TEMPE, AZ – Institutional Property Advisors (IPA) closed the sale of Onnix, a 659-unit apartment property in Tempe, Arizona. The $77,050,000 sales price equates to $116,920 per unit.

“The physical improvements made to Onnix, its brilliant location and tremendous scale place the property in an enviable position within the competitive landscape of Tempe,” says Cliff David, senior managing director. “New ownership has the opportunity to resume implementing the apartment interior renovation program in an effort to generate additional monthly rent premiums.”

David and Steve Gebing, senior managing director, represented the institutional seller and procured the buyer, Bridge Investment Group.

The property is located off the northwest corner of Broadway Road and McClintock Drive at 1440 and 1500 East Broadway Road in Tempe, one mile from a Valley Metro light rail station. Arizona State University and downtown Tempe are also nearby.

Developed in 1984, Onnix is composed of two phases, 375-unit Onnix West and 284-unit Onnix East. The property underwent a programmatic renovation in 2006-2007 that included condo-quality interior finishes at Onnix West. The common area amenities received extensive upgrades in 2014 with the ground-up construction of the leasing center and clubhouse, and fitness center.

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NEW YORK, NY – Maplewood Senior Living and Omega Healthcare Investors, celebrated the groundbreaking of their highly anticipated, premier luxury senior living development, Inspīr | Manhattan, located at 1802 Second Avenue. The announcement was made by Gregory D. Smith, President and Chief Executive Officer of Maplewood Senior Living.

The building is set to rise in one of NYC’s most affluent neighborhoods, the Upper East Side, where Second Avenue meets 93rd Street. The senior living community will be a 23-tale, 212,000-square-foot mid-rise featuring 215 units of helped living, enhanced care and memory care. It will be one of the first ground-up projects of this scale in the city in more than two decades.

The New York property also marks the launch of the Inspīr brand. This international brand was developed to offer a luxurious option for seniors looking to join a senior residence. Given the city’s rich history as a global leader in real estate, New York is a perfect fit for the upscale brand to make its debut.

The modern community will offer diverse and bountiful features and amenities, including gorgeous gardens, an indoor heated swimming pool, a luxury salon and spa, a state-of-the art entertainment movie theatre, a library, and luxurious common areas for engagement and socialization opportunities. There will be a variety of high-end dining venues, all of which will include farm-to-table dining for discerning seniors.

“New York City offers a rich environment for seniors who wish to continue an active lifestyle with connections to family, social networks and the many culturally diverse opportunities the city has to offer including theatre, opera and museums,” said Gregory D. Smith. “We are designing a truly unique community that not only offers access to the city, but to incredible private spaces with gorgeous finishes and well-appointed apartments, all set in an oasis of boutique-style luxury.”

Taylor Pickett, CEO and President of Omega Healthcare Investors added, “We are very excited about what the Maplewood team is bringing to Manhattan. Inspīr | Manhattan represents our 14th investment with Maplewood and our first in New York City. Greg Smith and his entire team have built their business on combining the highest level of quality care and service amenities with innovative and contemporary design. The Inspīr project reflects all of the best elements of what Maplewood does exceptionally well combined with a design and sophistication level that we are confident the Manhattan market will value and embrace.”

Maplewood Senior Living selected Handel Architects of New York to design the residence. Its sophisticated design will be centered on the use of natural light, as well as access to nature. The abundant use of light and nature is meant to infuse positivity and invigorate the spirit. Some of these features will include floor-to-ceiling windows, a 16th floor sky park, terraces and enclosed gardens.

“We are thrilled to partner with Maplewood Senior Living to design this modern residential space where seniors can delight in healthy and active lives,” said Frank Fusaro, Partner, Handel Architects. “Our vision is of a building that has a simple elegance in its order, a building that’s derived from how it is made and what is essential, with spaces that foster community and promote health and wellness through an abundance of natural light and nature.”

T.G. Nickel & Associates of New York is serving as the construction manager for the development. The total project cost will be $270 million, including land costs. Inspīr | Manhattan is slated to open in 2019.

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NEW YORK, NY – Mortgage rates were small changed this week, as the benchmark 30-year fixed mortgage rate inched lower and remains at the lowest level in seven months according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has a rate of 4.02 percent, the lowest since November 16, 2016, and an average of 0.24 discount and origination points.

The larger jumbo 30-year fixed nosed up to 4.00 percent, and the average 15-year fixed mortgage rate settled at 3.25 percent. Adjustable mortgage rates were mixed, with the 3-year ARM slipping to 3.48 percent while the 7-year ARM climbed to 3.60 percent.  

Despite another interest rate hike by the Federal Reserve, mortgage rates are hovering at the lowest point since mid-November and are small changed from where they were 18 months ago when the Fed started boosting interest rates. The common theme then, as now, has been a slow growth economy with low inflation. This week brought additional evidence of low inflation and the recent softening has garnered the attention of the Fed, who noted in their statement that they are “monitoring inflation developments closely.” Mortgage rates are closely related to yields on long-term government bonds, which appeal to investors any time uncertainty, or low inflation, is in the air.

At the current average 30-year fixed mortgage rate of 4.02 percent, the monthly payment for a $200,000 loan is $957.14.

SURVEY RESULTS

30-year fixed: 4.02% — down from 4.04% last week (avg. points: 0.24)
15-year fixed: 3.25% — up from 3.24% last week (avg. points: 0.21)
5/1 ARM: 3.41% — up from 3.40% last week (avg. points: 0.30)

Bankrate’s national weekly mortgage survey is conducted each 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 majority of the panelists, 60 percent, expect mortgage rates to remain more or less unchanged in the coming week while 30 percent predict further declines. Just 10 percent forecast a rebound in mortgage rates over the course of the next week.

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