ROUND ROCK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parkwood Terrace, a 144-unit apartment complex located in the northern Austin suburb of Round Rock. Built in 2000, the property offers one-, two- and three-bedroom units. Jordan Featherston, Kent Myers and Will Balthrope of IPA represented the seller, Los Angeles-based Langdon Street Capital, and procured the buyer, The Medve Group, in the transaction.
KATY, TEXAS — Partners, the Houston-based investment and brokerage firm formerly known as NAI Partners, has purchased Mason Point Shopping Center, a 99,001-square-foot retail property located on the western outskirts of Houston in Katy. Charlie Strauss of JLL represented the undisclosed seller in the transaction. Origin Bank provided acquisition financing. The property was 90 percent leased at the time of sale to tenants such as Maaco, CSDS Vinyl and Rosa’s Pizza.
HOUSTON — Academy Sports + Outdoors has opened a 50,000-square-foot store at 8715 W. Loop S in Houston. The location in the city’s historic Meyerland neighborhood marks the 33rd in the greater Houston area and 107th in Texas for the locally based athletic equipment and apparel retailer. Academy also plans to open 80 to 100 new stores nationwide over the next five years.
PHILADELPHIA — A partnership between National Real Estate Development (NRED) and New Jersey-based Kushner Real Estate Group has broken ground on 200 Spring Garden, a 360-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. Designed by Handel Architects, the 13-story building will house Class A amenities, including a pool and a two-story fitness center, as well as retail and public green space. A tentative completion date was not disclosed.
WILTON, CONN. — CBRE has brokered the sale of a 161,222-square-foot office building in Wilton, located in Fairfield County. The property, which is located within a larger, four-building office park, was 42 percent leased at the time of sale. Amenities include a fitness center, basketball and tennis courts, café and a conference center. Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE represented the seller, an entity doing business as Wilton 40/60 LLC, in the transaction. The team also procured the buyer, an entity managed by Northpath Investments, which acquired the asset for an undisclosed price.
REVERE, MASS. — A joint venture between two locally based firms, Helge Capital and Gansett Ventures, has broken ground on SORA, a 114-unit multifamily project located east of Boston in Revere. The seven-story building will house one- and two-bedroom units as well as ground-floor retail space. Embarc Design is the project architect, and Rubicon is serving as the general contractor. Completion is slated for fall 2024.
TEANECK, N.J. — The Alpert Group, along with its nonprofit partner Geriatric Services Inc., has begun construction on a 40-unit affordable seniors housing community in the Northern New Jersey community of Teaneck. The site of the five-story building, which will primarily offer one-bedroom units for renters over age 62 that meet certain income requirements, currently houses a vacant municipal facility. Completion is slated for late 2023.
NEW YORK CITY — A&E Real Estate has acquired 14 multifamily buildings in Brooklyn’s Gravesend and Sheepshead Bay neighborhoods for $248.7 million. The LeFrak Organization, which developed the buildings between 1957 and 1961, also sold the portfolio, which spans 1,212 apartments, 306 parking spaces and five commercial units. Since 2015, LeFrak has invested more than $18 million in capital improvements throughout the portfolio. The largest buildings in the portfolio include 2750 Homecrest Avenue and 2775 East 12th Street, each of which consist of 189 apartments, and 2375 East 3rd Street, which comprises 134 apartments. The acquisition was financed in part through a $170 million fixed-rate loan from Signature Bank, which Jonathan Estreich and Jason Boxer of Estreich & Co. arranged. This transaction marks the latest in A&E’s recent series of major New York City multifamily acquisitions. Over the past 12 months, the company has acquired 3,284 apartments across 43 buildings in Brooklyn, Manhattan and Queens.
By Dino A. Christophilis, Senior Vice President, CBRE; Daniel Tibeau, Associate, CBRE; and Parker Ksidakis, Associate, CBRE Few sectors were as disrupted by the pandemic as retail. While 2020 proved to be a tumultuous year, the last year and a half have demonstrated the resiliency of retail — both in Seattle and nationally. The Seattle economy is performing well for a recovering retail sector, with continued employment growth and increasing retail spending. The Puget Sound is notorious for its lack of new retail development, and the recent years have been no exception. The environment of increasing demand with a flat level of supply results in positive conditions for existing retail space. Like much of the nation, concerns persist in Seattle around inflation, increasing debt costs and a potential slowing in the global economy. However, the situation in Seattle is more positive and nuanced. Growing Investment Activity Year to date, Seattle is poised to outperform the prior year in terms of total investment dollars. The second quarter of 2022 experienced 65 percent greater investment volume relative to the same quarter in 2021. This figure is particularly notable as 2021 was an exceptional year. Investors deployed pent-up capital that was held during the height of the pandemic. Total retail …
WASHINGTON, D.C. — The Federal Reserve last Wednesday raised the benchmark short-term borrowing rate by another 0.75 percentage point to a target range of 3.75 to 4 percent. The move by the central bank marked the sixth time this year that it has raised the fed funds rate, which now stands at its highest level since January 2008. The series of rate hikes is part of an aggressive effort by the Federal Reserve to combat inflation, which reached a 40-year high of 9.1 percent in June on a year-over-year basis and has held at elevated levels in the ensuing months. Inflation came in at 8.2 percent in September. The high interest rates have had a notably negative impact on the multifamily sector, according to the data from the National Multifamily Housing Council (NMHC), based out of Washington, D.C. Four indices in the trade association’s latest Quarterly Survey of Apartment Conditions came in below the breakeven level, loosely defined as the point at which there is no change in market conditions. The latest findings were based on the responses of 268 CEOs and other senior executives of apartment-related firms nationwide. The survey was conducted Oct. 17-24. “The Fed’s continued interest rate hikes have resulted in …
