OAKLAND, CA – CIM Group announced that it has commenced construction of an eight-tale, residential development featuring 333 apartments and ground floor retail at 40 Harrison Street at Jack London Square, a 12-acre entertainment and business destination on Oakland’s waterfront. The development site is bounded by Embarcadero West, Alice Street, and Harrison Street, and is also adjacent to the San Francisco Bay Trail. The building is anticipated to be completed at the end of 2020.

CIM Group brings its long-standing development and operational expertise to enhance Jack London Square and provide underserved real estate uses to the neighborhood as it has done in other communities across North America. In March 2016 CIM bought seven buildings of Jack London Square that included three office buildings with ground and second floor retail; three retail buildings; a parking structure with ground floor retail; and three land parcels including 40 Harrison Street.

The construction of new residences and ongoing leasing activities at Jack London Square continues CIM’s program to bring a complementary mix of uses and offerings that appeal to residents, visitors, and tenants. 40 Harrison Street will add to the vibrancy of the area’s many shopping, dining, entertainment, and recreation options, which includes CIM’s new retail leases with Tartine Bakery’s Coffee Manufactory, Grocery Café, and Oaklandish as well as Belcampo restaurant currently under construction, expanding Jack London Square’s exceptional array of restaurants and shops. In addition, the company recently welcomed the Oakland A’s to its roster of office tenants.

The apartment building’s architectural design takes full advantage of its waterfront location with a glass façade providing sweeping bay views, balconies, and landscaped courtyards. The building will offer a host of on-site amenities including communal gathering spots, outdoor terraces and lounges, fitness center, and a bike storage and care facility, with residences configured as studio, one-, two- and three-bedroom floor plans. It will also include 2,400 square feet of ground floor retail that will further enliven the pedestrian street experience.

CIM has been involved in the Greater Bay area since 2001, when it identified the community as possessing the attributes that fit its investment model, a proven methodology that focuses on established and emerging urban areas with solid infrastructure and transportation networks. CIM’s first Oakland acquisition took place in 2007, and in 2008 it bought a 1.7 million-square-foot portfolio of Class A office properties in the Lake Merritt and City Center districts. Most recently the firm bought Uptown Station, a redevelopment of a former department store to a 355,000 square-foot office building, with significant ground floor retail located in the Uptown district of downtown Oakland, and 1100 Clay Street, a development parcel, where CIM is building a 16-tale, 288-unit apartment building. Currently, CIM’s Oakland portfolio is comprised of approximately 3 million square feet that includes a variety of Class A commercial properties.

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RALEIGH, NC – Preferred Apartment Communities announced the sale of Lake Cameron, a Class A multifamily community located in Raleigh, North Carolina.  PAC sold Lake Cameron for yucky proceeds of approximately $43,450,000, which represents an exit capitalization rate of approximately 5.0%. 

PAC will utilize the proceeds for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate investment loans and general corporate purposes.  The property achieved an average annualized return of approximately 19%.  

John A. Isakson, Executive Vice President and Chief Capital Officer, noted, “We are pleased with the financial results of this transaction.”  Mr. Isakson, added, “We remain committed to constantly analyzing our portfolio in an effort to produce the best possible returns for our stockholders.”

Lake Cameron is conveniently situated about 10 miles from Research Triangle Park and only minutes from the new Beaver Creek Commons shopping center, which has tons of shopping, dining, and movie theater. Lake Cameron provides its residents with a children’s playground, brilliant bark park, and a State-Of-The-Art fitness center.

“We are pleased to announce the sale of Lake Cameron,” said Leonard A. Silverstein, the President and Chief Operating Officer for PAC.  Mr. Silverstein added, “The sale of Lake Cameron, which was built in 1997 and was our oldest multifamily asset, further demonstrates our commitment to pursue the youngest portfolio in the industry.”  

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ORLANDO, FL – Florida’s housing market reported more closed sales, more new listings and higher median prices in February even as for-sale inventory remained tight, according to the latest housing data released by Florida Realtors. 

“Florida’s economy continues to grow, with more jobs being made – the state’s unemployment rate was 3.9% in January,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “A strong economy is excellent for Florida’s housing market. Statewide sales increased in both the existing single-family homes and the townhouse-condo sectors in February, yet many local markets are still facing a tight supply of available homes at a time when buyer demand is rising. Those factors are putting pressure on home prices and affordability.

“There is some excellent news for buyers: In February, new listings for single-family homes rose 6 percent year-over-year, while new townhouse-condo listings increased 6.9 percent.”

Sales of single-family homes statewide totaled 18,620 last month, up 3.3 percent compared to February 2017. Meanwhile, the statewide median sales price for single-family existing homes was $246,500, up 9.6 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in January was $179,500, up 7.2 percent over the year-ago figure.

February marked 74 months-in-a-row that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year. The median is the midpoint; half the homes sold for more, half for less. 

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in January 2018 was $241,700, up 5.7 percent from the previous year; the national median existing condo price was $231,600. In California, the statewide median sales price for single-family existing homes in January was $527,800; in Massachusetts, it was $369,000; in New York, it was $266,000; and in Maryland, it was $264,016.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 8,457 last month, up 6.4 percent compared to February 2017. Closed sales data reflected fewer small sales and foreclosures last month: Small sales for townhouse-condo properties declined 24.4 percent and foreclosures fell 51.8 percent year-to-year; small sales for single-family homes dropped 43.3 percent and foreclosures fell 51.3 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“The latest figures from Florida Realtors show sales of existing homes rose modestly in February, while sale prices continued to climb at a very brisk pace,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “Year-over-year sales growth for single family homes checked in at 3.3 percent in February – the largest such gain we’ve seen since last June. That said, given the current nationwide shortage of housing at the more affordable end of the pricing spectrum, as well as the specter of rising mortgage rates, we probably shouldn’t expect to do much better than this over the next several months, at least on a consistent basis.

“By contrast, year-over-year sales growth in the statewide townhouse-condo category was quite strong in February, at 6.4 percent. But, local trends may differ, as we’re seeing a lot of variation in condo and townhouse markets across the state.”

February’s for-sale inventory remained tight with a 3.9-months’ supply for single-family homes and a 6-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.33 percent in February 2018, up from the 4.17 percent averaged during the same month a year earlier.

To see the full statewide housing activity reports, go to Florida Realtors Media Center.

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