Joseph Gordon

This sale is one of the first garden-style apartments to sell upon completion and with no units leased in the Portland metro area. The sale closed upon Certificate of Occupancy, which was held up about three months due to COVID-19 related delays with contractors, suppliers and city inspectors. As it neared completion in September, there More

Count on an influx of developers wanting to repurpose big-box anchor mall spaces, specifically former Sears stores, into apartments. This trend has especially revved up as the coronavirus lockdowns are adversely affecting mall traffic. There are ample retailers and restaurant chains that are especially attracted to the big-box apartment conversion concept, as it means there More

Property: Hope Creek Nursing and Rehabilitation Center, 245-bed facility in East Moline, Ill. Buyer: Strawberry Fields REIT LLC Seller: The County of Rock Island Price: $4M, $16.3K/bed Hold Period: Long Term This was initially a public auction and when the prior bidder was unable/unwilling to close, Strawberry Fields stepped in and closed the transaction even More

Count on many lenders, especially the agencies and banks, to be active in the small-balance multifamily space going forward. Small-balance properties will continue to be sought after as they include a big component of workforce housing, which is in high demand. Lenders will especially target small properties with an affordability component. Rates will remain low More

The private capital family office buyer, contemplating a 1031 exchange, placed the community under contract on February 12, 2020. It became apparent by late February the COVID-19 pandemic was adversely affecting the property’s occupancy and collections. In view of that, the buyer and seller agreed to extend the escrow, facilitating the seller time to restore More

Multifamily acquisitions are expected to increase after a few softer months during the early part of the COVID-19 pandemic. Watch for Westmount Realty Capital, Trammell Crow Residential, Wood Partners, Universe Holdings and Trez Capital to be active players. Low interest rates make an ideal purchasing environment, and many firms have been pleasantly surprised by the More

We asked these industry executives about their acquisition strategies and their predictions for the coming year. Elie Rieder, Founder/CEO — Castle Lanterra Properties Q: How have your requirements for new acquisitions changed this year? A: Through February 2020, CLP elected to employ the same investment strategy that we did during 2019, which focused on opportunities More

Count on increased demand and interest in multifamily bridge loans as lenders seek ways to provide capital in the space. As long as the agencies are providing take-out financing, the multifamily bridge market will continue to flourish. Bridge lenders are looking for higher quality assets, stronger sponsors and lower leverage than seen pre-pandemic. Anticipate lenders More

The impact of COVID-19 made this acquisition difficult from the standpoint of sourcing both the debt and equity. The debt markets were uncertain, and many equity partners were sitting on the sidelines waiting out the storm. BPH was able to overcome these hurdles by tirelessly working every angle they could to find the right fit More

Count on single-family rental (SFR) lending to increase significantly going forward, as there is a lot of debt and institutional capital that wants to participate. The space is in its infancy compared to other property types, but many lenders are now striving to compete. Watch for traditional bank and non-bank multifamily lenders to crossover into More

Property: Elizabeth Arms, a 10-unit property in Kissimmee, Fla. Buyer: The Law Group Holdings LLC Seller: Fabiani Group LLC Price: $1.1M, $138.89/s.f. Targeted Rental Rates: $1,100 This value-add acquisition was able to close on time despite the pandemic because of the long-term value of the asset and growth in the submarket. The fact that the More