ARLINGTON, VA – Jefferson Apartment Group announced the acquisition of a 0.61-acre site located in the heart of the Rosslyn-Ballston Corridor of Arlington, Virginia. The site is approved for up to 330 units in a 22-tale luxury high-rise at the corner of Fairfax Drive and North Quincy Street. The urban infill apartment community will have 264 below-grade parking spaces and 8,260 square feet of ground-floor retail. 

The completed project will provide market-leading amenities, including a rooftop resort-style swimming pool with sundeck and dramatic views of Arlington and Washington, DC, a state-of the-art fitness center, a clubroom, a rooftop outdoor lounge with fire pits and multiple grill stations, and 24/7 concierge service.

The residential units will feature top-of-the-market finishes and best-in-class design, including custom-designed cabinetry, quartz countertops, wood flooring, and upgraded fixtures. The street-level retail will include a landscaped plaza with 2,000 sf of outdoor seating area.  The property will be built and maintained to LEED Gold standards and is expected to break ground in late 2017.

“The new community will be an exciting development project that will meet the strong demand for housing with close proximity to local jobs, recreation and entertainment in the Rosslyn-Ballston market,” said Jefferson Apartment Group president Jim Butz. “We reckon residents will be thrilled with the modern design aesthetic of the apartments and the lifestyle and numerous amenities they offer.”

The property is located less than a quarter mile from the Ballston Metro Station (Orange & Silver Lines) and has a Walk Score of 96 (Walker’s Paradise). The site provides a prime corner location on one of the main arteries of the R-B Corridor and is one of the most visible intersections of the Ballston neighborhood, which offers multiple premier dining, shopping and entertainment options in the surrounding blocks and within walking distance of the site. The location also offers simple access to the major office employment nodes of Ballston and Virginia Square, as well as the District of Columbia, Tysons Corner, and Reston submarkets, via the Silver Line and I-66.

The project is being built in partnership with Mitsui Fudosan America, Inc., who is providing equity to the project. “Our strategy has been to form relationships with local partners who share our long-term view and goal of developing best in class assets. We are delighted to be partnering with Jefferson Apartment Group,” said John Westerfield, CEO of MFA.

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SEATTLE, WA – Rents across the country rose 0.7 percent from last March, the slowest rate of appreciation since November 2012, as new construction started to meet renter demand and soften the market. The median rent payment in the U.S. is now $1,408, according to the March Zillow Real Estate Market Reports

Rents in the Bay Area have slowed more than any other large metropolitan area over the past year. In San Francisco, rents are down 0.1 percent after appreciating nearly 10 percent annually at this time last year. Rents in San Jose were rising at nearly 9 percent annually a year ago, but fell 1.1 percent over the past year to a median rent payment of $3,451.

Even in hot West Coast markets, where rental growth is notoriously strong, rent appreciation is starting to slow. In Seattle, rents are up 6.7 percent, but their pace of appreciation has been slowing since August 2016. Rents in Sacramento are up 4.7 percent, but were rising at nearly 7 percent annually toward the end of last year.

Affordability is a significant issue for renters across the country, who have experienced rising rents for years. In many major metros, the share of income needed to pay rent well surpasses the general rule of not spending more than 30 percent of income on housing. In Los Angeles, the median rent payment takes up nearly half of the median income, which forces renters to shack up with roommates in order to make housing more affordable.

“The slowdown in rental appreciating is mainly due to new construction finally meeting demand, and even outpacing demand in some areas,” said Zillow’s Chief Economist Dr. Svenja Gudell. “But, rents are the highest they’ve ever been, weighing heavily on renters’ budgets and making it extremely hard for those renters hoping to become homeowners to save enough money for a down payment. In most markets, a monthly mortgage payment is more affordable than a monthly rent payment, but the most hard aspect of home buying for many aspiring home owners is coming up with enough money for the down payment.”

The median home value across the country is $196,500, up 6.8 percent since this time last year. Seattle, Tampa, Fla. and Dallas reported the highest year-over-year home value appreciation among the 35 largest U.S. metros. In Seattle, home values rose nearly 12 percent to a median value of $426,300. Home values in Tampa and Dallas are up about 11 percent since this time last year.

Low inventory continues to be a problem for home shoppers across the country — there are 5 percent fewer homes to choose from than a year ago, paving the way for an extremely competitive home shopping season.

Minneapolis, Columbus, Ohio and Seattle reported the greatest drop in inventory among the 35 largest U.S. metros. In Minneapolis, there are 24 percent fewer homes to choose from than a year ago, and 19.5 percent fewer to choose from in Columbus. In Seattle, where home values are growing the fastest, buyers will have 17 percent fewer homes to choose from than a year ago.

Mortgage rates are down from their December highs, but still well above where they were before the election. In March, mortgage rates on Zillow finished at 3.94 percent, down from a high of 4.13 percent. The month low was 3.93 percent. Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.

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DALLAS, TX – HLC Equity, a national real estate investment holding group and property manager, announced the buy of Toscana Apartments, a 192-unit, Class-B, multifamily community located in Carrollton, Texas, which is part of the greater Dallas MSA.

According to HLC Equity, Toscana is strategically positioned in an infill location within the Northern Dallas submarket with convenient access to Dallas North Tollway, and President George Bush Turnpike connecting to all major thoroughfares in Dallas metro. It is situated within the Plano Independent School District, one of the top school districts in Northern Dallas. Additionally, the surrounding area is well supported by several core employment hubs, retail and entertainment venues.

Dallas has become one of the most desirable cities in the USA from a quality of life perspective, and is continually ranked as a top investment market on the Urban Land Institute’s index due to a friendly business environment and the outstanding rental demand. Forbes recently ranked the Dallas economy as the most innovative in the country.

In line with HLC Equity’s strategy of purchasing community oriented properties, Toscana is richly amenitized with a resident business center, resort style swimming pool, hot tub, a recently upgraded 24-hour fitness center as well as 24-hour emergency maintenance. Additionally, HLC Equity was attracted to the studio and one bedroom layouts of the property, which facilitates to today’s transient renter. The property is currently 96% occupied.

“We found Toscana attractive due to its advantageous location that stands to benefit from organic market growth partially due to companies seeking a relocation to an area with a positive business climate, mixed with the quality of life that Northern Dallas has to offer for individuals and families” said Daniel N. Farber, Executive Vice President and Principal at HLC Equity. “We are excited about this investment, as it further increases our Dallas portfolio, and will allow us to continue carrying out our mission of building thriving community experiences for our community members and the public at large”

The property will be managed by HLC Equity’s management division, which intends to add value to the community and its residents by implementing a top tier renovation program.  HLC also intends to improve property performance by implementing a strategic digital marketing campaign to potential residents and integrating complimentary innovative technologies and processes to enhance resident satisfaction.

HLC Equity utilized a $10.4M loan originated by Bellwether Enterprise and Maverick Commercial Properties under Fannie Mae’s Green Rewards program for the buy. Under the terms of the program, aside from HLC Equity’s renovation plans, HLC Equity will be required to implement certain operational renovations to enhance water and energy efficiency at the property. David Molitor, Head of Operations at HLC Equity, noted that “The Fannie Mae Green Rewards program produces a triple bottom line effect, as it provides us with a financial benefit of better debt terms, provides the social benefit of greater tenant affordability and higher quality housing, and the environmental impact of reducing the property’s use of natural resources.”

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