Property Type

Trion Properties, AMC Investments Acquire Hood Apartments Near Portland for $12M

by Amy Works October 14, 2020

GRESHAM, ORE. — A joint venture between Trion Properties and AMC Investments has purchased Hood Apartments, a newly constructed multifamily community in Gresham. An undisclosed seller sold the asset for $12 million. Located at 1833 SE Sixth St. on 2.8 acres, Hood Apartments features 64 units in a mix of one- and two-bedroom layouts. The asset was vacant upon sale. Continental Partners sourced an acquisition loan for the transaction. Jordan Carter, Tyler Linn, Clay Newton and John DeJager of Kidder Mathews represented the buyers in the transaction.

October 14, 2020

Colorado Development Multifamily Western

Watermark Residential Plans 360-Unit Multifamily Community in Colorado Springs

by Amy Works October 14, 2020

COLORADO SPRINGS, COLO. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired nearly 21 acres of land in Colorado Springs for the development of Ascent by Watermark. The three-story, resort-style multifamily community will feature 360 apartments in a mix of one-, two- and three-bedroom layouts, averaging just under 1,000 square feet. Each apartment will include gourmet bar-kitchens with quartz countertops, stainless steel appliances, walk-in closets, garden tubs, full-size washers/dryers and designer light fixtures. Ascent by Watermark will offer a variety of amenities, including a clubhouse with televisions; conference rooms; technology centers; a 24-hour fitness center with Fitness On Demand and spinning rooms; swimming pool with cabanas and entertainment areas; and pet-friendly bark parks and doggie spas. Construction is slated to begin later this month, with completion scheduled for fall 2022.

October 14, 2020

Content Partner Heartland Feature Archive Illinois Lument Midwest Multifamily RED Capital Group

Investors Seek Safe Harbor in Chicago’s Apartment Market

by Sarah Daniels October 14, 2020

Multifamily investors prefer to concentrate capital in the primary markets. Although prices are steep and cap rates low, the gateway cities offer private equity and institutional buyers the young, affluent tenants, economic diversification, deep trough of performance data and property market liquidity that can’t be found in smaller cities. Gateway cities offer these assets…until they don’t. The pandemic recession has turned the usual way of looking at things upside down. At least for the moment, tenants are fleeing the high costs and perceived dangers of dense urban living for the relative safety and larger floor plans found in suburbs and, in some cases, secondary and tertiary markets. The impact on property performance is significant. In the modern urban mid- and high-rise buildings favored by large portfolio investors, occupancy and rents are down materially, trimming forward-looking net operating income 15 percent or more in many Los Angeles, New York and San Francisco buildings. Determining fair asset value is nearly impossible under the circumstances. Buyers still may be willing to bid at prices generating deeply sub-4 percent initial yields but only against conservatively underwritten NOI levels that discount an extended period of performance weakness. Few owners are willing to realize the resulting …

October 14, 2020

Development Illinois Midwest Office Top Stories

Howard Hughes, Riverside Open 55-Story Office Tower Along Chicago River

by Kristin Harlow October 14, 2020

CHICAGO — The Howard Hughes Corp. and Riverside Investment & Development have opened 110 North Wacker Drive, a 55-story office tower situated along the Chicago River. The 1.5 million-square-foot project is the tallest office building completed in the city in the last three decades, according to the developers. Bank of America is the anchor tenant. Other opening-day tenants include real estate investment advisor Heitman, global investment bank Lincoln International and law firms Jones Day and Morgan Lewis. Construction began in summer of 2018. Although no development cost was disclosed, Bank of America and JP Morgan Chase provided a $495 million construction loan at that time. The Class A tower features a 45-foot-wide riverwalk on its ground level. The covered area, which connects two downtown pedestrian paths and a small park, offers 22,000 square feet of public space. The project features technology designed to maximize overall health and wellness. This includes best-in-class HVAC systems, advanced dispatch elevators and a customized app that provides touchless building access, transportation information, event listings and the ability to book fitness and spa activity. Several enhancements have been added to address COVID-19 concerns, including advanced secondary air filtration systems, more air changes per hour than most …

October 14, 2020

Acquisitions Multifamily Southeast Virginia

Drucker + Falk Sells Three-Property Multifamily Portfolio in Virginia for $113M

by Alex Tostado October 13, 2020

NEWPORT NEWS, MECHANICSVILLE AND HENRICO, VA. — DF Ventures, a division of Drucker + Falk, has sold a three-property, 710-unit apartment portfolio in Virginia for $113 million. The three properties are the 300-unit Chesapeake Bay Apartments in Newport News, the 220-unit Hanover Crossing Apartments in Mechanicsville and the 190-unit Wilde Lake Apartments in Henrico. Drucker + Falk acquired the portfolio in 2016 for $68.5 million and invested $10.5 million to upgrade the unit interiors, exteriors and amenity spaces across all three properties. The Kushner Cos. acquired the portfolio. Charles Wentworth, Hank Hankins and Will Matthews of Colliers International represented the seller in the transaction.

October 13, 2020

Development Florida Multifamily Southeast

Altman Cos. Delivers 350-Unit Apartment Community in Metro Tampa

by Alex Tostado October 13, 2020

ODESSA, FLA. — The Altman Cos. has opened Altis Grand at the Preserve, a 350-unit multifamily community in Odessa. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, clubhouse, fitness center, pool, spa, playground, laundry facilities and a sundeck. Rents range from $1,245 per month to $2,248 per month. The asset is situated at 2130 Leather Fern Drive, 24 miles north of downtown Tampa. Boca Raton, Fla.-based Altman Cos. manages the property.

October 13, 2020

Acquisitions North Carolina Office Southeast

Turnbridge Equities Purchases 180,000 SF Office Tower in Durham

by Alex Tostado October 13, 2020

DURHAM, N.C. — Turnbridge Equities has purchased Tower at Mutual Plaza, a 15-story, 180,000-square-foot office building in Durham’s American Tobacco District. Turnbridge acquired the property out of foreclosure. The previous owner implemented $11 million in renovations to the building’s façade, common areas, lobby and courtyard. The loan, which the previous owner defaulted on in December 2019, had $37.2 million left on the balance. North Carolina Mutual Life Insurance Co. originally developed the asset, which is situated at 411 W. Chapel St., in the 1960s. At the time of sale, tenants included North Carolina Mutual Life Insurance Co., Duke University, Duke Health, the Department of Veterans Affairs and architecture firm Perkins & Will. Knighthead Funding LLC provided acquisition financing for the New York City-based buyer.

October 13, 2020

Acquisitions Multifamily Southeast Student Housing Tennessee

CREI Acquires 648-Bed Student Housing Community Near Middle Tennessee State University

by Alex Tostado October 13, 2020

MURFREESBORO, TENN. — Capstone Real Estate Investments (CREI) has acquired Student Quarters – Rutherford, a 648-bed student housing community located near Middle Tennessee State University in Murfreesboro. The property — newly rebranded Landmark Apartments — is set to undergo renovations, including a revision of the current unit mix and improvements to security and management services. Landmark Apartments currently offers two-, three- and four-bedroom units alongside shared amenities including a computer lab, fitness center, clubhouse, business center, social room, dog park, swimming pool, hot tub, grilling stations and a sand volleyball court.

October 13, 2020

Development Maryland Multifamily Seniors Housing Southeast

Brightview Opens 96-Unit Seniors Housing Community in Bethesda, Maryland

by Alex Tostado October 13, 2020

BETHESDA, MD. — Brightview Senior Living, an owner and operator of senior living communities, has opened Brightview Grosvenor, an assisted living and memory care community in Bethesda, approximately 10 miles north of downtown Washington, D.C. The community is situated on shares the land of Wild Acres, the former home of National Geographic president, editor and photojournalist Gilbert Grosvenor. Brightview Grosvenor features 58 assisted living, 26 memory care and 12 “enhanced care” apartments on three acres. Enhanced care apartments are designed for residents with conditions that require special attention, such as Parkinson’s disease or ALS.

October 13, 2020

Colorado Development Multifamily Western

Hines Breaks Ground on 397-Unit Residences at RiNo in Denver’s River North Arts District

by Amy Works October 13, 2020

DENVER — Hines, along with investment partner Cresset-Diversified QOZ Fund, has started construction of Residences at RiNo, a for-rent residential community at the entryway to Denver’s River North Arts District. Situated within North Wynkoop’s 1.25 million-square-foot mixed-use development, the 11-story project will feature 397 residences in a mix of studio, one- and two-bedroom floor plans ranging from 542 square feet to 1,715 square feet. Additionally, the property will feature a limited number of affordable units and live/work units. Each residence will include modern kitchens with quartz countertops, designer-like backsplashes and stainless steel appliances; in-unit washers/dryers; electric door locks; matte black fixtures; and wood-style flooring. On-site amenities will include a heated swimming pool with terrace; two outdoor kitchens with gas grill; dining areas and sofas; a large garden area with outdoor gaming, hammocks, yoga deck and fire pits; a gym with on-demand virtual fitness classes and Skier’s Edge training equipment; pet space and dedicated dog park; and bike shop and storage room. Additionally, Residences at RiNo will include a coworking space with private meeting rooms, complimentary coffee bar, artist studio space and 14,500 square feet of ground-floor retail space. The project team includes Zeigler Cooper Architects, Parisa O’Connell Interior Design, Design …

October 13, 2020

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