Property Type

Marcus & Millichap Brokers Sale of 3,900 SF Multi-Tenant Retail Building in Yuma, Arizona

by Amy Works November 23, 2020

YUMA, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at 3080 S. Fourth Ave. in Yuma. A Southern California-based investor sold the asset to an undisclosed buyer for $2.1 million, or $538 per square foot, in an all-cash transaction. Built in 2019 on 1.2 acres, the 3,900-square-foot property was 62 percent occupied at the time of sale. Chipotle Drive-Thru occupies 2,400 square feet, with the remaining 1,500-square-foot suite vacant. Sanford Burstyn of Marcus & Millichap represented the seller, while JR Shah of Century 21 Discovery in Orange County, California, procured and represented the buyer in the transaction.

November 23, 2020

Acquisitions Georgia Industrial Southeast Top Stories

KKR Acquires 1.6 MSF Industrial Portfolio in Atlanta for $136M

by Taylor Williams November 23, 2020

ATLANTA — Global investment firm KKR (NYSE: KKR) has acquired a four-building, 1.6 million-square-foot industrial portfolio located throughout the greater Atlanta area for $136 million. The properties were acquired from four different undisclosed sellers. The newly acquired properties consist of three shallow-bay, last-mile distribution assets with an average completion date of 2006. The fourth property is a fulfillment center that was completed in 2020 and is leased to an investment-grade tenant on a long-term basis. “These acquisitions are part of our ongoing effort to expand our industrial portfolio across high-growth Sun Belt markets,” says Roger Morales, partner at KKR and head of the firm’s commercial acquisitions in the Americas. “We are excited to increase our footprint in Atlanta, given the market’s strong supply-demand fundamentals and long-term growth trajectory,” adds Ben Brudney, director at KKR. “These are important acquisitions for us as we continue to develop and diversify our industrial footprint to include both infill and multi-tenant assets, as well as larger, single-tenant fulfillment centers.” KKR is making the investment in the three smaller properties through its Real Estate Partners Americas Fund II. The fourth property represents an investment by KKR’s core plus real estate strategy, its first in Atlanta. KKR’s …

November 23, 2020

Conference Coverage Market Reports Multifamily Texas Texas Market Reports

Multifamily Architects, Contractors Deliver Services in New Ways to Keep Projects Moving, Say InterFace Panelists

by Taylor Williams November 23, 2020

By Taylor Williams Like most members of the working world, professionals who design and build multifamily properties in Texas have had to adjust how they do business and service clients in response to COVID-19. But many of these companies and individuals have managed to do so in ways that haven’t significantly hindered workflow. From conducting virtual meetings with staff or clients to using complex interfaces that allow for real-time illustrations to maintaining strict distancing and tracking protocols on job sites, architects and contractors are finding solutions that minimize pandemic-related disruptions. Some delays in the design and building processes have been inevitable. Job sites sometimes have to be shut down when workers test positive. But these solutions, paired with Texas municipalities’ general recognition of construction as an essential industry, have limited the extent to which public health concerns have pushed projects behind schedule and/or over budget. That’s according to design and construction panelists at the ninth annual InterFace Multifamily Texas conference. The two-day event was held virtually on Nov. 18-19. Rich Kelley, president of InterFace Conference Group, the division of Atlanta-based France Media that hosted the conference, moderated the panel. Conducting Daily Work The pivot to platforms such as Zoom and Microsoft …

November 23, 2020

Affordable Housing Market Reports Multifamily Northeast Northeast Market Reports

Creative Solutions Expand Affordable Housing Supply in Northeast Markets

by Taylor Williams November 23, 2020

By Taylor Williams A severe shortage of affordable housing that has been building for years and may soon be exacerbated by the expiration of the federal eviction moratorium is forcing developers to be more aggressive and innovative in terms of how they add much-needed supply in dense, high-growth markets. According to a 2020 report by the National Low Income Housing Coalition, when it comes to housing that American renters whose incomes levels are at or below 30 percent of their area median income (AMI) can afford, the United States comes up about 7 million units short. On average, for every 100 extremely low-income renter households in the country, there are only 36 affordable housing units. In addition, there is considerable overlap between renters whose incomes dictate that they seek housing that has been designated as affordable or workforce and industries that have been hard hit by COVID-19, most commonly the retail and hospitality sectors. The federal mandate that prohibits evicting renters who cannot pay rent due to COVID-related job losses has served to keep units occupied and the supply-demand imbalance from worsening — for the time being. Rental collection rates for affordable housing properties have not fluctuated much during prime …

November 23, 2020

Development Hospitality Texas

American Liberty Nears Completion of 319-Room, Dual-Branded Hotel in Houston

by Taylor Williams November 20, 2020

HOUSTON — Houston-based American Liberty Hospitality is nearing completion of a 319-room hotel in its hometown that will feature dual brands from InterContinental Hotels Group (IHG). Located at 2351 W. Loop S. in the city’s Galleria district, the 14-story building will house a 169-room Holiday Inn Express and a 150-room Staybridge Suites. Shared amenities will include meeting and event space, a grab-and-go retail outlet, outdoor pool, fitness center, business center, dog run and complimentary breakfast. The development team expects to debut the dual-branded hotel in February 2021.

November 20, 2020

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 272-Unit Bella Vista Apartments in East Dallas

by Taylor Williams November 20, 2020

DALLAS — CBRE has negotiated the sale of Bella Vista Apartments, a 272-unit multifamily community located at 3402 S. Buckner Blvd. in East Dallas. Built between 1985 and 1987, the property features one- and two-bedroom units and amenities such as a pool, business center and a resident clubhouse. Austin-based GVA Management purchased the property from Canada-based AmeriCan Multifamily Alliance Group for an undisclosed price. Chris Deuillet, William Hubbard, Jeff Kunitz and Mike Canori of CBRE brokered the deal. GVA Management plans to rehabilitate the property, which was 93 percent occupied at the time of sale.

November 20, 2020

Development Multifamily Texas

Impact Developers Completes 238-Unit Hermosa Village Apartments in Metro Austin

by Taylor Williams November 20, 2020

LEANDER, TEXAS — Austin-based Impact Developers has completed Hermosa Village Apartments, a 238-unit multifamily community located in the northern Austin metro of Leander. Designed by Humphreys & Partners and built by Cadence McShane Construction, the property offers one-, two- and three-bedroom units ranging in size from 684 to 1,450 square feet. Units are furnished with custom European cabinetry, quartz countertops, stainless steel appliances, individual washers and dryers and private patios. Amenities include a pool, fitness center, outdoor game space and a dog park. Clay Akiwinzie of Berkadia, secured a loan through La Salle on behalf of California-based Bridge Partners for the acquisition of Hermosa Village.

November 20, 2020

Affordable Housing Development Loans Multifamily Texas

KeyBank Provides $54.4M in Financing for San Antonio Affordable Housing Project

by Taylor Williams November 20, 2020

SAN ANTONIO — KeyBank has provided $54.4 million in financing for Kitty Hawk Flats, a 212-unit affordable housing development that will be located in San Antonio. The financing consisted of a $23.5 million low-income housing tax credit (LIHTC) construction loan, a $7.4 million bridge loan and a $23.5 million fixed-rate Freddie Mac loan. Kitty Hawk Flats will comprise six one-bedroom, 70 two-bedroom, 100 three-bedroom and 36 four-bedroom units, with units reserved for renters earning between 30 and 70 percent of the area median income. The borrower was The NRP Group. Construction is expected to be complete by March 2022. Kyle Kolesar and Robbie Lynn of KeyBank originated the transaction.

November 20, 2020

Acquisitions Industrial Texas

Henry S. Miller Arranges Sale of 100,000 SF Industrial Building, 23.2 Acres in Ponder, Texas

by Taylor Williams November 20, 2020

PONDER, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 100,000-square-foot industrial building and 23.2 acres at 100 E. FM 2449 in Ponder, located north of Fort Worth and west of Denton. Dan Spika of Henry S. Miller represented the seller, Dallas-based Ponder Property LLC, in the transaction. The buyer was Ferti Management Corp., a Canadian producer of fertilizers. The sales price was not disclosed.

November 20, 2020

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Colliers Arranges $94M Sale of Affordable Seniors Housing Property in East Orange, New Jersey

by Taylor Williams November 20, 2020

EAST ORANGE, N.J. — Colliers International has arranged the $94 million sale of Norman Towers, a Section 8 seniors housing project located in the Newark suburb of East Orange. The 405-unit property has not been renovated since its original construction in 1980. Colliers represented the seller, Squiretown Properties LLC, in the transaction. The buyer was a partnership between Community Preservation Partners and L+M Development Partners. The property’s affordability status, which was set to expire in 10 years, has now been extended for 30 years as part of the purchase agreement. The Section 8 program is named for Section 8 of the United States Housing Act of 1937. It is more commonly known today as the Housing Choice Voucher Program, which is funded by the Department of Housing and Urban Development. Low-income residents apply to qualify for a rent assistance voucher.

November 20, 2020

Newer Posts

Older Posts