Apartment Update, Apartments

In Houston, A significant number of new apartment projects are under construction in Houston’s Inner Loop area, which is the central city near downtown, the Galleria and the Texas Medical Center. The Houston Chronicle reports more than 3,500 units in a dozen complexes are under construction in the Inner Loop and 8,700 more are proposed, as stated by Houston-based Apartment Data Services. The Class A occupancy rate is 93.4 percent, and rents average of $1,237 per month, an 8 percent increase over last year.

In Los Angeles, Phoenix Realty Group has purchased the $29-million Portofino on the Park Apartments in Upland, Calif., a 235-unit apartment project spread across 32 buildings on 11 acres with easy freeway and commuter rail access to downtown Los Angeles, Orange County and the Inland Empire. PRG has purchased 10 apartment communities with 1,960 units in Southern California since late 2010 for a total investment of approximately $216 million in Los Angeles, Orange, Riverside and San Bernardino counties

In Harrisburg, Pa., Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has reported the sale of Presidential Halls, a 120 unit apartment property located in Harrisburg, PA, as stated by Spencer Yablon, Regional Manager of the firm’s Philadelphia office. The project sold for $3,475,000. Donald “Ridge” MacLaren, Vice President Investments along with associates Andrew Townsend and Clarke Talone in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller.

In Inglewood, Calif., Hendricks & Partners is pleased to announce the sale of 524 Venice Way, Inglewood, CA. The 36-unit apartment project was sold for $4,350,000. The sale price equates to a 6.50% cap rate, 9.13 GRM, $120,833 per unit and $116.78 per sq ft. The seller carried the financing. The Seller was Shree Ram Ven, LP of Irvine, CA.The Buyer was Lazy J Bar Z, LLC of Palos Verdes, CA. The transaction was negotiated by Michael McKinney and Steffan Braunlich of the new Los Angeles South Bay office of Hendricks & Partners on behalf of the Buyer.