Property Type

Toll Brothers, EJF Capital to Develop 218-Unit Rafferty Apartments in Santa Ana, California

by Amy Works November 8, 2021

SANTA ANA, CALIF. — Toll Brothers, through its Toll Brothers Apartment Living rental subsidiary, has partnered with EJF Capital to develop Rafferty, a multifamily property in Santa Ana. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital identified the joint venture partner and helped structure the deal. The project is being financed through $31.7 million in joint venture equity from EJF Capital, along with a $66 million loan facility from Santander Bank. Toll Brothers’ in-house finance department arranged the financing. Rafferty will feature 218 apartments in two five-story and seven-story buildings with 328 parking spaces. The community will offer a fitness center, resident lounge, maker’s room, jam room, speakeasy, co-working space and sky lounge with an outdoor terrace. Additional amenities will include a swimming pool, seating with grills and fire pit and outdoor fitness equipment. The property will also feature 12,350 square feet of ground-floor commercial space along Main and Fourth streets. Completion is slated for 2024.

November 8, 2021

Acquisitions California Retail Western

Shopoff Realty, Praelium, Dune Buy Former Nordstrom Building in Downtown Santa Barbara

by Amy Works November 8, 2021

SANTA BARBARA, CALIF. — Shopoff Realty Investments and Praelium Commercial Real Estate, in partnership with an affiliate of Dune Real Estate Partners, has acquired the former Nordstrom property at the Paseo Nuevo mixed-use shopping center in downtown Santa Barbara. Terms of the transaction were not released. The three-story, 175,000-square-foot retail property is connected to the north end of the Paseo Nuevo mixed-use shopping center, which offers more than 450,000 square feet of open-air mixed-use space. Originally constructed in 1924, the property underwent a wholesale redevelopment between 1989 and 1994 into its current form and more recently underwent a $20 million renovation to enhance the outdoor lifestyle shopping experience.

November 8, 2021

Industrial Leasing Activity New Mexico Western

Schenker Leases 150,000 SF Spec Industrial Building in Albuquerque

by Amy Works November 8, 2021

ALBUQUERQUE, N.M. — Schenker has signed a deal to occupy a 150,000-square-foot speculative industrial facility in Albuquerque. The transportation and logistics services company will take occupancy once construction is completed in second-quarter 2022. Situated on more than 10 acres at 7200 Bluewater Road NW, the building features 32-foot clear heights, dock and drive-in ramp access and concrete tilt-up construction. Development of the property commenced in July 2021. Brecken Mallette and Jim Smith of the CBRE Albuquerque Industrial team represented the tenants as local brokers, while David Albert and Nicolas Palazzo of CBRE Miami work with the tenant on a national level. The landlord is Bluewater@Airport Opportunity Partners LLC.

November 8, 2021

Acquisitions California Industrial Western

DAUM Commercial Brokers Sale of 66,032 SF Pomona Business Park in Los Angeles County

by Amy Works November 8, 2021

POMONA, CALIF. — DAUM Commercial Real Estate Services has arranged the sale of Pomona Business Park, an industrial property located on 3.9 acres in Pomona. A private investor sold the asset to a local investor for $6.8 million. The buyer plans to implement a value-add renovation program at the 60,032-square-foot property, which is located at 201 N. Palomares St. At the time of sale, the property was 95 percent leased to multiple tenants. Dennis Sandoval and Kevin Sandoval of DAUM represented the seller, while Ryan Campbell of NAI Capital represented the buyer in the deal.

November 8, 2021

Acquisitions Nevada Retail Utah Western

Colliers Las Vegas Arranges Land Sales in Nevada, Utah for $6.6M

by Amy Works November 8, 2021

HENDERSON, NEV. AND SALT LAKE CITY — Colliers International Las Vegas has arranged two separate land parcel sales totaling $6.6 million in Henderson and Salt Lake City. In the first deal, EOE Volunteer LLC sold an 0.84-acre land parcel at 3495 Volunteer Blvd. in Henderson. AutoZone Development LLC acquired the asset for $1.2 million. Steven Haynes of Colliers represented the seller in the transaction. In the second deal, an undisclosed buyer acquired a 0.48-acre land parcel at 3215 E. 3300 South in Salt Lake City for $5.4 million. The name of the seller was not released. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyer in the transaction.

November 8, 2021

Acquisitions Hospitality Texas Top Stories

Highgate, Cerberus Agree to Acquire Hospitality REIT CorePoint Lodging for $1.5B

by Taylor Williams November 8, 2021

IRVING, TEXAS — A joint venture between affiliates of national hospitality management firm Highgate and New York City-based private equity firm Cerberus Capital Management have agreed to acquire CorePoint Lodging (NYSE: CPLG) in a deal valued at $1.5 billion. The transaction is expected to close in the first quarter of 2022. CorePoint Lodging is a hospitality REIT based in Irving that is focused on select-service hotels that was spun off from La Quinta Holdings Inc. in 2018. The company’s portfolio comprises about 170 properties throughout the country, the majority of which are operated under the La Quinta brand. Under the terms of the merger agreement, Highgate and Cerberus will acquire all outstanding shares of CorePoint common stock at $15.65 per share in an all-cash transaction. The price represents a premium of approximately 42 percent to CorePoint’s closing share price on July 13, 2021, the last trading day prior to the company’s public announcement of its strategic alternatives process. In addition, the purchase price reflects the joint venture’s assumption of CorePoint’s corporate debt and a $160 million buyer liability reserve for a matter involving the Internal Revenue Service (IRS). On Friday, Nov. 5, CorePoint received a settlement offer from the IRS related …

November 8, 2021

Market Reports Multifamily Southeast Southeast Market Reports Virginia

Richmond’s Multifamily Sector is the Best-Kept Secret in the Southeast

by John Nelson November 8, 2021

Mention “rising secondary multifamily markets in the Southeast” and what might come to mind are markets such as Charlotte, Raleigh, Nashville or Orlando. A less discussed candidate is Richmond, which has a case to be considered the multifamily sector’s best-kept secret. It’s a secondary market that’s moving forward full steam ahead for two primary reasons: supply and demand. More people = demand According to the 2020 Census, the population of the city of Richmond stood at 232,226, a 12.7 percent increase from the 204,375 reported in 2010. Richmond is the county seat of Henrico County, which had a population of 333,766 as of 2020. This is an 8.6 percent increase over the 2010 population count of 307,201. More residents are moving to Richmond, mainly for one reason: jobs. But the metro has other appealing factors as well, incuding its geographic location and low costs of living and doing business. In addition to being the site of growing employment centers, Richmond is proximate to major East Coast cities. New York City, Philadelphia and Washington, D.C., are easily accessible via train or airplane. But Richmond is relatively affordable, especially compared to other Mid-Atlantic markets and gateway cities on the East Coast. With …

November 8, 2021

Acquisitions Affordable Housing Florida Georgia Multifamily North Carolina South Carolina Southeast

Morgan Properties Acquires Two Southeast Multifamily Portfolios for $780.5M

by John Nelson November 5, 2021

KING OF PRUSSIA, PA. — Morgan Properties has purchased two separate multifamily portfolios in the Southeast totaling 4,724 units. The portfolios comprise 18 communities in four states: Georgia, Florida, North Carolina and South Carolina. The King of Prussia-based investor acquired the portfolios from Charleston-based Middle Street Partners (MSP) and Massachusetts-based Northland Investment Corp. for a combined $780.5 million. The MSP portfolio comprises 4,102 units spread across 15 Class B and workforce housing communities in the following markets: Columbia, S.C.; Fayetteville, N.C.; Jacksonville, Fla.; Augusta, Ga.; Greenville, S.C.; and Charlotte. The Northland portfolio comprises Windward at the Villages, The Royal St. George and Village Place, all located in West Palm Beach, Fla. Berkadia Institutional Investors brokered the $132.5 million portfolio sale. Morgan Properties plans to execute a $47.5 million value-add repositioning strategy throughout both portfolios that includes washer and dryer installations; kitchen upgrades such as new backsplashes, granite countertops and stainless steel appliances; Amazon Hub package rooms; bike-share programs; new fitness equipment; and upgraded outdoor amenity spaces with grills, new furniture and fireplaces. The firm also plans to hire more than 90 new employees from the portfolio of acquired properties, which will drive Morgan’s total employee count to over 2,600 nationwide.

November 5, 2021

Florida Loans Office Southeast

JLL Secures $48.9M Refinancing for Two Office Towers in Fort Lauderdale

by Julia Sanders November 5, 2021

FORT LAUDERDALE, FLA. — JLL Capital Markets has secured a $48.9 million loan for Tower 101 and Centre 101, two connected Class A office towers near downtown Fort Lauderdale. Melissa Rose and Giancarlo Paone of JLL worked on behalf of the borrower, Greenwich, Conn.-based Ivy Realty, to secure the three-year, floating-rate loan through Rialto Capital Management. The loan was meant to refinance existing debt and fund future capital improvements and leasing costs. Tower 101 is a 21-story office tower that connects to the six-story Centre 101. The properties are collectively 75.6 percent leased. Building amenities include 24-hour security, conference facilities and a courtesy shuttle to the Broward County Courthouse. In 2020, Ivy Realty renovated the property including outfitting the structured parking with electric vehicle charging stations and upgrading the full-service café and common areas, as well as modernizing the exterior entrance. Located at 101 NE 3rd Ave., the towers total 230,757 square feet. The towers are situated close to the Fort Lauderdale Brightline inner-city rail station, which connects to Miami, Fort Lauderdale and West Palm Beach.

November 5, 2021

Development Maryland Multifamily Southeast

Urban Atlantic Opens 282-Unit Apartment Community in Metro D.C.

by Julia Sanders November 5, 2021

HYATTSVILLE, MD. — Urban Atlantic has opened Stella, a 282-unit apartment community located at 3950 Garden City Drive in Hyattsville, about 11.2 miles from Washington, D.C. The property’s monthly rent ranges from $1,865 to $4,004, according to Apartments.com. Stella offers studios, one-, two- and three-bedroom and penthouse units ranging in size from about 500 square feet to more than 1,200 square feet. Unit features include oversized windows, wood-style plank flooring, stainless steel appliances, keyless entry and contemporary cabinetry. Select units also feature large balconies and terraces. Community amenities include a 2,000-square-foot fitness center, dedicated exercise studio for yoga and other classes, front desk concierge and an onsite pet grooming station. Located in Prince George’s County, Stella was developed near New Carrollton, a transit-focused community where the Washington Metropolitan Area Transit Authority (WMATA) and Kaiser Permanente have committed to new office space. In 2019, Urban Atlantic delivered the first phase of the New Carrollton office complex, which was a 176,000-square-foot administrative building for anchor tenant Kaiser Permanente. Stella is located right on the Metro line at New Carrollton Station.

November 5, 2021

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