SEATTLE, WA – Security Properties and Cigna Investment Management bought Soma Apartments, a 74-unit multifamily property located in Bellevue, WA for $28,000,000. The 2011 built asset also includes two street front retail spaces. This was Security Properties’ third joint venture with Cigna Investment Management; SP now owns a total of 19 assets in the Seattle marketplace.

The property is located on Main Street, proximate to Ancient Bellevue and at the doorstep of Bellevue’s growing Downtown Core. Soma offers residents convenient walkability to jobs, destination shopping, entertainment, restaurants and nightlife. The desirable urban location is paired with the asset’s boutique size and serene living experience, a unique attribute in a submarket that is experiencing increased density.  

The business plot is a moderate value-add. While the exterior asset offers lasting character in Downtown Bellevue, the 2011-vintage interior unit specifications provide an opportunity for functional and cosmetic upgrades. The business plot contemplates upgraded appliances, renovated back-splashes, new flooring and lighting in the kitchen-area and comparable upgraded finishes in bathroom areas.

According to Tad Johnson, Investment Manager at Security Properties, the acquisition was made because, “the core location, type-1 construction and boutique size make Soma a nearly irreplaceable asset. As Downtown Bellevue’s already expansive employment base continues to swell, Soma is uniquely positioned to capitalize on the urban core’s growth by offering residents walkability to jobs and amenities. Upon execution of our business plot, residents will benefit from an upgraded living experience.”

The property will be managed by Security Properties-affiliate Madrona Ridge Residential.

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SAN ANTONIO, TX – National Asset Services (NAS), one of the Country’s leading commercial real estate companies, has successfully delivered a buyer for a multifamily property in San Antonio, Texas, netting a selling price of over 32% greater than the average offer.  The company also delivered an 18% cumulative return for the property’s 24 tenants-in-common (TIC) investors, during the property’s hold period.

An extensive eight-month negotiating period with multiple potential buyers resulted in the property’s recent close of a sales transaction that was 32% greater than the average offer. 

Achievement of the positive results occurred, despite significant hailstorm hurt to the property in April 2016.  NAS executives acted quickly to mitigate the negative impact to the property’s occupancy immediately after the storm.   Acting as project manager, NAS management worked with the property’s insurance adjusters, lender, general contractor and various third parties to restore the property, as quick as possible, to excellent condition.

Leasing strategies, designed to maintain occupancy, included improvements to vacant units including new appliances, new flooring and wall coverings along with strategic economic incentives.

NAS worked with Berkadia Real Estate Advisors, Austin, Texas to facilitate the property’s recent sale.

“The Crescent is a excellent example of our ability to proactively manage towards the long term goal of a positive return for our clients, while reacting quickly and prudently to an event that can potentially impact property operations,” commented Karen E. Kennedy, President and Founder of National Asset Services.  “We are pleased that our performance at The Crescent resulted in the very best possible outcome for our clients.”

Originally constructed in 1993, the 24-member TIC group, in which one TIC member position was comprised of 68 other investors, bought the luxury-apartment-home community in 2007.  Situated on 14.6 acres, the 303,422 square-foot complex consists of 306 spaciously designed, luxury apartment homes.  The apartment community is located in the prestigious Alamo Heights area of San Antonio, adjacent to The Quarry Golf Club, an 18-hole championship golf course.

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ORLANDO, FL – Florida’s housing market reported more closed sales, higher median prices, more new listings and more pending sales in May, according to the latest housing data released by Florida Realtors. Sales of single-family homes statewide totaled 27,850 last month, up 7.6 percent compared to May 2016.

“Buyer demand continues to fuel Florida’s housing market this month,” said 2017 Florida Realtors President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart. “As for-sale inventory continues to be tight, prospective buyers are responding by being prepared, pre-qualified and ready to make an offer when they find the right home. Realtors across the state report that many newly listed homes are selling quickly. In May, sellers of existing single-family homes received 96.4 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent – a signal that the listed price is extremely close to market value.

“In this competitive and complex market, it is vital for consumers to work with a Realtor who will provide them expert guidance in the homebuying or selling process.”

The statewide median sales price for single-family existing homes last month was $239,000, up 7.7 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 May was $178,000, up 8.1 percent over the year-ago figure. May was the 66th 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 April 2017 was $246,100, up 6.1 percent from the previous year; the national median existing condo price was $234,600. In California, the statewide median sales price for single-family existing homes in April was $536,750; in Massachusetts, it was $362,500; in Maryland, it was $285,023; and in New York, it was $235,000.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 11,538 last month, up 8 percent compared to May 2016. Closed sales data reflected fewer small sales and last month: Small sales for townhouse-condo properties declined 44.8 percent while small sales for single-family homes dropped 30.8 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Closed sales of existing homes in the Sunshine State not only rebounded from a relatively flat April, they positively surged to record highs in May of 2017,” said Florida Realtors® Chief Economist Dr. Brad O’Connor. “To be more specific, May’s sale totals of 27,850 existing single family homes and 11,538 existing condos and townhomes were the most ever recorded (by Florida Realtors) for a single month in either property type category. In both cases, these totals were also markedly higher than the very strong number of sales racked up in May of 2016.”

Inventory remained tight in May with a 4-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 4.01 percent in May 2017; it averaged 3.60 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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