WASHINGTON, D.C., AND ROCKLEDGE, MD. — KLNB has acquired Edge Commercial Real Estate, a Rockledge-based brokerage with offices in Maryland, Virginia and Washington, D.C. The move increases the size of the Washington, D.C.-based commercial real estate brokerage firm by 20 percent and serves as KLNB’s entry into the multifamily brokerage arena. KLNB is adding 32 total employees, 18 of which are brokers who specialize in multiple facets of office, industrial, tenant representation and multifamily investment sales. Six of the brokers will be immediately installed as principal partners at KLNB. “The acquisition of Edge fits perfectly in our timeline for smart and disciplined progression,” says Marc Menick, president of KLNB. “By acquiring Edge, we will be able to do virtually everything we’re already known for, but at an even higher level and a wider reach. And in the case of multifamily, this opportunity brings the KLNB customer experience to a whole new sector that we have wanted to approach for some time.” Additionally, KLNB will fold Edge’s property management division, which oversees a 1 million-square-foot portfolio, into its KLNB Asset Services platform, a joint venture between KLNB and Divaris Real Estate. Terms of the transaction were not disclosed.
DETROIT — Locally based real estate firm Bedrock has unveiled plans for Development at Cadillac Square, a 1.5 million-square-foot mixed-use campus in downtown Detroit. The site is located near Ford Field, home of the NFL’s Detroit Lions, as well as Campus Martius Park and Cadillac Square. The development will feature residential, retail, office and entertainment space, as well as parking. Bedrock is owned by billionaire and Rocket Cos. founder Dan Gilbert, who with his companies has invested $5.6 billion in the purchase and rehabilitation of buildings in downtown Detroit, according to Forbes. Gilbert himself boasts a net worth of $18 billion and owns Rocket Mortgage Fieldhouse — home of the NBA’s Cleveland Cavaliers (also owned by Gilbert) — in Cleveland, Ohio, where his real estate arm is planning the Cuyahoga Riverfront, another in the trend of developing mixed-use projects around sports stadiums. Upon completion, the Development at Cadillac Square property will include 230,000 square feet of residential space, comprised of 250 to 280 units. The project is subject to an Affordable Housing Agreement with the City of Detroit. Retail space will total 90,000 square feet in the form of a market hall, grocery store, restaurants and other shops. Plans for …
WASHINGTON, D.C. — With many office buildings, hotels and shopping malls sitting vacant or underutilized, repurposing commercial properties into multifamily housing is growing more commonplace. A recently released report suggests that these conversions could be financially feasible across a broad range of markets and circumstances. “Conversions have existed for decades, but the pandemic has accelerated their growth potential by rendering more commercial properties obsolete,” says Anita Kramer, senior vice president of the ULI Center for Real Estate Economics and Capital Markets. “Our research demonstrates that there’s no ‘cookie-cutter’ formula for executing a successful project, but we do hope the insights that experienced developers shared with us can provide valuable guidance.” Behind the Facade: The Feasibility of Converting Commercial Real Estate to Multifamily was conducted by the National Multifamily Housing Council (NMHC) Research Foundation and the Urban Land Institute (ULI) Terwilliger Center for Housing. The report examines the viability of converting old or under-utilized commercial properties, with data gathered through interviewing the developers of 29 commercial-to-multifamily conversion projects. According to the report, costs can vary based on several factors, particularly the initial acquisition and the demographic the project targets once completed. Most developers reported successful returns on investment regardless of cost, however, …
VIRGINIA BEACH, VA. — Cushman & Wakefield has negotiated the $101.9 million sale of Marina Shores Apartment Homes, a 392-unit multifamily community located at 257 Willow Oak Circle in Virginia Beach. FPA Multifamily acquired the property from the undisclosed seller. Jorge Rosa and T.J. Liberto of Cushman & Wakefield partnered with NAI Global to represent the seller in the transaction. Marina Shores features one-, two- and three-bedroom units, as well as a saltwater swimming pool, fitness center, resident clubhouse and kitchen, two fenced dog parks, outdoor grilling and lounge area, tennis court and covered parking.
BRADENTON, SANFORD AND PINELLAS PARK, FLA. — Grandbridge Real Estate Capital’s Senior Housing Investment Sales team has arranged the sale of three seniors housing communities in Florida in three separate transactions. The seller, an unnamed national REIT, sold the assets for undisclosed prices. The properties include the 112-unit Bradenton Oaks located in Bradenton, the 94-unit Renaissance Retirement Center in Sanford and the 145-unit Bayside Terrace in Pinellas Park. Bradenton Oaks was built in 1973 and 1988, The Renaissance was built in 1984 and Bayside Terrace was built between 1986 and 1989. The communities were operating at low occupancies and an operational loss at the time of sale, according to Grandbridge. The buyers include a Florida-based real estate investment firm and two seniors housing owner-operators.
AUSTIN, TEXAS — Newmark has brokered the sale of Alexan Springdale, a 251-unit apartment community in East Austin. Alexan Springdale features studio, one- and two-bedroom units that have an average size of 824 square feet. Amenities include a pool, outdoor grilling and dining areas, fitness center, game room and a clubhouse. Patton Jones and Andrew Dickson of Newmark represented the seller, Trammell Crow Residential, in the transaction. New York-based Sterling Equities purchased the asset, which was 94 percent occupied at the time of sale, for an undisclosed price.
ST. JOSEPH, MO. — Northmarq has arranged the $11 million sale of a 194-unit multifamily portfolio in St. Joseph, a northern suburb of Kansas City. The portfolio includes City View Lofts, Summit Place, Eugene Field and Frederick Apartments. City View Lofts was originally built in 1915 as St. Joseph Junior College before being redeveloped into lofts. The other properties date back to the early 1900s as well. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Worcester Investments. The buyer was undisclosed.
OSAGE, CHARLES CITY AND CLEAR LAKE, IOWA — SVN Senior Housing has brokered the sale of a three-property assisted living portfolio totaling 130 units in Iowa. The sales price was undisclosed. The properties, which were stabilized at the time of sale, are located in Osage, Charles City and Clear Lake. Jennifer Espeland and John Klement of SVN represented the seller, a private investment group. The buyer was an Iowa-based investment group with holdings in Iowa, Minnesota and Wisconsin.
SAN ANTONIO — Wisconsin-based investment firm MLG Capital has acquired Springs at Alamo Ranch, a 232-unit apartment community in San Antonio. The 227,000-square-foot, Class A community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, pet playground and an onsite car care center. MLG Capital plans to implement a value-add program and rebrand the property as Reata Alamo Ranch. The seller was not disclosed.
NORTH RICHLAND HILLS, TEXAS — SPI Advisory, an investment firm with offices in Dallas and Austin, has sold Wood Meadow Apartments, a 222-unit multifamily property located in the Fort Worth suburb of North Richland Hills. Built in 1984 and renovated in 2018, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and courtyards. SPI and its partners acquired Wood Meadow Apartments in 2017. The buyer and sales price were not disclosed.