SAN ANTONIO, TX – MBP Capital, Inc., a multifamily investment firm, headquartered in Denver, Colorado with offices in Dallas, Texas, recently announced the acquisition of Honey Hill Apartments, a 346-unit multifamily asset in the highly sought after “Medical District” in San Antonio, Texas. 

MBP has hired Catalyst Multifamily of Dallas, Texas, to handle the day to day property management responsibilities.  Chris Ross, Mike Miller, Will Carouth, and Cody Courtney of Berkadia San Antonio, represented the Seller of Honey Hill.

The Honey Hill property is a right “value add” opportunity which will involve $3M worth of capital improvements in the first 12-18 months, and will include full interior renovations, full exterior paint, new patio and balcony fencing, outdoor amenities, clubhouse remodel, and extensive landscaping upgrades among other things. The new ownership group will look to raise rents by nearly 30% from the current averages. Honey Hill had never been previously sold and will be rebranded upon completion of the capital projects.

MBP Capital finished 2016 with over $55M worth of transactions in Q4, which consisted of three acquisitions and one disposition.  In addition to Honey Hill, MBP Capital, in an off market transaction, bought Bradfield Place, a 96-unit property, located in Garland, Texas. They also bought Riverbend Village, a 201-unit, located in Arlington, Texas. Dirk Goris and Danny Baker of CBRE Dallas, represented the Seller of Riverbend.

The sole disposition in 2016 was The Monterey Apartments (FKA Kirkwood Park) a 160-unit property located in Irving, Texas.  MBP nearly doubled the value of the asset within the 24 months of ownership.  

MBP Capital is national multifamily investment firm that focuses on the Texas and Colorado multifamily markets. Mike Phillips, President; Cathy Finn, Vice-president; and, Ryan Heddleston, Director of Brokerage & Acquisitions. 

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ORLANDO, FL – November was a busy month for Florida’s housing market, with more sales, more new listings, rising median prices and fewer all-cash transactions, according to the latest housing data released by Florida Realtors®. Single-family home sales totaled 19,763, up 12.8 percent from November 2015, while townhouse-condo sales totaled 7,794, up 4.1 percent compared to a year ago.

“Continued low inventory of homes for sale remains the largest challenge to sales growth in many areas across Florida,” said 2016 Florida Realtors® President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “While sellers are seeing the benefits of a market where prices have consistently been on the rise, it also presents a dilemma for those who may want to buy a ‘go-up’ home and a challenge for first-time buyers.”

Home sellers continued to get more of their original asking price at the closing table in November: Sellers of existing single-family homes received 96.1 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.7 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $220,000, up 10 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 November was $162,000, up 8 percent over the year-ago figure.

In November, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 60th month in a row, Veissi noted. 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 October 2016 was $233,700, up 5.9 percent from the previous year; the national median existing condo price was $220,300. In California, the statewide median sales price for single-family existing homes in September was $513,520; in Massachusetts, it was $354,000; in Maryland, it was $274,797; and in New York, it was $230,500.

Closed sales data reflected fewer small sales and cash-only sales in November: Small sales for single-family homes declined 33.2 percent while small sales for townhouse-condo properties dropped 43.3 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“November’s data showed some nice gains,” said Florida Realtors® Chief Economist Brad O’Connor. “One possible contributor to the uptick in sales is the end of the election season. It’s not uncommon for prospective buyers of second-homes or investment properties to wait for the election results to come in before pulling the trigger on a late-year home buy – and this is particularly the case in presidential election years.

The expectation that the Federal Reserve would be raising small-term interest rates in December also likely played a part in the November data, O’Connor noted.

“The Fed had been telegraphing this rate increase for several months and then it really took place,” he said. “While not directly impacted, mortgage rates are expected to eventually respond to this increase, and many buyers likely felt the need to lock into a historically low rate while they had the chance.”

Inventory dipped to a 4.1-months’ supply in November for single-family homes and was at a 6.1-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 3.77 percent in November 2016, down from the 3.94 percent average recorded 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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DENVER, CO – Griffis/Blessing will end 2016 with the acquisition of 454 multifamily units in metro Denver, closing two deals totaling $85.3 million. The Village at North Hills Apartments in Northglenn was bought on December 16th, and Deer Crest Apartments in Broomfield was bought on December 22nd.

The Village at North Hills is a 168-unit, multifamily community located approximately 12 miles north of downtown Denver. Built in 1999, North Hills is comprised of one-bedroom and two-bedroom apartment homes, averaging 894 square feet, with spacious living areas and in-unit washer & dryers, while select units offer mountain views and fireplaces. The community provides residents with a swimming pool, fitness center, clubhouse and barbecue grills.

Built in 1984, Deer Crest Apartments is a 286-unit, garden-style community on 14 acres, midway between Boulder and Denver on US Highway 36. The community has one-bedroom and two-bedroom floor plans, averaging 883 square feet. Residents delight in a number of amenities, including a bark park, seasonal pool and spa, fitness area and private patios/balconies. Select apartments also have detached garages and skylights.

“Both communities are in brilliant locations, offering residents prime access to top-rated schools, retail venues and outdoor activities.  The communities are also in close proximity to future light rail lines which appeals to renters and will make an increase in demand,” says Gary Winegar, President of Investment Services at Griffis/Blessing.

Winegar also states, “Both communities offer strong opportunities for our value-add strategies, such as unit interior improvements, which will include plank flooring and new appliances. We also plot to update the pool areas with a more resort-style atmosphere and upgrade the fitness areas and equipment. These improvements will allow us to increase rents but still keep them below new product in the area.”

William J. Hybl, Jr., President and COO of Griffis/Blessing, says, “We have a proven track record for not only controlling costs with our on-staff, Class A general contractor to oversee capital renovations, but also for streamlining on-site management and operations, while improving the overall resident experience.

The Village at North Hills closed at $30.3 million with the help of listing broker, CBRE. Deer Crest was bought for $55 million with ARA Newmark serving as the listing broker. The mortgages for both properties were arranged by Brady O’Donnell with CBRE.

Headquartered in Colorado Springs with additional offices in Denver, Griffis/Blessing, Inc., currently manages over four million square feet of commercial space and more than 9,600 apartment units. The company has provided award-winning property management and real estate investment services since 1985.

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