NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $6 million sale of a 35-unit multifamily building located at 524 E. 119th St. in East Harlem. All but two of the units are rent-stabilized. Victor Sozio, Mark Anderson and Michael Tortorici of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
LOS ANGELES — After bottoming out at 78.7 percent in the second quarter of 2021, private-pay seniors housing occupancy has been on a slow, steady climb, according to data from the National Investment Center for Seniors Housing and Care (NIC). The most recent data — for the fourth quarter of 2021 — showed occupancy at 81 percent. However, the pace of recovery varies widely among individual markets, individual companies and even individual properties. “Some people are able to manage the turmoil. Some are even thriving, or at least doing pretty well,” said J.P. LoMonaco, president of Valuation & Information Group. “Other people are really floundering. The questions I’m getting all revolve around occupancy, inflation, maintaining margins and revenue growth.” LoMonaco’s comments came as moderator during a panel titled, “The Power Panel: CEOs Discuss the State of the Industry” at France Media’s InterFace Seniors Housing West conference in Los Angeles on Feb. 24. Nearly 225 industry professionals attended the event. Other panelists included Chris Belford, CEO, Sinceri Senior Living; Rob Leinbach, principal, Cadence Living; Bill Pettit, president, R.D. Merrill Co.; Courtney Siegel, president and CEO, Oakmont Management Group; and Dave Sedgwick, president and CEO, CareTrust REIT. All the panelists reported their …
NEW YORK CITY — Blackstone (NYSE: BX) has purchased a 49 percent stake in One Manhattan West, a 67-story office tower in Manhattan totaling 2.1 million square feet. Brookfield (NYSE: BAM) and Qatar Investment Authority sold the minority interest to Blackstone and will retain a 51 percent ownership stake in the skyscraper. The purchase price wasn’t disclosed, but Brookfield says that the deal “values the office building at $2.85 billion,” which translates to Blackstone’s stake totaling just below $1.4 billion. Ben Brown, managing partner of Brookfield, says the competition for the acquisition was intense despite the uneven recovery of New York City’s office market due to COVID-19. “The partial sale of One Manhattan West and the interest we received as soon as we put it on the market are clear validations that the highest quality office properties are seeing enormous demand coming out of the pandemic,” says Brown. “One Manhattan West is home to some of the world’s leading companies, and their continued desire to work from and grow in the building is a promising sign for Manhattan West and prime, well-located office assets broadly.” Located on the corner of Ninth Avenue and 33rd Street, One Manhattan West is leased …
By Tim Harris, vice president of multifamily development, Rosewood Property Co. San Antonio’s multifamily market is realizing its own potential. New nodes of development are emerging, and new projects are meeting pent-up demand for higher-quality renter experiences. Today, developers are building multifamily projects that they wouldn’t have considered five or 10 years ago. They’re no longer stuck in their comfort zones, afraid to venture into new submarkets. And they’re no longer worried that they won’t be rewarded with the rents necessary to provide differentiated properties with unit diversification, higher-end finishes and increased amenities. History, Affordability Historically, many institutional investors and national developers have overlooked San Antonio. Bigger and trendier Texas cities — Austin, Dallas-Fort Worth and Houston — have always overshadowed the Alamo City. That wasn’t always the case, though. In 1860, San Antonio was the largest city in the Lone Star State. It thrived as a center for the cattle industry until the 1930s, when its population fell behind that of Houston and Dallas, mostly because of the booming oil industry. Today, San Antonio’s metro area is the 25th-largest in the country with 2.6 million residents, according to Oxford Economics. Hispanics represent 55.1 percent of the population — the …
HOUSTON — Dallas-based Hunt Southwest will develop I-10 West Trade Center, a 1 million-square-foot speculative industrial project in West Houston. The cross-dock facility will be situated on a 68-acre site near the junction of Interstate 10 and Woods Road. Building features will include 40-foot clear heights, 206 dock-high doors, 190-foot truck court depths, an ESFR sprinkler system and parking for 330 trucks and 354 cars. Construction is scheduled to begin by the end of the month and to be complete by early 2023. CBRE will handle leasing of the property. The announcement follows Hunt Southwest’s execution of a full-building industrial lease with Walmart at the 1 million-square-foot Cedar Port Trade Center near Port Houston.
HOUSTON — Metro Dallas-based investment firm ClearWorth Capital has purchased Park at Woodmoor, a 220-unit apartment community in The Woodlands, located about 30 miles north of Houston. Built in 1999, Park at Woodmoor offers one- and two-bedroom units and amenities such as a pool and a clubhouse. The new ownership plans to implement a value-add program and to turn management of the property over to its affiliate, ClearWorth Residential. Chip Nash and Bob Heard of Colliers represented the undisclosed seller in the transaction.
PFLUGERVILLE, TEXAS — Developer and operator Skybox Datacenters, in partnership with San Francisco-based industrial giant Prologis, will construct a 141,240-square-foot data center in the northern Austin suburb of Pflugerville. The facility, known as Skybox Austin I, will have the capacity to produce up to 30 megawatts of power. Construction is scheduled to begin in May, with delivery of the first data hall slated for March 2023.
IRVING, TEXAS — Canadian firm Hopewell Development LP has acquired 33 acres at 2451 S. Belt Line Road in Irving for the development of an industrial project. The square footage and prospective construction timeline for the project were not disclosed. Alex Wilson, Nathan Denton and Reid Bassinger of Lee & Associates represented Hopewell Development in its acquisition of the land.
HOUSTON — NAI Partners has arranged the sale of a 39,445-square-foot warehouse located at 5606 Harvey Wilson Drive in Houston’s Second Ward. According to LoopNet Inc., the property was originally built in 1955 and features 10- to 14-foot clear heights. Chris Kugle of NAI Partners represented the seller in the deal, and Steven O’Connor of PrinGroup Commercial represented the buyer. Both parties were limited liability companies.
WHITE PLAINS, N.Y. — CBRE has brokered the sale of WestPark, a 373,000-square-foot office campus in White Plains, a northern suburb of New York City. The campus consists of two four-story buildings on a 25-acre site. Jacqueline Novotny, Brian Carcaterra and Michael McCall of CBRE represented the seller, Onyx Equities, in the transaction. William Cuddy Jr. and Mary Ann Tighe, also with CBRE, represented the buyer, New York-Presbyterian Hospital. The sales price was not disclosed.