Property Type

Bascom Group Buys 204-Bed Student Housing Property Near UT Austin

by Taylor Williams January 18, 2024

AUSTIN, TEXAS — California-based private equity firm The Bascom Group has acquired Texan 26, a 204-bed student housing property near the University of Texas at Austin. The 53-unit complex was built in 2014 on a lot that is adjacent to campus. Tyler Marshall and Richard Waterhouse of Matthews Real Estate Investment Services represented the undisclosed seller in the transaction. Bascom Group was self-represented. Ben Roelke and Ian Walker of Newmark arranged acquisition financing through Bridge Investment Group for the off-market deal.

January 18, 2024

Acquisitions Industrial Texas

Colliers Brokers Sale of 82,675 SF Industrial Building in Midland, Texas

by Taylor Williams January 18, 2024

MIDLAND, TEXAS — Colliers has brokered the sale of an 82,675-square-foot industrial building in the West Texas city of Midland. The site at 5500 N. County Road spans 40 acres, and the building, which was constructed in 2007 and renovated in 2013, features 32-foot clear heights, 19 overhead doors and 8,600 square feet of office space. Todd Moore and Connor Duffy of Colliers represented the undisclosed seller in the transaction. The buyer was also not disclosed. The building was fully leased at the time of sale to steel fabricator NG Resources Corp.

January 18, 2024

District of Columbia Hospitality Southeast

CoStar: US Hotels Posted Record Revenues in 2023

by John Nelson January 18, 2024

WASHINGTON, D.C. — The U.S. hotel sector posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. ADR ended the year at $155.62, a 4.3 percent increase compared to year-end 2022, and RevPAR settled at $97.97, a 4.9 percent hike from 2022. Additionally, the U.S. hotel industry enjoyed its highest occupancy levels since 2019. The occupancy rate at year-end was 63 percent, a 60-basis-point increase year-over-year. Among the top 25 markets tracked by CoStar, New York City experienced the highest occupancy rate (81.6 percent, up 8.8 percent year-over-year), ADR ($301.22, up 8.5 percent) and RevPAR ($245.77, a 18.1 percent hike). New Orleans and Miami recorded the only RevPAR decreases, falling 6.8 percent and 6.7 percent year-over-year, respectively.

January 18, 2024

Acquisitions Hospitality Texas

Marcus & Millichap Arranges Sale of 66-Room Holiday Inn Hotel in San Antonio

by Taylor Williams January 18, 2024

SAN ANTONIO — Marcus & Millichap has arranged the sale of the 66-room Holiday Inn Express & Suites San Antonio South. The hotel was built on a 1.9-acre site on the city’s south side in 2008 and offers a pool, fitness center and a business center. Allan Miller of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured a private investor as the buyer. Both parties requested anonymity. Chris Gomes of Marcus & Millichap was also listed on the deal as a supporting broker.

January 18, 2024

Industrial Leasing Activity Office Texas

Arbor Diagnostics Signs 22,392 SF Lease Renewal at Industrial Flex Campus in North Dallas

by Taylor Williams January 18, 2024

DALLAS — Arbor Diagnostics, which provides lab testing services for women, has signed a 22,392-square-foot lease renewal at Westwood Business Park, a 12-building industrial flex campus in North Dallas. Jason Finch of Bradford Commercial Real Estate Services represented the undisclosed landlord in the lease negotiations. The tenant representative was also not disclosed. Westwood Business Park spans 277,077 square feet and is 93 percent leased.

January 18, 2024

Affordable Housing Development Loans Massachusetts Multifamily Northeast

WinnCos. Receives $69.1M in Financing for Metro Boston Affordable Housing Project

by Taylor Williams January 18, 2024

SWAMPSCOTT, MASS. — Regional developer and operator WinnCos. has received $69.1 million in financing for The Westcott, a 114-unit affordable housing project in Swampscott, a northeastern suburb of Boston. Units at The Westcott will come in studio, one-, two- and three-bedroom formats and will be reserved for renters earning between 30 and 110 percent of the area median income. The Massachusetts Executive Office of Housing & Livable Communities provided Low-Income Housing Tax Credit equity for the project. MassHousing provided bridge and permanent financing, and both the Swampscott Affordable Housing Trust and North Shore HOME Consortium contributed funds to the development. Construction is underway, with the first units expected to be available for occupancy next year.

January 18, 2024

Affordable Housing Development Multifamily New York Northeast

CAMBA Housing Ventures Breaks Ground on 328-Unit Affordable Housing Project in Brooklyn

by Taylor Williams January 18, 2024

NEW YORK CITY — CAMBA Housing Ventures has broken ground on Clarkson Avenue Estates, a 328-unit affordable housing project in Brooklyn. GZA GeoEnvironmental Inc. led the remediation efforts for the site at 329 Clarkson Ave., which most recently housed a parking facility operated by SUNY Downstate Medical Center. The nine-story building will offer one-, two- and three-bedroom units for renters earning up to 30, 40, 50 and 70 percent of the area median income. Half of the units will be reserved as supportive housing for formerly homeless or incarcerated individuals. Amenities will include community rooms, a computer room, basketball gym and onsite laundry facilities. The development will also feature 30,000 square feet for supportive facilities for initiatives such as workforce training, financial literacy, youth education and development and childcare. Delivery is slated for 2026.

January 18, 2024

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $13.8M Sale of Northern New Jersey Apartment Complex

by Taylor Williams January 18, 2024

ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $13.8 million sale of Wedgewood House, an 80-unit apartment complex located in the Northern New Jersey community of Orange. The garden-style, recently renovated complex was built on 1.8 acres in 1968 and houses studio, one- and two-bedroom units. Joni Sweetwood of Kislak represented the seller in the transaction. Daniel Lanni of Kislak represented the undisclosed buyer. Both parties requested anonymity.

January 18, 2024

Leasing Activity New Jersey Northeast Retail

Launch Entertainment to Open 31,842 SF Indoor Trampoline Park in Little Ferry, New Jersey

by Taylor Williams January 18, 2024

LITTLE FERRY, N.J. — Launch Entertainment will open a 31,842-square-foot indoor trampoline park in the Northern New Jersey community of Little Ferry. The entertainment operator will backfill a space formerly occupied by grocer HMart within a 155,444-square-foot shopping center at 260 Bergen Turnpike. Marta Villa of CBRE represented the landlord, Bergen Ferry Associates LP, in the lease negotiations. Brian Wherty of Equity Retail Brokers represented Launch Entertainment.

January 18, 2024

Leasing Activity New Jersey Northeast Office

Meisel Tuteur & Lewis Signs 22,000 SF Office Lease in Roseland, New Jersey

by Taylor Williams January 18, 2024

ROSELAND, N.J. — Meisel Tuteur & Lewis has signed a 22,000-square-foot office lease in Roseland, about 25 miles west of Manhattan. The accounting and consulting firm is relocating from a nearby building to a built-out space on the second floor of a 220,000-square-foot building within Eisenhower Corporate Park. David Stifelman and Tim Greiner of JLL represented the tenant in the lease negotiations. Jeff Kolodkin of Newmark represented the undisclosed landlord.

January 18, 2024

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