ATLANTA, GA – Crown Bay Group, along with its partners, announced the closing on their buy of Flint River Crossing in Jonesboro, in Atlanta’s Southern Crescent Region. This property has strong demand drivers resulting from its strategic I-75 South Corridor location, the Airport, South Atlanta, and the burgeoning Clayton County office industrial district. The property is well positioned near shopping and restaurants.

The garden style apartments are situated on Flint River Rd. Having park-like mature grounds and a gorgeous swimming pool, this is a very well kept community which has recently had extensive capital expenditure which Crown bay will continue, by upgrading unit interiors and addressing the property’s other needs. Crown Bay’s portfolio managers Provence Real Estate will be managing the property, and they are sure to make it an even greater place to live, offering fantastic service to its tenants as usual.

This is Crown Bay Group’s fifth Atlanta acquisition, with more deals in the pipeline carrying right through to the New Year.

“I am still very bullish on the Atlanta area. I reckon we may see a small slowdown in the unprecedented 7% rent growth of the last couple of years, but with development, job growth, and an increasing population going on here, there is still fantastic opportunity in this market, probably not ending this cycle until 2019,” says Steve Firestone, Managing Partner and CEO of Crown Bay Group.

The Atlanta Market, including its sub markets, have been experiencing an unprecedented high growth period which should carry on for the foreseeable future.

“This is another fantastic acquisition for our investors,” says Steve Firestone. “Our focus is on buying at the right price, and adding value, and at the same time offering fantastic service to our tenants.”

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SAN ANTONIO, TX – Lowe Enterprises Investors, in joint venture with an investment client, has bought the 208-unit Sunrise Canyon apartment community at 501 Sunrise Canyon Drive in Universal City, a northeastern suburb of San Antonio, Texas.

Built in 2005, the nine building, gated community offers one, two, and three-bedroom units all with spacious balcony or patio, as well as a clubhouse, resort style pool, fitness center, business center, outdoor kitchen with grilling area and a dog park. Unit interiors feature high ceilings, upgraded appliances and finishes, walk in closets, wood style flooring and ceiling fans. The majority of the units also have a washer and dryer. While many units have been lightly renovated, LEI plans to continue and enhance property improvements including upgrades to unit lighting, flooring and fixtures as well as renovations to the clubhouse, pool and parking area.

“Sunrise Canyon is solid-performing multifamily property located just 10 miles from the heart of metro San Antonio and the major transit corridor to Austin, a primary path of growth in the area,” said Andy Sands, managing director of LEI. “The strong local economy combined with convenient access to downtown, and an brilliant school system, make the area attractive to both families and young professionals.”

Universal City is a highly desirable Northeast San Antonio submarket with Randolph Air Force Base, Randall Brooks Federal Credit Union and Rackspace among the leading area employers. Sunrise Canyon residents delight in convenient access to abundant retail, dining and entertainment options including a major master plotted retail center offering 1.2 million square feet of retailers and restaurants.

LEI’s acquisition team was led by John Gaghan. United Apartment Group has been retained to provide property management services. CBRE represented the seller, KKR. Berkadia provided financing services.

The transaction is the latest in LEI’s active expansion of its multifamily investment portfolio in select markets across the country. LEI continues to seek multifamily and commercial acquisition and development opportunities nationwide.

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NEW YORK, NY – Mortgage rates climbed for the eighth consecutive week, with the benchmark 30-year fixed mortgage rate zooming to the highest level since September 2014 at 4.31 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.24 discount and origination points.

The larger jumbo 30-year fixed similarly climbed to 4.36 percent, and the average 15-year fixed mortgage rate hit 3.56 percent, the highest in more than 2-1/2-years. Adjustable mortgage rates followed suit in hitting multi-year highs, with the 5-year ARM ascending to 3.56 percent and the 7-year ARM bounding higher to 3.80 percent.

Mortgage rates extended a streak of increases that started in late October but took off in earnest after Election Day. This week saw another huge jump after expectations for three Fed interest rates hikes in 2017 – rather than two – were revealed at last week’s FOMC meeting. Mortgage rates continue to be driven higher by the consensus forecast of tax cuts and fiscal stimulus that spur quicker economic growth and higher inflation in 2017. With investors acting on what appears to be a truly best case scenario, the odds of market volatility and recalibration are growing should the reality not match up to those lofty expectations.

At the current average 30-year fixed mortgage rate of 4.31 percent, the monthly payment for a $200,000 loan is $990.92.

SURVEY RESULTS

30-year fixed: 4.31% — up from 4.18% last week (avg. points: 0.24)
15-year fixed: 3.56% — up from 3.42% last week (avg. points: 0.21)
5/1 ARM: 3.56% — up from 3.45% last week (avg. points: 0.36)

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 expect changes in mortgage rates over the coming week, with 70 percent voting this way. Just 30 percent forecast continued increases while none indicated that mortgage rates would drop in the next week.

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