Property Type

3650 REIT Provides $60.5M Construction Loan for Houston Multifamily Project

by Taylor Williams January 18, 2022

HOUSTON — Miami-based balance sheet lender 3650 REIT has provided a $60.5 million construction loan for The Vic on Park Row, a 363-unit multifamily project that will be located in Houston’s Energy Corridor neighborhood. Amenities will include a game room, entertainment area, business center, conference room, fitness center and a bowling alley, as well as an outdoor recreational area with a pool, dog park and playground. The developer and borrower is locally based firm Hunington Properties. A tentative completion date was not released.

January 18, 2022

Acquisitions Multifamily Texas

Westmount Realty Capital Buys 291-Unit Station at Mason Creek Apartments in Houston

by Taylor Williams January 18, 2022

HOUSTON — Dallas-based Westmount Realty Capital has purchased The Station at Mason Creek, a 291-unit apartment community in Houston. Built in 2001, the property offers one-, two- and three-bedroom units with an average size of 772 square feet. The amenity package consists of a pool with a splash pad, fitness center, coffee bar, clubhouse, business center and a dog park. The seller was not disclosed. Westmount plans to implement a value-add program to the unit interiors, building exteriors and landscaping, as well as to rebrand the property as Westmount at Mason Creek.

January 18, 2022

Acquisitions Industrial Texas

Pegasus Real Estate Acquires 271,100 SF Industrial Portfolio in Irving

by Taylor Williams January 18, 2022

IRVING, TEXAS — Pegasus Real Estate has acquired a two-property industrial portfolio totaling 271,100 square feet in Irving. The portfolio comprises a fully leased, 92,051-square-foot building and a 12-building complex that was 93 percent leased at the time of sale. The properties were built in phases between 1981 and 1999 and feature 12- to 18-foot clear heights. Stephen Bailey, Dustin Volz, Wesley Gilmer and Pauli Kerr of JLL represented the seller, Fort Worth-based Fort Capital, in the transaction. Dustin Dulin and Wyatt Simmons, also with JLL, arranged floating-rate acquisition financing on behalf of Pegasus Real Estate.

January 18, 2022

Development Mixed-Use Multifamily Southeast Top Stories Virginia

JBG Smith Begins Construction on Two Apartment Towers in Metro DC’s National Landing District

by John Nelson January 18, 2022

ARLINGTON, VA. — JBG Smith (NYSE: JBGS), an owner and developer of mixed-use properties in the greater Washington, D.C. market, has begun construction on a pair of multifamily towers at 2000 and 2001 South Bell Street in Arlington. The development is expected to bring 775 apartments and nearly 27,000 square feet of retail space to National Landing, a neighborhood anchored by Amazon’s HQ2 campus and the Virginia Tech Innovation Campus, both of which JBG Smith is developing. “The start of construction at 2000 and 2001 South Bell Street is a major milestone in National Landing’s ongoing transformation and delivers on our pledge to build new housing in lockstep with Amazon and Virginia Tech’s growth in the neighborhood,” says Bryan Moll, executive vice president of development at JBG Smith. KPF designed 2000 South Bell Street to be a modern, 25-story glass tower with 355 multifamily units situated above approximately 15,000 square feet of street-level retail space. The adjacent 2001 South Bell Street was designed by Studios to be a 420-unit, 19-story tower with a green-glazed brick façade and approximately 10,000 square feet of street-level retail space. SK+I will serve as the architect of record for both towers, which are designed to …

January 18, 2022

Market Reports Nevada Retail Western Western Market Reports

Vegas Shows Resilience with Strong Economic Growth in Retail

by Jeff Shaw January 18, 2022

By Jeffrey Mitchell, Principal Broker, Mountain West Commercial Real Estate Las Vegas experienced the second largest unemployment rate at the start of the COVID-19 pandemic in April 2020. Since then, the Las Vegas Metro has come a long way in recovering economically. It continues to see growth, particularly in the retail sector. Some key factors as to why Las Vegas has been on a continued trajectory of growth include the migration of residents, capital from across the country (with California being the primary source) and substantial tourism to the Vegas Strip. This has all fueled the flames for a hot Las Vegas that’s attracting investors, big box tenants and franchises looking to expand with a fury. The migration of California residents has helped increase residential growth by 2.2 percent in Clark County. California residents typically have a higher disposable income, which has flooded the housing market with prices increasing by 20.9 percent. New residents translate to new sales, which have also bolstered the food and beverage and retail markets by creating demand for more retail tenants around them. Ironically, high-end retailers have set records throughout the pandemic with their sales on the Strip. Other business owners have strategically managed PPE from the government or capital …

January 18, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 240-Unit Apartment Community in Metro Austin

by Taylor Williams January 18, 2022

LEANDER, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 22 North, a 240-unit apartment community located in the northern Austin suburb of Leander. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of 1,090 square feet. Amenities include a pool, fitness center, business center, grilling area and a media/game room. Will Balthrope, Kent Myers and Jordan Featherston of IPA represented the buyer and seller, both of which requested anonymity, in the transaction.

January 18, 2022

Acquisitions Industrial NAI Office Texas

NAI Partners Arranges 34,000 SF Office, Industrial Sale-Leaseback in Houston

by Taylor Williams January 18, 2022

HOUSTON — NAI Partners has arranged the sale-leaseback of a 34,000-square-foot office and industrial property in Houston. The property is located at 1515 Witte Road on the city’s west side. Cary Latham and Wyatt Huff of NAI Partners represented the seller/tenant, Allpoints Group, a provider of surveying and other advisory services for the homebuilding industry, in the transaction. The duo also secured the buyer, locally based investment firm Triten Real Estate Partners.

January 18, 2022

Acquisitions Development Hospitality Multifamily New York Northeast

Emmut Properties Acquires Excelsior Hotel in Manhattan for $80M, Plans Multifamily Conversion

by Taylor Williams January 18, 2022

NEW YORK CITY — Locally based investment firm Emmut Properties has acquired the 126-room Excelsior Hotel, located at 45 W. 81st St. in Manhattan, for $80 million. The new ownership plans to convert the property, which was built in the 1920s but has been closed since April 2020, into a 134-unit multifamily building. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia arranged acquisition financing through Franklin BSP Realty Trust for the deal.

January 18, 2022

Development Multifamily New Jersey Northeast

NRP Group Opens 131-Unit Sawyer Apartments in Jersey City

by Taylor Williams January 18, 2022

JERSEY CITY, N.J. — Cleveland-based developer The NRP Group has opened The Sawyer, a 131-unit apartment complex in Jersey City. Units come in studio, one- and two-bedroom formats. Amenities include a fitness center, rooftop terrace, a children’s playroom, outdoor grilling and dining areas and a pet spa. NRP Group developed the project in partnership with Hoboken Brownstone Co. Monthly rents start at approximately $2,150 for a studio unit.

January 18, 2022

Acquisitions New Jersey Northeast Retail

IPA Negotiates $18M Sale of Shopping Center in Pennsauken, New Jersey

by Taylor Williams January 18, 2022

PENNSAUKEN, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $18 million sale of The Point at Pennsauken, a 109,217-square-foot shopping center in Southern New Jersey. Anchored by convenience store Wawa, the property was 100 percent leased at the time of sale. Brad Nathanson of IPA represented the seller, WRDC, in the transaction and procured the buyer, Florida-based Select Properties Inc.

January 18, 2022

Newer Posts

Older Posts