Property Type

Trion Properties Purchases Three Multifamily Communities in Oregon for $94.8M

by Amy Works September 8, 2022

BEAVERTON, ORE. — Los Angeles-based Trion Properties has acquired a 302-unit multifamily portfolio in Beaverton for $94.8 million. The portfolio consists of Jasper Place, Jasper Square and Willow Grove. Trion acquired Jasper Place and Jasper Square in association with anchor investor Promus Realty Properties. Trion plans to execute strategic upgrades and utilize its vertically integrated property management platforms to improve operations and address deferred maintenance. Constructed in 1986, Jasper Place features 100 apartments in a mix of one-, two- and three-bedroom layouts spread across 19 two-story residential buildings. The community features a pool, fitness center, sports courts and leasing office. Additionally, 58 percent of the units have been upgraded and each unit has an individual garage. The community is located at 18300 NW Walker Road. Located at 15194 SW Walker Road, Jasper Square offers 83 apartments in a mix of one-, two- and three-bedroom floor plans across 15 residential buildings. Existing amenities include a pool, fitness center and leasing office. Additionally, 55 percent of all unit interiors have been upgraded and each unit features a garage. Jasper Square was constructed in 1986. Built in 1988, Willow Grove features 119 apartments in a mix of one-, two- and three-bedroom layouts at …

September 8, 2022

Acquisitions Colorado Multifamily Student Housing Western

Brickstone Acquires Kensington Apartments Near the University of Colorado Boulder for $71M, Plans Renovation

by Amy Works September 8, 2022

BOULDER, COLO. — Brickstone Partners has acquired Kensington Apartments near the University of Colorado Boulder for $71 million. The property offers 163 units one block from the university’s campus. Shared amenities include a clubhouse, fitness center, indoor swimming pool and on-site laundry facility. Brickstone plans to begin a comprehensive two-year renovation program, which is set to incorporate upgrades to unit interiors including cabinetry, countertops, appliances, flooring, lighting and plumbing fixtures; extensive enhancements to the property’s shared amenity spaces and clubhouse; refreshed exterior landscaping; and the addition of upgraded safety features. “We are excited to add Kensington to our extensive portfolio of Colorado communities and for the opportunity to enhance the property to better serve the needs and desires of its residents and of this great city and institution,” says Brickstone founder Daniel Otis.

September 8, 2022

Acquisitions Colorado Multifamily Seniors Housing Western

ESI Negotiates $51.5M Sale of Seven-Property Skilled Nursing Portfolio in Colorado

by Amy Works September 8, 2022

COLORADO — Evans Senior Investments (ESI) has arranged the sale of seven skilled nursing facilities in Southwest Colorado for $51.5 million, or approximately $92,000 per bed. An owner-operator sold the 558-bed portfolio to an East Coast-based owner-operator looking to expand its reach in the West. The properties were built between 1957 and 2017. Prior to the COVID-19 pandemic, the portfolio was 77 percent occupied and produced nearly $6.2 million in annual net operating income. Throughout the pandemic, the portfolio’s occupancy decreased and at the time of marketing was only 65 percent occupied. “The competitive bidding arena and strong price per bed for a rural portfolio whose census and cash flow were well below stabilized levels showcases the willingness of buyers and lenders continuing to work together to get deals finished with the headwinds that they continue to face,” says Brendan DeSilvia, associate at ESI.

September 8, 2022

Acquisitions Colorado Office Western

Flywheel Buys 63,335 SF Infill Office Property in Central Denver

by Amy Works September 8, 2022

DENVER — Denver-based Flywheel Acquisitions has purchased an infill office building on nearly 2.3 acres in Denver. 4100 Investors LLC sold the asset for $14.7 million. A single tenant occupies the full, three-story property. Aaron Johnson, Jon Hendrickson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction. Located at 4100 E. Arkansas, the 63,335-square-foot asset is surrounded by walkable restaurant and retail amenities. Additionally, the property offers a fitness center in the building.

September 8, 2022

California Loans Retail Western

PSRS Arranges $7.6M Refinancing for Retail Center in Los Angeles

by Amy Works September 8, 2022

LOS ANGELES — PSRS has arranged a $7.6 million cash-out refinance of a two-story retail center in Los Angeles. The name of the borrower was not released. William DeFanti of PSRS secured the refinancing, which features a 4.45 percent interest rate, five-year term and two years of interest-only payments followed by a 30-year amortization. The subject property is a walk-up retail center with 17 suites.

September 8, 2022

Company News Retail Top Stories

Regal Cinemas’ Parent Company Cineworld Group Files for Chapter 11 Bankruptcy Protection

by Katie Sloan September 8, 2022

BRENTFORD, U.K. — Cineworld Group, parent company to Regal Cinemas among other international theater brands, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. While a specific plan regarding the company’s real estate was not announced, Cineworld expects to pursue an “optimization strategy” regarding its locations across the U.S. as part of its bankruptcy proceedings. The company is engaging in discussions with its landlords on improving cinema lease terms in hopes of further positioning Cineworld for long-term growth in the U.S., the company says. The Brentford, U.K.-based company was founded in 1995 and has over 747 theaters open across 10 countries, with 511 located in the U.S. As part of its Chapter 11 proceedings, Cineworld is seeking to reduce debt and strengthen its balance sheet in order to accelerate growth. The company has nearly $2 billion in financial commitments from existing lenders to keep operating. The company expects to operate its global business and cinemas as usual throughout the Chapter 11 process. Cineworld’s subsidiaries and affiliates not engaged in the U.S. or U.K. businesses were not included in the filing and are not part of the Chapter 11 process. Cineworld made …

September 8, 2022

Conference Coverage Features Multifamily

InterFace Panel: Multifamily Managers Brace for Increases in Labor Costs

by Taylor Williams September 8, 2022

By Taylor Williams The multifamily management industry has been beset by labor shortages for years, which has in turn prompted the rise of numerous technological platforms designed to streamline, automate and simplify daily work. But the business of running apartment communities carries an inherent and irrevocable human element, and the cost of acquiring and maintaining that service is about to go up. As an industry, multifamily management is hardly alone on this front. Businesses in countless sectors across the country are deadlocked in labor battles. While overall unemployment remains low at 3.7 percent, at 62.4 percent, the labor force participation rate remains about 100 basis points below its pre-pandemic mark, according to data from the Federal Reserve. In addition, according to the Society for Human Resource Management, resignations hit record highs in 2021, with some 4 million Americans quitting their jobs every month. With much of the labor supply in flux and potentially looking to shift careers, the advantage shifts to deep-pocketed, well-capitalized employers who can not only offer higher salaries, but also greater workplace flexibility. As such, multifamily management firms will likely be competing for talent among one another in 2023, as well as sparring with recruiters from completely …

September 8, 2022

Industrial Market Reports Midwest Midwest Market Reports Missouri

Record Construction Fuels Industrial Market Activity in St. Louis Region

by Kristin Harlow September 8, 2022

By Mary Lamie, Bi-State Development Modern bulk distribution buildings under construction in the St. Louis region hit a historic high earlier this year, approaching 8 million square feet. The record level of construction illustrates the industrial real estate market in the southwestern Illinois and eastern Missouri region continues to expand to meet ever-increasing demand as world and domestic markets strive to move beyond the disruption that has defined the past two years. The need for reliable freight logistics and flexible supply chains is proving more essential than ever to keep economies moving, and regions that can meet those needs while delivering the modern bulk and manufacturing space distributors and developers demand will have the greatest potential for continued growth. In mid-2022, nearly 7.4 million square feet remained under construction in the St. Louis region, a level of construction 78 percent higher than 2021 and 47 percent higher than the most recent five-year average. Also noteworthy is the fact that 100 percent of the modern bulk construction projects underway is speculative. That represents more speculative activity in the region today than in 2019, 2020 and 2021 combined, a clear indication that developers believe the St. Louis market is a solid place …

September 8, 2022

Development Mixed-Use Texas

Lincoln Property Co., Kairoi Break Ground on 74-Story Mixed-Use Tower in Downtown Austin

by Taylor Williams September 7, 2022

AUSTIN, TEXAS — A partnership between Dallas-based Lincoln Property Co. and Kairoi Residential has broken ground on Waterline, a 74-story mixed-use tower in downtown Austin. The site is located near the nexus of Waller Creek and Lady Bird Lake. Plans for the 1,022-foot building currently call for 352 luxury apartments, 700,000 square feet of office space, a 251-room hotel that will be operated under the 1 Hotels brand and 24,000 square feet of ground-floor retail and restaurant space. Residential amenities will include two pools, a fitness center, lounge, kitchen and coworking space. Office tenants will also have access to a fitness center, as well as a bar and lounge and indoor meeting spaces. Kohn Pedersen Fox (KPF) is the architect for Waterline. Canadian pension fund PSP Investments is also an equity partner on the project. Eastdil Secured arranged an undisclosed amount of construction financing for the development through Blackstone Mortgage Trust. Completion is slated for late 2026. The partnership is also developing Sixth & Guadalupe, a 66-story tower in downtown Austin that is scheduled to open next year.

September 7, 2022

Acquisitions Retail Texas

JAH Realty Acquires 191,103 SF Park West Plaza Shopping Center in Plano

by Taylor Williams September 7, 2022

PLANO, TEXAS — JAH Realty, a retail investment firm with offices in Dallas and Oklahoma City, has acquired Park West Plaza, a 191,103-square-foot shopping center in Plano. The property sits on 17 acres and was 98 percent leased at the time of sale to tenants such as Aldi, Elliot’s Hardware, Nadine Floor Co., CiCi’s Pizza, Dairy Queen and Firehouse Subs. Los Angeles-based ASG Real Estate Co. sold the property to JAH Realty for an undisclosed price. Chris Harden and Kris Von Hohn of Cushman & Wakefield brokered the deal. Southside Bank provided acquisition financing.

September 7, 2022

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