TORRANCE, CA – The Bascom Group has bought Harvard Villa Apartments, a 64-unit infill apartment community located in the desirable South Bay Los Angeles city of Torrance, California. The $14.0 million sale ($218,750/unit) closed on April 27, 2017. Hooman Emanuel of Emanuel Real Estate Group represented the buyer. Erich Pryor, Eric Snyder, and Thomas Sherlock with Talonvest Capital arranged the $11.45 million loan from TCF National Bank. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.

Harvard Villa is less than five miles from the Pacific Ocean and located near several interstates that provide outstanding local and regional access, including Interstate 405, 110, 710, 105, and Pacific Coast Highway. Significant employers within a 30-minute commute from Harvard Villa include Honda North America, Boeing Satellite Systems, Raytheon, AT&T Entertainment Group, Harbor-UCLA Medical Center, Xerox, Mattel, and the Port of Los Angeles. Toyota’s former 110-acre corporate campus, located a block from Harvard Villa, is currently being marketed for sale. Several major technology and automotive companies have been pursuing the site, including Amazon, Tesla, and Space X.

James D’Argenio, Senior Principal with Bascom, comments “Harvard Villa was a rare off-market acquisition opportunity with tremendous operational and physical upside.  The seller was a long-term, private owner. Bringing in professional third party management will boost resident services immediately.  We are excited about the area’s potential for job creation and revitalization when Toyota’s campus is sold, redeveloped, and occupied with a new user.”

Harvard Villa marks Bascom’s 37th multifamily property closed in Los Angeles County and its 167th multifamily property closed in California. Over the past 12 months Bascom has bought $1.3 billion in multifamily properties throughout the United States. 

Lee Nguyen, Senior Vice President of Bascom, comments “The South Bay region continues to be a strong draw to younger generations of tenants. To appeal to this group, we plot to give a modern update to the unit interiors and property exterior.  Harvard Villa presents a strong value-add opportunity in a location we are very excited about.” 

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NEW YORK, NY – Mortgage rates were small changed leading up to Wednesday’s Federal Reserve announcement, with the benchmark 30-year fixed mortgage rate inching lower to 4.18 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.22 discount and origination points.

The larger jumbo 30-year fixed was unchanged at 4.14 percent and the average 15-year fixed mortgage rate slipped to 3.39 percent. Adjustable mortgage rates were slightly lower, with the 5-year ARM dipping to 3.46 percent and the 7-year ARM retreating to 3.62 percent.  

While mortgage rates were small changed in the days leading up to the Fed meeting, they are really one quarter percentage point lower now than when the Fed hiked interest rates at their last meeting in March. Weakness in first quarter economic growth and geopolitical concerns surrounding North Korea, Syria, and an election in France all contributed to bringing mortgage rates lower. But with the Fed’s glass-half-full economic outlook, dismissing the economic sluggishness at the beginning of the year as temporary, it is evident that the Fed remains inclined to continue raising interest rates. Mortgage rates are likely to trend higher through the balance of 2017 as interest rates rise, but as we’ve seen recently, there are likely to be plenty of ups and downs as economic sentiment swings back and forth.  

At the current average 30-year fixed mortgage rate of 4.18 percent, the monthly payment for a $200,000 loan is $975.70.

SURVEY RESULTS

30-year fixed: 4.18% — down from 4.19% last week (avg. points: 0.22)

15-year fixed: 3.39% — down from 3.43% last week (avg. points: 0.21)

5/1 ARM: 3.46% — down from 3.48% last week (avg. points: 0.28)

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 panelists don’t see much change in the coming week, with 70 percent expecting mortgage rates to remain more or less unchanged. A mere one-in-five forecast an increase and only 10 percent predict further declines in mortgage rates in the week ahead.

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SAVANNAH, GA – Olympus Property continues to expand in the Southeast with the acquisition of Carrington Square in Savannah, Georgia. The community will undergo a name change effective immediately to Olympus Carrington. 

Olympus Carrington at Savannah Quarters is the first apartment community to be added to Olympus Property’s seventh fund, WW Olympus Property VII, LLC. The fund will provide a geographically diverse blend of several multifamily assets throughout the United States to provide investors stabilized cash flow over time. The fund is looking to add two more properties currently under contract within the next month.

“Efficiently managed multifamily real estate provides one of the most tax effective dividend investments for long term investors,” said Braden Barr, Senior Investment Officer at Olympus Property.

Olympus Carrington is a 288-unit Class “A” apartment community completed in 2007. Located within the highly desirable submarket of Savannah Quarters, the upscale community includes the exclusive Savannah Quarters Country Club featuring a Greg Norman Signature golf course. 

Olympus Carrington will offer residents immediate access to high-end retail, shopping, and dining as well as proximity to major job drivers, including the Gulf Stream headquarters. The completed Savannah Quarters project will feature four hotels surrounding a resort-style water recreation area, office space and a main street retail component. Plans for an amphitheater space and a Publix grocery store on Blue Moon Crossing are also underway.

“Olympus Carrington is in the epicenter of one of the most desirable submarkets in Savannah offering proximity to shopping, dining, employment, downtown Savannah, and the airport,” said Ruyi Li, Senior Acquisitions Manager at Olympus Property. 

Featured community amenities include a Resort-Style Swimming Pool, Modern Club House and Leasing Center, Gated Access Entry, State-of-the-Art Fitness Facility, Community Playground, Detached Garages, Outdoor Entertainment Area, Picnic Areas with Gas Grills, Pet Walk Stations, and Spacious Sundecks.

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