FAIRFIELD, N.J. — BNE Real Estate has begun leasing The Kingsley, a 99-unit apartment complex in the Northern New Jersey community of Fairfield. Designed by Minno & Wasko Architects & Planners, the property features one- and two-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washers and dryers. Private balconies and patios are available in select residences. Amenities include a pool, game room and a card room, as well as indoor and outdoor lounges, Amazon package lockers and a fitness center. Rents start at roughly $2,300 per month for a one-bedroom unit.
WEST CHESTER, PA. — Colliers has arranged the sale of a 120,000-square-foot retail property in West Chester, a western suburb of Philadelphia, that houses a dealership for Mercedes-Benz. The property sits on 10 acres along U.S. Route 202. Virginia-based Capital Automotive sold the property to Piazza Auto Group for an undisclosed price. Rich Weitzman of Colliers brokered the deal in conjunction with CBRE.
NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan’s Clinton neighborhood. Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower. Units will feature eight-foot to 10-foot ceilings, hardwood floors, stainless steel appliances, quartz countertops and washers and dryers. The building will also offer 30,000 square feet of retail and 25,000 square feet of office space. The new ownership plans to market the units at a 20 percent discount to rates seen at other properties in the surrounding area in hopes of attracting young professionals, students and small families to the property, according to Paul Rahimian, CEO and founder of Parkview. The redevelopment is scheduled for completion in early 2023. The building was originally constructed in 1929 to act as the American Women’s Association clubhouse and residence for young women before being converted into the Henry Hudson Hotel in 1941. The property is located one block west of Columbus Circle near Billionaires’ Row. Parkview Financial provided the financing in conjunction with Montgomery Street Partners. …
Affordable HousingFeaturesMidwestMultifamilyNortheastSeniors HousingSoutheastStudent HousingTexasWestern
Four Ways Technology Can Keep Onsite Multifamily Staff Happier During the Great Resignation
The Great Resignation. The Big Quit. Call it what you will. The widespread trend of employees leaving their jobs in 2021 and 2022 has placed a burden on onsite property management staff at multifamily communities. Like other industries nationwide, the multifamily industry has been hit hard by this period where record numbers of employees are leaving their current positions. According to the National Apartment Association (NAA), rental owners and operators have reported up to 70 percent of their workforce resigning during this period. Historically, employee turnover ranges from 30 to 50 percent annually. In roles that often require wearing many hats to keep up with prospective renters and resident requests, leasing teams are feeling added pressure. With technology solutions that alleviate daunting tasks for onsite staff, you can save your staff valuable time and unnecessary manual effort. Your leasing team can simplify tour scheduling, automate routine communications, and set up seamless multifamily marketing campaigns that free up time for staff to better connect with renters. Here are four steps operators can take to maximize efficiencies and achieve better outcomes. 1. Automate Apartment Tour Scheduling The first step to helping your team thrive during a spike in renter demand is understanding …
STAMFORD, CONN. — CBRE has brokered the $72 million sale of 400 Atlantic Street, a 508,043-square-foot office building in the downtown area of Stamford, about 40 miles outside of New York City. At the time of sale, 400 Atlantic Street was 30 percent leased. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer and Travis Langer of CBRE, in collaboration with Meredith LaPier of Advisory and Transaction Services, represented the seller, an affiliate of Charter Communications Inc., in the transaction. Charter Communications also previously used the 14-story building as its global headquarters but has since relocated to an 875,000-square-foot campus at 400 Washington Blvd. CBRE also procured the buyer, a partnership between George Comfort & Sons and AVG Partners, which plans to implement a value-add program.
WALLKILL, N.Y. — Long Island-based developer Eliviat Group, in partnership with Pyramid Management Group, will develop The Galleria Residences, a 224-unit multifamily project that will be located about 80 miles north of Manhattan in Wallkill. The site spans five acres and sits directly across from the Galleria Mall at Crystal Run. CT Male & Associates is designing the community, which will feature 122 one-bedroom units, 96 two-bedroom residences and six three-bedroom units. Amenities will include a rooftop lounge, dog park and office-style conference rooms. Construction is scheduled to begin in September and to be complete in June 2024.
SPARTA, N.J. — JLL has arranged a $21.5 million loan for the refinancing of Sparta Town Center, an 87,984-square-foot shopping center in Northern New Jersey. Anchored by grocer Stop & Shop, Sparta Town Center was fully leased at the time of the loan closing. Other tenants include Lakeland Bank, Supercuts, Sports Care Institute, Spavia, Mathnasium and Anthony Franco’s Pizza. Thomas Didio, Thomas Didio Jr. and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan through Aegon Asset Management on behalf of the borrower, an affiliate of locally based developer Hekemian & Co. Inc.
ELIZABETH, N.J. — Elberon Development Group has completed a 140,000-square-foot cold storage facility in the Northern New Jersey city of Elizabeth that is a build-to-suit for New Jersey-based FreezPak Logistics. The facility features clear heights of 66 to 80 feet, 18 loading docks and 30,000 pallet positions. Trailer parking is available both on site and across the street. California-based Ware Malcomb designed the project, with Industrial Building Group serving as the general contractor.
NEW YORK CITY — Cadre, a technology-driven real estate investment platform, has signed a 17,000-square-foot office lease at 315 Park Avenue South in Midtown Manhattan. Columbia Property Trust owns the 20-story, 331,000-square-foot building, which is now 97 percent leased. Steven Rotter and Justin Haber of JLL represented Cadre in the lease negotiations. Newmark represented building ownership.
NEW YORK CITY AND CHICAGO — Private real estate funds managed by Brookfield Asset Management (NYSE: BAM) have agreed to acquire Chicago-based hospitality REIT Watermark Lodging Trust for $3.8 billion. Watermark’s portfolio was constructed over the past decade and currently consists of 25 luxury hotels and resorts totaling 8,100 rooms across 14 states. The properties are primarily located in Sun Belt markets. Under the terms of the deal, Brookfield will acquire all outstanding shares of Watermark’s common stock for approximately $6.73 per share. The purchase price represents a premium of more than 7.5 percent from the most recently published net asset values per share as of Dec. 31, 2021. The deal is expected to close in the fourth quarter. “Hotels and resorts of this scale and quality are difficult to replicate,” says Lowell Baron, managing partner and chief investment officer in Brookfield’s real estate group. “This portfolio is well positioned given its concentration in the Sun Belt, as well as in coastal destinations and gateway cities with high barriers to entry.” Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Watermark. Hodges Ward Elliott is providing estate advisory services to Watermark, and Clifford Chance US LLP and …