Apartment Look

Botnick Realty is boosting its presence in Cheesman Park. The firm paid $6.75 million for 1295 Race St. in Denver, also known as the Campbell Stone Memorial Residences , an income- and age-restricted community – located across the street from its Metropolitan Apartments, a mixed-age and -income property. Botnick Realty plans to continue to operate the building for the foreseeable future as housing for low-income seniors, noted Craig Stack of Colliers International Multifamily Advisory Group . “There was a lot of initial interest in the property,” said Stack, noting that due to the low-income and age-restricted nature of the community to individuals 55 and up earning 60 percent of area median income , it drew fewer bids than a market-rate property but still saw 16 offers. The community has been well maintained, included upgraded windows and underwent a number of additional capital improvements over the last 10 years, added Stack. The buyer is expected to make modest upgrades on t...

ARLINGTON, TX - Eagle Property Capital Investments announced the acquisition of Central Park, a 331- unit multifamily property located in Arlington, Texas within the Dallas / Fort Worth Metropolitan Area. The Property was acquired by EPC Multifamily Partners III, a private investment vehicle raised and managed by EPC. The Property represents the fifth acquisition for Fund III. DFW has one of the strongest fundamentals in the United States in terms of population, job, household income, and economic growth . The Property is in close proximity to abundant employment, recreation, shopping and entertainment venues. It is conveniently located less than 1.8 miles from the Arlington medical cluster , 2.0 miles from Arlington’s retail hub (which includes Arlington Highlands and Parks at Arlington Mall), 1.6 miles from University of Texas at Arlington and just 20 miles from the major employment centers of Downtown Fort Worth and Downtown Dallas . EPC will execute its proprietary ...

When it comes to condominium development , Cascadia’s two largest cities couldn ’t be more different. Last year nearly 60 percent of new housing starts in the city of Vancouver, BC , were condominiums; meanwhile, Seattle saw no new condominium buildings open . And that’s not changing anytime soon: less than 10 percent of all building slated for downtown Seattle in the next three years will be condos. What’s the difference—why the blossoming of condominium construction in one city and the almost complete dearth in the other? The short answer is economics. In Vancouver, apartments are saddled with an unfavorable tax code , making condos the more lucrative multi- family housing investment even despite high rental demand . In Seattle’s skyrocketing rental market , one that’s climbed even faster than the condo market in recent years, apartment buildings are much more financially attractive, while condos come with bigger risks and, typically, lower returns. Compounding this profit differe...

Six years ago, Mike Brown and Casey Lynch stood on Downtown Boise ’s 8th Street and wondered: Why don’t more people live here? Downtown seemed to have everything that a growing percentage of Americans wanted in a place to live. “I mean, there’s all kinds of jobs. There’s a million coffee shops and hair salons and restaurants, and there’s an active street life ,” says Brown, who founded the Los Angeles- based development company LocalConstruct with Lynch in 2008. Casey Lynch, left, and Mike Brown have made their mark in Boise. Provided by LocalConstruct But in 2011, fewer than 4,000 people lived in Downtown’s scattered apartment and condominium buildings and houses. On a typical weekday afternoon , most Downtown workers got in their cars and put the city in the rearview mirror. Brown and Lynch saw an opportunity. They thought Boiseans would trade ample floor space and vaulted ceilings in the suburbs for smaller, high- end Downtown apartments that offered amenities like gyms, a do...