February 11, 2023 Weekly Investor Update

Life Bridge Capital Weekly Investor Update

February 11, 2023

The Latest in Commercial Real Estate (CRE), Economy & Markets




Mortgage Rate (30-Year Fixed): 6.6% (as of 2/13)


Existing Home Sales: -1.5% (December 2022)

New Residential Sales: +2.3% (December 2022)

Median Sales Price for New Houses Sold: $442,100 (December 2022)

Construction Spending: +7.7% YoY (December 2022)

New Residential Housing Starts: 1.382 million (December 2022)

New Residential Housing Completion: 1.411 million (December 2022)


Homeownership Rate: +65.9% (4Q22)

Rental Vacancy Rate: +5.8% (4Q22)


Sources: NAR, BLS, Federal Reserve Bank, MBA

Note: Rates listed are estimates and may not reflect actual rates depending on term, sponsor location, and other factors involved.



10. Hawkins Cos. secures financing for Bosie, ID multifamily construction

Commercial development company Hawkins Cos. received $56 million financing for Canyon Ridge, represented by Sunwest Bank and Cushman & Wakefield. The 10.8-acre project in Boise, ID will have five towers consisting of 287 one-, two- and three-bedroom units with amenities and a 521-unit car park and 305-unit bicycle parking space. It is less than 5 miles from Boise Airport and sits adjacent to the Simplot Sports Complex.


9. 240-unit Texas multifamily to be built in west McKinney

Irving-based residential company JPI will be building 240 multifamily dwelling units in the Jefferson Trails development, in west McKinney, TX. The Class A residential development will be located on 25 acres, currently the site of the former Society for the Prevention of Cruelty to Animals of Texas facility. The resort-style community is expected to be completed by 2025.


8. New Dallas multifamily high-rise construction already started

Construction has begun in the 19-story, 351-unit apartment tower, The Oliver. The Dallas luxury multifamily project is located within the 27-acre mixed-use development, The Central, in the north area of downtown. It will offer 4 million sq ft of office, residential, and retail space with a four-acre park. Construction is led by StreetLights Residential and Mitsui Fudosan America.


8. Luxury multifamily community in Kansas City suburb funded for development

Block Real Estate Services announced that it has secured a $59.8 million loan for 322-unit The Residences at Galleria, located in Overland Park, KS. Yardi Matrix reported that a share of the loan will go to paying off existing debt and the rest will be earmarked for multifamily development. The project is part of a 37-acre master-planned mixed-use development, Galleria. Once completed, it will have 350,000 sq ft of office space, 105,000 sq ft of retail space area and 678 apartment units complete with amenities.


6. Jacksonville multifamily acquired for $30.9 million

Hollywood, FL-based real estate investment firm Koda Capital announced its purchase of the 320-unit multifamily River City Landing Apartments, which is located on a 23.81 acre land across Jacksonville University. The nine two-story buildings were acquired for $30.9 million, and offer one-, two- and three-bedroom units with amenities.


5. Boston-based mortgage firm arranges financing for Southern New England multifamily portfolio

Boston-based mortgage banking firm EagleBridge Capital announced that it has successfully arranged permanent mortgage financing for a multifamily portfolio in Southern New England worth $20.1 million. The portfolio consists of 340 rental units in 43 properties with sizes from studio to four-bedroom options. 


4. Multifamily was top investment sector in 4Q22

CBRE’s 4Q22 market report revealed that multifamily was the leading investment sector followed by industrial and logistics. Among the metros surveyed, Los Angeles topped the market for total investment, ahead of New York and Dallas. Private buyers were the biggest investors in the period with a 61% share of the overall spend.


3. 150-unit San Antonio active adult community purchased

Blaze Capital Partners announced its acquisition of the 150-unit Sage Stone Oak, an active adult community in San Antonio, TX that offers one- and two-bedroom apartments. It is situated in the Stone Oak neighborhood, 15 miles north of downtown San Antonio. The seller and price were not disclosed, but it is the company’s third acquisition in the active adult sector over the past four months.


2. Madison, WS is top emerging multifamily market

Based on Yardi Matrix data, Madison, WS landed on top of the rankings of emerging multifamily markets. Madison’s very tight rental market and strong housing demand was cited by the group as leading factors for its growth. Its occupancy rate in stabilized properties reached 98% in November. Per-unit price was recorded at $139,668, up by 68% YoY. Almost 2,430 units were delivered last year, making it the third-largest volume among the markets on the group’s survey. There are currently 7,846 units in the pipeline.


1. National multifamily occupancy rate remained above 95% in January 2023

According to Yardi Matrix’s survey of 140 markets, the national multifamily market has started the year with a stronger showing than expected after declines in the past year. The occupancy rate remained above 95% in January 2023, aided by the 517,000 new jobs in the same month, which followed almost 5 million new jobs in 2022. Due to the return-to-office trend and increase in immigration numbers, large urban areas experienced short-term rent growth led by Boston (0.9%), Miami (0.6%), Chicago and New York (both 0.5%).

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