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AcquisitionsMixed-UseNew YorkNortheastTop Stories

JLL Brokers $825M Sale of Upper East Side Mixed-Use Portfolio in New York City

by Jeff Shaw

NEW YORK CITY — JLL has arranged the $825 million sale of three Upper East Side multifamily properties totaling 858 units. The properties include 29,275 square feet of commercial space and are part of a larger, five-property portfolio. Solow Building Co. sold the assets to GO Partners, a partnership between Black Spruce Management and Orbach Affordable Housing. Local developer RXR, along with Macquarie Capital Principal Finance and the Qatar Investment Authority, contributed a $261 million preferred equity investment to the deal. Sheldon H. Solow, a New York City real estate developer and investor, originally developed the portfolio. The properties included in the sale are the 234-unit One Sutton Place, located at 420 E. 61st St.; the 209-unit Two Sutton Place, located at 1113 York Ave., which includes 2,000 square feet of commercial space; and One East River Place, located at 525 E. 72nd St. and includes 27,275 square feet of commercial space. The average unit size at the properties is 989 square feet. Additionally, the portfolio offers some of the few black glass facade residential buildings within Manhattan. The 408-unit property 685 1st Ave. was the first asset to close within the larger portfolio, with JLL representing the seller. An …

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Market ReportsOfficeTexasTexas Market Reports

Texas Office Users Trade Lengthier Terms for Tenant Improvement Dollars

by Taylor Williams

By Taylor Williams Success in today’s office sector is all about creating incentives.  Some companies, from small professional services outfits to tech giants like Salesforce and Airbnb, have completely capitulated to remote work and have aggressively slashed their office footprints. Others remain dogged in their commitments to nonresidential (and nonretail) workspaces. What works for one company may not work for its competitors, and there remains a fundamental need for at least some traditional office space across all major markets.  Against this backdrop, what separates the winners from the losers is the ability to create a draw, to give people legitimately good reasons to get up earlier, spend more time getting ready, endure traffic, put costly mileage on their cars, then deal with whatever quirky goings-on define their office experience. Needless to say, this can be a tough sell, especially for employees with families and suburban commutes.  Which is why owners, both of businesses and of the office buildings that house them, are getting creative. These corporate leaders and landlords are working in tandem to ensure that the spaces meet the precise needs of their workforces, from design and layout within the suite to access to onsite amenities and surrounding retail, …

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FeaturesMultifamily

NAHB Survey Reveals Decline in Developer Confidence in Third Quarter, Forecasts Decrease in 2023 Multifamily Starts

by Jeff Shaw

WASHINGTON, D.C. — Confidence in the market for new multifamily housing development notably declined in the third quarter of 2022, according to results from a survey of 63 multifamily builders conducted by the National Association of Home Builders (NAHB), which is based in Washington, D.C. The survey is conducted quarterly and produces two separate indices — new multifamily production and multifamily rental occupancy in the current versus preceding quarter. “Although demand for multifamily housing remains strong in many parts of the country, some multifamily developers are starting to see signs of a slowdown,” says Sean Kelly, chairman of NAHB’s Multifamily Council. “The ongoing problems of scarcity and high cost of land and materials are making it difficult to go forward with certain projects, particularly affordable housing projects.” Confidence in Multifamily Production Decreases The Multifamily Production Index (MPI) measures builder and developer sentiments regarding current production conditions in the market — including the construction of affordable housing units, market-rate units, and for-sale units or condominiums — on a scale of 0 to 100. A number below 50 indicates that more respondents reported that conditions in the market are worsening than reported conditions are improving. All three components of the MPI saw …

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FeaturesMultifamily

Co-Living Creates Unique Opportunities for Multifamily Investors

by Jeff Shaw

After years of strong growth in property values and rental rates, momentum in the housing market is beginning to slow. Growth is stagnating across the country, and values in some markets are slipping. This shift has caused some investors to hold off on acquiring additional real estate holdings as we go into 2023. However, some multifamily investors are seeking unconventional opportunities to ensure annualized returns, such as co-living models. The Rise of Co-Living According to iPropertyManagement, an online informational database which provides resources for landlords, the average rent price nationwide has increased 8.85 percent per year since 1980, consistently outpacing wage growth and creating financial strain for renters. To make rent more affordable, more renters are opting for co-living, splitting the rent with multiple roommates in larger apartments. These renters quickly run into a few problems, however. First, most rentals offer only one or two bedrooms. In fact, around 65 percent of the nationwide apartment inventory has two bedrooms or fewer, according to a 2020 study conducted by Harvard University on rental housing. With the high cost of two-bedroom units, splitting the rent with only one other roommate may not reduce the per person rent to an affordable rate. The …

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DevelopmentIndustrialSoutheastTennessee

CRG Plans 2.8 MSF Industrial Park in Metro Nashville

by John Nelson

LEBANON, TENN. — CRG has acquired a 200-acre site in Lebanon, roughly 30 miles outside of Nashville, to accommodate a 2.8 million-square-foot industrial park. Upon completion, the project — dubbed The Cubes at Sparta Pike — will comprise four buildings ranging in size from 250,000 to 1.4 million square feet each. Jim Rodrigues of Lee & Associates will handle leasing and marketing of the property on behalf of CRG.

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AcquisitionsFloridaMultifamilySoutheast

Newmark Negotiates $98M Sale of Luma Headwaters Apartments in Orlando

by John Nelson

ORLANDO, FLA. — Newmark has brokered the $98 million sale of Luma Headwaters, a 328-unit multifamily community located at 4000 Headwaters Way in Orlando. Scott Ramey, Brad Downing, Patrick Dufour, Paul Grant and Ryan Moody of Newmark represented the seller, Waypoint Residential, in the transaction. Newmark also arranged a Freddie Mac loan assumption process and secured additional financing on behalf of the buyer, Houston-based Venterra Realty. Matt Williams, Kyle Schlitt, Rob Wright and James Maynard of Newmark arranged the $5.7 million supplemental loan.

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AcquisitionsRetailSoutheastVirginia

Divaris Arranges $8.2M Sale of Yorktown Shopping Center in Virginia

by John Nelson

YORKTOWN, VA. — Divaris Real Estate’s Investment Sales Group has brokered the sale of The Villages at Kiln Creek, a 45,255-square-foot shopping center located in Yorktown, about 13 miles north of Newport News, Va. Jason Oliver, Rachel Salasky and George Fox of Divaris represented the seller, Glazer Properties, in the transaction. Liberty Investment Partners acquired the property for $8.2 million. The center was fully leased at the time of sale to tenants including Riverside Health System, Guitar Center and McCormick Paint. George Fox and Caroline Zarpas of Divaris will handle leasing at the center on behalf of Liberty Investment Partners.

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Parkside-Residences
DevelopmentMultifamilyTexas

High Street Nears Completion of 43-Story Multifamily Tower in Downtown Houston

by Taylor Williams

HOUSTON — High Street Residential is nearing completion of Parkside Residences, a 43-story multifamily tower located at 808 Crawford St. in downtown Houston. Designed by Ziegler Cooper and built by Andres Construction, the property houses 309 units in studio, one-, two- and three-bedroom formats, as well as one- and two-story penthouses. Amenities include a pool, fitness center, coworking lounge, outdoor grilling and dining areas and a catering kitchen. Rents start at $2,130 per month for a studio apartment. Full completion is slated for April 2023.

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AcquisitionsFloridaMultifamilySoutheast

Northmarq Brokers Sale of 228-Unit Caroline Apartments in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — Northmarq has arranged the sale of The Caroline, a recently completed apartment community comprising 228 units in Lakeland, roughly 40 miles east of Tampa. Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq represented the buyer, Topaz Capital Group, which acquired the property for an undisclosed price. Located at 1906 Griffin Road, the community features units in one-, two- and three-bedroom layouts, with an average unit size of 1,161 square feet. Amenities include a clubhouse, pool, an outdoor kitchen and entertainment space, pet park, fitness center, playground and wetland boardwalk.

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District of ColumbiaHospitalitySoutheast

US Economy Adds 263,000 Jobs in November, While Hourly Wages Rise 0.6 Percent

by John Nelson

WASHINGTON, D.C. — The U.S. economy added 263,000 jobs in November, and the unemployment rate remained unchanged at 3.7 percent, according to the U.S. Bureau of Labor Statistics (BLS). The employment gains beat Dow Jones economists’ expectations of 200,000 new jobs, reports CNBC. Meanwhile, average hourly wages jumped 0.6 percent for the month, according to the BLS, double the estimate of economists. Furthermore, the 5.1 percent annual growth in wages exceeded the expectation of 4.6 percent. CNBC also reports that the better-than-expected wage growth may put even greater pressure on the Federal Reserve to continue its path of rate hikes, which Fed officials have been signaling as likely ahead of the December Federal Open Markets Committee (FOMC) meeting. Many media outlets report that economists are expecting the central bank to boost the federal funds rate by 50 basis points before the end of the year, raising the target range to between 4.25 and 4.5 percent. However, some other media sources indicate that strong wage growth is another sign of inflation and could push the Fed to boost the rate by 75 basis points. Big gains in leisure and hospitality In November, the employment sector with the biggest surge was leisure and …

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