IRVINE, CA – The Bascom Group has bought Casanova Grove Apartments, a 76-unit infill apartment community located in the serene coastal California city of Monterey, California. The $16.7 million sale ($219,737/unit) closed on September 14, 2017.  Anthony Lugo represented the buyer.  Erich Pryor and Thomas Sherlock with Talonvest Capital arranged the loan from NXT Capital.

Casanova Grove is less than two miles from the Pacific Ocean with Pacific Coast Highway just a mile away, providing exceptional local and regional access. The charming coastal location is home to a plethora of renowned attractions including Monterey Bay Aquarium, Mazda Raceway Laguna Seca, 17-Mile Drive, and the Pebble Beach Resorts.

The local economy is strong, with a high median household income and neighborhoods bordering Casanova Grove with median home price values from $532,500 to $2,975,000. Major employers in the area include Dole, CTB McGraw Hill Education, and the Naval Postgraduate School, all of which are easily accessible to Casanova Grove tenants.

James Singleton, Vice President of Bascom, comments “Casanova Grove was a rare off-market acquisition opportunity with tremendous operational and physical upside. The seller owned and self-managed the property since 2000.  We are excited about the location and the opportunity to buy one of a handful of larger apartment communities in a highly supply constrained multifamily market.” 

Chris MacLeod, Vice President of Bascom, also added “The Monterey region presents tremendous opportunity. Roadblocks to home ownership accompanied by limited apartment supply in the market will help drive demand for modernized rental housing.”

Casanova Grove marks Bascom’s 23rd multifamily property closed in Central California and its 168th multifamily property closed in California. Over the past 12 months Bascom has bought $1 billion in multifamily transactions throughout the United States. 

Tim Whiting, Vice President of Bascom, comments “We plot to implement a comprehensive renovation plot, allowing Casanova Grove to compete with higher-end existing multifamily product in the immediate area.  Community improvements will include amenity upgrades, exterior redesigns, and interior renovations.”

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ORLANDO, FL – Florida’s housing market continued its positive track in August, with more closed sales, increased pending sales, more new listings and rising median prices, according to the latest housing data released by Florida Realtors. Sales of single-family homes statewide totaled 25,235 last month, up 0.9 percent compared to August 2016.

“Housing market trends we have been seeing for months in Florida continued in August,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “More owners are deciding to enter the market and list their homes for sale, while demand from buyers continues to grow, especially for homes in the $250,000-and-under range. Homes are continuing to sell quickly, though tight inventory is putting pressure on rising median prices and making affordability challenges for many first-time buyers.

“Any consumer who is looking to buy or sell a home in Florida should consult a local Realtor, who can help them know local market conditions and be prepared to act when the right home or offer comes along.”

The statewide median sales price for single-family existing homes last month was $240,000, up 6.7 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 August was $170,000, up 6.3 percent over the year-ago figure. August marked the 69th consecutive month that statewide median prices for both sectors 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 July 2017 was $260,600, up 6.3 percent from the previous year; the national median existing condo price was $239,800. In California, the statewide median sales price for single-family existing homes in July was $549,460; in Massachusetts, it was $400,000; in Maryland, it was $296,665; and in New York, it was $270,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 9,716 last month, up 2.6 percent compared to August 2016. Closed sales data reflected fewer small sales and foreclosures last month: Small sales for townhouse-condo properties declined 39.4 percent and foreclosures fell 49.1 percent year-to-year; small sales for single-family homes dropped 34.8 percent and foreclosures fell 45.4 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“As August’s data shows, the winding down of the niche market for distressed properties that has existed in Florida over the past several years, along with the general shortage of homes for sale on the more affordable end of the market, has slowed down year-over-year sales growth,” said Florida Realtors Chief Economist Dr. Brad O’Connor. “At the same time, we’re seeing strong price growth year-over-year, but it’s really quite modest relative to the double-digit percentage growth we’ve experienced in recent years.”

Inventory continued to tighten in August with a 3.8-months’ supply for single-family homes and a 5.4-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 3.88 percent in August 2017; it averaged 3.44 percent 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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DAYTON, OH – Construction has begun on Allure Luxury Apartments, a seven-building upscale apartment community, located in Centerville, adjacent to Cross Pointe Shopping Center.

Allure is owned by a new joint venture of Beavercreek-based, Mills Development and Cincinnati-based, Hills Properties and will be managed by Hills.  This is the first residential development for the Mills company.

Speaking at the formal ground breaking event, Jerad Barnett, President and CEO of Mills said, “We have worked a long time on this project and are thankful for the partnership with Hills and the support that we have received from the City of Centerville. We are excited to bring this gorgeous community to the neighborhood.”

The 312-unit community is expected to be ready for first residents in late 2018.  Brandon Guttman, Executive Vice President of Operations for Hills, added “Allure will exceed all expectations of luxury apartment living in the area. We’re taking the design and details to the next level for today’s discerning renter.”

Allure will be a contemporary community with tremendous pedestrian appeal and simple access to I-675 and Rt. 48.  Being built next to Cross Pointe means that Allure residents can walk to dining, entertainment and a multitude of retail shops. While there are numerous apartment options in Centerville, few offer the accessibility and convenience that Allure will offer. 

Allure will feature an outstanding amenity package which includes a two-tale fitness center with yoga space, executive conference room, resident retreat with cyber café, as well as extensive outdoor living spaces, a signature salt-water pool, bark park and bocce ball.  The chic interiors will feature quartz countertops, 42″ cabinets, stainless appliances and wood grain flooring options. Another unique element is the introduction of private suite and dual private suite floor plans that include an additional half bath for guests. The elevator, intercom access buildings feature underground parking and each home comes with one space with options for multiple spaces available. 

Allure will stand out as a premier, urban-style community in the heart of the well-respected City of Centerville and is expected to attract renters from a variety of neighborhoods around the I-675 loop. 

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