Property Type

Student Housing is Growing on Institutional Investors’ Radars, Say InterFace Panelists

by Taylor Williams May 18, 2022

By Taylor Williams As a subcategory of multifamily that is currently experiencing record rent growth, student housing is increasingly becoming a sought-after commodity in the world of institutional investment, according to a panel of industry experts. More institutional love for student housing is also arriving at a time in which concerns about COVID-19’s impact on enrollment and on-campus learning at the nation’s colleges and universities are largely being laid to rest. The verdict is in on whether students overwhelmingly prefer to live and learn on campus — they do. Capital sources are responding accordingly. At France Media’s 14th annual InterFace Student Housing conference, held May 3-4 at the J.W. Marriott Hotel Austin (Texas) Hotel, a group of industry veterans laid out the drivers behind the sector’s growth on institutional radars. As an affirmation of this trend, the “state of the industry” panel pointed to the $12.8 billion acquisition of Austin-based student housing developer and operator American Campus Communities (NYSE: ACC) by real estate giant Blackstone (NYSE: BX). Panelists implied that that deal, which was announced in April and will take ACC private, serves as a watershed moment for the asset class to institutional investors. As such, the transaction, which is …

May 18, 2022

California Industrial Loans Oregon Self-Storage Washington Western

Gantry Secures $130M Loan for Six-Property Trojan Storage Portfolio on the West Coast

by Amy Works May 17, 2022

CALIFORNIA, OREGON AND WASHINGTON — Gantry has arranged $130 million in permanent financing for a six-property, Trojan Storage-owned self-storage portfolio spread across California, Oregon and Washington. Totaling 600,000 square feet, the portfolio includes three newly completed, pre-stabilized facilities and three recently acquired facilities. Andy Bratt and Amit Tyagi of Gantry secured the financing for Trojan Storage. The loan features a 10-year term at a fixed rate and a significant interest-only period later transitioning to a 30-year amortization schedule. The newly constructed facilities are in Commerce, Glendale and San Jose, Calif., and the recently acquired assets are in Salinas, Calif., Portland, Ore., and Vancouver, Wash.

May 17, 2022

Acquisitions Colorado Office Western

Certus Sells 124,500 SF Office Building in Westminster, Colorado

by Amy Works May 17, 2022

WESTMINSTER, COLO. — Certus has completed the sale of Church Ranch Corporate Center, a Class A office property located along the US-30/Denver-Boulder corridor in Westminster. Lotus Co. acquired the building for $25.4 million. Built in 2001 and renovated in 2020, the four-story, multi-tenant asset features 124,500 square feet of office space. At the time of sale, the property was 90 percent leased to 14 tenants. The building is located at 10170 Church Ranch Way. Cushman & Wakefield’s Aaron Johnson, Jon Hendrickson and Mitch Veremeychik represented the seller in the deal. Additionally, Baxter Fain, Rob Cronenberg and Sarah Dinning of Cushman & Wakefield’s Denver Equity, Debt & Structured Finance Group arranged the debt financing for the buyer. A CMBS lender provided the $16.5 million, 10-year, full-term, interest-only loan.

May 17, 2022

Acquisitions Development Industrial Utah Western

Sansone Group to Develop 289,100 SF Industrial Property in West Valley City, Utah

by Amy Works May 17, 2022

WEST VALLEY CITY, UTAH — Sansone Group, in partnership with Invesco Real Estate, has acquired an 18.5-acre land parcel in West Valley City. The partnership plans to develop a 289,100-square-foot Class A industrial facility on the site. Rusty Bollow of Colliers will handle leasing for the development, and Sansone Group will manage the asset. The Sansone Group team involved in the development include Jeff Greenwalt, Jake Corrigan, John Brown and John Benoist.

May 17, 2022

Loans Multifamily Seniors Housing Washington Western

Lytle Enterprises Receives $15M in Financing for Seniors Housing Property in Everett, Washington

by Amy Works May 17, 2022

EVERETT, WASH. — Greystone has arranged $15 million in financing for Washington Oakes, a 152-unit seniors housing property in Everett, a northern suburb of Seattle. Tyler Armstrong of Greystone originated the transaction on behalf of Lytle Enterprises LLC. Washington Oakes features studio, one-, two- and three-bedroom units and offers independent living and assisted living services. Leisure Care LLC is the operator. A life insurance company provided the nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing existing debt, loan proceeds enable the borrower to monetize a portion of its equity in the property and continue with ongoing maintenance.

May 17, 2022

Loans Retail Washington Western

Crescit Capital Strategies Arranges $21.8M Acquisition Loan for 220,000 SF Retail Property in Marysville, Washington

by Amy Works May 17, 2022

MARYSVILLE, WASH. — Crescit Capital Strategies has closed a $21.8 million fixed-rate bridge loan for the acquisition of a shopping center located in Marysville. A private seller sold the asset to a private buyer for an undisclosed price. Crescit originated the four-year loan with a one-year extension option. The lender was not disclosed. The grocery-anchored property features 220,000 square feet of retail space.

May 17, 2022

Development Georgia Industrial Southeast

Procter & Gamble to Build $205M Distribution Center in Jackson, Georgia

by John Nelson May 17, 2022

JACKSON, GA. — Procter & Gamble (P&G), a consumer goods manufacturer and distributor based in Cincinnati, plans to invest $205 million for a new automated distribution facility in Jackson. The 1 million-square-foot property will be located at 950 Logistics Parkway in Butts County, about 50 miles south of Atlanta near I-75. The global firm partnered with the Georgia Department of Economic Development’s Global Commerce team, Development Authority of Butts County, Metro Atlanta Chamber, Georgia Ports Authority and Georgia Power on the project, which is expected to bring 350 new jobs to the trade area. The developer and a construction timeline were not disclosed. P&G’s brands include Crest, Pampers, Tide, Bounty, Charmin, Always, Gillette, Old Spice, Pantene, Head & Shoulders, Cascade, Dawn, Febreeze, Mr. Clean and Swiffer, among others. In addition to the new Jackson facility, P&G operates a manufacturing facility in Albany, Ga., and a distribution center in metro Atlanta.

May 17, 2022

Development Florida Loans Southeast Student Housing

Pacific Western, Square Mile Provide $93M Loan for Student Housing Project Near University of Florida

by John Nelson May 17, 2022

GAINESVILLE, FLA. — Pacific Western Bank and Square Mile Capital have provided a $93 million construction loan for Theory Gainesville, an 861-bed student housing community underway within a half-mile from University of Florida. Pacific Western was the primary lender, and Square Mile was the mezzanine capital provider. The borrower and developer is Blue Vista Capital Management, a Chicago-based entity that has a student housing affiliate, PeakMade Real Estate. Blue Vista expects to deliver Theory Gainesville in two phases: Phase I before the fall 2023 semester and Phase II before the spring 2024 semester. Upon completion, the property’s units will be fully furnished with stainless steel appliances and wood-style flooring. Theory Gainesville will also have a fitness center, game room, rooftop pool and open green space.

May 17, 2022

Acquisitions Florida Loans Multifamily Southeast

CBRE Arranges $50.3M Acquisition Financing for Two Multifamily Properties in Tampa

by John Nelson May 17, 2022

TAMPA, FLA. — CBRE has secured nearly $50.3 million in acquisition financing for two multifamily properties, HITE and Notch, both located in Tampa’s historic Seminole Heights neighborhood. The portfolio sold for $60.5 million. Eric Fixler and Chandler Kaye of CBRE arranged the financing on behalf of the borrower, an unnamed private investor. Ready Capital provided the senior loan with additional proceeds to complete tenant improvements for the ground-floor retail components and other capital improvements at both properties. Located at 6006 N. Florida Ave., HITE is a five-story apartment complex totaling 81 units. Built in 2018, the property features studio, one-, and two-bedroom units averaging 764 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include elevator service, an outdoor grilling station, pet wash station, bike storage, covered parking and 6,771 square feet of ground-floor retail space. Notch is a four-story apartment complex totaling 112 units located at 6307 N. Nebraska Ave. Built in 2021, the property features studio, one- and two-bedroom units averaging 780 square feet with quartz countertops, in-wall USB ports, designer light fixtures and walk-in closets. Community amenities include a fitness center, private garages, bike storage, pet spa and 1,144 square …

May 17, 2022

Development Multifamily Texas

Cordish Cos. to Develop 300-Unit Multifamily Project at Arlington Entertainment District

by Taylor Williams May 17, 2022

ARLINGTON, TEXAS — The Cordish Cos., a Baltimore-based developer and operator specializing in sports-themed entertainment projects, will develop One Rangers Way, a 300-unit multifamily project in Arlington. The community will be located near Globe Life Field, home of the MLB’s Texas Rangers, and within Cordish’s Arlington Entertainment District. Designed by Hord Coplan Macht, One Rangers Way will offer one- and two-bedroom units, as well as penthouses, in addition to a 423-space parking garage and 43,000 square feet of indoor and outdoor amenities. Specifically, amenities will include a pool, fitness center, coworking spaces, indoor and outdoor lounges and concierge services. Construction is scheduled to begin this fall and to be complete in 2024.

May 17, 2022

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