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Stepp Commercial completes $1.7 million sale of Oak Street Bungalows in Santa Monica, CA

Oak Street Bungalows
Stepp Commercial completed the $1.7 million sale of Oak Street Bungalows, a five-unit apartment property located at 2444 Oak Street in Santa Monica, CA.

Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $1.7 million sale of Oak Street Bungalows, a five-unit apartment property located at 2444 Oak Street in Santa Monica, CA. The property is near the beach and the world-famous Santa Monica Pier.

Principal Kimberly Stepp of Stepp Commercial represented the seller, a Los Angeles-based private investor, and the buyer, Gortkov Enterprises. The price per square foot was $588.

Built in 1937, the property is situated on a large corner lot and includes three bungalow-style units, a one-bedroom loft unit, and a studio apartment all of which feature hardwood floors, private dual entrances, patios, and private outdoor space.

“The new ownership is planning on renovating and creating additional value as the rents have a potential 48 percent upside,” said Stepp.

Santa Monica continues to be one of the hottest residential markets within the greater Los Angeles region as it provides residents a coastal lifestyle with a myriad of nearby retail, dining, and entertainment amenities. It also offers public transit options as well as nearby employment within the thriving Silicon Beach tech, media and entertainment hubs.  With a median home price of $1.8 million in Santa Monica, rental demand remains strong.

Tackling Challenges of the Multigenerational Workforce


Tackling Challenges of the Multigenerational Workforce

 
Working today often means joining a team with a range of ages. A millennial may manage you, but you may still work with Generation Xers and baby boomers.
 
 
As more boomers work past retirement age and as tech-savvy millennials continue to graduate and enter the workforce, the stark differences in the values, communication styles and work habits of each generation are becoming increasingly pronounced.
 
Every person comes into the office with different life experiences, perspectives and views, which is valuable to the company. Having varying perspectives of seeing the world helps you to see more of the landscape and your company’s spot in it, and that’s a great thing.
 
How do you create and manage a cohesive team? Here are the four biggest challenges in the modern work environment and how to deal with them head-on. 
 
Company culture
 
People sometimes think company culture for younger generations means rooms with ping-pong tables and no set office rules. While these can be perks, they’re not necessarily what defines company culture.
 
The way in which your employees receive company culture is one of the toughest and most important aspects of running a business. When the workforce is happy and teams enjoy their environment, the atmosphere as a whole is more productive.
 
I have found that hosting company events and happy hours, and celebrating joyful occasions is a great way for everyone to grow together.
 
Whether it’s a summer pool party, celebrating birthdays in the……

Community Manager | CPM Inc.

About CPM Inc.

Continental Properties is a national real estate development and property management company headquartered in suburban Milwaukee, Wisconsin. Founded in 1979 and still privately held, continental has grown from a small company to a major presence in the real estate and apartment management industry. With each project, Continental works as a responsible business partner and community leader. We operate Springs® Apartments, our national award-winning apartment brand with a fierce commitment to customer service. The Springs offers features and amenities distinguishing us from the competition, promoting customer satisfaction and retention, and challenging the status quo in the apartment industry. The development and management of our retail projects and apartment communities is backed by Continental’s hallmarks: ethical business practices, expert industry knowledge, financial strength and an uncompromising attention to detail. Continental Properties’ team of exceptional people, its financial resources, critical thinking and unrivaled industry insight all play a role in creating real estate developments that deliver optimum benefit to our tenants and attractive returns to investors and enhance the communities we serve.

RISE Properties Trust and Aegon Real Assets US acquire Linden Square Apartments in North Seattle

Linden Square Apartments
RISE Properties Trust and Aegon Real Assets purchased Linden Square Apartments in North Seattle for $52,750,000.

RISE Properties Trust (“RISE”) a Canadian real estate trust based in Seattle, and Aegon Real Assets US (“Aegon RA”), an indirect wholly owned subsidiary of Aegon N.V., a multinational life insurance, pensions and asset management company headquartered in the Netherlands, today announced their purchase of Linden Square Apartments in North Seattle for $52,750,000. The transaction, brokered by CBRE, represents the third joint venture between the companies this year.

Located a couple miles northwest of Northgate Mall, the multifamily community was built in 1993 and features a mix of one, two- and three-bedroom units, a fitness center and pool, as well as ample garage parking, storage, and amenity space.

The property is a short walk to Bitter Lake and its adjoining playfield amenities, as well as a rapid ride transit stop, which features service every four minutes during peak hours. In addition, the location has strong accessibility to major Seattle employment nodes by way of short drives to both Highway-99 and Interstate-5.

Beau Madsen, Investment Manager at RISE, noted that “Linden Square is a rare, transit-oriented asset that will benefit from our expertise in acquiring, renovating and operating multifamily properties. Having recently completed a number of successful renovation projects in the area, we are excited for the opportunity to unlock the potential at Linden Square by reimagining the asset’s branding and leasing experience, as well as it’s amenity and apartment offerings.”

Cameron Jones, Head of Real Estate Equity Acquisitions for Aegon RA, stated, “The acquisition of Linden Square Apartments is another illustration of Aegon RA’s investment strategy which focuses on acquiring, improving and preserving workforce housing in select metros across the U.S.  The venture with RISE showcases alignment with regional experts and leverages our experience and depth of relationships in the multi-family sector.”

Including Linden Square Apartments, RISE owns approximately 3,200 units across 20 multifamily properties in the Pacific Northwest.

The property will be managed by Thrive Communities, a Seattle-based property management firm with approximately 12,000 apartments under management.

JLL completes $47.55M sale of The Vue at Pinnacle Park

The Vue at Pinnacle Park
JLL closed the $47.55 million sale of The Vue at Pinnacle Park, a 285-home, Class A apartment community located in Fitchburg, Wisconsin

JLL announced today that it has closed the $47.55 million sale of The Vue at Pinnacle Park, a 285-home, Class A apartment community located in Fitchburg, Wisconsin, a suburb to the south of Madison.

JLL marketed the property exclusively on behalf of the seller, Milwaukee-based Fiduciary Real Estate Development, Inc., and procured the buyer, Weidner Apartment Homes.

The Vue at Pinnacle Park is located at 1300 Post Road less than five miles south of downtown Madison. Built in 2014, the property is less than 20 minutes from top employers, including the University of Wisconsin-Madison, Epic Systems and American Family Insurance, and is about three minutes from Madison’s “Beltline” Highway, which is the convergence of Highways 12, 14, 18 and 151 at Interstate 90. The Vue at Pinnacle Park is situated on 9.83 acres near a vast nature preserve that insulates the area from future development and also offers unobstructed scenic views and access to walking trails. The property consists of five three-story buildings that house a variety of studio through three-bedroom units averaging 976 square feet. Community amenities include a resort-style swimming pool and sundeck, outdoor grilling area, fire pit, 24-hour fitness center with tanning bed, clubroom with wet bar, heated ground-floor garages and indoor pet washing stations. The property was 97% occupied at closing.

The JLL Capital Markets team representing the seller was led by Senior Director Wick Kirby, Managing Director Marty O’Connell, Director Kevin Girard and Analyst Amanda Friant.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

CBRE Multifamily Group sells Appleton Square for $29.3 million

Appleton Square
The CBRE Capital Markets team announced the sale of Appleton Square located at 171-176 East Street in Methuen, Massachusetts, for $29,300,000. 

The CBRE Capital Markets team announced the sale of Appleton Square located at 171-176 East Street in Methuen, Massachusetts, for $29,300,000.

CBRE multihousing experts Simon Butler and Biria St. John exclusively represented the seller, Appleton Square, LLC, and procured the buyer, Arrowpoint Properties.

“We are pleased to have executed the sale of Appleton Square for the behalf of the seller, who had originally developed the community,” said CBRE’s Butler. “It presents the buyer, with the ability to add value through a combination of upgrades to the asset.”

Appleton Square is a 140-unit apartment community. Originally built between 1987 and 1988, the existing site is comprised of six three-story residential buildings located on 6.8 acres. The unit mix includes 28 one-bedroom and 112 two-bedroom, where 53 of the apartment units have been upgraded since 2012. Community amenities include a remodeled clubhouse with leasing office, business center, cyber café, and 24-hour fitness center. Outside the clubhouse is a resort-style swimming pool with expansive sun deck and grilling area.

Residents are just 1.5 miles from major retailers at The Loop and along Pleasant Valley Street. The Loop is a 500,000-square-foot open-air retail plaza, with retailers along this one-mile stretch including Super Stop & Shop, Market Basket, Target, AMC Theaters, Home Depot, Not Your Average Joe’s, Olive Garden, Fridays, Margarita’s, and more. Additionally, residents are also just 10 minutes from tax-free shopping in Salem, New Hampshire.

Appleton Square is strategically located with easy access to both Interstates 495 and 93, and residents have direct access to major employment centers throughout both downtown, via the MBTA Riverwalk Lawrence Station, and suburban Boston. Interstate 93 provides residents connections and access to Interstate 95/Route 128 in less than 25 minutes and Downtown Boston and Logan Airport in 45-60 minutes.

Property Manager | CPM, Inc.

About CPM, Inc.

Continental Properties is a national real estate development and property management company headquartered in suburban Milwaukee, Wisconsin. Founded in 1979 and still privately held, continental has grown from a small company to a major presence in the real estate and apartment management industry. With each project, Continental works as a responsible business partner and community leader. We operate Springs® Apartments, our national award-winning apartment brand with a fierce commitment to customer service. The Springs offers features and amenities distinguishing us from the competition, promoting customer satisfaction and retention, and challenging the status quo in the apartment industry. The development and management of our retail projects and apartment communities is backed by Continental’s hallmarks: ethical business practices, expert industry knowledge, financial strength and an uncompromising attention to detail. Continental Properties’ team of exceptional people, its financial resources, critical thinking and unrivaled industry insight all play a role in creating real estate developments that deliver optimum benefit to our tenants and attractive returns to investors and enhance the communities we serve.

Five Hot Takes from NMHC OPTECH

I think it was probably a record, and by some distance.  A whopping 2,300+ attendees were registered for NMHC OPTECH, and it made for a busy, busy show.  It will take us some time to decompress, organize and reflect on the many learnings and insights.  While we do that, here are a few instant reactions from the show.
Self-tour is HOT! 
Attitudes to several key technologies are quite different this year compared to a year ago. Nowhere is this more apparent than self-tour.  Last year, as we interviewed operations and technology leaders for 20 for ‘20, we were surprised at the push-back against this exciting and impactful technology.  While the range of views remains wide, the tide has clearly turned.
You might say that self-show has officially taken the place of short-term rentals as the hottest topic in the industry, as evidenced by the standing room only crowd at the “Cage Match” session on Tuesday.  Several companies who are experimenting with self tours shared their experiences, which ranged from working with the tech solutions to running manual tests with their on-site staff handing out keys. The panelists shared their excitement about the initial success and stats they’ve seen thus far, and it seems set to grow in 2020.
“Space as a Service” is Gaining Ground in Multifamily
There was some discussion of companies monetizing their common area spaces and are using results and interest to inform future builds.  It seems that the days of the leasing office being the keystone of a multifamily building (taking u……

Vice President of Conventional Operations | SPM Property Management

Headquartered in Birmingham, Alabama with regional offices in Orlando and Tampa, Florida, SPM manages more than 180 apartment communities and over 18,000 apartment homes. Our portfolio represents a geographical footprint rapidly expanding beyond the Southeast to include communities in Indiana, Virginia, New York and Washington, DC.SPM is focused on maximizing income and increasing property values by developing a customized package of services to meet the needs of each particular owner. Our services typically range from a comprehensive program in which SPM oversees all facets of community operations, to a program in which SPM provides defined services allowing the owner the opportunity to offer great input in major decisions impacting the community.

Philadelphia passes right to counsel law

On Thursday, November 14, the Philadelphia City Council passed bill 190386 giving low-income residents the right to be represented by an attorney paid for by the city in the event that they are facing eviction. The measure is expected to be signed into law by Mayor Kenney. The measure was supported by tenant’s rights groups and by the Philadelphia Bar Association.

For purposes of the law, “low income” is defined as anyone whose annual gross income is less than 200% of the federal poverty level. In Philadelphia, that is $24,980 for a single person and $51,500 for a family of four. Legal services will be provided by designated non-profit organizations and will be paid for through the Low-Income Tenant Legal Defense Fund, which is funded through allocations from the city’s budget. This fund reportedly contains $2.1 million at this time.

Legal proceedings for which representation will be provided include “Any judicial or administrative proceeding to evict or terminate the tenancy or housing subsidy of a Covered Individual, any proceeding deemed by a Designated Organization as the functional equivalent of such a proceeding, or any first appeal of such a proceeding”. Representation will be provided to tenants both of private landlords and to those residing in properties managed by the Philadelphia Housing Authority.

In promoting this legislation, the Philadelphia Bar Association cited a study by Stout Risius Ross LLC which found that only 11 percent of tenants facing eviction were represented by lawyers while 80 percent of landlords seeking eviction were so represented. It showed that tenants with legal representation were more likely to avoid eviction and were able to stay in their homes significantly longer even if they were eventually evicted. The study estimated that the city would save more than $12 in eviction related social service costs to tenants for each dollar in legal fees it spent fighting their evictions. The cost to the landlords for the city to avoid these expenses was not considered in the study.

Other cities which have passed “right to counsel” laws include New York City, San Francisco and Newark. Similar laws are being considered in Los Angeles, Denver and Detroit.