TEMPE, AZ – Marcus & Millichap announced its Institutional Property Advisors (IPA) division closed the sale of The Lofts at Rio Salado, a 466-unit apartment complex in Tempe, Arizona. The $75.5 million sales price equates to more than $162,000 per unit.

“Asking rents for newly constructed core assets in the Tempe submarket are substantially higher than the in-place rents at The Lofts at Rio Salado,” said Steve Gebing, senior managing director. “This rent differential, coupled with the fact that the property still has its original common area amenities and unit interior finishes, make The Lofts at Rio Salado a prime candidate for the implementation of a strategic renovation program.”

Gebing and Cliff David, senior managing director, represented the seller, a global leader in wealth and asset management services and procured the buyer, Weidner Apartment Homes.

The asset is located with freeway visibility at 1033 North Parkside Drive in Tempe, adjacent to the Center Parkway/Washington Street metro station and Grand at Papago Park Center, a 3.2 million-square-foot mixed-use urban development project.

Tempe Town Lake and Arizona State University are within walking distance and eight of the Valley’s most prominent employment corridors, including Marina Heights and downtown Phoenix, are within a 10-mile radius.

“In recent years, the Valley has seen exponential growth across its economic landscape and developed 48 million square feet of office space,” commented David. “The Lofts at Rio Salado provides residents with exceptional access to some of the most prestigious local employment areas.”

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NEW YORK, NY – Mortgage rates fell to their lowest level of the year, according to Bankrate.com’s weekly national survey. The benchmark 30-year fixed mortgage rate is now 3.97 percent (below 4 percent for the first time since last November). It has an average of 0.29 discount and origination points.

The average 15-year fixed mortgage rate dipped to 3.20 percent. The average 5-year ARM (3.47 percent) is also modestly lower than a week ago, as is the average 30-year jumbo (3.99 percent).

Despite economic growth that was stronger than expected in the second quarter, mortgage rates have been in a modest downtrend over the past two months. The culprits have alternated between low inflation readings, reduced expectations for additional rate hikes by the Fed this year and the on again, off again spats with North Korea. With mortgage rates moving below 4 percent, this is a key threshold for homeowners that missed the refinancing opportunity in 2016. Lower mortgage rates also ease the pressure of monthly payments for would-be homebuyers.

At the current average 30-year fixed mortgage rate of 3.97 percent, the monthly payment for a $200,000 loan is $951.37.

SURVEY RESULTS

30-year fixed: 3.97% — down from 4.02% last week (avg. points: 0.29)

15-year fixed: 3.20% — down from 3.23% last week (avg. points: 0.24)

5/1 ARM: 3.47% — down from 3.50% last week (avg. points: 0.33)

Bankrate’s national weekly mortgage survey is conducted every Wednesday from data provided by the top 10 banks and thrifts in 10 top markets. For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The most well loved answer (given by 50 percent of respondents) is that rates will remain more or less unchanged. 42 percent forecast a decrease and 8 percent reckon they will rise.

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SPARTANBURG, SC – Elevation Financial Group, provider of affordable housing for seniors and families, announced the disposition of Elevation Real Property Fund V asset, Serenity Apartments at Spartanburg. The 152-unit multifamily community sold for a buy price of $7.05 million, or $46,381/unit, and represents the first disposition for Elevation Real Property Fund V.

The transaction was brokered by the Charlotte office of Capstone Apartment Advisors.

Elevation bought the multifamily apartment community from the original developer in 2015 for $4.05 million, or $26,315/unit, and immediately initiated approximately $1 million in renovations. Upgrades included new windows, new roofs, renovated unit interiors, and rebranding of the entire property.

Consisting of one-bedroom garden-style units, the property was really transformed by the vigorous revitalization. Through the strong oversight of Elevation Property Management, the community stabilized and consistently maintained an occupancy level at or above 95%.

“Serenity Apartments at Spartanburg represents another successful and exciting Elevation revitalization. After making significant improvements to the property, we continued to maintain affordable rents for the residents, while positively serving the community. We are thrilled to once again deliver safe, clean and affordable housing to families and strong returns for our Fund V investors,” said Chris King, CEO and President, Elevation Financial Group, LLC.

Additional properties in the fund include a 415-unit property in Columbia, South Carolina, three multifamily properties located throughout Alabama and one multifamily property in Baton Rouge, Louisiana.

Elevation Financial Group, a real estate private equity company, leads an award-winning group of companies with a focus and mission to buy, revitalize and operate affordable apartment communities for independent seniors and families.

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