PHOENIX, AZ – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Red Mountain Villas, a 768-unit apartment complex in Phoenix. The $110 million sales price equates to $143,229 per unit. The sales price is the second-largest for a single multifamily property in Arizona.

“Red Mountain Villas’ exceptional location in the center of the Phoenix metropolitan area provides residents with outstanding access to the Valley’s top employment corridors,” says Steve Gebing, senior managing director. “Brilliant submarket fundamentals, the rapidly increasing costs of multifamily construction, and escalating asking rents for newly constructed core assets in neighboring submarkets enhance the value of this asset and make it a prime candidate for the implementation of an exterior and interior renovation program.”

Gebing, and Cliff David, senior managing director, represented the seller, Weidner Apartment Homes, and procured the buyer, Knightvest Capital.

Red Mountain Villas was built in three phases between 1987 and 1996 on nearly 30 acres at 815 North 52nd St. in Phoenix. The property is among the top ten largest multifamily assets in Arizona. The 44th Street/Gateway Corridor and airport area, Papago Park Center, lakeside developments of Marina Heights and Hayden Ferry, Downtown Phoenix, and the Central Avenue Office Corridor employment centers are within an eight-mile radius of the property. The community features many shared amenities, including an oversized koi pond, six resort-inspired swimming pools and access to the Papago Golf Course.

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DALLAS, TX – Stillwater Capital has broken ground on a new five-tale, 336-unit apartment complex that includes 3,000 square feet of co-working space. The development, named The Crosby, is located on 3.9 acres at 400 South Hall Street in the rejuvenated Deep Ellum area. 

The Crosby will both respect & complement the Deep Ellum neighborhood, with design and architecture by HLR Architects, which is representative of the historic industrial and commercial buildings in the area.

“In Deep Ellum, we see a neighborhood that has long been part of the fabric of Dallas. The artistic and cultural character of Deep Ellum is unique to any other area in the city. In recent years, as the once broke ownership has coalesced around a more cohesive vision, the neighborhood has renewed energy that we expect to continue. Deep Ellum has always been a wonderful entertainment area and as it continues to evolve, adding more permanent residence and office space will only add to the success. We are excited to be a part of it,” says Aaron Sherman of Stillwater Capital.

The building will include 3,000 square feet of co-working space for residences with indoor & outdoor areas, along with a roof top sky deck and lounge. Additional features of the project include: a dog park, bike storage, a resort-style pool, state-of-the-art fitness center, micro-market, and unblocked views of Deep Ellum & Downtown. 

Floorplans at The Crosby will feature studio, one-, and two-bedroom apartments ranging from 535 square feet to 1,176 square feet. The interiors will offer Class A finishes including stainless steel appliances, quartz countertops, faux wood floors, custom designer cabinetry, spacious walk-in closets, soaking tubs and balconies/patios.

The Crosby provides an infill location that is in close proximity to the Dallas CBD, Farmers Market, Baylor Medical Center, and a multitude of major thoroughfares. Furthermore, the development is minutes from the 894-bed Baylor University Medical Center that employs more than 5,000 people and has over 1,300 physicians on staff.

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DENVER, CO – Four subsidiaries of Apartment Investment and Management Company (Aimco) filed an appeal with the U.S. Court of Appeals for the Ninth Circuit in California in an effort to stop Airbnb from brokering illegal small-term rentals at four of Aimco’s Southern California properties.

Aimco is taking this action after the U.S. District Court for the Central District of California dismissed a lawsuit that the company filed against Airbnb in February 2017, after Airbnb ignored Aimco’s previous requests to stop booking small-term rentals of Aimco apartments, in violation of its leases and Los Angeles housing codes. A separate lawsuit Aimco filed against Airbnb in Florida is still pending.

“We are standing up for the rights of our company and our residents who want and expect to live in peaceful, silent residential communities,” said Aimco Executive Vice President of Operations Keith Kimmel. “Our residents do not want to live in a de-facto hotel for spring-break partiers, vacationers and other unvetted strangers who disturb the peace at all hours, who have caused significant property hurt, and who pose a safety risk to our residents.”

Airbnb is a small-term rental property broker directly involved in business transactions between hosts and users. The leases for Aimco properties prohibit small-term rentals and commercial uses of the properties, to ensure the safety and security of those communities for full-time residents. The company and its residents want Airbnb to stop actively encouraging, participating in, and profiting from these lease violations. Rather than take responsibility for its actions, Airbnb seeks to hide behind a federal law that Congress enacted to protect internet platforms from liability for third-party inappropriate content, not to protect an internet company’s own conduct.

Aimco frequently receives comments from our residents about the problems caused by small-term rental activity, which makes an atmosphere that is oftentimes less like a comfortable home and more like a busy hotel.

Airbnb trespassers routinely make noise, disturb the peace and raise safety concerns. Aimco communities are not equipped to handle large numbers of transient guests who may overload amenities and detract from the silent and respectful environment residents expect. Aimco has spent considerable resources turning away Airbnb’s small-term renters at the gate or escorting them from the premises. When a user books one of Aimco’s apartments on Airbnb.com, Airbnb never warns the user that Aimco prohibits small-term rentals and may escort the user from the property. 

“Aimco wants to ensure that our residents live in a safe, respectful environment, where they can get to know their neighbors and have community without having to worry about disturbances and security concerns by trespassers,” said Kimmel. “While Aimco screens every one of our residents for criminal history, Airbnb does not take the same precautions with the users who rent on its site.”

In one incident in October 2016, an unlawful Airbnb renter arrived at an Aimco apartment community at 3 a.m. and started banging on a resident’s door. When the resident answered the door, the Airbnb guest ran away. Later that night, the property’s security personnel called police to break up a physical altercation among other Airbnb guests.

At another community, Aimco was forced to hire a security team during the summer of 2016 to guard the swimming pool at the community, after numerous Airbnb guests were found to have been drinking alcohol, smoking cigarettes, and behaving in a disrespectful manner at the facility.

Aimco has repeatedly questioned Airbnb to stop renting Aimco’s apartment homes to tourists and to block new rental transactions, but Airbnb has refused. Aimco questioned Airbnb on at least three different occasions in 2016 and 2017 to stop booking vacation accommodations for Airbnb users at Aimco communities. Airbnb initially offered to help Aimco address some of its concerns, but only if Aimco joined Airbnb’s “Friendly Buildings Program,” which authorizes Airbnb to rent a building’s apartments and provides building owners with a share of Airbnb’s rental revenue.

Aimco refused to join Airbnb’s “Friendly Buildings Program” because of the stress and disruptions, safety concerns and loss of community that small-term rentals cause to Aimco’s full-time residents. Aimco stresses that small-term rentals should not be forced involuntarily on Aimco and other property owners who do not want to participate in this activity, nor on the residents who live in these communities. 

Airbnb has, in essence, turned the “sharing economy” concept on its head by making use of property that does not belong to it for its own profit, without the consent of the owner. 

Therefore, there was no other choice but to take the company to court to resolve the issue of Airbnb’s renting Aimco apartments, in direct violation of the leases that all residents sign.

Aimco is one of the largest owners and operators of apartments in the U.S., with 188 communities in 22 states and the District of Columbia. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. 

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