CONCORD, N.C. — Carter Exchange Fund Management Co., a subsidiary of Carter Funds LLC, has sold Station at Poplar Tent, an apartment community located at 50 Poplar Station Circle NW in Concord, roughly 25 miles northeast of Charlotte. An undisclosed buyer purchased the property for $74.7 million. Carter Exchange owned the community for nearly three years, during which time the company completed renovations including the addition of parcel lockers to the clubhouse, upgrades to flooring and expanded amenities and increased average monthly rents on occupied units by 25.2 percent. The property averaged 94.9 percent occupancy during Carter Exchange’s ownership.
SAN ANGELO, TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 30-unit assisted living and memory care community in the West Texas city of San Angelo. The property consists of two adjacent buildings on a 2.8-acre site that can support future expansion. A publicly traded REIT sold the asset, which was built in 2012, to an East Coast-based seniors housing owner-operator looking to expand upon its Texas footprint. Both parties involved in the deal requested anonymity.
NEW YORK CITY — Deutsche Bank and Naftali Credit Partners have provided an undisclosed amount of construction financing for a residential project in Manhattan’s Greenwich Village area. Designed by Kohn Pedersen Fox, the project will consist of 28 for-sale condos and ground-floor retail space. Deutsche Bank provided the senior loan, and Naftali issued mezzanine debt. The borrower was a joint venture between New York City-based Argo Real Estate and Indian developer B Safal. Project completion is slated for 2024.
Not long ago, assessors’ student housing properties valuations generally struggled keeping pace with the rising market. College enrollment was high, rent growth outpaced expenses and student expectations lined up with most newer facility amenities. However, the COVID-19 pandemic and its fallout changed the game. Property taxes are often the single highest expense on a property’s profit and loss statement. When market changes make student housing less profitable, the tax burden should not be allowed to remain high. When this occurs, the assessor’s property valuation needs to be challenged and reduced. Projecting Income: Look Forward, Not Back Many jurisdictions assess student housing properties’ value using a cost approach. A computer system estimates the cost to build the property new, then deducts physical depreciation based on the property’s age. Due to skyrocketing construction costs, those depreciation deductions are outpaced by base cost increases. It is common to see cost-based values increase despite struggles facing the real estate market. Owners can combat increases by appealing the assessor’s value. When a student housing property owner files an assessment appeal, the appeal review board often evaluates the three prior years’ operating income. This allows the appeal board to develop an income model intended to represent …
BALTIMORE — A group led by Byrnes & Associates Inc. has purchased Hotel RL Baltimore Inner Harbor located at 207 E. Redwood St. in downtown Baltimore. The locally based investment firm will lead the $18.5 million redevelopment strategy that will convert the 10-story hotel into a 130-unit apartment building. The units will comprise studios, “junior one-bedroom” and one-bedroom apartments spanning 400 to 800 square feet with modern furnishings. Byrnes & Associates expects to redevelop the building, which was first developed as an office building, and lease the units in 18 months. The development team includes Brad Byrnes and Kemp Byrnes of Byrnes & Associates; investors Jay Litke and Moe Krohn of Kove Group LLC who will be the general contractors performing all construction activities; and investor/asset manager Brendan Ferrara of Carm Capital LLC. Byrnes & Associates previously purchased and redeveloped the adjacent 225 and 233 E. Redwood St. buildings, which comprise a total of 90,000 square feet of office and retail space, including the reopening and rebranding of the historic Werner’s Diner & Pub.
SANTA ANA, CALIF. — The REMM Group, a property management company headquartered in Santa Ana, has been assigned as operator for eight Southern California multifamily properties totaling over 1,000 units. The largest of the properties is McComber Creek Apartment Homes, a 348-unit community in Buena Park. McComber Creek offers studio, one- and two-bedroom apartments, as well as amenities such as a pool and two tennis courts. The other seven properties include: Villa Creek Apartment Homes in Cypress; The Jagger in Los Angeles; Pasadena Village Apartment Homes in Tustin; Fountain Park Apartment Homes in Buena Park; Orange Creek Apartment Homes in Orange; Courtyard at La Pat Place Westminster; and Lincoln Village in Anaheim.
FERRIS, TEXAS — Dallas-based Henry S. Miller Cos. will develop Casitas Shaw Creek, a 204-unit multifamily project in Ferris, a southern suburb of Dallas. The project has a total price tag of $35 million. Casitas Shaw Creek will comprise six three-story residential buildings and a 5,000-square-foot retail building on an 11.4-acre site. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, resident clubhouse, dog park and outdoor grilling and dining areas. Construction is scheduled to begin next spring and to last about 24 months.
HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.5 million loan for the refinancing of two multifamily properties totaling 206 units in Houston. Fairmount and Atwell Village, both of which are located in the Bellaire submarket on the city’s west side, total 164 and 42 units, respectively. Both properties are currently in the midst of being renovated. Adam Pike and Brad Korndorffer of MMCC arranged the financing. The borrower and direct lender were not disclosed.
NEW YORK CITY — A joint venture between Gamma Real Estate and JVP Management has completed Sutton Tower, an 80-story residential tower located at 430 E. 58th St. within the Sutton Place neighborhood in Midtown Manhattan. The building houses 120 for-sale condos and amenities such as a pool, fitness center, sports simulator room, screening room, private dining room, children’s play area and a sculpture garden. Thomas Juul-Hansen designed the building, and global development and investment firm Lendlease served as the general contractor. Construction began in 2018. Move-ins will begin over the summer.
LINCOLNWOOD, ILL. — Luxury Living has begun leasing District 1860, a six-story luxury apartment complex in Lincolnwood, a northern suburb of Chicago. Located at 7215 District Ave., the development offers 299 units in studio, one-, two- and three-bedroom layouts. Tucker Development and AECOM-Canyon Partners, a joint venture between AECOM Capital and Canyon Partners, were the developers. District 1860 has signed retail agreements with Davanti Enoteca, Fatpour, Fat Rosie’s and Amazon Fresh Grocery. Amenities include a pool, rooftop dog run, community room, fitness center and Wi-Fi access anywhere in the community. Move-ins are anticipated to begin later this month. Rents start at $1,850 per month for studios.