Property Type

Chevron Acquires 77 Acres in Metro Houston, Plans Include Potential Research-and-Development Campus

by John Nelson September 5, 2023

CYPRESS, TEXAS — Oil-and-gas giant Chevron Corp. (NYSE: CVX) has acquired 77 acres in the northwest Houston suburb of Cypress. The parcel is situated within Bridgeland Central, a multi-phase campus spanning 925 acres within the larger Bridgeland master-planned community. The land seller was The Howard Hughes Corp. (NYSE: HHH), the master developer of the 11,500-acre Bridgeland development. The sales price for the Chevron land deal was not disclosed. “Chevron’s acquisition marks a pivotal moment for Bridgeland as the community enters its next phase of development as a leading job center for the region,” says Jim Carman, president of the Houston region for Howard Hughes Corp. “One of the top-selling communities in the country, Bridgeland is poised to benefit from the influx of businesses and their employees seeking to live and work in a centralized location that offers commercial opportunities, as well as single-family and multifamily housing options to meet growing demand.” Daniel Abate, head of corporate real estate for Chevron, says the company could potentially establish a research-and-development campus on the newly acquired land. “Chevron is attracted to the opportunities Bridgeland has to offer and views this acquisition as a strong addition to our asset portfolio,” says Abate. Details about the …

September 5, 2023

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Memphis Industrial Market Begins to Normalize After Years of Robust Growth

by John Nelson September 4, 2023

In January of 2023, the Memphis industrial market was coming off multiple years of record-breaking growth. However, mid-year we seem to be trending back to a somewhat normal growth pattern. The Memphis industrial market, which was fueled by the pandemic like many other markets, is finally beginning to normalize. Economic factors also influence the market as well. First and foremost is the uncertainty: uncertainty in interest rates, uncertainty in construction costs and uncertainty in when will we see some signs of stabilization. Many say we need to survive until 2025. Yet, the Memphis industrial market seems to have all the tools to handle this moment, and move forward. Memphis, located on the borders of Tennessee, Arkansas and Mississippi, is known as “America’s Distribution Center” — boasting unparalleled expertise in distribution and logistics. With a central location, Memphis’ transportation infrastructure comprises the four Rs: runway, rail, river and road. Memphis International Airport houses the largest cargo airport in the world with the FedEx worldwide hub. Memphis is one of only three cities in the country that has five of the seven Class I railroads: Union Pacific/Southern Pacific, Burlington Northern Santa Fe (BNSF), CSX Corporation, Norfolk Southern and Canadian National Railroad (CN). …

September 4, 2023

Acquisitions Maryland Multifamily Southeast

Berkadia Arranges Sale of 456-Unit Elm Apartments in Bethesda, Maryland

by John Nelson September 1, 2023

BETHESDA, MD. — Berkadia Institutional Solutions has arranged the sale of The Elm, a 456-unit multifamily community located at 4710 Elm St. in Bethesda. Completed in 2021, the property features apartments in one-, two- and three-bedroom floor plans across two 28-story towers that are connected via a glass sky bridge. Amenities at the community include a swimming pool, fitness center, pet spa and a dog park. Brian Crivella, Walter Coker and Bill Gribbin of Berkadia’s DC Metro office brokered the sale on behalf of the seller, Washington, D.C.-based Carr Properties. The buyer and sales price were not disclosed.

September 1, 2023

Development Florida Mixed-Use Southeast

ANF Group Tops Out First Phase of 43-Acre Mixed-Use Development in Delray Beach, Florida

by John Nelson September 1, 2023

DELRAY BEACH, FLA. — Construction firm ANF Group Inc. has topped out the first phase of Parks at Delray, a 43-acre mixed-use development underway at 2100 S. Congress Ave. in Delray Beach. Upon completion, the property will feature residential, retail and office space. The 747-unit residential portion will feature one-, two- and three-bedroom apartments ranging from 580 to 1,400 square feet, as well as three-bedroom townhomes ranging from 1,670 to 1,770 square feet. Retail space at the development will total roughly 40,000 square feet, and the office building will comprise 68,000 square feet. ANF is completing the project on behalf of the developers, 13th Floor Investments, Key International, CDS International Holdings and Wexford Capital. MSA Architects is the architect, and CIBC Bank is providing construction financing. Construction began in March of this year, and Phase I is scheduled for completion in the first quarter of 2025.

September 1, 2023

Acquisitions Florida Multifamily Southeast

EPC, Belay Sell 361-Unit Captiva Club Apartment Community in Tampa

by John Nelson September 1, 2023

TAMPA, FLA. — Eagle Property Capital (EPC) and Belay Investment Group have sold Captiva Club Apartments, a 361-unit multifamily community located at 4401 Club Captiva Drive in Tampa. Built in 1973, the property comprises apartments in one-, two- and three-bedroom floor plans. Amenities at the community include a clubhouse, two swimming pools, two dog parks, a business center and onsite laundry. The partners acquired the property in 2016 and implemented $4.3 million in capital improvements, including the addition of 17 new units. The buyer and sales price were not disclosed.

September 1, 2023

Affordable Housing Development Seniors Housing Southeast Virginia

APAH Opens 150-Unit Oakwood Meadow Affordable Seniors Housing Community in Alexandria, Virginia

by John Nelson September 1, 2023

ALEXANDRIA, VA. — The Arlington Partnership for Affordable Housing (APAH), along with its development partners, has opened Oakwood Meadow Senior Residences in Alexandria. The affordable housing development features 150 one- and two-bedroom apartments for qualifying adults ages 62 and older who earn between 30 and 60 percent of the area median income (AMI). Located on a site that was formerly a stormwater retention pond, this project is part of a public-private partnership between APAH and Fairfax County Redevelopment and Housing Authority (FCRHA). In addition to the contribution of public land, Fairfax County and the FCRHA invested $5.3 million in local Housing Blueprint funding, nearly $12.6 million in bond financing and an undisclosed amount in project-based vouchers. Additional financing includes both 4 and 9 percent Low-Income Housing Tax Credits (LIHTC) awarded by Virginia Housing and nearly $30 million in equity investments from Bank of America.

September 1, 2023

Loans Multifamily Texas

KeyBank Funds $32.3M Agency Loan for Refinancing of Metro Austin Apartment Community

by Taylor Williams September 1, 2023

GEORGETOWN, TEXAS — KeyBank Real Estate Capital has provided a $32.3 million Fannie Mae loan for the refinancing of Williamson at the Overlook, a 270-unit apartment community located in the northern Austin suburb of Georgetown. Built in 2019, the property offers one-, two- and three-bedroom units and amenities such as a pool with cabanas and grilling areas, a 24-hour fitness center, cybercafé, clubroom and an entertainment kitchen. Timothy DeWispelaere and Eric Jones of KeyBank originated the fixed-rate financing on behalf of the borrower, RSE Capital Partners.

September 1, 2023

Affordable Housing Development Loans Multifamily Texas

Amegy Bank Provides $25M Construction Loan for Houston Affordable Housing Project

by Taylor Williams September 1, 2023

HOUSTON — Regional lender Amegy Bank has provided a $25 million construction loan for NHH Gray, a 135-unit affordable housing project that will be located in Houston’s Northline neighborhood. The property will offer one-, two- and three-bedroom units that will be reserved for low- to moderate-income residents and amenities such as a community kitchen, lounge, library and meeting/social service offices. The building will also house a preschool that residents’ children can attend free of charge. The borrower is New Hope Housing. Construction is scheduled to begin in October and to be complete in summer 2025.

September 1, 2023

Acquisitions California Industrial Western

Newmark Negotiates $103.5M Sale of 14-Building Industrial Portfolio in Fremont, California

by Amy Works September 1, 2023

FREMONT, CALIF. — Newmark has arranged the sale of Bayside Industrial Portfolio, a 14-property industrial portfolio in Fremont. CIP Real Estate acquired the asset from an undisclosed seller for $103.5 million. At the time of sale, the 352,280-square-foot portfolio was 91 percent occupied by 80 tenants. The properties feature flexible industrial spaces ranging from 2,500 square feet to 25,000 square feet, 16-foot clear heights, ample power distribution throughout the campus, truck courts with depths up to 140 feet and a mix of at-grade and dock-high doors. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark represented the seller in the deal. Ramsey Daya and Chris Moritz of Newmark’s Debt and Structured Finance group arranged $63 million in acquisition financing, in the form of debt, for the buyer.

September 1, 2023

Development Hospitality Loans Washington Western

Developer Receives $52M Construction Loan for The Somm Hotel and Spa in Woodinville, Washington

by Amy Works September 1, 2023

WOODINVILLE, WASH. — Developer Woodinville Hotel Partners has received a $52 million loan for the construction of The Somm Hotel and Spa, Autograph Collection in Woodinville, approximately 20 miles northeast of Seattle. The 164-room resort will feature a 5,661-square-foot spa; full-service restaurant with a private dining room; 3,000-square-foot rooftop bar with view of Mount Rainier; meeting space; and 9,000 square feet of retail space. The hotel will be the centerpiece of Harvest Wine Village, a 20-acre, master-planned development with nearly 100,000 square feet of retail space and a variety of residential spaces. Dallas-based HALL Structured Finance originated the loan for the borrowers. Brian Holstein of US Hotel Advisors brokered the financing.

September 1, 2023

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