Property Type

Capital Chases Southeast Multifamily Sector, Says InterFace Panel

by Kristin Harlow December 9, 2021

ATLANTA — This year marked a golden age in terms of operating or selling multifamily properties, according to Alan Dean, region president of Terwilliger Pappas, a development firm with four offices in the Southeast. But given the rising costs associated with land acquisition, materials and labor, the challenge has been putting together new deals. “Anyone that got deals done shortly after COVID hit, those deals are going to be very valuable because they’re going to be opening up with less competition on lease-up,” said Dean. Dean’s comments came during a panel entitled “What’s the Outlook for Development in 2022?” at the 12th annual InterFace Multifamily Southeast conference. The event, which took place Thursday, Dec. 2 at the Westin Buckhead hotel in Atlanta, drew more than 300 industry professionals. Joining Dean on the panel were Jay Curran, president of Charlotte, N.C.-based Crescent Communities; Woody Rupp, chief investment officer of Atlanta-based Brand Properties; Harvey Wadsworth, managing director of Atlanta-based Portman Residential; and Justin Weintraub, principal and chief development officer of Birmingham, Ala.-based Daniel Corp. Robert Stickel, executive vice chair with Cushman & Wakefield in Atlanta, moderated the panel. High prices for dirt, long entitlement processes and increased competition in the marketplace have …

December 9, 2021

California Development Mixed-Use Multifamily Office Retail Top Stories Western

The John Buck Company, 3MR Capital to Break Ground on $210M Mixed-Use Project in Metro Los Angeles

by Katie Sloan December 9, 2021

CULVER CITY, CALIF. — A joint venture between The John Buck Company (JBC) and 3 Mile Radius (3MR) Capital is set to break ground on 11111 Jefferson, a $210 million mixed-use project located roughly 10 miles outside Los Angeles in Culver City. The five-story development will include 230 units of multifamily above 55,000 square feet of retail space, 11,450 square feet of second-floor office space and parking for more than 650 vehicles. Plans for the project also include a 13,000-square-foot open courtyard and a 30,000-square-foot public park along Machado Road. The site is currently home to retail space occupied by Coco’s restaurant, an auto repair garage and a post office. Thorofare Capital Inc. recently provided $34.1 million in pre-development acquisition financing to the joint venture for an anticipated groundbreaking in 2022. David Perlman of Thorofare originated the loan and Jacob Yi and Paul Kim led underwriting and executed closing for the financing. JBC is a real estate investment, development and operating company focused on major U.S. markets. Since its inception, the Chicago-based company has acquired, developed or redeveloped over 47 million square feet of office, multifamily and mixed-use properties. Los Angeles-based 3MR Capital is a privately held real estate firm …

December 9, 2021

Market Reports Multifamily Northeast Northeast Market Reports Pennsylvania

Three Key Trends to Watch in the Philadelphia Multifamily Market in 2022

by Taylor Williams December 9, 2021

By Gary Holloway Jr, president, GMH Communities The COVID-19 pandemic served as an accelerator for transforming the Philadelphia multifamily market. Overnight, property owners and managers had to quickly adapt and find new ways to serve their residents while prioritizing their safety and following all of the guidelines from the Centers for Disease Control and Prevention (CDC). As we head into 2022, the pandemic will continue to influence what prospective tenants expect from their apartment communities. Here are three opportunities that multifamily owners should consider as the industry continues to grow and evolve in Philadelphia. WFH is Here to Stay Working from home is not a new trend. However, the pandemic thrust countless residents into remote work situations without warning. This sudden shift in work routines has prompted multifamily developers to rethink which amenities they need to provide now that remote and hybrid work is the norm. At GMH Communities, we are actively growing our amenity offerings to enhance the work-from-home experience. At The Yards at Malvern, one of our newest properties that is located in the suburb of Malvern, residents have access to a robust business center with multiple small and large conference rooms with a Zoom conference room, …

December 9, 2021

Acquisitions Maryland Mixed-Use Southeast

Armada Hoffler Buys Majority Interest of Exelon Mixed-Use Building in Baltimore for $246M

by Julia Sanders December 8, 2021

BALTIMORE — Armada Hoffler Properties Inc., a Virginia Beach-based REIT, has bought a 79 percent interest and an additional 11 percent economic interest in the 23-story mixed-use Exelon building in Baltimore’s downtown waterfront neighborhood, Harbor Point. The aggregate value of the acquisition is $246 million. Armada Hoffler expects to close the acquisition by the end of the first quarter of 2022. Beatty Development Group will retain a 10 percent ownership position in the property. In 2016, Virginia Beach-based Armada Hoffler Construction and Baltimore-based Beatty Development Group delivered the 444,000-square-foot property. Located at 1310 Point St., Exelon features mostly office space as well as 103 apartments, which were approximately 96 percent occupied around the time of sale. The mixed-use property features 38,500 square feet of retail space anchored by West Elm, as well as 750 parking spaces. The building is LEED Gold-certified and the interior is LEED Platinum-certified. The office component of the Exelon building is fully leased by Exelon, a Chicago-based investment grade clean energy provider. Exelon uses the building as its regional headquarters and has a lease at the property with a remaining term of 15 years.

December 8, 2021

Acquisitions Company News Georgia Multifamily Southeast

Asset Living Acquires JMG Realty, Adding 20,000 Multifamily Units to Management Portfolio

by Julia Sanders December 8, 2021

HOUSTON AND ATLANTA — Asset Living, a Houston-based real estate property management firm, has acquired JMG Realty, an Atlanta-based real estate firm. The sales price was not disclosed. With the addition of JMG, Asset Living expands its management footprint into the Southeast by adding over 20,000 multifamily units and a new corporate office in Atlanta. With over 20 years of experience and approximately 575 employees, JMG Realty brings expertise in management, redevelopment, financial and investment services for multifamily, affordable and build-to-rent properties servicing both private and institutional owners. The company has both regional and divisional offices located throughout the Northeast, Mid-Atlantic, Southeast and Southwest. The transaction is the second acquisition for Asset Living this year, with the company acquiring Dallas-based City Gate Property Group in November. Last year, Asset Living acquired three organizations.

December 8, 2021

Acquisitions Development Life Sciences North Carolina Southeast

Oxford Acquires Research Triangle Park Life Sciences Campus for $158.6M, Plans 510,000 SF Expansion

by Julia Sanders December 8, 2021

DURHAM, N.C. — New York-based Oxford Properties Group has acquired Research Commons, a life sciences campus within Research Triangle Park in Durham, as well as an adjacent parcel located at 78 TW Alexander Drive for a total of $158.6 million. By combining the two sites and building three new life sciences facilities totaling 510,000 square feet, Oxford plans to ultimately develop a 940,000-square-foot innovation campus that will house various life sciences firms. The construction timeline was not disclosed. Located at 79 TW Alexander Drive, Research Commons is a 430,000-square-foot, five-building campus with an additional 18 plus acres of developable land. The existing campus is well-leased to a diverse tenant roster across life sciences industries, and is anchored by Grifols, a Los Angeles-based global pharmaceutical manufacturer. At this site, Oxford plans to use the more than 18 acres of vacant land for the development of two dedicated life sciences buildings. Additionally, the firm plans to convert two existing buildings wholly to life sciences tenants as vacancies materialize. For 78 TW Alexander Drive, Oxford plans to build a 95,500-square-foot Current Good Manufacturing Practice (cGMP) facility to be developed on the 14.5-acre parcel of land adjacent to Research Commons.

December 8, 2021

Acquisitions Florida Multifamily Southeast

Avanti Residential Purchases Tampa Bay Multifamily Property for $92M

by Julia Sanders December 8, 2021

ST. PETERSBURG, FLA. — Denver-based Avanti Residential has purchased Artistry, a 246-unit apartment community in downtown St. Petersburg, for $92 million. Patrick Dufour and Andrew Visnick of Newmark represented the seller and property developer, Indianapolis-based Milhaus Development, in the transaction. Charlie Williams of Newmark arranged an acquisition loan through Freddie Mac. Built in 2020, Artistry offers studio, one-, two- and three-bedroom floorplans. Units feature in-unit washers and dryers, walk-in closets and a tub and shower. Community amenities include a pool, fitness center, elevator, controlled access, grill, pet play area, pet washing station and 10,000 square feet of onsite retail space. The project was fully leased at the time of sale. Located at 1661 Central Ave., the property is situated close to the Imagine Museum, a glass art museum, as well as restaurants such as The Burg Bar & Grill, Half Baked Potato, Brooklyn South and Ferg’s Sports Bar & Grill. Additionally, the property is less than a half-mile from Tropicana Field, home ballpark of the Tampa Bay Rays.

December 8, 2021

Acquisitions Mississippi Multifamily Southeast Student Housing

Colliers Arranges Sale of New Student Housing Community Near Mississippi State University

by Julia Sanders December 8, 2021

STARKVILLE, MISS. — Colliers has arranged the sale of The Vista, a 309-unit, 820-bed student housing development located less than a mile from Mississippi State University in Starkville. Atlanta-based Student Quarters purchased the newly built property from Fenton, Mich.-based IMS Properties for an undisclosed price. Sean Baird and Jonathan Holt of Colliers facilitated the transaction. Developed by IMS Properties in 2020, The Vista offers one-, two-, three-, four- and five-bedroom floorplan options. Community amenities include a saltwater pool and poolside cabanas, 24-hour athletic club, dog park, yoga studio, game room, electric vehicle charging stations and a lounge. The property also features 5,137 square feet of ground-floor retail space. Located at 705 University Drive, the property is situated a half-mile from Davis Wade Stadium, the home arena of the Mississippi State Bulldogs football team. The property is also located close to restaurants such as Two Brothers Smoked Meats, The Dapper Doughnut, NutriGroove, Bulldog Burger Co. Starkville and Starkvegas Snowballs.

December 8, 2021

Development Multifamily Texas

Dinerstein Opens 40-Story Aspire Post Oak Multifamily Tower in Houston

by Taylor Williams December 8, 2021

HOUSTON — Locally based development and investment firm The Dinerstein Cos. has opened Aspire Post Oak, a 40-story multifamily tower in Houston’s Post Oak neighborhood. The property features 383 units in one-, two- and three-bedroom formats and 18,000 square feet of retail and restaurant space. The amenity package consists of a pool, spa, fitness center with a yoga studio, dog park, sports lounge with a golf simulator, package locker system with refrigeration capabilities, outdoor kitchens and lounges and various other gathering and event spaces. Gensler designed the project. Rents start at $1,983 per month for a one-bedroom unit.

December 8, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 350-Unit Asten at Ribelin Ranch Apartments in Austin

by Taylor Williams December 8, 2021

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Asten at Ribelin Ranch, a 350-unit apartment community in Austin. Built on 17.5. acres in 2008, the property offers one-, two- and three-bedroom units with an average size of 979 square feet. Amenities include multiple pools and a 24-hour convenience mart. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, a joint venture between CenterSquare and American Landmark, in the transaction. The trio also procured the undisclosed buyer.

December 8, 2021

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