Property Type

New Development Is Slow in Metro Seattle Multifamily Market

by Jeff Shaw July 12, 2024

— By Candice Chevaillier, CCIM, Principal, Lee & Associates | Pacific Northwest Multifamily Team — Absorption still lags supply in the Seattle MSA contributing to higher vacancy and flat rents. In Q1 2024 3,000 units were delivered, yet only 2,800 were absorbed. Vacancy is stabilizing at 6.9 percent this quarter and then is expected to trend down starting in Q3, finally allowing meaningful growth in rents. Construction costs remain high and options for financing limited, curtailing new development. This is creating demand for existing value-add acquisitions. 2024 and 2023 sale volume in the Seattle MSA is still a trickle of what it was in 2022 and 2021, shifting Cap Rates slowly upwards. This trend is expected to be short-lived. As interest rates finally begin to fall, and rents begin to rise, investors who catch this inflection point will prevail from best pricing and benefit while more conservative capital sits on the sidelines.

July 12, 2024

Development Hospitality Illinois Midwest Mixed-Use Retail Top Stories

Bally’s Releases Updated Plan for $1.7B Casino Project in Chicago

by Hayden Spiess July 12, 2024

CHICAGO — Bally’s Corp. (NYSE: BALY) has released an updated permanent site plan for its $1.7 billion casino project in Chicago, a redevelopment of the former Chicago Tribune printing plant that will now be developed in a single phase. The property is located at 777 W. Chicago Ave. in the city’s River West neighborhood. Project plans now include a 34-story, 500-room hotel tower situated at the southern end of the 30-acre gaming and entertainment destination. The hotel — which was initially expected to be located elsewhere in the development — will feature a pool, spa, fitness center, sundeck and rooftop restaurant and bar. In addition to the hotel, the Bally’s Chicago Casino will include a 3,000-seat theater, six restaurants, a food hall and a two-acre public park. The casino will comprise 3,300 slot machines, 173 table games and VIP gaming areas. Additionally, a 2,000-foot extension of the riverwalk will connect the property to the riverbank. Design firm HKS prepared the new renderings. In May 2022, Bally’s was selected over competitors including Hard Rock International and Rush Street Gaming as the preferred developer of the project. Bally’s took possession of the land last week, and Brandenburg Industrial Service Co. is now preparing the …

July 12, 2024

Civic Development Retail Texas

El Paso City Council Approves $80M Concert Venue, Partners With Operator

by Taylor Williams July 11, 2024

EL PASO, TEXAS — The El Paso City Council has approved a proposal to develop an $80 million concert venue and has formed a public-private partnership with the operator, Colorado-based hospitality firm Venu (formerly known as Notes Live). The site spans 17 acres of city-owned land and will anchor the Cohen Entertainment District on the city’s northeast side. The venue will be known as Sunset Amphitheater and will have a seating capacity of 12,500. The City of El Paso is providing $30.6 million in performance-based incentives under the terms of the partnership deal. Construction is set to begin this fall and to be complete in 2026. Venu is also planning to open a $220 million concert venue in the northern Dallas suburb of McKinney.

July 11, 2024

Development Hospitality Texas

Harvey Builders Completes $21M Renovation of Metro Houston Hotel

by Taylor Williams July 11, 2024

THE WOODLANDS, TEXAS — Locally based general contractor Harvey Builders has completed the $21 million renovation of The Woodlands Resort, Curio Collection by Hilton, a 402-room hotel located about 30 miles north of Houston. All guestrooms and suites received new showers, tubs, flooring, countertops, mirrors and lighting fixtures, as well as bedding drapery and carpets. All common areas, including the lobby, restaurant, bar and meeting spaces, were also upgraded. Merriman Anderson Architects handled interior design of the project, which began in 2021 and was executed in four phases.

July 11, 2024

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 432-Unit Self-Storage Facility in Amarillo

by Taylor Williams July 11, 2024

AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of Advantage Storage, a 432-unit self-storage facility in Amarillo. Built in 2019, the facility totals 84,475 net rentable square feet across 226 climate-controlled units, 181 non-climate units, 13 enclosed parking spaces and 12 warehouse units. Gabriel Coe, Nathan Coe, Brett Hatcher and Garret Nelson of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was an out-of-state REIT that also requested anonymity.

July 11, 2024

Development Industrial Southeast Virginia

Matan to Develop 2 MSF New Kent Logistics Center Near Richmond

by John Nelson July 11, 2024

NEW KENT COUNTY, VA. — Matan Cos. has purchased 185 acres east of Richmond for the development of New Kent Logistics Center, a 2 million-square-foot industrial park. JLL arranged the land sale on behalf of Matan Cos. Located at the intersection of I-64 and Emmaus Church Road in New Kent County, the property will span four buildings and be situated between the industrial markets of Richmond and Hampton Roads, the latter of which houses the Port of Virginia. Matan has selected Gareth Jones, Chris Avellana and Charlie Polk of JLL to lease New Kent Logistics Center. The construction timeline was not disclosed.

July 11, 2024

Acquisitions Multifamily Seniors Housing Texas

Berkadia Arranges Sale of 112-Unit Seniors Housing Property in New Braunfels, Texas

by Taylor Williams July 11, 2024

NEW BRAUNFELS, TEXAS — Berkadia has arranged the sale of The Blake at New Braunfels, a 112-unit seniors housing property located on the northeastern outskirts of San Antonio. Built in 2021, the property features 71 assisted living units and 41 memory care units. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders of Berkadia represented the seller, Mississippi-based LifeCare Properties, in the transaction. Arizona-based Inspired Healthcare Capital purchased The Blake for an undisclosed price.

July 11, 2024

Leasing Activity Office Texas

Oxford Partners Negotiates 8,183 SF Office Lease in Houston’s Westchase District

by Taylor Williams July 11, 2024

HOUSTON — Locally based brokerage firm Oxford Partners has negotiated an 8,183-square-foot office lease in Houston’s Westchase District. According to LoopNet Inc., the property at 10333 Richmond Ave., which is known as The Frost Bank Building, was built in 1983 and totals 218,689 square feet. Ryan Hartsell of Oxford Partners represented the tenant, immigration law firm Reddy Neumann Brown PC, in the lease negotiations. Terri Torregrossa of Avison Young represented the landlord, Florida-based Accesso Partners.

July 11, 2024

Acquisitions North Carolina Southeast Student Housing

CBRE Negotiates Sale of 894-Bed Student Housing Community Near Appalachian State University

by John Nelson July 11, 2024

BOONE, N.C. — CBRE has negotiated the sale of The Cottages of Boone, an 894-bed student housing community located near the Appalachian State University campus in Boone. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s national student housing team, in partnership with Kevin Kempf of the company’s Southeast multifamily group, represented the seller, Mapletree Global Student Accommodation Private Trust, in the transaction. Timberline Real Estate Ventures and a real estate fund managed by Ares Management acquired the property for an undisclosed price. The cottage-style community offers shared amenities including a fitness center, yoga studio, dry sauna, steam room, clubhouse, arcade games and sports tables, a bar, library, computer lounge, private conference room, swimming pool, hot tub, fire pit, grilling station and an outdoor fireplace.

July 11, 2024

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield, Greystone Arrange Sale of 247-Unit W Flats Apartments in East Charlotte

by John Nelson July 11, 2024

CHARLOTTE, N.C. — A joint venture between Cushman & Wakefield and Greystone has arranged the sale of W Flats, a 247-unit apartment community located at 7200 Wallace Road in east Charlotte. Rise48 Equity LLC purchased the property from LIV Acquisitions for an undisclosed price. Paul Marley, John Phoenix, Alex McDermott and Gavin Conlon of Cushman & Wakefield represented the seller in the transaction. Donny Rosenberg and Daniel Kaweblum of Greystone originated a three-year, acquisition loan featuring two one-year extension options on behalf of the buyer. According to Apartments.com, W Flats features studio, one- and two-bedroom apartments ranging in size from 523 to 1,079 square feet. Amenities include a pool with a sundeck, fitness center, business center, laundry facilities, tenant lounge, onsite maintenance and package services.

July 11, 2024

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