Property Type

NMHC Members Report Softening Apartment Market in Quarterly Survey

by Jeff Shaw November 8, 2022

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 …

November 8, 2022

GBT Completes 15-Story Parke West Mixed-Use Development in Nashville

by John Nelson November 7, 2022

NASHVILLE, TENN. — GBT Realty Corp. has delivered Parke West, a 15-story mixed-use project located in the West End neighborhood of Nashville. Parke West features 210 residential units, 11,000 square feet of retail space and a nine-story Hilton hotel. Occupancy in the residential tower, which began leasing this summer, is approaching 15 percent. The tower features apartments in studio, one- and two-bedroom layouts. Community amenities include a dog run and washing station, coffee bar, fitness center, game room, club room and a rooftop pool. Monthly rents begin at $1,865. Current retail leases on the ground floor include Stride Fitness and Complexion, an aesthetics and skincare boutique. Both concepts will open in spring 2023 and occupy 2,611 square feet and 3,030 square feet, respectively. Opened in October of this year, the hotel is dual-branded, with 103 Hilton Garden Inn keys and 69 Home2Suites by Hilton keys. Shared amenities comprise a lobby bar and restaurant, rooftop pool deck and 4,000 square feet of flexible meeting space.

November 7, 2022

Acquisitions Louisiana Multifamily Southeast

Servio Capital Acquires New Orleans Residential Building for $40M

by John Nelson November 7, 2022

NEW ORLEANS — Servio Capital has purchased the California Building, a luxury condominium property at the corner of Tulane Avenue and Rampart Street in New Orleans, for $40 million. Designed in 1949 and built in 1950, the property is one of the oldest standing international-style buildings in the city. Previously home to the Hibernia Bank operation center, the building has since been converted to multifamily housing and features amenities including a media room, fitness center, business center and a game room. The seller was not disclosed.

November 7, 2022

Development Industrial South Carolina Southeast

Hughes Underway on 226,800 SF Industrial Facility in Spartanburg, South Carolina

by John Nelson November 7, 2022

SPARTANBURG, S.C. — Hughes Commercial Property is underway on its I-26 Logistics Center, a 226,800-square-foot industrial facility located in Spartanburg. Scheduled for completion in the second quarter of 2023, the facility will feature 32-foot clear heights, 60 dock doors, two drive-in doors, 53 trailer parking spaces and 225 car parking spaces. Other industrial and distribution companies located in the park include Walmart Return Center, Master Gardener and Yusen Logistics. Harper General Contractors is coordinating construction, and Lee & Associates will manage leasing at the property.

November 7, 2022

Acquisitions Florida Retail Southeast

CrossMarc, MCB Acquire 202,050 SF Shopping Center in Melbourne, Florida

by John Nelson November 7, 2022

MELBOURNE, FLA. — A joint venture between CrossMarc Services LLC and MCB Real Estate — in partnership with Peaceable Street Capital — has purchased Post Commons, a 202,050-square-foot shopping center located in Melbourne. Anchored by a 44,270-square-foot Publix store, as well as a Beall’s and Pet Supermarket, the center was 96 percent leased at the time of sale. Other tenants at the property include Burlington and Five Below. Marcus & Millichap represented the undisclosed seller in the transaction. Flavia Kanyago of CrossMarc will handle leasing at the center.

November 7, 2022

Acquisitions Affordable Housing Development Florida Hospitality Southeast

One Stop Housing Buys Orlando Hotel for Affordable Housing Conversion

by John Nelson November 7, 2022

ORLANDO, FLA. — One Stop Housing has purchased the Ambassador Hotel, a 155-room hotel located at 929 W. Colonial Drive in Orlando, from Sammy Investments Orlando for $7.1 million. The buyer plans to convert the hotel into an affordable housing community. When completed, the property will feature a mix of studio, one- and two-bedroom apartments. Construction is scheduled to begin this year. Glen Jaffee of Cushman & Wakefield represented the seller and procured the buyer in the $7.1 million acquisition. The Orlando City Council approved zoning for the Ambassador Hotel to be redeveloped into an affordable housing community in late July. Once complete, the community will become the eighth hotel conversion for One Stop Housing.

November 7, 2022

Acquisitions Industrial Texas

AC Industrial Properties Acquires 301,796 SF Logistics Building in McKinney, Texas

by Taylor Williams November 7, 2022

MCKINNEY, TEXAS — California-based investment firm AC Industrial Properties LLC has acquired Building B at Logistics Center at McKinney on the northern outskirts of Dallas. The 301,796-square-foot, rear-load building sits on 17 acres and features 32-foot clear heights, 130-foot truck court depths, 52 overhead doors, two drive-in doors and 190 parking spaces. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Pauli Kerr of JLL represented the seller, a joint venture between Thor Equities and Morgan Stanley, in the transaction.

November 7, 2022

Acquisitions Multifamily Texas

Colliers Arranges Sale of 190-Unit Bay House Apartment Homes in Metro Houston

by Taylor Williams November 7, 2022

NASSAU BAY, TEXAS — Colliers has arranged the sale of Bay House Apartment Homes, a 190-unit multifamily property in Nassau Bay, a southeastern suburb of Houston that was built in 1967 and partially renovated in 2015. According to Apartments.com, the property features studio, one-, two- and three-bedroom units that range in size from 612 to 1,348 square feet. The amenity package consists of a pool, fitness center, business center, picnic areas, a multi-purpose event room and onsite laundry facilities. Bob Heard, Chip Nash and Jaleel Adatia of Colliers represented the seller, an entity doing business as Dojo Bay House LLC, in the transaction. CoVest Ventures acquired the asset for an undisclosed price.

November 7, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 153-Unit Life at Stone Crest Apartments in South Dallas

by Taylor Williams November 7, 2022

DALLAS — Marcus & Millichap has brokered the sale of The Life at Stone Crest, a 153-unit apartment complex in South Dallas that was built in 2002. According to Apartments.com, the property offers two- and three-bedroom units that range in size from 950 to 1,111 square feet and amenities such as a pool, business center, resident clubhouse and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the New York-based seller in the transaction. The buyer, a Dallas-based 1031 exchange investor, plans to make capital improvements to the property.

November 7, 2022

Development Retail Texas

H-E-B to Open 100,000 SF Grocery Store in Northwest Houston

by Taylor Williams November 7, 2022

HOUSTON — Texas-based grocer H-E-B will open a 100,000-square-foot store within Bridgeland Central, a 925-acre mixed-use development by Howard Hughes Corp. (NYSE: HHC) in northwest Houston. The store will be situated on a 23-acre tract that will also house a 49,000-square-foot office building. This piece of the larger development will be branded Village Green at Bridgeland Central. Tal McIver of McIver Properties represented H-E-B in the lease negotiations. Eric Walker of Capital Retail Partners represented Howard Hughes Corp. The grocery store and office building are both scheduled to come on line in 2024.

November 7, 2022

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