Property Type

Trion Properties Buys The Russell Apartments in Portland for $19.7M

by Amy Works July 7, 2021

PORTLAND, ORE. — Trion Properties has acquired The Russell Apartments, a multifamily property located at 2621 NE Seventh Ave. in Portland. An undisclosed seller sold the asset for $19.7 million. The six-story property features 68 apartments in 25 different floorplans with patio decks, modern finishes and full-size in-unit washers/dryers. Community amenities include a roof terrace with barbecues and a fire pit, fitness center, club lounge, pet washroom and secured bike storage. Rob Marton and Tyler Johnson of HFO Real represented Trion in the transaction. Continental Partners arranged the financing through Andrew Kwok of Capital One.

July 7, 2021

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $13.5M Sale of Golden Key Apartment Building in Phoenix

by Amy Works July 7, 2021

PHOENIX — Marcus & Millichap has brokered the sale of Golden Key, a multifamily property located in Phoenix. A private investor sold the asset to a fund manager for $13.5 million. Located at 3675 W. Osborn Road, Golden Key features 91 apartments. The community spaces and three of the units at the 62,323-square-foot property have been renovated. Paul Bay and Darrell Moffitt of Marcus & Millichap represented the seller and procured the buyer in the deal.

July 7, 2021

Development Multifamily New Mexico Western

Titan Completes 92-Unit Highlands North Multifamily Property in Albuquerque

by Amy Works July 7, 2021

ALBUQUERQUE, N.M. — Titan Development has completed the construction of Highlands North, an apartment community located at 200 Mulberry St. NE in downtown Albuquerque. Lease-up is underway at the 92-unit property, which was built in partnership with Alliance Residential. Greystar will serve as property manager for the community. Situated on 2.4 acres, the development includes a four-story building and four surrounding carriage buildings, a clubhouse, fitness center and resort-style pool. The apartment complex is the latest development in Titan’s 12-acre, mixed-use, master-planned The Highlands project. The company is working with Maestas Development Group to redevelop the five-block region in downtown Albuquerque. The project was funded by the Titan Development Real Estate Fund I, a $115 million private equity real estate fund established in 2017 to raise and invest equity in approximately $300 million of Titan Development’s investment opportunities, focused heavily on multifamily.

July 7, 2021

Acquisitions California Restaurant Retail Western

Progressive Real Estate Partners Brokers $4.6M Sale of Starbucks-Anchored Retail Building in Southern California

by Amy Works July 7, 2021

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 2067 E. Highland Ave. in San Bernardino. Sage Invesco and Pacific Riviera Properties sold the asset to a San Bernardino County-based private investor for $4.6 million, or $919 per square foot. Greg Bedell of Progressive Real Estate Partners represented the seller, while Choong “Bruce” Lee of NewStar Realty and Hope Kim, an independent broker, represented the buyer in the deal. Built in 2020, the three-tenant building features 5,058 square feet of retail space. Starbucks Coffee, Lefty’s Cheesesteak and Cricket Wireless occupy the property.

July 7, 2021

Features Retail

U.S. Retail Sector Recovers Faster Than Expected, Says National League of Cities

by Julia Sanders July 7, 2021

WASHINGTON, D.C. — In 2020, the retail sector suffered due to shutdowns and pandemic restrictions on businesses. Additionally, in April 2020, the U.S. unemployment rate reached 14.7 percent, which is the highest it’s been since the Great Depression, according to CNBC. However, the COVID-19 pandemic influenced the retail industry in a positive way by speeding up some pre-existing retail trends, according to the National League of Cities’ (NLC) new report, The Future of Cities: Re-envisioning Retail. The report shows the key trends in the retail industry and explains how local governmental officials can continue to facilitate positive change in the retail sector. The NLC report found that even though retail industry jobs declined fast last year, now the industry has bounced back more quickly than expected. The Bureau of Labor Statistics reported that the U.S. economy added 850,000 jobs in June, including a 194,000 increase in bar and restaurant jobs and an increase of 67,000 jobs in the retail sector. Many retailers struggled last year due to lockdowns and less income for consumers to spend. The NLC reported that in 2020, more than 12,200 major retail chain stores closed permanently, which equals to 159 million square feet of emptied retail …

July 7, 2021

Illinois Loans Midwest Office Top Stories

JLL Arranges $296M Refinancing for Trophy Office Tower in Chicago’s River North

by Kristin Harlow July 7, 2021

CHICAGO — JLL’s Capital Markets group has arranged a $296 million loan for the refinancing of 321 N. Clark, a 936,240-square-foot trophy office tower in Chicago’s River North submarket. The 35-story property was originally built in 1987 and underwent an $85 million renovation in 2019. The office tower offers a riverfront location and is served by a variety of public transportation options. Amenities include a fitness center, tenant lounge, conference center, parking garage and bike parking. Lettuce Entertain You operates a restaurant and event space at the property. Tenants include the American Bar Association and Foley & Lardner. “As today’s work environment continues to stress the importance of a healthy work-life balance, 321 N. Clark stands at the core of the city’s business and cultural districts, setting a standard for excellence to which all other office properties are compared,” says Keith Largay, senior managing director with JLL. Largay, along with Danny Kaufman and Michael Halbach of JLL, represented the borrower, a joint venture partnership between Hines, American Realty Advisors (ARA) and Diversified Real Estate Capital LLC. The team placed the five-year, floating-rate loan with Nuveen Real Estate. Dallas-based Hines is a privately owned global real estate investment firm that oversees …

July 7, 2021

Acquisitions Georgia Single-Family Rental Southeast Tennessee

GTIS Partners Sells Single-Family Rental Portfolio for $300M

by Julia Sanders July 6, 2021

ATLANTA AND NASHVILLE, TENN. — GTIS Partners has sold a single-family rental (SFR) portfolio spanning 1,081 homes located in Atlanta and Nashville to an undisclosed buyer for approximately $300 million. GTIS first entered the SFR space in 2012. Since then, the New York-based firm has owned and/or managed over 4,700 SFR homes scattered across nine markets. Additionally, GTIS has seven build-to-rent projects under construction in Phoenix and South and Central Florida. The developments total 1,370 units and will cost about $340 million to bring on line.

July 6, 2021

Hospitality Loans Southeast Virginia

Preston Hollow Capital Provides $34M Construction Financing for Highlander Hotel at Radford University in Virginia

by Julia Sanders July 6, 2021

RADFORD, VA. — Preston Hollow Capital has provided $34 million in construction financing for The Highlander, a 124-room on-campus hotel in Radford. Preston Hollow worked with Radford University and the Radford University Foundation to secure the financing. Preston Hollow’s investment includes a $34 million Sustainability Bond, which is a designation that allows investors to invest directly in obligations that finance socially beneficial and sustainable projects. Sustainability Bonds were adopted based upon sustainability framework guidance from the International Capital Markets Association and the United Nations Sustainable Development Goals. Located at 700 E Main St., The Highlander will serve Radford University’s new hospitality program. The Highlander will also feature a rooftop restaurant and a 4,000-square-foot conference space, which the university will use to host business conferences, expos and events. The Highlander is slated to be complete by 2022. The borrower is Provident Resources Group, the not-for-profit owner of The Highlander. SB Ballard Inc. is the general contractor, and Blur Group is the architect. Aimbridge Hospitality will manage the Highlander upon completion. Preston Hollow Capital is a Dallas-based independent specialty municipal finance company that supports local communities through infrastructure financing.

July 6, 2021

Acquisitions Industrial Kentucky Southeast

JLL Income Property Trust Acquires Louisville Airport Distribution Center for $32.1M

by Julia Sanders July 6, 2021

LOUISVILLE, KY. — JLL Income Property Trust has acquired Louisville Airport Distribution Center, a newly constructed industrial property located in the Southside/Airport industrial submarket in Louisville. The facility totals approximately 284,000 square feet. The property is within five miles from distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and the Louisville Muhammad Ali International Airport. The Chicago-based REIT purchased the property for $32.1 million from an undisclosed buyer. This acquisition is JLL Income Property Trust’s second in Louisville after purchasing Louisville Distribution Center earlier this year. Louisville Airport Distribution Center is located close to several interstates, including Interstates 24, 64, 65, 71 and 75. The center is 2.5 miles from GE Appliance Park. Built in 2020, the center is fully leased to Haier US Appliance Solutions, which is an affiliate of local heavyweight GE Appliances, and Derby Industries. The leases carry a weighted average term of 5.1 years. The property includes modern features such as 36-foot clear heights, LED lighting and HVAC throughout.

July 6, 2021

Georgia Multifamily Southeast

Preferred Apartment Communities Purchases Ellison Apartments in Metro Atlanta

by Julia Sanders July 6, 2021

KENNESAW, GA. — Preferred Apartment Communities Inc. (PAC) has purchased The Ellison, a 250-unit, newly built multifamily community in the northern Atlanta suburb of Kennesaw. The sales price and seller were not disclosed. Robert Stickel, Alex Brown and Ashlyn Warren of Cushman & Wakefield represented the undisclosed seller in the transaction. Built in 2021, The Ellison is located at 1650 N Roberts Road, about 3.5 miles from Kennesaw State University and 7.3 miles from Chattahoochee Technical College. Community amenities include a saltwater pool with sun decks, fire pit, fitness center, resident lounge with gaming tables and a coffee bar, bark park and paw spa, electric car charging stations and bike storage. The Ellison is currently 100 percent occupied. PAC is an Atlanta-based real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties.

July 6, 2021

Newer Posts

Older Posts