Northeast

Four Ways Technology Can Keep Onsite Multifamily Staff Happier During the Great Resignation

by Jaime Lackey May 10, 2022

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 …

May 10, 2022

Acquisitions Connecticut Northeast Office

CBRE Brokers $72M Sale of Office Building in Stamford, Connecticut

by Taylor Williams May 9, 2022

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.

May 9, 2022

Development Multifamily New York Northeast

Eliviat Group to Develop 224-Unit Multifamily Project in Wallkill, New York

by Taylor Williams May 9, 2022

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.

May 9, 2022

Loans New Jersey Northeast Retail

JLL Arranges $21.5M Loan for Refinancing of Northern New Jersey Shopping Center

by Taylor Williams May 9, 2022

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.

May 9, 2022

Development Industrial New Jersey Northeast

Elberon Completes 140,000 SF Cold Storage Facility in Elizabeth, New Jersey

by Taylor Williams May 9, 2022

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.

May 9, 2022

Leasing Activity New York Northeast Office

Cadre Signs 17,000 SF Office Lease at 315 Park Avenue South in Midtown Manhattan

by Taylor Williams May 9, 2022

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.

May 9, 2022

Company News Hospitality Illinois Midwest New York Northeast Top Stories

Brookfield Agrees to Acquire Watermark Lodging Trust for $3.8B

by Taylor Williams May 9, 2022

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 …

May 9, 2022

Acquisitions New York Northeast Office Retail

Joint Venture Buys Ridge Hill Office, Retail Development in Yonkers for $220M

by Taylor Williams May 6, 2022

YONKERS, N.Y. — A joint venture between Nuveen Real Estate, Taconic Partners and North American Properties has acquired Ridge Hill, a 1.2 million-square-foot office and retail development in Yonkers, located north of New York City, for $220 million. Built in 2011, Ridge Hill is currently 71.7 percent leased. Tenants include Whole Foods Market, Lowe’s Home Improvement, Dick’s Sporting Goods, T.J. Maxx, H&M, LA Fitness, L.L. Bean, Showcase Cinemas, Legoland Discovery Center, Guitar Center, The Container Store and Westmed Medical Group. Dave Monahan, Cameron Pittman, Chris Angelone, Jose Cruz and Andrew Scandalios of JLL represented the seller, QIC US Management Inc., in the transaction. Kellogg Gaines, Aaron Niedermayer, Evan Pariser, Claudia Steeb and Joy Dracos, also with JLL, arranged $181.3 million in acquisition financing on behalf of the joint venture, which plans to enhance Ridge Hill’s public spaces, street design and parking areas. The new ownership also plans to target locally inspired food and beverage concepts, as well as national luxury apparel and boutique fitness users.

May 6, 2022

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $103M Sale of Flats on First Apartments in Cambridge, Massachusetts

by Taylor Williams May 6, 2022

CAMBRIDGE, MASS. — CBRE has negotiated the $103 million sale of Flats on First, a newly built, 136-unit apartment complex in Cambridge. Designed by Perkins Eastman and constructed by Tocci Building Cos., Flats on First comprises two buildings that house a mix of one-, two- and three-bedroom units, as well as 15,800 square feet of retail space and a 142-space underground parking garage. Amenities include a clubroom, fitness center, rooftop deck, open-air amphitheater and a landscaped courtyard. Sixteen apartments are reserved as affordable housing for residents earning 80 percent or less of the area median income. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of locally based developer UrbanSpaces, in the transaction. The team also procured the buyer, an affiliate of Barings LLC, an international investment management firm owned by insurance giant MassMutual.

May 6, 2022

Loans Multifamily New Jersey Northeast

JLL Arranges $78M Loan for Refinancing of Hackensack Apartment Community

by Taylor Williams May 6, 2022

HACKENSACK, N.J. — JLL has arranged a $78 million loan for the refinancing of The Current on River, a 254-unit apartment community in the Northern New Jersey community of Hackensack. Built in 2020, Current on River offers one- and two-bedroom units with an average size of 846 square feet. Residences feature granite/quartz countertops, stainless steel appliances, walk-in closets, in-unit washers and dryers and private patios/balconies. Amenities include a fitness center, pool with a sundeck, barbecue and picnic areas, a courtyard, coffee bar, clubroom, work lounge, pet spa and a conference room. Thomas Didio, Thomas Didio Jr. and Gerard Quinn of JLL arranged the 10-year, fixed-rate loan through New York Life on behalf of the borrower, an affiliate of locally based development and management firm Hekemian & Co.

May 6, 2022

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