Property Type

Reports: Trump Organization Agrees to Sell Washington, D.C. Hotel for $375M

by Taylor Williams November 15, 2021

WASHINGTON, D.C. — The Trump Organization has entered into an agreement with Miami-based investment firm CGI Merchant Group to sell its namesake hotel in the nation’s capital for $375 million, according to multiple news outlets including The Wall Street Journal, which broke the news. The Journal reports that the new ownership will remove the Trump name and signage from the 263-room luxury hotel, which opened in 2016 at 1100 Pennsylvania Ave., just a few blocks from The White House. The project was a redevelopment of a former U.S. Post Office building, which has served many functions since its construction in the late 1800s. Lastly, the business publication states that CGI Merchant Group has reached an agreement with Hilton Worldwide Holdings Inc. (NYSE: HLT) to operate the property under the Hilton Waldorf Astoria brand. The sale is expected to close in the fourth quarter, per the Journal. The hotel was valued at $212 million when it opened. At that time, the property housed the Benjamin Bar & Lounge, restaurant BLT Prime, The Spa by Ivanka Trump, a Brioni menswear boutique store and a 13,200-square-foot ballroom. The hotel includes a 4,000-square-foot presidential suite, which is located in the former Postmaster General’s office. …

November 15, 2021

Acquisitions Florida Multifamily Southeast

Cyclone Investment, Skywood Buy Three Multifamily Properties in Jacksonville for $96M

by Julia Sanders November 15, 2021

JACKSONVILLE, FLA. — New York-based Cyclone Investment Group, in a joint venture with Skywood Properties, has bought a three-property multifamily portfolio totaling 842 units across Jacksonville. Cliff Taylor and Joe Ayers of CBRE represented the seller, Los Angeles-based Oro Capital Advisors, in the $96 million sale. The three properties were Cross Creek Apartments, Riverview Apartment Homes and The Columns. Located at 1441 Manotak Ave., Cross Creek Apartments is a 29-building property featuring 292 apartments with an average size of 961 square feet. Community amenities include a pool, play area, laundry facility and gated access. Riverview Apartment Homes is a 21-building property that includes 304 apartments with an average size of 952 square feet. Located at 301 Caravan Circle, the property’s community amenities include a business center, picnic area with barbecue, swimming pool, playground, soccer court and laundry facilities. Located at 333 Laurina St., The Columns is a 29-building property that includes 246 apartments with an average unit size of 902 square feet. Community amenities include a swimming pool and laundry facilities. Jeff Kinney and Phil Rachels of CBRE Capital Markets arranged a three-year bridge loan with Arbor Realty Trust on behalf of the buyer. The floating-rate financing is structured at …

November 15, 2021

Development Industrial Texas

Avera, AEW Capital to Develop 522,135 SF Industrial Project in Metro Houston

by Taylor Williams November 15, 2021

BAYTOWN, TEXAS — Locally based firm Avera Cos. and AEW Capital Management will develop Kilgore Grand Parkway, a 522,135-square-foot industrial project that will be located in the eastern Houston suburb of Baytown. Situated on a 33.9-acre site near Port Houston, the building will offer 40-foot clear heights, 185-foot truck court depths, an ESFR sprinkler system and build-to-suit office space. Cushman & Wakefield is the leasing agent for the project, which is expected to be complete in the fourth quarter of 2022.

November 15, 2021

Acquisitions Multifamily Southeast Virginia

29th Street Capital Acquires Multifamily Community in Alexandria, Virginia for $82M

by Julia Sanders November 15, 2021

ALEXANDRIA, VA. — 29th Street Capital (29SC) has acquired The Shelby, a 240-unit luxury apartment community in Alexandria near the Potomac River, for $82 million. The seller was not disclosed. Drew White and Carter Wood of Berkadia brokered the sale, and Mitch Sinberg, Brad Williamson and Wes Moczul of Berkadia arranged acquisition financing on behalf of Chicago-based 29SC. Built in 2014, The Shelby offers one- and two-bedroom floorplans with a unit size range of 573 to 1,263 square feet. The units feature in-unit washers and dryers, granite countertops, stainless steel appliances, hardwood floors and kitchen islands. Community amenities include 24/7 maintenance, a pool table, dog washing station, dog park, outdoor gas grilling station, bike storage, swimming pool and an electric car charging station. Located at 6200 N Kings Highway, The Shelby is about 1.4 miles from the Huntington Metrorail Station, 11.4 miles from Washington, D.C. and 5.8 miles from Ronald Reagan Washington National Airport. 29SC plans to make select interior and exterior upgrades to the property. 29SC’s in-house property management company, Haven Residential, will oversee management and leasing.

November 15, 2021

Acquisitions Multifamily Texas

SWBC Sells 331-Unit Royalton at Kingwood Apartments in Metro Houston

by Taylor Williams November 15, 2021

KINGWOOD, TEXAS — Texas-based developer SWBC Real Estate has sold The Royalton at Kingwood, a 331-unit apartment community located on the northern outskirts of Houston. The property, which was completed in September 2020 and is located adjacent to a new H-E-B grocery store, offers one-, two- and three-bedroom units. Amenities include a pool, clubhouse, fitness center, dog park and outdoor grilling stations. Ryan Epstein, Jennifer Ray and Scott Bray of Walker & Dunlop brokered the deal on behalf of SWBC. The buyer was CAF Capital Partners.

November 15, 2021

Development Hospitality Texas

3D Development, Midas Open 123-Room Element by Westin Hotel in Metro Dallas

by Taylor Williams November 15, 2021

RICHARDSON, TEXAS — A joint venture between 3D Development, which has offices in Georgia, Texas and Tennessee, and St. Louis-based hotel investment and management firm Midas has opened a 123-rom Element by Westin hotel in the northeastern Dallas suburb of Richardson. The four-story hotel, which is located within a 5.2-acre mixed-use development, features suites with fully equipped kitchens. Gray Design Group served as the project architect, and MW Builders was the general contractor. Commerce Bank provided construction financing.

November 15, 2021

Loans Multifamily Texas

Ready Capital Closes $33.2M Acquisition Loan for Uptown Dallas Multifamily Property

by Taylor Williams November 15, 2021

DALLAS — New York City-based Ready Capital has closed a $33.2 million loan for the acquisition, renovation and stabilization of an unnamed 179-unit multifamily property in Uptown Dallas. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.

November 15, 2021

Loans Multifamily Southeast Virginia

Colliers Secures $41.9M in Financing for Multifamily Project in Richmond

by Julia Sanders November 15, 2021

RICHMOND, VA. — Colliers has secured a total of $41.9 million in debt and equity for Commodore, a 173-unit multifamily project in Richmond’s Manchester neighborhood. Jeremy Thornton, Andrew Gibson, Nicole Sayers and Evan Mannis of Colliers sourced a $27.5 million loan with a regional bank on behalf of the developer, Capital City Real Estate, and helped raise $14.4 million in equity via an institutional partner. The lender and equity partner involved with the Commodore project were not disclosed. The seven-floor multifamily development will offer one-, two- and three-bedroom floorplans. The units will feature large windows and nine-foot ceilings with 80 percent of the units featuring balconies or terraces. Community amenities will include two stories of parking and bike storage, a pool, rooftop lounge, fitness center, two courtyards, dog wash and run and cold storage for grocery deliveries. The 173,000-square-foot project will also include 3,500 square feet of ground floor retail space. Construction is set to begin in the fourth quarter and slated for completion in the second quarter of 2023.

November 15, 2021

Leasing Activity Office Texas

Worldwide Express Signs 24,480 SF Office Headquarters Lease at The Stack in Dallas

by Taylor Williams November 15, 2021

DALLAS — Third-party logistics company Worldwide Express has signed a 24,480-square-foot office headquarters lease at The Stack, a 16-story office building that recently opened in the Deep Ellum area of Dallas. The Stack features a fitness center, coffee/cocktail lounge and an amenity terrace with views of the Dallas skyline. Transwestern represented the tenant in the negotiations for the 10-year lease. Altschuler & Co. represented the landlord, a partnership between Westdale Real Estate Investment & Management, Ivanhoe Cambridge and Hines.

November 15, 2021

Acquisitions Industrial Southeast Virginia

Galloway Group Purchases 53,268 SF Industrial Property in Fairfax, Virginia

by Julia Sanders November 15, 2021

FAIRFAX, VA. — Galloway Group has purchased Spring Street Business Park, a 53,268-square-foot industrial property in Fairfax. Malcolm Shaw and Bill Wrench of Washington, D.C.-based Phillips Realty Capital secured $7.5 million in debt financing from Fairfax-based FVCbank as part of an $11 million capitalization. Multiple equity investors raised the funds, and Audeo Partners provided a major portion of the equity. Next-Realty Mid-Atlantic represented the Galloway Group in the transaction. Built in 1988, Spring Street Business Park is fully leased and features three adjacent buildings on a 2.9-acre parcel. The properties encompass a mix of industrial uses including warehouse, light industrial and service industrial. The park features 18-foot to 22-foot high ceilings with overhead insulated roll-up garage doors, tempered glass paneled entrance doors, tempered fixed windows and bays spanning approximately 2,180 square feet.

November 15, 2021

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