Over the past several years, developers who consulted with Foley & Puls, Inc for recommendations on product mixes prior to development have sold their projects for record prices. The Vue in Beachwood, Oh, a suburb of Cleveland was sold in August, 2016 for more than $80 million or $230,000-$245,000/unit just after completion in a market that typically sees prices of $80 000-$90,000 per unit.
In Denver, the Chicago-based pension fund advisor Heitman Financial Ltd. is now the proud owner of the 337-apartment complex Commons Park West, 1550 Platte St., Denver, after shelling out a stunning $346 per square foot, or $291,000 per unit for a wood project. Foley & Puls worked with Blake Pogue on the development of the product mix.
In Dallas, the recently completed PMRG project 1400 Hi Line sold to Amli Residential for a reported $100 million. Foley & Puls worked with PMRG to refine their product mix to locate the higher priced units to capitalize on the downtown skyline views and redefine their pricing strategy to target a significantly higher income renter on the views and upper floors.
Foley & Puls utilizes Income-Driven Demand modeling to help developers optimize their product mix and rents to match the target market for their property once it is completed.
Dallas’ newest apartment high-rise has a front-row
seat on downtown Dallas. Apartment rents in the
building run from $1,456 to just under $5,000 a month.
And the units range from less than 700 feet for a
studio apartment to almost 1,700 square feet for a top-floor penthouse. “The view is the whole thing,” said Mike Puls of apartment consultants Foley & Puls. “It has the best view of all the projects.”
Dallas condo and apartment analyst Mike Puls thinks that Great Gulf’s timing is good, provided it constructs the right type of building for that location. “The condo market here is the best it’s been, but you can still overbuild,” Puls said. “If you try to get too big a price premium and you supply too many units, you can get in trouble."
Through the first seven months of 2013, condo
purchases are running almost 40 percent ahead of 2012
levels. And condo sales prices in July were 17 percent
than in the same month last year.
“Prices and per foot pricing are going up fast, and velocity is stronger,” said Dallas housing analyst Mike Puls. “Pent-up demand is meeting demographic trends. “The whole market has changed.”
Developers have broken ground near Turtle Creek on a
luxury apartment complex that was designed to fit into
the high-end neighborhood. Associated Estates
Realty Corp.’s new Cantabria project is next door to the
Plaza at Turtle Creek condominium tower and on the same
block as the Mansion
Residences high-rise. The 9-story, Mediterranean-style apartment building will have 249 units which will rent for an average of more than $2,000 a month, according to Associated Estates’ John Lytell.
The NRP Group is developing The Vue, a new four-story, 348-apartment community in Beachwood, Ohio. NRP has built several urban and suburban luxury apartment homes, including Cevallos Lofts and Belleza at Cresta Bella, both located in San Antonio and The Allure in Austin. Also under construction is Beacon 430 in St. Petersburg, Fla. According to Heller, other upcoming luxury properties will be built in Raleigh, N.C., and Orlando.Read More
Condo market analyst Mike Puls likes the location of Museum Tower. He loves the high-rise's sleek look. And the fact that it's launching at a time when construction costs have dropped,can't hurt, either. But, "120 of anything is a lot," Puls says. "Very few homebuilders try to build 120 homes in the same subdivision. That's the thing they have to grapple with. It's really big."
The National Association of Home Builders [NAHB] recognized The Heights at Park Lane among the top trend-setters in the multifamily housing industry, as part of its annual Pillars of the Industry Awards program promoting excellence in apartment design, development, management, and marketing. The Heights at Park Lane was recognized in three award winning categories including Best High Rise Apartment (9 stories), Best Mixed-Use Development and Project of the Year.Read More
PM Realty Group (PMRG), a nationally recognized and full service commercial real estate firm, announces the groundbreaking for Houston's newest luxury multifamily high-rise; 2929 Weslayan, a 40 story mixed-use project situated on 1.7 acres in the West Inner Loop Submarket.
The developers behind the Flats East Bank project in downtown Cleveland, Ohio expect to break ground within weeks on their first residential building, the centerpiece of the waterfront neighborhood's second phase.