Jose, Calif. for $118 million. Built in 2009, the asset is 97 percent leased and 94 percent occupied.
Phoenix-based Colliers International negotiated the sale of two properties in the Phoenix area. The first was a 269 unit asset purchased by Tarzana, Calif.-based Gelt Acquisitions for $11.2 million. And the other was a 166 unit property bought by Scottsdale, Ariz.-based Living Wells Homes for $3.2 million. Both were REO properties marketed through Auction.com.
In another REO sale, Santa Monica, Calif.-based Strategic Realty Capital acquired a 156 unit apartment community in Las Vegas for $4 million.
A joint venture for New York-based The Praedium Group and Atlanta-based Carroll Organization acquired a 302 unit property in Houston for an undisclosed sum. The community comprises garden properties and is 95 percent occupied.
Baltimore, Md.-based Quest Management Group acquired a 304 unit complex in Heath, Ohio for $8.5 million.