Property Type

Chartwell, Jefferson River Capital Begin Redevelopment of Office Campus in Raleigh

by John Nelson December 6, 2022

RALEIGH, N.C. — A partnership between Chartwell Property Group and Jefferson River Capital has begun the redevelopment of the former Martin Marietta corporate headquarters located at 2700 and 2710 Wycliff Road in Raleigh. The project, named The Grove, will feature two office buildings spanning 152,000 square feet of office space and 16,000 square feet of amenity space, including a self-serve café and bar, library, lounge, golf simulator, indoor and outdoor conference rooms and outdoor workspaces. The project will also include a high-end gym and spa that features an indoor pickleball court, Peloton bikes, sauna and a locker room. Chartwell and Jefferson River Capital have tapped John Brewer and Ed Pulliam of CBRE|Raleigh to lease The Grove, which is set for an early 2023 completion.

December 6, 2022

Industrial Leasing Activity Texas

Samsung Signs 670,941 SF Industrial Lease in South Fort Worth

by Taylor Williams December 6, 2022

FORT WORTH, TEXAS — Samsung has signed a 670,941-square-foot industrial lease in South Fort Worth. The Korean tech and electronics giant will occupy Building 1 at Fort Worth Logistics Hub, a 1.3 million-square-foot development by VanTrust Real Estate. Designed by Alliance Architects and built by Bob Moore Construction, the building was completed in the first quarter of this year. Construction on the second phase of Fort Worth Logistics Hub is underway, with a 607,074-square-foot building set to be delivered in the first quarter of 2023. Mark Becker of Cushman & Wakefield represented Samsung in the lease negotiations. Scott Moore of CBRE, along with Nathan Lawrence and Krista Raymond of KBC Advisors, represented VanTrust.

December 6, 2022

Affordable Housing Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Interest Rate Volatility Will Slow Multifamily Investment Activity in 2023, Says InterFace Panel

by John Nelson December 6, 2022

ATLANTA — A lot can happen in a year. This time a year ago, the 10-year Treasury yield was at 1.489 percent, the federal funds rate was at a range of 0 to 0.25 percent and SOFR was at 0.05 percent. As of this writing, those three benchmark interest rates are at 3.527 percent, 3.75 to 4 percent and 3.82 percent, respectively — none of which are within 200 basis points from a year ago. Debt capital has become decisively more expensive, and officials at the Federal Reserve are signaling that more rate hikes are coming. For the U.S. multifamily sector, the result is that investors are increasingly becoming “pencils down” until interest rates find their footing. “We haven’t had much [investment] sales volume, as you can imagine, in the third or fourth quarter,” said Bennett Sands, managing development director at Wood Partners, an Atlanta-based apartment developer. “Looking ahead, our sales volume in 2023 will be down 50 percent [from 2022], if we’re lucky.” “It has been pretty quiet the past few months, and we expect that to continue for the next few months as well,” added Andrew Zelman, vice president of acquisitions at GID, a multifamily and mixed-use developer …

December 6, 2022

Development Multifamily Texas

Sueba USA Breaks Ground on 335-Unit Ivy Lofts Apartments in Metro Houston

by Taylor Williams December 6, 2022

PEARLAND, TEXAS — Locally based developer Sueba USA has broken ground on Ivy Lofts, a 335-unit apartment community that will be located in the southern Houston suburb of Pearland. The property will offer studio, one-, two- and three-bedroom floor plans ranging in size from 480 to 1,280 square feet. Residences will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, coffee bar, multimedia center, catering kitchen and package lockers. Completion is slated for late 2023.

December 6, 2022

California Development Multifamily Student Housing Western

Valiance Capital Buys Development Site for 270-Bed Student Housing Community Near UC Berkeley

by Amy Works December 6, 2022

BERKELEY, CALIF. — Valiance Capital has acquired a development site at 2538 Durant Ave. near the University of California, Berkeley campus. The company plans to replace an existing 12-unit apartment building on the site with an eight-story community offering 270 beds across 83 units. The development is also set to include 5,000 square feet of ground-floor retail space. Jeffrey Eliason and Leland Ortega of Highland Realty Capital arranged $10.5 million in acquisition and pre-development funding on behalf of Valiance. Chris Hetzel of ACRES’ Philadelphia office originated the loan. “2538 Durant is going to help transform the Berkeley city skyline and provide an incredible opportunity to address a substantial housing need for students,” says Nhan Nguyen Le, principal and founder of Valiance Capital. Further details on the project, including a timeline for the development, were not announced.

December 6, 2022

Development Multifamily Nevada Western

Matter Real Estate Plans 352-Unit Vestra Apartments in Southwest Las Vegas

by Amy Works December 6, 2022

LAS VEGAS — Matter Real Estate Group is entering the residential real estate market with the planned development of Vestra, a multifamily property situated within its 40-acre UnCommons mixed-use community in southwest Las Vegas. Vestra will feature 352 apartments in a mix of studio, one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath layouts spread across three midrise towers. Each residence will offer quartz countertops, modern flat-panel cabinets, walk-in closets, washers/dryers and private lockers for a dry-cleaning service. Onsite amenities will include a pool house; resort-style pool with cabanas; fireplaces and barbecues; indoor/outdoor fitness center; lawn space; pet spa; coworking spaces; flex lounge; and media rooms. The property will also feature a 100 percent controlled access parking garage with electric vehicle charging stations. The community is slated to welcome residents early next year. EDI International designed the building with interiors by Jules Wilson Design Studio.

December 6, 2022

Acquisitions Industrial Texas

Griffin Partners, Pinto Realty Sell 282,190 SF Industrial Facility in North Houston

by Taylor Williams December 6, 2022

HOUSTON — A partnership between two locally based developers, Griffin Partners and Pinto Realty Partners, has sold Pinto 23, a 282,190-square-foot industrial facility in North Houston. The partnership completed the cross-dock property, which is located within a larger 5.3 million-square-foot development, in October 2022. Building features include 36-foot clear heights, 76 dock doors, 112 trailer parking spaces that can be expanded by 44 additional spaces and 4,604 square feet of office space. Hines purchased the asset for an undisclosed amount and has tapped CBRE to oversee leasing efforts. Trent Agnew of JLL brokered the deal.

December 6, 2022

Acquisitions Build-to-Rent Multifamily Nevada Single-Family Rental Western

Banyan Residential Acquires Banyan Brighton Rental Townhomes in Las Vegas for $61M

by Amy Works December 6, 2022

LAS VEGAS — Los Angeles-based Banyan Residential has acquired its first property in the Las Vegas market with the purchase of Banyan Brighton, a build-to-rent townhome community currently under construction, for $61 million. Additional terms of the transaction were not released. Upon completion, Banyan Brighton will feature 133 two- and three-bedroom townhomes ranging from 1,396 to 1,479 square feet. Each residence will feature an attached two-car garage, first-class finishes and private outdoor living space. The property is located within the 1,000-acre Skye Canyon master-planned community, which offers a 10,000-square-foot indoor fitness facility, modern clubhouse, five-acre sports field, full-service coffee shop, outdoor lap pool and five parks, including green spaces, picnic areas, tennis courts and dog parks. Cushman & Wakefield is actively leasing the townhomes as they are completed. Final units are slated for delivery in third-quarter 2023.

December 6, 2022

Acquisitions Arizona Multifamily Western

Rise48 Equity Purchases 160-Unit La Serena Apartment Community in Tempe, Arizona

by Amy Works December 6, 2022

TEMPE, ARIZ. — Rise48 Equity has purchased La Serena, an apartment property located on seven acres in Tempe, from a private seller for an undisclosed price. Built in 1988 by Mark-Taylor, La Serena features 160 apartments spread across 20 residential buildings. The community features courtyards, a swimming pool and spa, fitness center, shaded barbecue grilling stations and covered parking. Apartments offer full-size washers/dryers, walk-in closets with mirrored doors and private patios or balconies with exterior storage space. Select two-bedroom units have fireplaces. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, and Darrell Moffitt and Paul Bay of Marcus & Millichap represented the seller and procured the buyer in the deal.

December 6, 2022

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 157,979 SF Industrial Lease in Carrollton, Texas

by Taylor Williams December 6, 2022

CARROLLTON, TEXAS — Lee & Associates has negotiated a 157,979-square-foot industrial lease at 1800 Kelly Blvd. in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the property was built in 1970 and totals 315,000 square feet. Ken Wesson and Phil Rosenfeld of Lee & Associates represented the landlord, Link Industrial Properties, in the lease negotiations. The representative of the tenant, paper distributor Western-BRW, was not disclosed.

December 6, 2022

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