Are these the cheapest apartments for sale in NYC?

Welcome to 1015 Summit Ave., home to four of NYC’s least-expensive abodes for sale.

According to listings portal StreetEasy, prices in the 38-unit building range from a $60,000 studio — which the site lists as the city’s cheapest apartment — to a $75,000 one-bedroom. At least six apartments there have listed since August, offering buyers a shockingly low-priced chance to own property in a city where people go broke to live in a shoebox.

“The minute I saw the listing and I saw that there was an open house, I went,” said Jade Amaker, 45, who works in the continuing medical education office at Columbia University and lives in Harlem. In September, she visited a one-bedroom unit in the building, in Highbridge, The Bronx. Just a week later, she submitted her $79,000 offer and is on track to close in January.

Amaker’s new home features refinished wood floors and
Read More

Atlanta-based real estate firm flips former Chatham Apartments building to SCAD – News – Savannah Morning News

The Atlanta-based real estate investment firm, QR Capital, sold the former Chatham Apartments building to the Savannah College of Art and Design last week for almost $39 million, according to the Savannah Agenda.

The investment firm bought the property in 2019 for $25.6 million from Jacksonville, Fla.-based Chatham Apartments, LLC. At the time, Daniel Malino of QR Capital told the Savannah Morning News that they planned to renovate the building with work concluding in late 2020 or early 2021.

According to the company’s website, they mainly seek to acquire, renovate and operate conventional multifamily and student housing projects.

The building, which was constructed in 1952, includes 233 units and many of the residents receive housing assistance. As noted in a recent City Talk column, the last of the residents had moved out of the apartment

Read More

Aimco puts Evanston Place apartments near Northwestern University up for sale

Evanston Place, which opened in 1989, is one of the biggest multifamily properties in suburban Chicago to hit the market in 2020, an extremely slow year for large apartment sales. The coronavirus pandemic has disrupted the market, and many investors remain wary of big deals.

But the suburbs have been surprisingly stable, with occupancies and rents holding steady. The coronavirus and civil unrest over the summer have not diminished the appeal of suburban living as they have in the city. Some suburban properties are even gaining tenants who have left Chicago.

Evanston Place’s biggest plus: its location. The nine-story building sits on the edge of downtown Evanston, a short walk to lakefront parks and beaches, kitty-corner from a Whole Foods Market and a block from the gates of the Northwestern campus, a big driver of demand for apartments.

A new owner could boost the property’s income and value by renovating

Read More

Dallas apartments and a Denton County warehouse change hands in the week’s D-FW real estate deals

Sales

Austin-based GVA Management purchased the 272-unit Bella Vista Creek apartments at 3402 S. Buckner Blvd. in Dallas from Canada-based AmeriCan Multifamily Alliance Group. CBRE’s Chris Deuillet, William Hubbard, Jeff Kunitz and Mike Canori brokered the sale. GVA Management now owns and managed more than 1,200 rental units in North Texas.

The City of Arlington purchased a 6,000-square-foot commercial buildng at 2920 S Cooper St in Arlington, The city will use the former Aaron’s Furniture property for government use. Vision Commercial Real Estate’s Michael Gonzalez and Zach Boatwright brokered the sale.

Canada-based Ferti Management Corp. has purchased a 100,000-square-foot industrial building and 23 acres at 100 East FM 2449 in Ponder in Denton County. Ferti Technologies produces fertilizers and soil amendments for companies located around the world. Dan Spika of Henry S. Miller Brokerage negotiated the building sale.

WAK Management Co. purchased Heritage Park, a 204-unit apartment community at 1108

Read More

Changing city: How Pt Chev’s family homes are mushrooming into multi-storey apartments

New Zealand

Video will play in

Play now

Don’t auto play

Never auto play

OneRoof’s Need to Know series with Frances Cook looks at how first home buyers can play to their strengths.

You might have expected to see more hustle and bustle.

With each step at Saturday’s open home viewing, the developers and prospective buyers were hastening Point Chevalier’s transformation from suburban homes and lemon tree backyards to mushrooming multi-storey apartments.

Yet they appeared in no rush as they inspected the two side-by-side properties for sale at 17 and 19 Walmer Rd.

They instead talked quietly with Harcourts selling agents David Findlay and Aman Gulia, discussing project cost numbers, development possibilities and the sale prices of nearby homes.

They arrived in top-of-the-line Teslas, on a motorbike and even old hatchbacks.

Walmer Rd’s first major development – an under-construction five-storey complex

Read More

BRT Apartments Corp. Reports Third Quarter Results for 2020

GREAT NECK, N.Y., Nov. 05, 2020 (GLOBE NEWSWIRE) — BRT APARTMENTS CORP. (NYSE:BRT), a multi-family real estate investment trust with properties located primarily in the Southeast United States and Texas today announced operating results for the three months ended September 30, 2020.

Jeffrey A. Gould, President and Chief Executive Officer stated: “Our performance in the third quarter underscores the ongoing resilience of our business model and our properties as we collected 98.0% of our billed rent. We remain cautious with regard to capital deployment and anticipate resuming acquisition activity in 2021 and full-scale value add property upgrades when we believe that the disruptive effects of the pandemic have dissipated. Our priority is to ensure the financial flexibility of our balance sheet as we continue to focus on long-term value creation.”

Financial Results:

Net loss attributable to common stockholders was $7.48 million, or $0.44 per diluted share, for the three months

Read More

Chicago developer eyes apartments for Fulton Market

That vision for the property at the southwest corner of Fulton Street and Racine Avenue could be a key test for 27th Ward Ald. Walter Burnett’s new policy on residential development in Fulton Market north of Lake Street. Burnett has previously cited the pitfalls of future residents opposing new commercial development as a reason for blocking apartment buildings in that area. But in May he said he would lift his ban to try to stoke new investor interest in the neighborhood amid the COVID-19 crisis.

Given the density of office buildings in the area and companies including Google, McDonald’s and Mondelez International establishing it as a corporate destination, the buyers were willing to pay a big number for the chance to add apartments to the mix.

The sale price is roughly seven times the $2.7 million that the seller, Atlanta-based real estate firm Drapac Capital Partners, paid for the property

Read More

Apartments in McKinney and an office building in southwest Dallas were among latest property sales

Sales

Loading...

Load Error

Dallas-based Conti Organization has acquired Rustic of McKinney, a 260-unit apartment complex located at 2700 N Brook Drive in McKinney. The acquisition increases the company’s current Texas portfolio to 32 properties with more than 9,000 apartment units. Taylor Hill, Michael Ware, Jay Gunn, Tom Burns, and Will Jarnagin with Berkadia handled the sale.

Industrial Fabrics Inc. has purchased a 40,100 square-foot industrial building located at 3420 Dalworth Street in Arlington. Blake Wilson with Herrin Real Estate brokered the sale with Michael Stanzel with NAI Robert Lynn.

Houston-based Realty.com has purchase an office building in southwest Dallas. The four-story, 63,000 square-foot office building is at 5787 S. Hampton Rd. in Dallas. The Dallas building was acquired as part of a larger purchase from Oxley Leasing.

Hjjr Inc. purchased 3.5 acres of land in the Mira Lagos community on Joe Pool Lake in Grand Prairie. Demian P. Salmon with

Read More

Hamilton buys property to allow 50-plus apartments, save historic double residence

Instead of using that area, the city plans to buy the property at 326 Main St. from the David S. Dennison and Carol H. Dennison Revocable Trust and demolish that building for the space he needs to build the apartments.

ExploreDeveloper: No, apartments won’t work in Hamilton Municipal Building

The city consulted with historic experts who believe the building at 326 Main St. has much less historic value than the duplex does, partly because it has been modified through the years, City Manager Joshua Smith said.

It has a brick office area on the front of it and less historic value, he added.

Because a variety of people expressed interest in the double residence, the city plans to ask would-be buyers of it how they would use it. City officials plan to use the $100,000 from the sale of that building to purchase 326 Main St.

Hamilton residents hope

Read More

Apartments may be next trouble spot for property investors

Where is the next area of pain for commercial property markets? Ask analysts, investors and even the debt collectors responsible for chasing unpaid mortgages and there is usually one common answer: apartment buildings. 

An end to the US government’s stimulus programmes, they say, alongside a moratorium on landlords evicting tenants, will lead to severe losses for investors. 

The logic is straightforward. Tenants, deprived of government stimulus, are finding it harder to pay their rent. Landlords in turn will have less income to pay their mortgages. This is then amplified by eviction moratoriums in many states, which prevent landlords booting out tenants who can’t pay their rent. 

Finally, reduced payments will hit investors that ultimately finance the properties through the commercial mortgage-backed securities market, where property loans are bundled together to back payments on new bonds. But, crucially, this hasn’t happened yet.

The first round of government stimulus, which included an

Read More