Property Type

Alagem Capital, Cain International Unveil Plans for $2B One Beverly Hills Project

by John Nelson July 13, 2021

BEVERLY HILLS, CALIF. — Alagem Capital Group and Cain International have unveiled plans for One Beverly Hills, a 17.5-acre “urban resort” that the developers estimate will value $2 billion upon completion. The project will include two new condominium towers, an eight-acre botanical garden and a new 10-story tower comprising 42 luxury hotel rooms, 37 shared-ownership condominiums and a fine dining restaurant. One Beverly Hills also includes the revitalization of the adjacent Beverly Hilton and Waldorf Astoria Beverly Hills, two luxury hotels that Alagem Capital and Cain purchased in 2018. In June, the Beverly Hills City Council approved the project by a vote of 4 to 1. The historic development agreement between the developers and the City of Beverly Hills guarantees a $100 million public benefit fee, which Alagem Capital and Cain will pay over the course of eight years, according to the Beverly Hills Courier. None of the condominiums will be reserved for affordable housing, according to local and national media outlets. One Beverly Hills’ hotel-condo tower will include a private members club open to residents and a select number of non-residents. Members will have access to 130,000 square feet of amenities space over three levels that will be divided …

July 13, 2021

Affordable Housing Features Loans Multifamily

Fannie Mae, Freddie Mac Go All-In on Affordable Housing Lending Following FHFA Revision

by John Nelson July 13, 2021

A few weeks before Thanksgiving last year, the Federal Housing Finance Agency (FHFA) made sweeping changes to Fannie Mae and Freddie Mac’s multifamily business pursuits for 2021. The FHFA revised the previous structure that capped loan production at $200 billion combined for both government-sponsored enterprises (GSEs). And unlike most years, that cap was spread across five quarters spanning from the beginning of fourth-quarter 2019 to the end of 2020. For 2021, the FHFA is once again using the traditional four-quarter time frame but is now directing the agencies to produce $140 billion in multifamily loans combined ($70 billion apiece), which is lower than $159 billion in loans closed by the GSEs and their lending partners last year: $76 billion for Fannie Mae and $83 billion for Freddie Mac. The FHFA is again doing away with its long list of exclusions for loans on properties that don’t count toward the cap. In the past, the agencies had no limits to finance certain multifamily categories, including communities with five to 50 units, seniors housing, rural properties and manufactured housing. The FHFA is maintaining its directive for the agencies to finance properties deemed as “mission-driven affordable housing” — or those affordable to households …

July 13, 2021

Acquisitions Multifamily Texas

MC Cos. Acquires Two Metro Houston Apartment Communities Totaling 648 Units

by Taylor Williams July 12, 2021

KATY, TEXAS — Arizona-based investment and development firm MC Cos. has acquired Enclave at Cypress Park and Paramount, two adjacent apartment communities in the western Houston suburb of Katy totaling 648 units. Enclave at Cypress Park totals 384 units, and Paramount Apartments totals 264 units. According to Apartments.com, both properties offer one-, two- and three-bedroom units and amenities such as pools, fitness centers, spas and resident clubhouses. Clint Duncan and Matt Phillips of CBRE represented the undisclosed sellers in the transactions. Michael Thompson of CBRE arranged acquisition financing through MF1 Capital on behalf of the new ownership, which plans to combine and rebrand the properties as The Place at Barker Cypress. MC Cos. will also implement a value-add program to unit interiors and amenity spaces.

July 12, 2021

Acquisitions Industrial Texas

MDH Partners Buys Two South Texas Industrial Properties Leased to Goodman

by Taylor Williams July 12, 2021

CORPUS CHRISTI AND EDINBURG, TEXAS — Atlanta-based investment firm MDH Partners has purchased two industrial properties totaling 82,555 square feet in South Texas. The assets include a 40,680-square-foot warehouse in Corpus Christi that sits on 2.2 acres and a 41,875-square-foot building in Edinburg that is situated on 3.6 acres. Goodman Distribution Inc., which manufactures and distributes HVAC parts and systems, occupies both properties on 10-year, triple-net leases. Stream Realty Partners developed the buildings. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented both parties involved in the deal.

July 12, 2021

Acquisitions Industrial Oklahoma Self-Storage Texas

Marcus & Millichap Brokers Sale of 296-Unit Self-Storage Facility in Shawnee, Oklahoma

by Taylor Williams July 12, 2021

SHAWNEE, OKLA. — Marcus & Millichap has brokered the sale of Bryan Street Storage, a 296-unit self-storage facility in Shawnee, an eastern suburb of Oklahoma City. The property, which offers 47,640 net rentable square feet, was built on 3.8 acres in 2009 and subsequently expanded in 2011 and 2020. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and buyer, both of which requested anonymity, in the transaction. Mark McCoy of Marcus & Millichap assisted in closing the deal as the broker of record.

July 12, 2021

Acquisitions Office Texas

Colliers Negotiates Sale of 41,661 SF Office Complex in Irving

by Taylor Williams July 12, 2021

IRVING, TEXAS — Colliers International has negotiated the sale of Regent Place, a 41,661-square-foot office complex in the Las Colinas area of Irving. Built on 2.1 acres in 1981 and renovated in 2010, the property offers proximity to Dallas-Fort Worth International Airport and other major state highways. Cody Payne of Colliers represented the buyer and seller, both of which were private investors that requested anonymity, in the transaction.

July 12, 2021

Leasing Activity Office Texas

Common Desk Opens 25,000 SF Coworking Space at Hall Park in Frisco

by Taylor Williams July 12, 2021

FRISCO, TEXAS — Common Desk, a Dallas-based provider of flexible workspace solutions, has opened a 25,000-square-foot coworking space at Hall Park, a 162-acre office development in Frisco. Members have access to unlimited conference room use, community events, private chat booths, wellness rooms and beverages from Fiction Coffee. Members can also use the fitness center, onsite dining options, car care center and full-service banks that operate out of Hall Park, as well as the property’s jogging trails, event lawn and sculpture garden.

July 12, 2021

Civic Development Massachusetts Northeast

Shawmut Completes $120M Renovation of Smith College Library in Northampton, Massachusetts

by Taylor Williams July 12, 2021

NORTHAMPTON, MASS. — Shawmut Design & Construction has completed the $120 million renovation of the historic Neilson Library at Smith College in Northampton. The 200,000-square-foot building originally opened in 1909. The library now houses an innovation and entrepreneurship center, as well as a series of classroom spaces, a reading room, private study areas, sunken courtyard and event spaces including an outdoor amphitheater. The library also features a podcast studio and other labs for producing digital content. Renovations began in 2017. Project partners included architectural designer Maya Lin and principal architect Shepley Bulfinch.

July 12, 2021

Development Multifamily New Jersey Northeast

J.G. Petrucci to Develop 172-Unit Apartment Community in East Orange, New Jersey

by Taylor Williams July 12, 2021

EAST ORANGE, N.J. — Developer J.G. Petrucci Co. Inc. will build The Station at East Orange, a 172-unit apartment community that will be located just west of Newark. The property will feature one-, two- and three-bedroom units, 30 percent of which will be reserved as affordable housing, with kitchen islands and stainless steel countertops. In addition, The Station at East Orange will include 3,477 square feet of retail space and amenities such as a fitness center, business center and an art gallery. J.G. Petrucci is developing the project in partnership with TD+ Partners and the City of East Orange. A firm construction timeline is still being established.

July 12, 2021

Acquisitions Maryland Multifamily Southeast

Eastern Union Arranges $42M Sale of Portabello Apartments in Oxon Hill, Maryland

by Julia Sanders July 12, 2021

OXON HILL, MD. — Eastern Union has arranged the $42 million sale of Portabello Apartments, a 254-unit multifamily property in Oxon Hill. Alex Bensahel of Eastern Union led the sales transaction. The seller and buyer were not disclosed. Portabello Apartments is located at 6441 Livingston Road, about 13 miles from Washington, D.C. The apartment community includes one- to three-bedroom units, and rents ranges from $1,145 to $1,820. Built in 1965, the property’s amenities include a playground, pool, laundry facilities, onsite maintenance, property manager onsite, clubhouse and public transportation. Eastern Union is a New York-based national commercial real estate firm.

July 12, 2021

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