Property Type

5500-Greenwood-Plaza-Blvd-Greenwood-Village-CO

Focus Property Group Divests of 69,855 SF Office Building in Greenwood Village, Colorado

by Amy Works October 11, 2022

GREENWOOD VILLAGE, COLO. — Focus Property Group has completed the disposition of 5500 Greenwood, an office property in Greenwood Village. A private investor acquired the asset for $15.7 million. Located at 5500 Greenwood Plaza Blvd., the property offers 69,855 square feet of office space. Built in 1974, the two-story building is fully leased to seven tenants, including Galloway & Co. and Enterprise Coworking. The location features easy access to both Interstate 25 and C-470. Patrick Devereaux, James Brady, Campbell Davis and Chad Flynn of CBRE Capital Markets in Denver represented the seller in the transaction.

October 11, 2022

Aaron Hargrove Walker Dunlop Affordable Housing

Affordable Housing Content Partner Features Leasing Activity Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Affordable Housing’s Appeal Grows for Investors

by Sarah Daniels October 11, 2022

With transaction volume for market-rate housing beginning to ebb, affordable housing investment is poised to play a more central role in the months ahead. Several factors have broadened the allure of affordable housing as an investment vehicle in recent years. When the pandemic began taking a toll on market-rate housing performance, investors saw federal, state and even local governments enact measures to help residents at affordable communities maintain their rent payments and help ensure housing remained available for people struggling financially. We saw the interest level in Section 8 properties, for example, increase significantly during the pandemic, due chiefly to federal guarantees backing those rent streams. From a financing perspective, the strong commitment shown by Fannie Mae, Freddie Mac and the Federal Housing Administration to preserve liquidity for affordable housing has bolstered development and investment in the space. Due to the required hold periods, affordable housing investments are less affected by market cycles, so liquidity should remain strong. Now, changing economic forces promise to drive new equity to the affordable sphere and fuel further investment. The Federal Open Market Committee’s resolve to combat record inflation is exerting upward pressure on mortgage rates and, eventually, cap rates, which could discourage sellers …

October 11, 2022

Development Illinois Indiana Midwest Multifamily Student Housing Top Stories

Harrison Street, Trinitas to Develop Four Student Housing Projects Totaling $450M

by Taylor Williams October 11, 2022

CHICAGO AND LAFAYETTE, IND. — A joint venture between Chicago-based investment firm Harrison Street and Lafayette-based Trinitas has announced plans to develop four student housing projects in markets across the country that are aggregately valued at $450 million. The four projects will total 3,390 beds and will all be located within walking distance of campus for students at Indiana University, University of Central Florida, University of Wisconsin and University of Georgia. Construction timelines were not disclosed. Trinitas will assume property management responsibilities upon completion of each project. Current at Latimer Square will be a 906-bed, off-campus project in Bloomington, Indiana, that will serve students at Indiana University. The five-building development will feature units with bed-to-bath parity and a variety of floor plans, from studio to five-bedroom layouts. Amenities will include a pool, entertainment lounge, fire pits, tanning beds, green spaces, a fitness center and 442 parking spaces. Current Orlando, which will house students attending the University of Central Florida, will total 750 beds in studio, one-, two-, three- and four-bedroom units. Residences will be spread across three buildings, and the amenity package will comprise a pool, spa, basketball court, fitness center, study lounges and 690 parking spots. Atmosphere Madison will …

October 11, 2022

Kentucky Market Reports Office Southeast Southeast Market Reports

Remote Work Prompts Flight to Quality, High Urban Vacancies for Louisville Office Market

by John Nelson October 11, 2022

The Louisville office market is taking diverse paths forward following the pandemic. The suburban Class A market is thriving with new construction, rental rate growth and resiliency in the face of downsizing tenants and negative absorption. A flight to quality among tenants has benefited local developers such as NTS Development, which has been constructing first-class, next-generation buildings at ShelbyHurst Office Campus since 2012. NTS recently completed its fifth speculative office building at the project, 425 North Whittington, a four-story, 130,000-square-foot building that is 60 percent leased with strong leasing activity. The flight to quality is driving tenants to choose higher-quality buildings with more expensive rental rates to help attract and retain talent and cater to a hybrid workforce. Traditional downtown occupiers are also considering the suburbs for the first time to create a workplace that draws employees back to the office. Suburban vacancy rates have increased since the end of 2019, with the Class A rate increasing by 490 basis points to 13.5 percent and the Class B vacancy rate increasing by 440 basis points to 15.2 percent as of second-quarter 2022. The average asking rental rate for Class A suburban space rose during this period despite increased vacancy rates. …

October 11, 2022

Acquisitions Multifamily Texas

180 Multifamily Properties Acquires 544-Unit Portfolio in East Dallas

by Taylor Williams October 10, 2022

DALLAS — Locally based investment firm 180 Multifamily Properties has acquired The Powers Properties Portfolio, a collection of 20 assets totaling 544 units that are located in historic neighborhoods in East Dallas. The properties, which were built between 1914 and 1962 and renovated in the late 1990s/early 2000s, were under the same ownership for 25 years, but the portfolio was put into a court-appointed receivership two years ago. Todd Franks, Ryan Quaid, Buck Poderski and Byron Griffith of GREA brokered the deal on behalf of the court-appointed receiver. The new ownership plans to implement a value-add program.

October 10, 2022

Acquisitions Multifamily Texas

Sentinel Real Estate Buys 331-Unit Debbie Lane Flats Apartments in Arlington

by Taylor Williams October 10, 2022

ARLINGTON, TEXAS — New York City-based investment firm Sentinel Real Estate Corp. has purchased Debbie Lane Flats, a 331-unit apartment community in Arlington. The property features one-, two- and three-bedroom units with an average size of 895 square feet. Residences are furnished with stainless steel appliances, quartz countertops, full-size washers and dryers, walk-in closets, smart thermostats and private balconies/patios. Amenities include a pool, fitness center, cybercafé, outdoor grilling areas, a business center, community kitchen, dog park, package lockers and valet dry cleaning service. Jorg Mast, Chris Paul and Danny Miller at Colliers represented the seller, Provident Realty Advisors, in the transaction.

October 10, 2022

Acquisitions Loans Multifamily Texas

Newmark Arranges Sale of 320-Unit Multifamily Property in San Antonio

by Taylor Williams October 10, 2022

SAN ANTONIO — Newmark has arranged the sale of Regency at Stone Oak, a 320-unit multifamily property located in the northern-central part in San Antonio. According to Apartments.com, the property was built in 2006 and offers one-, two-, three- and four-bedroom units that range in size from 600 to 1,954 square feet. The amenity package comprises a pool, fitness center, outdoor kitchen, dog park, business center and a children’s play area. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, a partnership between Internacional and CenterSquare Investment Management, in the transaction. The buyer was Atlantic | Pacific Cos. Regency at Stone Oak was 94 percent occupied at the time of sale. Andy Hill and Tyler Nowlin of Berkadia originated $33.4 million in Freddie Mac fixed-rate acquisition financing for the deal.

October 10, 2022

California Development Office Western

Lowe, Related Fund Complete 113,000 SF Office Building in LA Arts District

by Amy Works October 10, 2022

LOS ANGELES — A joint venture between Lowe and Related Fund Management has completed the development of a nine-story office building in the Arts District of downtown Los Angeles. Located at 2130 Violet St., the building features four floors of office space atop 3,300 square feet of ground-floor retail space and four levels of parking. The 113,000-square-foot property offers open 14-foot-high floorplates, floor-to-ceiling glass, and efficient systems and solar panels allowing for reduced utility costs. Additionally, the asset includes balconies and terraces on every floor with ample space for open-air events and meetings, operable windows and balcony doorways allowing for increased outdoor air circulation, and an outdoor rooftop deck with skyline views. The building also features touchless systems and upgraded HVAC with high-capacity air filtration and outside air ventilation. Mike Condon Jr., Pete Collins, Brittany Winn, McKenna Gaskill and Scott Menkus of Cushman & Wakefield are leasing agents for the building.

October 10, 2022

Acquisitions Multifamily Oregon Western

CBRE Negotiates $124M Sale of One Jefferson Apartments in Lake Oswego, Oregon

by Amy Works October 10, 2022

LAKE OSWEGO, ORE. — CBRE has brokered the sale of One Jefferson, a multifamily community located at 1 Jefferson Parkway in Lake Oswego. A joint venture associated with Security Properties sold the asset to an undisclosed buyer for $124 million. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the deal. Built in 1986, One Jefferson comprises 58 three-story buildings situated on 20.5 acres. The property offers 347 apartments, averaging 1,049 square feet, with floor plans ranging from studio to five-bedroom/five-bath layouts. The previous owners completed renovations in 2019, including the modernization of approximately 86 percent of units with stainless steel appliances, granite countertops, tile backsplashes, vinyl-plank flooring in wet areas and updated fixtures. Community amenities include a year-round pool, spa, dog park, fitness center, picnic areas, outdoor lounge, sundeck and 644 parking spaces.

October 10, 2022

California Loans Multifamily Western

Gortikov Capital Arranges $141.4M Recapitalization for Affordable Housing Portfolio in Santa Monica

by Amy Works October 10, 2022

SANTA MONICA, CALIF. — Gortikov Capital has arranged a $141.4 million recapitalization of the Samo Apartments portfolio, 11 affordable apartment communities in Santa Monica. The recapitalization included a $127.6 million senior loan and a $13.8 million preferred equity investment. The borrower was WS Communities LLC. Gortikov secured the two-year, floating-rate, senior bridge loan through a U.S.-based debt fund. Gortikov Capital directly provided the preferred equity. Bryan Gortikov, president of Gortikov Capital, led the capital markets team representing the borrower. A portion of the financing will be set aside in a reserve to develop new accessory dwelling units throughout the properties. Originally developed between 1997 and 2009, the 399-unit Samo Apartments Portfolio is the largest portfolio of deed restricted affordable multifamily units in Santa Monica, according to Gortikov Capital. The units feature hardwood-style floors and expansive glass windows.

October 10, 2022

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