Property Type

JRK Property Holdings Buys Harrison Glendale Apartment Property in California for $90.7M

by Amy Works March 16, 2021

GLENDALE, CALIF. — JRK Property Holdings has acquired The Harrison Glendale, an apartment community located at 318 W. Wilson Ave. in downtown Glendale. A Las Vegas-based developer sold the asset for $90.7 million in an off-market transaction. Built in 2018, The Harrison Glendale features 164 apartments in a mix of studio, one- and two-bedroom layouts spread across two five-story LEED-certified buildings. The community offers a central courtyard with a resort-style pool, park and barbecue area. Additionally, the property features 15,100 square feet of ground-floor retail space occupied by CVS/pharmacy; a two-level, 239-stall subterranean garage; a two-level fitness center; yoga studio; club room; and dog run. The property also offers a rooftop deck with fire pits, barbecues and bar. At the time of sale, the asset was 96 percent leased. Dean Zander, Stewart Wilson and Chris Tresp of CBRE Los Angeles represented the seller in the deal. Robert Falese of Berkadia arranged acquisition financing with agency debt through Freddie Mac’s Green Advantage program for the buyer.

March 16, 2021

Affordable Housing California Development Multifamily Seniors Housing Western

USA Properties Starts Construction of Two Adjacent Multifamily Communities in Simi Valley

by Amy Works March 16, 2021

SIMI VALLEY, CALIF. — USA Properties Fund has commenced construction on two apartment projects in Simi Valley. Totaling $114 million, the combined communities will offer a total of 311 mixed-income, multi-generational units to the area. Situated on nearly 13 acres, the projects are The Landing at Arroyo, a market-rate community, and Vintage at Sycamore, an affordable seniors housing community for residents at least 62 years old. The project is located on the former Rancho Simi Recreation and Park District’s headquarters at 1692 Sycamore Drive. Vintage at Sycamore will feature 99 apartments for seniors earning 50 percent to 70 percent of the area’s median household income. The property will offer one-bedroom units featuring energy-efficient appliances, a patio or balcony and laundry rooms on each of the three floors. The $32 million community will feature a clubroom, fitness center, computer center with WiFi and printers, swimming pool, an outdoor seating area with barbecues and a pet area. Completion of Vintage at Sycamore is slated for late 2021. County of Ventura, Calif., contributed a $3.5 million subsidy for the project. The Landing at Arroyo will offer 212 one-, two-, and three-bedroom apartments with stainless steel appliances, a kitchen island, in-unit washers/dryers, high-end flooring …

March 16, 2021

Acquisitions Colorado Multifamily Western

Cityview Acquires Interest in 350-Unit DECO Apartments in Denver

by Amy Works March 16, 2021

DENVER — Cityview has purchased Dinerstein Cos.’ interest in DECO, an apartment community located in the University Park region of Denver. A transit-oriented property with immediate access to light rail, the five-story development offers 350 units in a range of open floor plans. The property originally opened for leasing in fourth-quarter 2019. Westhome, Cityview’s property management division, manages the asset. Terms of the acquisition were not released. Situated on 3.5 acres, the property features a mix of studio, one-, two- and three-bedroom floor plans with to up 11-foot ceilings, vinyl wood flooring, stainless steel appliances, in-unit washers/dryers, designer cabinetry, quartz countertops, dual vanity baths, walk-in closets and keyless door entry. Community amenities include an on-site ski simulator and gear lounge equipped with ski and boot lockers, as well as space for snowboards, mountain bikes and kayaks; and a rooftop deck with outdoor seating, a fireplace, television, drink ledge and ski gondola. Additional amenities include a dog park and spa; business center with coffee bar and two-sided fireplace; co-working area with individual conference rooms; workstations; a library; mail room with automated package retrieval system; club room with commercial kitchen; and a fitness center with cardio and weight equipment, massage room and …

March 16, 2021

Acquisitions California Healthcare Seniors Housing Western

CareTrust REIT Purchases Buena Vista Care Center in Santa Barbara for $15.9M

by Jeff Shaw March 16, 2021

SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left on its existing lease term, with two five-year renewal options. The lease currently carries approximately $1.5 million in annual cash rent with 3 percent annual escalators.

March 16, 2021

Development Loans Multifamily Oregon Seniors Housing Western

Live Oak Provides $28.5M Construction Financing for Seniors Housing Expansion in Salem, Oregon

by Amy Works March 16, 2021

SALEM, ORE. — Live Oak Bank has provided a $28.5 million loan for the construction of a 142-unit independent living expansion in Salem, approximately 45 miles south of Portland. The borrower is Mosaic Management. The project will be Phase II of a larger campus, which already includes a 138-unit assisted living and memory care building that was completed in May 2019. The expansion will total 147,000 square feet on an 8.9-acre plot.

March 16, 2021

Industrial Market Reports Massachusetts Northeast Northeast Market Reports

Strong Fundamentals Drive Capital into Boston Industrial Market

by Taylor Williams March 16, 2021

By Brian Pinch, managing director, Newmark On a national level, the industrial market continues to perform well amidst the coronavirus-induced market correction that has impacted other asset classes. Industrial fundamentals ended 2020 on solid footing, with outsized demand, rising rents and a healthy supply pipeline. Despite the impacts of COVID-19, key logistics hubs like Los Angeles and the Inland Empire are doing well, as are smaller metros like Boston. The continued shift towards e-commerce and online shopping, as well as a greater emphasis on strong distribution networks and supply chains, are driving activity within tertiary markets as well. Combined with sustained cap rate compression, such positive fundamentals have led to increased investor interest in the industrial asset class. Capital that was previously allocated for other property types is now flowing into the industrial market, and low interest rates are giving buyers increased purchasing power. As a result, pricing for industrial product continues to climb across many metros, including greater Boston. In fact, greater Boston’s industrial market maintains one of the most dynamic investment landscapes in the country, as historically tight vacancies and rapidly rising rents attract record levels of capital. Though the metro-wide vacancy rate is below 6 percent — …

March 16, 2021

Development Hospitality Industrial Texas Top Stories

Royal Caribbean, Port of Galveston Move Forward with $100M Cruise Ship Terminal in Texas

by Taylor Williams March 16, 2021

GALVESTON, TEXAS — A public-private partnership between Royal Caribbean International and the Port of Galveston, located in Southeast Texas, is moving forward with development of a new $100 million cruise ship terminal. The partnership will develop the two-story property within an eastern section of the port known as Pier 10 and will harbor one of the Miami-based cruise line’s largest ships, the Allure of the Seas. Construction of the facility, which will span approximately 170,000 square feet and 10 acres, is set to begin in April for completion in fall 2022. The project was originally announced in December 2019. At that time, construction was expected to begin in April 2020 and wrap up in fall 2021. Those plans were significantly delayed by the outbreak of COVID-19, which hurt the cruise industry as part of the larger hospitality sector. The facility will feature state-of-the-art technology, including mobile check-in and facial recognition platforms to expedite guests’ arrival. The plans also include a staging and loading area; bus and taxi staging areas; and substantial parking space. The terminal is designed to meet LEED certification standards. The partnership between Royal Caribbean and the Port of Galveston dates back to 2002, when the luxury cruise …

March 16, 2021

Affordable Housing Build-to-Rent Finance Insight Loans Midwest Multifamily Northeast Single-Family Rental Southeast Texas Video Western

NorthMarq: 2021 Capital Markets Environment

by Sarah Daniels March 16, 2021

NorthMarq executives recently connected with nearly 50 correspondent lenders and more than 150 debt experts in an effort to better understand the capital markets environment in 2021 and to share information about opportunities within the market. Jeff Erxleben, executive vice president and executive managing director, Debt & Equity, with NorthMarq, shares some of the insights from those conversations, and he discusses changes in the market, ranging from new loan programs by life companies to the impact of FHA/HUD’s new MAP guide implemented this month. He also talks about the growing interest in single-family rental and build-for-rent properties, and he mentions trends in affordable housing development and value-add strategy for buyers of affordable and workforce housing. “Overall, we’ve seen strong volume at the beginning of 2021, and I would expect that to continue throughout the year as the liquidity in the debt and equity markets remains strong,” Erxleben notes. “Transaction volume is up; there is a large sentiment that there is pent-up demand to get deals done.” He adds, “We’re seeing the fastest rebound and largest amount of activity in high-growth, business-friendly Sunbelt states — Texas, Florida, Arizona and the Carolinas. Other states, like California, where activity has been more …

March 16, 2021

Features Student Housing

Student Housing Rounds COVID-19’s Twists and Turns, Light Shines at End of Tunnel

by Katie Sloan March 16, 2021

By Kevin Larimer and Brandon Buell, Berkadia Throughout the COVID-19 pandemic, confidence fluctuated around the performance and resilience of student housing properties. Understandably, commercial real estate investors pressed pause at the beginning of last year, as there was no way to know what this global pandemic meant for property performance. However, with steady collections for student housing throughout the year, confidence quickly regained. Towards the end of last year, occupancy was just shy of 90 percent and nimble investors who took notice started to pursue the available menu of opportunities. While data will show that COVID-19 had a clear impact on student housing operations, the level of disruption was limited. In fact, according to Berkadia research, sales during the fourth quarter accounted for more than half of 2020’s total transactions and dollar volume for student housing — further proving the overall resiliency of the industry. Strong Out of the Gate in 2021 In addition to ending 2020 on a strong note, only a few months into 2021, we have already seen the student housing market show greater strength. In fact, in the first few weeks of January alone, our student housing-specialized team at Berkadia completed nearly $250 million in the …

March 16, 2021

Banner-Gateway-Medical-Center-Gilbert-AZ

Arizona Development Healthcare Western

McCarthy Building Cos. Starts Construction of 351,000 SF Banner Gateway Medical Center Tower in Gilbert, Arizona

by Amy Works March 15, 2021

GILBERT, ARIZ. — McCarthy Building Cos. has broken ground on the $243 million expansion and renovation of Banner Gateway Medical Center Tower and Emergency Department in Gilbert. The 351,000-square-foot expansion nearly doubles the size of the medical center campus, which is located at 1900 N. Higley Road. The expansion includes a five-story, 208,500-square-foot patient tower offering 109 patient beds with the ability to increase capacity by an additional 72 to 358 total beds once the shell space is built out. The project also includes a three-level, 85,000-square-foot expansion to the diagnostics and treatment building on the campus’ west side, including an expansion to the Emergency Department, as well as a two-level expansion to the existing diagnostics and treatment building on the campus’ east side. The expansion addresses the need for women and infant care, including labor, delivery, postpartum and new neonatal intensive care unit, as well as creating additional space for inpatient cancer care by Banner MD Anderson Cancer Center. Additionally, the project includes the construction of two surface parking lots, adding approximately 690 new parking spaces for visitor and staff use, as well as upgrades to the existing Central Utility Plant. Also, approximately 40,000 square feet of additional renovation …

March 15, 2021

Newer Posts

Older Posts