Property Type

LeCesse Sells 269-Unit Avila Apartment Community in Oviedo, Florida

by Hayden Spiess October 31, 2023

OVIEDO, FLA. — LeCesse Development Corp. has sold Avila, a 269-unit apartment community located in Oviedo, about 18 miles northeast of Orlando. LeCesse completed construction on the property — which features one-, two- and three-bedroom units across three buildings — in June 2022. Humphreys & Partners Architects was the project architect, and Roger B. Kennedy Construction served as the general contractor. Florida Engineering Group was the civil engineer. Wells Fargo and Federal Capital Partners provided financing. Amenities at the community include a clubhouse, dog park, car wash, grilling stations, a putting green, fire pits and electric car charging stations. GAIA Real Estate acquired the property for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the buyer in the transaction.

October 31, 2023

Georgia Leasing Activity Retail Southeast

Two Tenants Sign Leases at Boone Centre in Kennesaw, Georgia

by Hayden Spiess October 31, 2023

KENNESAW, GA. — Two new tenants have signed leases at Boone Centre, a shopping center located in Kennesaw, roughly 30 miles northwest of Atlanta. Backsmith Chiropractic and Axe Throwing Therapy will open at the property, which is situated at 2680 Cobb Parkway. Max Albers of Stratus Property Group represented both tenants in the lease negotiations. The landlord was not disclosed.

October 31, 2023

Development Industrial Massachusetts Northeast Self-Storage

Basis Industrial Delivers 806-Unit Self-Storage Facility in Plymouth, Massachusetts

by Taylor Williams October 31, 2023

PLYMOUTH, MASS. — Basis Industrial has delivered an 806-unit self-storage facility in Plymouth, located in southern Massachusetts at the base of Cape Cod. The three-story facility spans 111,000 gross square feet of climate-controlled space and was completed in phases, with construction beginning in March 2022. Basis Industrial has engaged Public Storage to operate the facility.

October 31, 2023

Development Massachusetts Multifamily Northeast

Nauset Construction Completes 94-Unit Multifamily Project in Somerville, Massachusetts

by Taylor Williams October 31, 2023

SOMERVILLE, MASS. — Locally based general contractor Nauset Construction has completed Union 346, a 94-unit multifamily project located outside of Boston in Somerville. Designed by ICON Architecture and developed by a partnership between John M. Corcoran & Co., Grossman Cos. and SMT Development, Union 346 rises four stories and houses studio and one-bedroom units, 18 of which are reserved as affordable housing. The property also features 2,000 square feet of retail space. Amenities include a fitness center, lounge with a kitchen and a rooftop deck. Information on starting rents was not disclosed.

October 31, 2023

Development Multifamily New York Northeast

Ginsburg Development Begins Leasing 58-Unit Multifamily Project in Haverstraw, New York

by Taylor Williams October 31, 2023

HAVERSTRAW, N.Y. — Ginsburg Development has begun leasing a 58-unit multifamily project in Haverstraw, about 35 miles north of New York City, that represents Phase II of a larger development known as Admirals Cove. Units come in one-, two- and three-bedroom floor plans and are housed across two four-story buildings. Amenities include a pool, fitness center, Zen garden, outdoor grilling and dining stations and a playground. Rents start at $2,530 per month for a one-bedroom apartment. Phase I of Admirals Cove opened in June and is now 90 percent leased.

October 31, 2023

Acquisitions Multifamily New York Northeast

ERG Commercial Negotiates $2.9M Sale of Yonkers Apartment Building

by Taylor Williams October 31, 2023

YONKERS, N.Y. — New York City-based brokerage firm ERG Commercial Real Estate has negotiated the $2.9 million sale of a 16-unit apartment building in Yonkers, located north of Manhattan. The four-story building at 15 Locust Hill Ave. was originally constructed in 1927. Mary Guarino of ERG Commercial represented the buyer and seller, both of which were locally based entities that requested anonymity, in the transaction.

October 31, 2023

Market Reports Multifamily Texas Texas Market Reports

InterFace Panel: Texas Multifamily Investors Shy Away from Negative Leverage

by Taylor Williams October 31, 2023

By Taylor Williams DALLAS — Just 18 months ago, multifamily lenders and investors in major Texas markets were underwriting record-high levels of rent growth to accompany historically low cap rates, giving capital sources little hesitation to lend at negative leverage. Following a spate of nearly a dozen interest rate hikes, the opposite is now mostly true. Negative leverage occurs when a buyer’s going-in capitalization rate is lower than the all-in interest rate on the debt attached to the property. The scenario tends to manifest when a property with an encumbered cash flow is purchased in a high- or rising-interest-rate environment. As a rule of thumb, net operating income should comfortably cover debt service, or at least clearly be moving in that direction at the time of acquisition. When times are good — meaning prices are high for sellers and money is cheap to borrow for buyers — negative leverage can present a flexible and creative way of getting deals across the finish line. Lenders and equity partners may be willing to accept negative leverage in the short run because they are confident that rents/cash flows will soon increase, or that interest rates will remain low, or both. But the ability to …

October 31, 2023

Acquisitions California Company News Net Lease Retail Texas Top Stories Western

Realty Income Corp. to Acquire Spirit Realty Capital in $9.3B REIT Merger

by Katie Sloan October 31, 2023

SAN DIEGO AND DALLAS — Realty Income Corp. (NYSE: O) and Spirit Realty Capital Inc. (NYSE: SRC) have entered into an all-stock merger agreement valued at $9.3 billion. The combined company, which will operate under the Realty Income banner, is expected to become the fourth largest REIT on the S&P 500 index with a total enterprise value of $63 billion. Both companies primarily invest in freestanding, net-leased commercial properties. Realty Income boasts a portfolio of 13,100 properties located across the U.S. and Europe, and Spirit Realty owns a portfolio of 2,064 properties across 49 states. Primary tenants across the combined company’s portfolio include Life Time Fitness, BJ’s Wholesale Club, At Home, Dave & Buster’s, Dollar Tree, The Home Depot, Treasury Wine Estates, Sainsbury’s, 7-Eleven, Lowe’s and Chipotle Mexican Grill. Under terms of the agreement, each share of Spirit Realty Capital will be converted into 0.762 of a share of newly issued Realty Income stock. At closing, this will result in Realty Income and Spirit owning 87 percent and 13 percent of the combined company, respectively. No external capital is currently being used for the transaction. Realty Income and Spirit cite the potential for higher earnings, a more competitive cost of …

October 31, 2023

Acquisitions Content Partner Features Leasing Activity Multifamily NAI Single-Family Rental Southeast Texas

Southeast Single-Family Rental Market Remains Resilient

by Sarah Daniels October 31, 2023

Families searching for more space, in part as remote work options retain their hold on the workplace landscape, plus strong migration into the Southeast have helped fuel a robust single-family rental market, especially in Atlanta and other Georgia markets over the last several years. More recently, young renters pairing up to share the growing burden of housing costs, as well as would-be home buyers putting off a purchase because of higher interest rates, have also gravitated toward single-family rentals, says Troy Reynolds, a multifamily advisor with NAI G2 Commercial Real Estate, who has added single-family rentals to his business focus. Given the lack of housing supply in the Southeast, these conditions are likely to persist for the foreseeable future. As a result, a growing number of investors have been piling into the assets amid a multifamily investment market saturated with buyers and a consequent leap in prices over the past few years, he adds. “We just don’t have enough housing to meet all the demand, and we continue to see a mass exodus from other states into the Southeast, and particularly into Georgia,” Reynolds states. “So, we’re seeing a lot of younger as well as newer investment groups coming …

October 31, 2023

Acquisitions Florida Southeast Student Housing

CBRE, GMH Communities Acquire 734-Bed Student Housing Community in Tampa

by John Nelson October 30, 2023

TAMPA, FLA. — A joint venture between the CBRE Strategic Partners U.S. Value 9 investment management fund and GMH Communities has acquired Venue at North Campus, a 734-bed student housing community located in Tampa. Situated adjacent to the University of South Florida at 13702 42nd St., the property features units in studio, two-, four- and five-bedroom layouts. Amenities at the community include in-unit washers and dryers, valet garage service, two swimming pools, fitness centers, grilling stations, a study room and internet café, volleyball court and a convenience store. Venue at North Campus was fully leased at the time of sale. The seller and sales price were not disclosed.

October 30, 2023

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