Property Type

Development Team Starts Construction of Evermont Mixed-Use Project in Los Angeles

by Amy Works August 3, 2022

LOS ANGELES — A co-development team consisting of BRIDGE Housing, the Coalition for Responsible Community Development (CRCD) and Primestor Development have started construction of Evermont, a mixed-use project on the former site of the 1992 Los Angeles riots. The new mixed-use development will deliver 180 affordable housing units for seniors and families, retail stores, a transit plaza and a Metro public transportation system training facility. Construction at Evermont is scheduled for completion in 2024. The residential component, led by BRIDGE Housing and CRCD, consists of Vista@Evermont, which will offer 62 permanent supportive housing apartments for seniors who have experienced chronic homelessness, and Luminus@Evermont, which will feature 118 affordable homes for families with low incomes, including 60 permanent supportive housing units. Located along the Vermont Corridor, the site is home to the second busiest transit stop in the entire Metro system. Additional key features of the development include a new, landscaped public transit plaza located on Vermont Avenue, plus improved pedestrian and cycling connections to other community facilities. The future LEED-certified facilities will be connected by a 22,000-square-foot plaza with a five-story parking structure to serve both commercial and residential tenants. Financial partners include JPMorgan Chase Bank, Los Angeles County Development …

August 3, 2022

Office-Bldg-Camelback-Corridor-Phoenix-AZ

Acquisitions Arizona Office Western

Holualoa Cos., LaPour Partners Divest of 115,000 SF Office Building in Phoenix

by Amy Works August 3, 2022

PHOENIX — Holualoa Cos. and LaPour Partners have completed the disposition of a Class A office building in Phoenix’s Camelback Corridor. Oklahoma City-based Humphreys Capital bought the asset for $66.3 million, or $573 per square foot. The four-story, 115,000-square-foot building was 95 percent leased upon sale. The sellers acquired the site, which included seven existing two-story office buildings, in 2016. The existing structures were demolished and a LEED-certified building with a 326-space underground parking garage was developed on the site in 2018. Steve Lindley, Eric Wichterman, Alexandra Loye and Mike Coover of Cushman & Wakefield represented the seller in the transaction. The team also worked with Jerry Roberts and Pat Boyle of Cushman & Wakefield for office leasing advisory and Beth Lambert of Cushman & Wakefield for debt and equity finance.

August 3, 2022

Affordable Housing California Development Hospitality Mixed-Use Multifamily Restaurant Retail Top Stories Western

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw August 3, 2022

WEST HOLLYWOOD, CALIF. — Silver Creek Development has received funding for the redevelopment of 8850 Sunset Boulevard, which is located on the Sunset Strip in West Hollywood. Cottonwood Group provided a $62 million loan for the project. Currently a retail strip center and home to the legendary Viper Room music venue, the property is going through re-entitlement and will be transformed into a mixed-use project. Plans call for a redesigned music venue and recording studio, multiple eateries, retail spaces, a five-star hotel, 26 condominiums and eight income-restricted housing units. Completion is slated for 2023. Residents will have access to an outdoor fitness center, rooftop pool and below-ground parking. The hotel’s rooftop will feature a restaurant and bar with panoramic views from downtown Los Angeles to the Pacific Ocean. Architectural firm Arquitectonica designed the project, which is being built to meet or exceed LEED standards. Silver Creek is a Los Angeles-based real estate developer that focuses on revitalizing underused sites. The firm has developed more than 10 million square feet of mixed-use projects globally. The financing deal was executed as part of Cottonwood’s strategic platform with BCEG International Investment. Headquartered in Los Angeles, Cottonwood is a private real estate investment firm …

August 3, 2022

Affordable Housing California Development Hospitality Mixed-Use Multifamily Restaurant Retail Top Stories Western

Silver Creek Receives Funding for Mixed-Use Redevelopment of 8850 Sunset Boulevard in West Hollywood

by Jeff Shaw August 3, 2022

August 3, 2022

Market Reports Multifamily Texas Texas Market Reports

Multifamily Prices Adjust to Macroeconomics Throughout Texas Markets

by Taylor Williams August 3, 2022

By Taylor Williams First things first: By most objective metrics and standards, multifamily assets in major Texas markets still represent strong investment propositions relative to certain other commercial sectors, as well as to the stock market, the other long-term vehicle to which real estate investments are most commonly compared. But as we cross the midpoint of 2022, the U.S. economy finds itself awash in a unique combination of challenging and extreme circumstances. Mainstream news coverage increasingly includes the word “record” in reports on inflation, one-off interest rate hikes and movement in the 10-Year Treasury yield. The yield on two-year Treasury notes recently eclipsed that of the 10-year, creating the “inverted curve” that has historically been an indicator of an upcoming downturn. Rumblings of an imminent recession grow louder by the day. Fear is contagious, and some markets are already showing signs of hunkering down in anticipation of a downturn. The expectation of recession, let alone the materialization of it, impacts even the strongest of markets, including multifamily assets in Texas. Investors and brokers who specialize in the property type recognize that certain factors — net in-migration of hundreds of thousands of people per year, exceptional corporate relocation activity, and supply …

August 3, 2022

Acquisitions Multifamily North Carolina Southeast

Solomon Organization Sells Three Apartment Communities in Metro Charlotte for $173.5M

by John Nelson August 2, 2022

CHARLOTTE AND MATTHEWS, N.C. — The Solomon Organization has sold a three-property multifamily portfolio in metro Charlotte for $173.5 million. The garden-style assets include Waterford Hills Apartments, a 270-unit property that was built in 1995 at 6219 Waterford Hills Drive in Charlotte; Mission Matthews Place a 392-unit community built in 1994 at 2100 Woodway Hills Drive in Matthews; and Matthews Pointe, a 100-unit property built in 1986 at 2100 Woodway Hills Drive in Matthews. Kevin Kempf, Howard Jenkins, Drew Harney and William Yowell of CBRE represented Solomon Organization in the transaction. CBRE Debt & Structured Finance secured the debt for the undisclosed buyer.

August 2, 2022

Development Industrial Southeast Virginia

Meridian, Wickshire Break Ground on 1 MSF Industrial Facility in Winchester, Virginia

by John Nelson August 2, 2022

WINCHESTER, VA. — The Meridian Group and Wickshire Industrial have broken ground on Phase I of One Logistics Park, a 2.7 million-square-foot industrial campus located near I-81 in Winchster. The first phase comprises a 1 million-square-foot, cross-dock facility that will feature 40-foot clear heights, 50- by 54-foot column spacing, tilt-wall construction, 65-foot speed bays, 250 trailer drops and 230 parking spaces. At full buildout, the 277-acre One Logistics Park will feature distribution facilities as well as 100,000 square feet of quick-service restaurants, a gas station/convenience store and other retail options. The project team includes civil engineer Gordan, horizontal construction manager Perry Engineering and architect and general contractor Shockey. John Lesinski and Ben Luke are leading the Colliers team to market the project.

August 2, 2022

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers Sale of Seleno at Bridge Street Apartments in Huntsville

by John Nelson August 2, 2022

HUNTSVILLE, ALA. — Cushman & Wakefield has brokered the sale of Seleno at Bridge Street, a 244-unit apartment community in Huntsville. California-based Steadfast Cos. purchased the community from Connecticut-based Twenty Lake Holdings for an undisclosed price. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller in the transaction. Seleno at Bridge Street serves at the multifamily component of Bridge Street Town Centre, a mixed-use development comprising hotels, offices and retailers including Apple, H&M, The Cheesecake Factory, Main Event and PBR x Lockhart Smokehouse. Built in 2019, the apartment community includes a fitness center, heated resort-style swimming pool with in-pool loungers, clubhouse with TVs and a kitchen/coffee bar, dog park and pet spa, game lounge with glass garage doors overlooking the pool area, a karaoke room and focus rooms.

August 2, 2022

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers Sale of Selano at Bridge Street Apartments in Huntsville

by John Nelson August 2, 2022

HUNTSVILLE, ALA. — Cushman & Wakefield has brokered the sale of Selano at Bridge Street, a 244-unit apartment community in Huntsville. California-based Steadfast Cos. purchased the community from Connecticut-based Twenty Lake Holdings for an undisclosed price. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller in the transaction. Selano at Bridge Street serves at the multifamily component of Bridge Street Town Centre, a mixed-use development comprising hotels, offices and retailers including Apple, H&M, The Cheesecake Factory, Main Event and PBR x Lockhart Smokehouse. Built in 2019, the apartment community includes a fitness center, heated resort-style swimming pool with in-pool loungers, clubhouse with TVs and a kitchen/coffee bar, dog park and pet spa, game lounge with glass garage doors overlooking the pool area, a karaoke room and focus rooms.

August 2, 2022

Development Florida Leasing Activity Mixed-Use Office Restaurant Retail Southeast

Tricera Capital Signs New Tenants at The Press Mixed-Use Project in West Palm Beach

by John Nelson August 2, 2022

WEST PALM BEACH, FLA. — Tricera Capital has signed new office and retail tenants to join The Press, a mixed-use redevelopment of the former Palm Beach Post campus in West Palm Beach. The project comprises two components: the 120,000-square-foot Shops at the Press and the 136,000-square-foot Workspaces at the Press. The new tenants, which combined will occupy 68,000 square feet, include Salons by JC, interior design firm Calico, health concept Restore Hyper Wellness, Raw Juice, self-storage investor SROA Capital, coworking concept Knotel and mortgage broker Blue Sky Financial. In addition to the new leases, Miami-based Tricera Capital has upsized its loan with Chicago-based Monroe Capital by $19 million to help fund tenant and site improvements. Jason Krane of Ackman-Ziff Real Estate Group arranged the financing on behalf of Tricera Capital.

August 2, 2022

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