MultiHousing News

MultiHousing News https://www.multihousingnews.com/ Our most recent real-estate news and articles en-us Mon, 30 Apr 2018 21:09:47 Z https://www.multihousingnews.com/feed/ https://www.multihousingnews.com/post/design-improvements/ https://www.multihousingnews.com/post/design-improvements/ National MHN Polls Design Improvements Mon, 30 Apr 2018 19:20:45 Z 2018-04-30T19:20:45Z <![CDATA[]]> https://www.multihousingnews.com/post/intercapital-group-snags-suburban-atlanta-community/ https://www.multihousingnews.com/post/intercapital-group-snags-suburban-atlanta-community/ South Atlanta MHN Market Rate News Deals InterCapital Group Snags Suburban Atlanta Asset The buyer purchased the 230-unit property using nearly $23 million in Fannie Mae acquisition financing originated by Greystone. Mon, 30 Apr 2018 17:22:41 Z 2018-04-30T17:22:41Z <![CDATA[<figure id="attachment_1004199777" style="width: 300px" class="wp-caption alignright"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/Villas-at-West-Ridge-in-Lithia-Springs-Ga..jpg" target="_blank" rel="noopener"><img class="wp-image-1004199777 size-medium" src="https://media.atre.yardi.com/1/69899/images/Villas-at-West-Ridge-in-Lithia-Springs-Ga..jpg" alt="" width="300" height="233"></img></a><figcaption class="wp-caption-text">Villas at West Ridge in Lithia Springs, Ga.</figcaption></figure>InterCapital Group has acquired the 230-unit Villas at West Ridge near Atlanta. The seller, Adams LaSalle Realty, landed $27.3 million for the asset, according to Douglas County records. InterCapital funded the acquisition with a 10-year, $22.9 million <a href="https://www.multihousingnews.com/post/greystone-provides-29m-for-sacramento-acquisition/">Fannie Mae loan originated by Greystone</a>. Adams LaSalle had picked up the asset in 2013 for $17.6 million from GFI Capital Resources Group, according to Yardi Matrix. Cushman & Wakefield represented the seller.Located at 7850 Lee Road in Lithia Springs, Ga., the nine-building community is situated on 36.3 acres just south of the Tom Murphy Freeway, enabling direct access to downtown Atlanta. The 2,500-acre Sweetwater Creek State Park is located across from the property on Lee Road, and a Publix-anchored community retail center is also nearby.<h2>Coveted amenities</h2>Built in 2002, the community’s one-, two- and three-bedroom units were 97.8 percent leased, according to Yardi Matrix data from March 2018. Apartments range in size from 880 to 1,479 square feet. Residents have access to 510 parking spaces and can rent garages for an additional monthly fee. On-site amenities include:<ul><li>outdoor swimming pool</li><li>laundry facilities</li><li>fitness center</li><li>business center</li><li>clubhouse</li><li>playground</li></ul>“Atlanta’s west side, particularly the western suburbs, are attracting both residents and investors,” said Cushman & Wakefield Senior Director Nathan Swenson, who represented the seller in the transaction, in a prepared statement. “Residents are drawn to quality of life, easier commutes and expanding employment centers all along Atlanta’s western flank, and investors are looking to capitalize on these demand factors, reinforced by limited new supply of multifamily coupled with a near inability to build new multifamily.”]]> https://www.multihousingnews.com/post/northmarq-capital-arranges-14m-refi-for-phoenix-apartments/ https://www.multihousingnews.com/post/northmarq-capital-arranges-14m-refi-for-phoenix-apartments/ West Phoenix MHN Luxury News NorthMarq Capital Arranges $14M Refi for Phoenix Apartments Union at Roosevelt, an 80-unit luxury community just north of the city’s downtown, was completed in 2017 and reached full occupancy in March. Mon, 30 Apr 2018 17:19:09 Z 2018-04-30T17:19:09Z <![CDATA[<figure id="attachment_1004199273" style="width: 300px" class="wp-caption alignright"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/888-N.-1st-Ave.-Phoenix-Ariz..PNG.jpg" target="_blank" rel="noopener"><img class="wp-image-1004199273 size-medium" src="https://media.atre.yardi.com/1/69900/images/888-N.-1st-Ave.-Phoenix-Ariz..PNG.jpg" alt="888 N. 1st Ave. Phoenix, Ariz." width="300" height="240"></img></a><figcaption class="wp-caption-text">888 N. 1st Ave. Phoenix, Ariz.</figcaption></figure>The Chicago office of NorthMarq Capital has arranged a $14.1 million Freddie Mac loan for the refinancing of Union at Roosevelt, an 80-unit luxury community in Phoenix. The arrangement includes a 10-year term with five-year, interest-only payments.“The transaction posed a number of challenges, including a tax abatement structure unique to Arizona, whereby the tax abatement was effectuated through a ground lease (leasehold position) with the city; corporate master lease for 20 percent of the residential units; limited operation history; funding based upon trailing one-month collections and a first-time Freddie Mac sponsor,” said Brett Hood, senior vice president with NorthMarq and the loan intermediary, in a prepared statement.The current loan covers a previous $11.6 million construction financing that owner Metro West Development secured through Stearns Bank in 2015. The deal illustrates that, although the loan origination volume for the multifamily market has seen <a href="https://www.multihousingnews.com/post/mortgage-bankers-display-increasing-agility-in-2018/">a 3 percent decline</a>, as recently pointed out by Jeffrey Erxleben, executive vice president with NorthMarq, there are still plenty of opportunities in the market.<h2>Transit-oriented community</h2>Union at Roosevelt is located at 888 N. 1st Ave., just north of the city’s downtown and across the street from the Valley’s metro light rail. Metro West Development completed it in 2017 and less than one year later, in March, the luxury community was fully occupied. The property offers studio-, one- and two-bedroom units ranging in size from approximately 550 to 1,500 square feet.Each unit features luxury wood floors, two-toned accent paint, luxury kitchen faucets, stainless-steel appliances and smartbox technology for all wiring and Wi-Fi. Amenities include controlled access, concierge, courtesy patrol, deck terraces, dry cleaning and 9,100 square feet of retail space.The community is blocks from Arizona State University’s downtown campus and is surrounded by Roosevelt’s Hance Park. It also offers convenient access to a variety of dining and shopping options, live music venues and open-air markets.Image courtesy of Yardi Matrix ]]> https://www.multihousingnews.com/post/diluted-inventory-moderates-growth-in-manhattan/ https://www.multihousingnews.com/post/diluted-inventory-moderates-growth-in-manhattan/ Northeast New York Feature MHN CPE Research Center News Matrix Research Center Diluted Inventory Moderates Growth in Manhattan Due to a quick increase in rental unit and condo development, rents and per-square-foot prices are sliding in the prohibitively priced market. Mon, 30 Apr 2018 15:05:26 Z 2018-04-30T15:05:26Z <![CDATA[<figure id="attachment_1004197446" style="width: 400px" class="wp-caption alignright"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/Manhattan-rent-evolution-click-to-enlarge.jpg" target="_blank" rel="noopener"><img class="wp-image-1004197446" src="https://media.atre.yardi.com/1/69894/images/Manhattan-rent-evolution-click-to-enlarge.jpg" alt="Manhattan rent evolution, click to enlarge" width="400" height="172"></img></a><figcaption class="wp-caption-text">Manhattan rent evolution, click to enlarge</figcaption></figure>Due to a quick increase in development of both rental units and condos, rents and per-square-foot prices are sliding in the prohibitively priced Manhattan market. Inventory is projected to join the nation in having a new cycle peak for expansion, meaning that rents will likely maintain their trend of moderation.Employment growth continued in 2017 for all five boroughs, in relative sync with the national rate, as Manhattan continued to rely heavily on its financial sector. Construction is still having a moment in New York County, where megadevelopments are edging closer to completion. The World Trade Center redevelopment site has yet to add two new buildings—2 WTC and 5 WTC—while Essex Crossing, a redevelopment project that’s been 50 years in the making, is finally underway. The 1.7 million-square-foot master plan is set to add roughly 1,000 new units once all buildings are completed.With a robust multifamily pipeline of more than 10,000 units underway and an additional 27,000 in the planning and permitting stages, Manhattan is likely to maintain its fast-paced inventory expansion. As rents in the Lifestyle segment continue to slide, the New York County average rate will likely maintain its downward trend. Overall, New York City rents are bound to drop 1.0 percent in 2018.<a href="http://www.yardimatrix.com/Media/Downloads/File/428-Manhattan-Spring2018Outlook?utm_medium=Research-Center&utm_source=MHN-CPE&utm_campaign=428-Manhattan-Spring2018Outlook" target="_blank" rel="noopener">Read the full Yardi Matrix report.</a>]]> https://www.multihousingnews.com/post/brack-capital-completes-nyc-condos/ https://www.multihousingnews.com/post/brack-capital-completes-nyc-condos/ Northeast New York MHN Luxury Condo Development News Brack Capital Completes NYC Condos Designed by Gottesman Architecture and GSArch, former print house 90 Morton Residences includes 35 units, a private car drop-off, a cold storage room and an indoor pool. Mon, 30 Apr 2018 15:01:51 Z 2018-04-30T15:01:51Z <![CDATA[<a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/90-morton.jpg"><img class="alignright size-medium wp-image-1004199081" src="https://media.atre.yardi.com/1/69893/images/90-morton.jpg" alt="" width="300" height="169"></img></a>Sales have started at 90 Morton Residences in the West Village neighborhood of Manhattan, with developer Brack Capital Real Estate tapping Reuveni Real Estate to spearhead the effort. The project is a complete redevelopment of a 130,000-square-foot abandoned 1911 print house into condominiums, designed by Gottesman Architecture and GSArch.Upon completion later this year, the property will offer 35 condos ranging from two to five bedrooms. The units will feature high ceilings and private terraces starting on the eighth floor. The building’s original façade is being preserved, with windows reimagined to enhance light, and the top four floors are being reconfigured to allow for more private outdoor space.Common amenities will include a private car drop-off, 24-hour attended lobby, library, cold storage room, indoor pool, saunas, a fitness center and children’s playroom. There will also be a landscaped rooftop terrace with full outdoor kitchen, barbecue, gas fireplace and skyline and Hudson River views.<h2>Renovated Old Structures</h2>90 Morton is a case study in creative renovation, according to architect Asaf Gottesman, founder of Gottesman Architecture. “<a href="https://www.multihousingnews.com/post/top-10-multifamily-adaptive-reuse-projects/">New Yorkers have a soft spot for historical buildings</a>,” he said. “These classic industrial brick buildings are graced with high ceilings and large windows. They offer a sense of solidity and mass that is difficult to replicate in ground-up developments.“In the case of 90 Morton, the strikingly different attributes of the base building and the upper floors was our main challenge,” said Gottesman. “We chose to unite the lower and upper parts of the building through materials, detailing and certain icons that underlined the game between classical symmetry and the inclination in contemporary architecture to think out of the box.”]]> https://www.multihousingnews.com/post/marcus-millichap-facilitates-ca-townhomes-sale/ https://www.multihousingnews.com/post/marcus-millichap-facilitates-ca-townhomes-sale/ West Los Angeles MHN Market Rate News Deals <![CDATA[Marcus & Millichap Facilitates CA Townhomes Sale]]> The firm represented the seller and arranged a 10-year, $10.8 million acquisition loan on behalf of the buyer for the 52-unit community. Mon, 30 Apr 2018 14:11:18 Z 2018-04-30T14:11:18Z <![CDATA[<figure id="attachment_1004199633" style="width: 300px" class="wp-caption alignright"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/Granada-Pointe-Townhomes.jpg" target="_blank" rel="noopener"><img class="wp-image-1004199633 size-medium" src="https://media.atre.yardi.com/1/69901/images/Granada-Pointe-Townhomes.jpg" alt="" width="300" height="233"></img></a><figcaption class="wp-caption-text">Granada Pointe Townhomes, Granada Hills, Calif.</figcaption></figure>After arranging the <a href="https://www.multihousingnews.com/post/marcus-millichap-brokers-sale-of-fl-property/">$1.3 million sale of Fifth Avenue Courtyard</a> in St. Petersburg, Fla., Marcus & Millichap has facilitated the sale of Granada Pointe Townhomes in Los Angeles’ Granada Hills neighborhood. The community sold for $21.5 million, or $413,462 per unit. Marcus & Millichap Capital Corp. arranged a 10-year, $10.8 million acquisition loan at 4.3 percent, on behalf of the buyer.Located at 11541 Blucher Ave., the property comprises 52 two-bedroom townhomes ranging from 1,354 to 1,601 square feet, across six buildings. According to Yardi Matrix, the 2011-built Granada Pointe had a 94.2 percent occupancy rate as of March 2018. Interior features include washer/dryers, vaulted ceilings, microwave ovens and private balcony/patios. Residents have access to shared amenities including:<ul><li>fitness center</li><li>clubhouse</li><li>swimming pool</li><li>52 parking spaces</li><li>enclosed garages</li></ul>“Multifamily investors are drawn to the San Fernando Valley, which offers buyers higher yields and lower pricing than some of the neighboring areas,” Catherine Obrien, senior associate in Marcus & Millichap’s Encino office, told Multi-Housing News. “Investors with an eye for the highest-quality assets target the southern portion of the Valley. Competition for multifamily properties in the San Fernando Valley is likely to rise this year prior to the influx of more than 2,000 apartments in 2019.” O’Brien represented the seller and also procured the buyer.Image courtesy of Marcus & Millichap ]]> https://www.multihousingnews.com/post/nordblom-co-unveils-the-huntington-in-ma/ https://www.multihousingnews.com/post/nordblom-co-unveils-the-huntington-in-ma/ Northeast Boston MHN Development Slideshows News Nordblom Co. Unveils The Huntington in MA The 117-unit luxury community is an adaptive reuse of an industrial property and features one- and two-bedroom apartment homes. Mon, 30 Apr 2018 14:08:44 Z 2018-04-30T14:08:44Z <![CDATA[Burlington, Mass.-based Nordblom Co. has opened The Huntington, a new, 117-unit luxury apartment community featuring one- and two-bedroom apartment homes in Burlington. The development is an adaptive reuse of an industrial property, like the 102-unit <a href="https://www.multihousingnews.com/post/affordable-community-to-replace-former-ma-mill/">Van Brodie Mill conversion</a> in Lawrence, Mass., which received financing in February.The Huntington is situated in the 3rd Avenue neighborhood—a highly walkable enclave of more than two dozen boutiques, as well as upscale dining, entertainment, a fitness center, financial institution, Wegman’s supermarket, hotel and professional offices. Located at the intersection of Route 3 and Interstate 95, the neighborhood also provides quick access to the 128 tech corridor, along with express MBTA bus service to Alewife Station.<h2>Adaptive reuse</h2>“The site was originally purchased in [the] 1960s and was initially developed as a single-story industrial building,” Todd Nordblom, project manager for the Nordblom Company, told MHN. “Over the course of time, the use evolved to commercial-office, but the original structure remained. With the development of the 3rd Avenue lifestyle center, we anticipated that there was a market for housing. The development of The Huntington was aligned with the lease expiration of the commercial tenant. While it was a competitive bidding process, the patience required for this use was significant.”Among the features and finishes of residences are floor-to-ceiling windows, stainless steel appliances, soft-close kitchen drawers, oversized closets, blackout shades, tile backsplashes and granite countertops and islands in kitchens, balconies and patios, in-unit washer-dryers, modern plank flooring, carpeted bedrooms and tiled baths.The common-area amenities include a resident lounge with fireplace and gourmet kitchenette, conference room, tech station, coffee bar and beverage station, fitness center, pet spa, elevated private courtyards for entertaining, outdoor grilling stations, courtyard fire pit, sundeck, bike room and repair station, electric vehicle charging station, 24-hour package room, valet dry cleaning services and resident storage.<h2>Long-term view</h2>The Huntington encompasses approximately 179,950 square feet, including the covered parking garage measuring approximately 37,000 square feet, Nordblom reported.“The idea with Huntington was to take the urban feel of modern apartments and bring it (farther) into the suburbs than ever before,” Nordblom said. “Making the numbers work required vision for a higher rental market and taking the long-term view that we are investing in a quality asset that is meant to last for generations.”Images courtesy of Nordblom Co.]]> https://www.multihousingnews.com/post/economy-watch-gdp-growth-slower-in-q1/ https://www.multihousingnews.com/post/economy-watch-gdp-growth-slower-in-q1/ National MHN CPE News Economy Watch Research Center Economy Watch: GDP Growth Slower in Q1 Real U.S. GDP increased 2.3 percent in the first quarter of 2018, according to the Bureau of Economic Analysis' first estimate, coming in less than the 2.9 percent growth achieved in the previous quarter. Mon, 30 Apr 2018 13:28:08 Z 2018-04-30T13:28:08Z <![CDATA[<figure id="attachment_1004225817" style="width: 400px" class="wp-caption alignright"><a href="https://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm"><img class="wp-image-1004225817" src="https://media.atre.yardi.com/2/69887/images/BEA-GDP-1Q18.png" alt="" width="400" height="172"></img></a><figcaption class="wp-caption-text">Source: U.S. Bureau of Economic Analysis</figcaption></figure>Real U.S. gross domestic product increased at an annualized rate of 2.3 percent in the first quarter of 2018, according to the first estimate released by the Bureau of Economic Analysis on Friday. In the fourth quarter, <a href="https://www.cpexecutive.com/post/economy-watch-us-gdp-slows-in-4q/">real GDP increased at an annualized 2.9 percent</a>. The bureau will release further first-quarter estimates in the coming month or so. Generally, these revisions move the estimate upward, but not always.The first-quarter increase in real GDP was spurred by contributions from nonresidential fixed investment, personal consumption expenditures, exports, private inventory investment, federal government spending, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.As a percentage of GDP, residential property investment is now just a shade under 4 percent. That’s higher than during the years after the recession, when the number was as low as about 2.5 percent, but actually low by historic standards. Before the recession, residential investment was more than 6.5 percent of the total economy, and in the 1950s and even in the 1970s, the total often reached nearly 6 percent of GDP.As for investment in non-residential structures, the total is about 3 percent of GDP, according to the BEA. That too is somewhat below the historic norm, which has tended to be between 3 percent and 4 percent of GDP. During the go-go 1980s, non-residential investment shot up over 5 percent, a height it has not seen since.]]> https://www.multihousingnews.com/post/hamilton-zanze-expands-denver-footprint/ https://www.multihousingnews.com/post/hamilton-zanze-expands-denver-footprint/ West Denver MHN Market Rate News Deals Hamilton Zanze Expands Denver Footprint The 216-unit community, constructed in 1997, fetched a price tag of $50 million, nearly double the amount the seller paid five years before. Fri, 27 Apr 2018 17:01:14 Z 2018-04-27T17:01:14Z <![CDATA[<figure id="attachment_1004199171" style="width: 300px" class="wp-caption alignright"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/Willow-Run-Village-in-Broomfield-Colo..jpg" target="_blank" rel="noopener"><img class="wp-image-1004199171 size-medium" src="https://media.atre.yardi.com/1/69865/images/Willow-Run-Village-in-Broomfield-Colo..jpg" alt="" width="300" height="233"></img></a><figcaption class="wp-caption-text">Willow Run Village in Broomfield, Colo.</figcaption></figure>Hamilton Zanze has acquired the 216-unit Willow Run Village north of Denver for $50 million. The seller, Griffis/Blessing, picked up the asset in early 2013 for $28.2 million, according to Yardi Matrix data. This purchase marks <a href="https://www.multihousingnews.com/post/hamilton-zanze-nabs-co-community/">Hamilton Zanze’s second Denver-area acquisition</a> this year. The firm funded the acquisition with a 10-year, $32.4 million Fannie Mae loan originated by CBRE, per Broomfield County records.Located at 12621 Zuni St. in Broomfield, Colo., the community’s 10 two- and three-story buildings are situated less than two miles west of Interstate 25, providing direct access to downtown Denver. A few shopping and dining options are in the immediate area, and the expansive 120th Avenue retail corridor runs a couple miles southwest.<h2>Planned improvements</h2><figure id="attachment_1004199174" style="width: 300px" class="wp-caption alignleft"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/The-swimming-pool-at-Willow-Run-Village.jpg" target="_blank" rel="noopener"><img class="wp-image-1004199174 size-medium" src="https://media.atre.yardi.com/1/69865/images/The-swimming-pool-at-Willow-Run-Village.jpg" alt="" width="300" height="233"></img></a><figcaption class="wp-caption-text">The swimming pool at Willow Run Village</figcaption></figure>The 1997-built community offers a mix of one- to three-bedroom units, varying in size from 859 to 1,248 square feet. On-site amenities feature a swimming pool, fitness center, business lounge, spa and playground. The new owner plans to upgrade some of the amenities, including the property’s package locker area and dog park, as well as units’ appliances, flooring and paint. A total of 450 parking spaces are available for residents, with garages offered for an extra monthly charge. The owner has enlisted Mission Rock Residential to oversee asset management.“Willow Run presents a true value-add opportunity,” said David Nelson, managing director of acquisitions for Hamilton Zanze, in a prepared statement. “We are planning an extensive interior renovation campaign, resulting in a strategically positioned asset in a fabulous location.”Images courtesy of Yardi Matrix]]> https://www.multihousingnews.com/post/audubon-completes-ga-community-upgrades/ https://www.multihousingnews.com/post/audubon-completes-ga-community-upgrades/ South Atlanta MHN Market Rate Development News Audubon Completes GA Community Upgrades The 232-unit property, constructed in 2004, sits 30 miles southeast of Atlanta and includes two outdoor kitchens and 350 parking spaces. Fri, 27 Apr 2018 16:38:02 Z 2018-04-27T16:38:02Z <![CDATA[<figure id="attachment_1004199660" style="width: 300px" class="wp-caption alignright"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/Sundance-Creek-in-McDonough-Ga..jpg" target="_blank" rel="noopener"><img class="wp-image-1004199660 size-medium" src="https://media.atre.yardi.com/1/69864/images/Sundance-Creek-in-McDonough-Ga..jpg" alt="" width="300" height="233"></img></a><figcaption class="wp-caption-text">Sundance Creek in McDonough, Ga.</figcaption></figure>Audubon Communities has finished $400,000 of capital improvement work on Sundance Creek, a 232-unit <a href="https://www.multihousingnews.com/post/arcan-capital-picks-up-atlanta-area-apartments/">apartment community near Atlanta</a>. The firm renovated the property’s leasing office and updated the clubhouse and amenities. Audubon picked up the asset from PASSCO Real Estate in mid-2016 for $23.5 million, according to Yardi Matrix data.“We have renovated several units already at Sundance Creek and will continue to do so as needed, although the units are in good condition,” Christopher Edwards, managing director of Audubon Communities, told Multi-Housing News. “The improvements we’ve made to date, which have focused on improving curb appeal and better utilizing space in the clubhouse, have helped push our occupancy rate to 95 percent while also raising the profile and appeal of the property. We anticipate this will translate into higher rents and occupancy.”Located at 575 McDonough Parkway in McDonough, the community sits on a 6.8-acre parcel, approximately 30 miles from downtown Atlanta, accessible via Interstate 75. The asset’s 26 two-story buildings are within a mile of the Jonesboro Road retail corridor, home to a variety of shopping and dining options.<h2>Unit and amenity mix</h2>Built in 2004, the community contains a mix of one- and two-bedroom townhome units, ranging in size from 768 to 1,152 square feet. Monthly rents begin at $815, climbing to $1,045 for larger apartments, according to the property’s website. The pet-friendly property’s on-site amenities include a fitness center, laundry facilities, a business center, a swimming pool, two outdoor kitchens and controlled access gates, as well as 350 parking spaces available for residents for an additional monthly charge.Image courtesy of Yardi Matrix]]> https://www.multihousingnews.com/post/owner-occupied-senior-cooperative-rising-in-colorado-springs/ https://www.multihousingnews.com/post/owner-occupied-senior-cooperative-rising-in-colorado-springs/ West MHN Senior Housing Development News Owner-Occupied Senior Cooperative Rising in Colorado Springs Real Estate Equities Development will bring the first 100 percent owner-occupied senior housing community to Colorado Springs, comprising homes ranging from 900 to 1,600 square feet. Fri, 27 Apr 2018 16:20:47 Z 2018-04-27T16:20:47Z <![CDATA[<a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/multifamily-news-04b.png" target="_blank" rel="noopener"><img class="alignright wp-image-1004199225 size-medium" src="https://media.atre.yardi.com/1/69863/images/multifamily-news-04b.png" alt="" width="300" height="233"></img></a>Real Estate Equities Development has announced plans for their new Village Cooperative of Briargate property in Colorado Springs, Colo., aimed at adults 62 and over. The development will be the first 100 percent <a href="https://www.multihousingnews.com/post/kansas-citys-first-senior-cooperative-opens-may-18/">owner-occupied senior housing community</a> in the city.The property will include homes ranging from 900 to 1,600 square feet, from one-bedroom/one-bath to two-bedroom/two-bathroom units. Each residence will include a laundry room, storage area and a balcony. The open-plan, fully-equipped kitchens will comprise kitchen islands, rollout shelving and several cabinetry options to choose from. The Briargate cooperative will feature:<ul><li>community room with kitchen</li><li>guest suite</li><li>club room</li><li>reading areas</li><li>raised outdoor gardening beds</li><li>fitness center</li><li>internal storage area</li><li>underground heated parking with a car wash bay</li></ul>“Our company started developing Village Cooperative communities in 2003 because we saw the demand for this type of dynamic lifestyle,” said Keith Jans, president of Real Estate Equities Development, in prepared remarks. “Cooperatives give active adults and retirees an excellent home ownership option with a hassle-free lifestyle.”]]> https://www.multihousingnews.com/post/transit-oriented-condo-development-coming-to-seattle/ https://www.multihousingnews.com/post/transit-oriented-condo-development-coming-to-seattle/ West Seattle MHN Condo Development News Transit-Oriented Condos Coming to Seattle The 204-unit Koda Condominiums will be in the International District, near several train and metro stations. The project is scheduled to break ground this fall and be complete by July 2020. Fri, 27 Apr 2018 16:00:31 Z 2018-04-27T16:00:31Z <![CDATA[<figure id="attachment_1004198625" style="width: 300px" class="wp-caption alignright"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/Koda-Condominiums-in-Seattle-e1524641189168.jpg" target="_blank" rel="noopener"><img class="wp-image-1004198625 size-medium" src="https://media.atre.yardi.com/1/69862/images/Koda-Condominiums-in-Seattle-e1524641189168.jpg" alt="" width="300" height="225"></img></a><figcaption class="wp-caption-text">Koda Condominiums in Seattle</figcaption></figure>DA LI Development USA has commenced capitalization of the $125 million Koda Condominiums project in downtown Seattle. Construction of the 204-unit, transit-oriented community is slated to begin in October this year, with a planned completion in July 2020.The property is located at 450 S. Main St., two blocks away from the International District/Chinatown light rail and bus station. In recent years, the area has generated a large number of new retail, cultural and dining options. The site is surrounded by 22 million square feet of office space and companies, such as Dropbox, Pixar or Intel. The development features a 98/100 walk score and a transit score of 100/100.<h2>Wide range of amenities</h2>Designed by KMD Architects, the community will offer studios, urban one-bedroom, one-bedroom, urban two-bedroom and two-bedroom units. All apartments will include in-line kitchens with optional islands. The upcoming <a href="https://www.multihousingnews.com/post/columbia-city-condos-to-break-ground-this-summer/">Seattle condo development</a> will provide common-area amenities, such as:<ul><li>coworking space in the lobby</li><li>retail space</li><li>health and wellness center</li><li>outdoor Zen Garden</li><li>library</li><li>business center</li><li>conference room</li><li>event space</li><li>movie theater room</li></ul>CBRE Capital Markets’ Debt & Structured Finance team, led by Senior Vice President John Lo, is arranging the financing on behalf of the developer.“High-end finishes, technology-focused improvements, attractive amenities coupled with an exceptional cost/commute value proposition have helped generate immense interest and demand for Koda Condominiums,” said Lo, in prepared remarks. “Over 97 percent of the inventory was reserved within the first week of marketing, with more than 30 percent of the inventory double or triple covered.”Rendering courtesy of KMD Architects ]]> https://www.multihousingnews.com/post/why-practice-csr-in-your-company/ https://www.multihousingnews.com/post/why-practice-csr-in-your-company/ National MHN MHN Blog Why Practice CSR in Your Company? Corporate social responsibility is not going to solve a city’s or a nation’s most stringent problems. But it sure is a way for companies to benefit themselves while also helping society. Fri, 27 Apr 2018 15:32:15 Z 2018-04-27T15:32:15Z <![CDATA[<a href="https://www.multihousingnews.com/wp-content/uploads/2018/03/Laura-Calugar.jpg"><img class="alignright size-medium wp-image-1004192502" src="https://media.atre.yardi.com/1/69860/images/Laura-Calugar.jpg" alt="" width="300" height="233"></img></a>The University of Edinburgh in Scotland defines <a href="https://www.multihousingnews.com/post/keeping-your-onsite-associates-in-the-fold/">Corporate Social Responsibility</a> (CSR) as the way companies take into account their social, economic and environmental impact, as well as how they consider human rights. Real estate specialists would certainly add brand strategy, financial outcome and employee retention to the list.The multifamily industry in particular can play a meaningful role when it comes to practicing CSR. It’s not only making donations to local charity organizations, but also about how a company impacts its employees, residents, third-party partners and the communities they manage or own. If done efficiently, a good CSR strategy will result in more involved employees, increased profitability and happy residents.<h2>Main benefits</h2>Billionaire entrepreneur Richard Branson once said, “Clients do not come first. Employees come first. If you take care of your employees, they will take care of your clients.” Therefore, the adoption of a CSR platform is likely not only to improve a company’s overall reputation, but also influence employee retention. Moreover, CSR initiatives can serve as a boost to employee morale. But corporate responsibility also means thinking about all the stakeholders in a business. CSR stretches to a company’s partners. Suppliers and vendors that come to your property are seen as your appendix by residents, so they have to be part of your CSR strategy.A financial challenge for the multifamily industry is resident turnover. The SatisFacts Index considers Staff Responsiveness and Dependability a top driver for lease renewal. Residents need to know that the on-site management team is always available and willing to solve issues. Thus, a powerful CSR platform will prove a company’s willingness to get involved. Organizing community events and allowing employees to participate in charitable causes alongside residents is seen as an extra benefit of working or living in a particular apartment property.Last year, ManagInc presented the results of a study about the multifamily industry’s adoption rate of several best practices and perceptions of CSR actions. The research included feedback from 70 property management companies that manage more than 1.4 million units combined. According to the study, besides volunteering, green initiatives and charity, CSR is also about the working environment, living experiences and society.ManagInc’s 2017 Multifamily CSR Benchmark Study also revealed that 90 percent of industry executives believe CSR can not only positively impact employee and resident retention, but also the company’s overall performance. Besides numbers and profits, performance is also measured by the way a firm gets involved in the community it manages and the neighborhood and city it does business within. CSR should be more than just a PR move and include a company’s employees, as well as its leadership team.According to Forbes, it is expected for companies to continue to expand their activism throughout the year and invest in the issues that most matter to their employees, customers and communities. It is highly likely that CSR agendas will carry on their focus on community development and workforce diversity.]]> https://www.multihousingnews.com/post/related-to-preserve-rehabilitate-51-affordable-communities/ https://www.multihousingnews.com/post/related-to-preserve-rehabilitate-51-affordable-communities/ National MHN Affordable News Deals Related Cos. Acquires $590M Affordable Housing Portfolio from AIMCO The firm purchased more than 7,000 units, including an asset management portfolio and four affordable communities, and plans to rehabilitate the properties. Fri, 27 Apr 2018 14:50:43 Z 2018-04-27T14:50:43Z <![CDATA[<figure id="attachment_1004199285" style="width: 300px" class="wp-caption alignright"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/Matt-Finkle.jpg" target="_blank" rel="noopener"><img class="wp-image-1004199285 size-medium" src="https://media.atre.yardi.com/1/69857/images/Matt-Finkle.jpg" alt="" width="300" height="233"></img></a><figcaption class="wp-caption-text">Matthew Finkle, president, Related Affordable</figcaption></figure>Related Companies has acquired 7,837 affordable housing units from AIMCO. The apartments span across 51 properties in 16 different states. The affordable housing division of the firm, Related Affordable, entered into an agreement to purchase Aimco’s Asset Management portfolio and four affordable communities for $590 million.This transaction will bring an end to AIMCO’s affordable housing business that was formed back in 2011. Related will preserve the 51 communities as affordable and will begin its rehabilitation plan once the deal is complete, set to occur in the third quarter of 2018.“Since our very founding, Related has had a keen focus on the acquisition and preservation of affordable housing. We had closely followed Aimco and when the opportunity arose to acquire, preserve and rehabilitate this portfolio, it was a natural fit,” Matthew Finkle, president of Related Affordable, told Multi-Housing News. “The lack of affordable housing options continues to be a challenge for many communities throughout the country. Developing new affordable housing has always been a challenge and we continue to believe that one of the most important ways to address the need is to ensure the preservation of the affordable housing stock that already exists.” Last August, both the Related Cos. and AIMCO were named on MHN‘s list of the <a href="https://www.multihousingnews.com/post/top-10-apartment-owners-in-chicago/">Top 10 Apartment Owners in Chicago</a>.Image courtesy of Related Cos. ]]> https://www.multihousingnews.com/post/berkadia-completes-31m-vegas-sale/ https://www.multihousingnews.com/post/berkadia-completes-31m-vegas-sale/ West Las Vegas Feature MHN News Berkadia Completes $31M Vegas Sale Sundance Bay acquired Desert Ridge Apartments, which includes 304 units and a dog park, a racquetball court and a playground. Fri, 27 Apr 2018 14:47:20 Z 2018-04-27T14:47:20Z <![CDATA[<a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/Desert-Ridge.jpg"><img class="alignright size-medium wp-image-1004199342" src="https://media.atre.yardi.com/1/69856/images/Desert-Ridge.jpg" alt="" width="300" height="200"></img></a>Berkadia has completed the <a href="https://www.multihousingnews.com/post/berkadia-facilitates-15m-vegas-sale/">sale of Desert Ridge Apartments</a>, a garden-style multifamily property in Las Vegas. The $30.75 transaction saw Berkadia work on behalf of seller Sundance Bay of Salt Lake City. The buyer was San Rafael, Calif.-based OpenPath Investments LLC.“Desert Ridge is situated at the base of Sunrise Mountain, as far east as one can go in the Valley,” Angela Powers, Berkadia senior director, told MHN. “Most buyers would immediately pass, but OpenPath understood the property’s immense opportunity. “Because of its location, there exists only one competing property within a mile radius. Additionally, the Department of Transportation’s work around the future development of Interstate 11 has identified three possible routes, and one of these routes would virtually drop the interstate nearby the entrance of Desert Ridge, potentially increasing drive-by traffic by tens of thousands.”<h2>Near Lake Mead, Vegas Strip</h2>The 304-unit, 28-year-old property is located at 7055 E. Lake Mead Blvd. and includes one- and two-bedroom apartments averaging 850 square feet in size. Apartments feature walk-in closets, ceiling fans and private balconies or patios, with garden tubs and vaulted ceilings available in select floor plans.Common-area amenities include two swimming pools, a fitness center, a business center, a dog park, a clubhouse, a racquetball court and a playground. The location puts residents within minutes of Lake Mead National Recreation Area and the Las Vegas Strip.Powers and Managing Director Brian Anderson completed the sale on behalf of the seller, Sundance Bay, which is a real estate private equity firm specializing in multifamily investing, net lease investing and debt lending nationwide.“Our success is not only determined by the returns we generate but by the communities we improve,” Sundance Bay director of asset management, marketing and communications Craig Romney said.Concluded Powers, “This was an off-market opportunity for the buyer who will continue the same mission as the seller, [to] enhance the lives of tenants by improving interior and outdoor living spaces.”]]> https://www.multihousingnews.com/post/jv-buys-80s-vintage-phoenix-apartments-for-27m/ https://www.multihousingnews.com/post/jv-buys-80s-vintage-phoenix-apartments-for-27m/ West Phoenix MHN News JV Buys ’80s-Vintage Phoenix Apartments for $27M L5 Investments, MLA Properties and BH Equities have acquired the 360-unit Cielo Apartments and plan to invest $4.2 million in capital improvements. Fri, 27 Apr 2018 14:10:05 Z 2018-04-27T14:10:05Z <![CDATA[<a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/Cielo.jpg"><img class="alignright size-medium wp-image-1004199324" src="https://media.atre.yardi.com/1/69855/images/Cielo.jpg" alt="" width="300" height="201"></img></a>A partnership including L5 Investments, MLA Properties and BH Equities has acquired Cielo Apartments, a 360-unit apartment community in Phoenix for $27.2 million. Built in 1981, Cielo is on more than 10.5 acres at 8222 North 19th Ave., which is about 10 miles from downtown.Cielo has a mix of studio, one-, and two-bedroom units with sizes ranging from 455 square feet to 879 square feet. The units feature fully equipped kitchens and private patios or balconies. Common amenities include two pools, a newly renovated clubhouse and fitness center, picnic/barbecue area and covered parking.<h2>Planned Improvements</h2>The buyers plan to treat the deal as a value-add play. Their plans call for $4.2 million in capital improvements to increase occupancy and attract and retain residents. The renovations will focus on updating unit interiors including flooring, cabinets, lighting, appliances and adding in-unit washers and dryers in some one- and two-bedroom units.“Although Cielo is in excellent condition overall, it needs a significant amount of key amenity and interior upgrades to help meet the demands of the <a href="https://www.multihousingnews.com/post/riding-the-tech-wave-in-phoenix/">renter base in the Phoenix area</a>,” said Michael Flaherty, founder and managing partner of L5 Investments, an El Dorado Hills, Calif.-based multifamily investment firm.Brett Polachek and Jim Crews of Cushman and Wakefield brokered the transaction on behalf of both the buyer and the seller. The deal was an off-market transaction.]]> https://www.multihousingnews.com/post/fundamentals-flourish-in-los-angeles/ https://www.multihousingnews.com/post/fundamentals-flourish-in-los-angeles/ West Los Angeles Feature MHN CPE Research Center News Matrix Research Center Fundamentals Flourish in LA Increased investor interest in the metro’s multifamily assets is driving property values to new highs, while keeping acquisition yields at nationwide lows. Fri, 27 Apr 2018 13:44:48 Z 2018-04-27T13:44:48Z <![CDATA[<figure id="attachment_1004197431" style="width: 400px" class="wp-caption alignright"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/Los-Angeles-rent-evolution-click-to-enlarge.jpg" target="_blank" rel="noopener"><img class="wp-image-1004197431" src="https://media.atre.yardi.com/1/69886/images/Los-Angeles-rent-evolution-click-to-enlarge.jpg" alt="Los Angeles rent evolution, click to enlarge" width="400" height="172"></img></a><figcaption class="wp-caption-text">Los Angeles rent evolution, click to enlarge</figcaption></figure>Amid a supply surge that began in 2016 and continued through 2017, rent growth has been decelerating in Los Angeles, in line with the national trend. Demand continues to be strong across the metro, sustained by robust hiring and population gains.Job growth in 2017 was highest in education and health services, information, and professional and business services. The tech industry, which has been one of the main drivers of the metro’s economic growth in recent years, has contributed to job creation in other sectors, most notably office-using industries. Employment in these segments generated a boom in office developments, with completions reaching a post-recession high of 2.3 million square feet in 2017. Multifamily construction is also up, pushing job gains further while nudging occupancy down to 96.7 percent as of January 2018.Increased investor interest in area communities is driving property values to new highs, while keeping acquisition yields at nationwide lows. This year, more than 12,000 units are scheduled to come online in and around the city core. And since most of these units cater to Lifestyle renters while single-family homes remain out of reach for many residents, demand for workforce apartments should stay high, contributing to an overall rent hike of 4.7 percent in 2018.<a href="http://www.yardimatrix.com/Media/Downloads/File/427-LosAngeles-Spring2018Outlook?utm_medium=Research-Center&utm_source=MHN-CPE&utm_campaign=427-LosAngeles-Spring2018Outlook" target="_blank" rel="noopener">Read the full Yardi Matrix report.</a>]]> https://www.multihousingnews.com/post/savills-studley-office-report-shifting-concessions/ https://www.multihousingnews.com/post/savills-studley-office-report-shifting-concessions/ National Feature CPE Office News Leasing Research Center Savills Studley Office Report: Shifting Concessions Per the firm’s 2018 Effective Rent Index, rates continue to increase and concessions remain on the downswing in tech-centric cities, while markets dependent on traditional users experience the opposite. Fri, 27 Apr 2018 11:13:42 Z 2018-04-27T11:13:42Z <![CDATA[<figure id="attachment_1004225154" style="width: 300px" class="wp-caption alignright"><a href="https://www.cpexecutive.com/wp-content/uploads/2018/04/Keith-DeCoster-Savills-Studley.jpg" target="_blank" rel="noopener"><img class="wp-image-1004225154 size-medium" src="https://media.atre.yardi.com/2/69850/images/Keith-DeCoster-Savills-Studley.jpg" alt="Keith DeCoster, Savills Studley" width="300" height="233"></img></a><figcaption class="wp-caption-text">Keith DeCoster, Savills Studley</figcaption></figure>In the Class A segment of the U.S. office sector, coveted concessions abound—for some, according to commercial real estate services firm Savills Studley’s 2018 Effective Rent Index. New developments and repositioned properties have produced plentiful supply in some gateway markets, and landlords are responding with special deals in an effort to lease-up properties. However, the limited pool of premier offerings in tech hubs is having a converse effect, with concessions on the downswing and prices on the rise.Per the Savills Studley report, tech firms are willing to pay big-ticket prices for space, particularly cutting-edge space. “Talent and quality office space both come at a high price, even in many of the markets such as Atlanta and Dallas where developers used to be guilty of overbuilding nearly every cycle,” Keith DeCoster, director of U.S. Real Estate Analytics with Savills Studley, told Commercial Property Executive. Atlanta’s tech sector accounts for an increasing percentage of the employment market, and the city experienced the largest upsurge in effective rents of the 20 major metros surveyed and the greatest drop in concessions; rents climbed 12.7 percent in 2017 and concessions dropped 4.1 percent. In Silicon Valley’s Sunnyvale/Santa Clara area—home to the likes of Apple, which occupies the entire 350,000-square-foot <a href="https://www.cpexecutive.com/post/tristar-capital-lands-232m-in-financing-for-sunnyvale-office-campus/">Crossroads III office campus</a>—rents rose 3.8 percent, and concessions dropped 3.2 percent.It’s a different world, however for tenants in markets where tech isn’t king. “Traditional professional/business services firms and law firms are still keeping an eye on out-of-pocket expenditures,” DeCoster said in a prepared statement. “Fortunately, ample supply in many of the gateway markets is compelling landlords to offer record concessions, making conditions ideal for tenants.” Concessions packages skyrocketed 21.7 percent in Washington, D.C., and tenant effective rents in the nation’s capital dropped 1.5 percent. The same dynamic can be seen in Denver, where concessions rose 16.7 percent and rental rates dropped 2.8 percent.Overall, 12 of the 20 cities analyzed in the report recorded an increase in concessions and a decrease in tenant effective rents.<h2>Unexpected results</h2>The tech industry’s strong impact on the Class A office sector is a trend seen in previous <a href="http://www.savills-studley.com/research/us/effective-rent-indexes.aspx" target="_blank" rel="noopener">Savills Studley Rent Index reports</a>; however, the 2018 report did yield a few unanticipated results. “Two things are surprising—the sustained levels of demand for premium office space and the continued development restraint. Both may be attributable to rising costs,” DeCoster told CPE. In the central business district of Tampa, Fla., consistent leasing activity along with controlled construction pushed tenant effective rents up 10.3 percent in 2017. The same dynamic is evident in Phoenix, where constrained development and sustained user demand caused rents to jump 13.2 percent.Change, however, may be on the horizon, according to the Savills Studley report. “Demand is already starting to wane in a few markets,” DeCoster noted. “It will be interesting to see if all markets stick to their controlled development pipelines.”Image courtesy of Savills Studley]]> https://www.multihousingnews.com/post/luxury-socal-development-lands-management/ https://www.multihousingnews.com/post/luxury-socal-development-lands-management/ West Inland Empire MHN Luxury Development Operations News Luxury SoCal Development Lands Management The Trails at Canyon Crest, a 216-unit community, broke ground in October 2017. Construction is anticipated to finish early next year. Thu, 26 Apr 2018 23:02:54 Z 2018-04-26T23:02:54Z <![CDATA[<figure id="attachment_1004198934" style="width: 300px" class="wp-caption alignright"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/Conceptual-rendering-of-The-Trails-at-Canyon-Crest.jpg" target="_blank" rel="noopener"><img class="wp-image-1004198934 size-medium" src="https://media.atre.yardi.com/1/69840/images/Conceptual-rendering-of-The-Trails-at-Canyon-Crest.jpg" alt="" width="300" height="233"></img></a><figcaption class="wp-caption-text">Conceptual rendering of The Trails at Canyon Crest</figcaption></figure>Van Daele Homes, the owner of The Trails at Canyon Crest, has selected The REMM Group to handle management at its upcoming luxury community. The 216-unit <a href="https://www.multihousingnews.com/post/trammell-crow-hq-capital-developing-inland-empire-apartments/">multifamily development in the Inland Empire</a> broke ground in October 2017, and the Architects Orange-designed property is due to open in phases, starting in the spring of 2019.Van Daele owns the development in a joint venture with Ares Management, according to Yardi Matrix. In August last year, the owner landed a $32.2 million construction loan, held by U.S. Bank, to fund the project.<h2>Convenient location, high-end amenities</h2>Located at 5377 Quail Run Road in Riverside, Calif., the 30.9-acre development site is positioned one mile from Interstate 215, providing access into Los Angeles and throughout southern California. The Canyon Crest Towne Centre shopping center sits a short distance away, offering numerous shopping and dining options.Plans for the property’s 13 two- and three-story buildings call for a mix of one-, two- and three-bedroom units, ranging in size from 665 to 1,095 square feet. On-site amenities will include a swimming pool, a spa, a fitness center and a clubhouse. Some apartments will include private garages, and the asset will contain a total of 385 parking spaces.Image courtesy of Van Daele Homes]]> https://www.multihousingnews.com/post/marcus-millichap-brokers-sale-of-fl-property/ https://www.multihousingnews.com/post/marcus-millichap-brokers-sale-of-fl-property/ South Tampa MHN Market Rate News Deals <![CDATA[Marcus & Millichap Brokers Sale of FL Property]]> Fifth Avenue Courtyard is a 21-unit value-add community located in St. Petersburg. The buyer plans to upgrade the unit interiors. Thu, 26 Apr 2018 22:58:37 Z 2018-04-26T22:58:37Z <![CDATA[<figure id="attachment_1004199024" style="width: 300px" class="wp-caption alignright"><a href="https://www.multihousingnews.com/wp-content/uploads/2018/04/fifth-avenue-courtyard.jpg" target="_blank" rel="noopener"><img class="wp-image-1004199024 size-medium" src="https://media.atre.yardi.com/1/69838/images/fifth-avenue-courtyard.jpg" alt="" width="300" height="233"></img></a><figcaption class="wp-caption-text">Fifth Avenue Courtyard</figcaption></figure>Marcus & Millichap has arranged the sale of Fifth Avenue Courtyard, a 21-unit <a href="https://www.multihousingnews.com/post/st-petersburg-community-sells-for-46m/">community in St. Petersburg,</a> Fla., for $1.3 million. The company represented the seller, as well as the buyer, both limited liability companies, in the deal.Located at 865 Fifth Ave. N., the property is alongside Interstate 375 and is 10 blocks from downtown St. Petersburg. The community also provides access to the city’s public transportation, being approximately one minute from the bus stop. Built in 1958, Fifth Avenue Courtyard comprises 20 studio units and one two-bedroom unit. The buyer plans to upgrade the units.This sale is a prime example of the value-add opportunities investors are seeking,” said Ned Roberts, investment specialist at Marcus & Millichap, in prepared remarks.“The buyer will be renovating the property with an eye on attracting tenants who are increasingly being priced out of the downtown St. Petersburg core,” added Investment Specialist Sebastian Harris, in a prepared statement.Marcus & Millichap’s Roberts, Harris, Michael Donaldson and Nicholas Meoli marketed the sale of the property and secured the buyer in the transaction.Image courtesy of Google Street View]]>