Walker & Dunlop Completes $156 Million Sale of Long Beach, CA Apartment Community

Rhea-AI Summary

Walker & Dunlop facilitated the $156 million sale and $91.26 million financing of Volta on Pine, a multifamily property in Long Beach, California. This 271-unit property, featuring retail space, is positioned within a rapidly growing job market driven by the aerospace sector. The transaction showcases Walker & Dunlop's leadership in the multifamily sales market, having completed $10 billion in sales in 2021 alone, reflecting a 203% increase from the previous year. This growth highlights the company’s strong position as a top multifamily capital provider.

Positive

• Facilitated a $156 million sale and $91.26 million financing of Volta on Pine.
• Completed $10 billion in multifamily property sales from Q1 to Q3 2021, up 203% year-over-year.
• Top provider of capital to the U.S. multifamily market with $31 billion originated in transactions in 2020.

Negative

• None.

BETHESDA, Md., Jan. 20, 2022 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it facilitated the $156,000,000 sale and $91,260,000 financing of Volta on Pine , a 271-unit, core multifamily property with 1,300 square feet of ground floor retail space in the heart of Downtown Long Beach, California. Historically tied to aviation since the days of Amelia Earhart's 1920s explorations, Long Beach is now coined "Space Beach" and is rapidly becoming the epicenter of the aerospace industry. Startups including SpinLaunch, Rocket Lab, and Relativity Space have chosen the area as their headquarters since 2019, providing for a highly active job market in Long Beach.

Volta on Pine will benefit from the recent uptick in Long Beach's booming job market and provide commuting renters with access to the approximately 950,000 jobs offered throughout Long Beach, Beach Cities, Downtown LA, and Irvine. Delivered in early 2021, the property is a collaboration between North America Sekisui House ("NASH") Holland JV and MVE + Partners Architects, which both have an expansive presence primarily in the Western Region's high-growth markets.

Walker & Dunlop's  Blake A. Rogers, Alexandra Caniglia, Kevin Sheehan, Hunter Combs, and Javier Rivera represented the sellers, Holland Partner Group and NASH and in the disposition to the buyer, Gelt, Inc. Mark Grace, John Montakab, and Trevor Fase arranged the financing from Nuveen on behalf of Gelt.

Volta on Pine is ideally situated in the heart of Long Beach's Downtown, offering residents access to shopping destinations, world-class restaurants, breweries, and various grocery stores. Local attractions also include the Aquarium of the Pacific, Long Beach Convention & Entertainment Center, Long Beach Jazz Festival, Museum of Latin American Art (MOLAA), Lions Lighthouse, and the Long Beach Grand Prix. The property's outstanding community amenities include a rooftop terrace with ocean views and barbecue stations, executive meeting rooms, a 24-hour state-of-the-art fitness center, sky lounge, pool, and spa. The apartment homes feature best-in-class luxury interior features, including gourmet chef's kitchens with stainless steel appliances, quartz countertops, spa-inspired bathrooms, and spacious bedrooms.

Walker & Dunlop is a leader in multifamily property sales, having completed $10 billion in volume from the first through third quarters of 2021, up 203% from the same period in 2020. In Los Angeles County alone, the team completed sales of over $1 billion with a total of 17 transactions in in 2021. The firm was also the top provider of capital to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020. For information about multifamily properties available for sale via Walker & Dunlop's investment sales platform, visit our website.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work^® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.

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SOURCE Walker & Dunlop, Inc.

FAQ

What is the significance of the $156 million sale of Volta on Pine for Walker & Dunlop (WD)?

The $156 million sale and $91.26 million financing demonstrate Walker & Dunlop's leadership in the multifamily market and reflects its strong sales performance.

When was the sale of Volta on Pine completed by Walker & Dunlop (WD)?

The sale was announced on January 20, 2022.

How much did Walker & Dunlop (WD) complete in sales for multifamily properties in 2021?

Walker & Dunlop completed $10 billion in multifamily property sales from the first three quarters of 2021.

What trends are driving the job market in Long Beach, California?

Long Beach is becoming a hub for the aerospace industry, attracting startups and leading to a high job market activity.

What are the community amenities offered at Volta on Pine?

Volta on Pine offers a rooftop terrace, fitness center, pool, spa, and luxurious interior features.