Property Type

‘Astronomical’ Multifamily Investment Demand Drives Up Pricing, Says Marcus & Millichap’s IPA Panel

by John Nelson April 21, 2021

The U.S. multifamily sector remains an attractive option for real estate investors looking for a safe haven. Beyond the pool of traditional buyers who are actively acquiring apartment properties, the sector has become a landing spot for companies that aren’t legacy multifamily owners. Steven DeFrancis, CEO of Cortland, cited REITs like Blackstone Real Estate Investment Trust as newly establishing a presence in the multifamily sector. BREIT recently made a $240 million preferred equity investment in Tricon Residential connected with Tricon’s purchase of single-family rental (SFR) homes in Nashville. Nuveen Real Estate is also a recent institutional investor entrant in the emerging SFR sector. “We’re seeing a lot of new capital, whether it’s coming from overseas or from here,” said DeFrancis. “Institutional capital is continuing to move into real estate, and then within real estate there’s a lot of movement from other sectors into multifamily.” Jessica Levin, senior director of acquisitions at Intercontinental Real Estate Corp., said that the influx of capital into the U.S. apartment market the past six months has been “astronomical.” She also said that there’s no slowdown ahead. “Competition is stiffer now than in the past 10 to 15 years, and it’s only going to increase from …

April 21, 2021

Affordable Housing Market Reports Multifamily Texas Texas Market Reports

Supply of Affordable Housing Plays Catch-up to Demand in Texas

by Taylor Williams April 21, 2021

By Taylor Williams The fundamental forces of job and population growth that drive demand for market-rate multifamily properties are hard at work on the affordable housing sector in Texas, and it doesn’t appear that a supply-demand equilibrium is in the cards anytime soon. In addition, a perpetual shortage of low-income housing tax credits (LIHTCs) and other government-issued subsidies that are required to finance new development of affordable housing are working to keep supply growth in check. Throw in a global pandemic that has cost millions of people their jobs and depleted their savings, potentially forcing them to seek less-expensive housing, and you have a supply-demand dynamic that is far from balanced. The situation is further exacerbated by the fact that there is some overlap between workers in industries hit hard by the pandemic, such as leisure and hospitality, and the types of renters who need or qualify for affordable housing. Texas is hardly the only state facing these lopsided market conditions. According to a 2020 report by the National Low Income Housing Coalition, when it comes to housing that renters whose income levels are at or below 30 percent of their area median income (AMI) can afford, the United States …

April 21, 2021

Development Mixed-Use Texas

Lincoln Property Co. to Develop Mixed-Use Project in Dallas

by Taylor Williams April 20, 2021

DALLAS — Dallas-based Lincoln Property Co. will develop a mixed-use project in the Preston Center area of Dallas. The project will consist of a 12-story, 225,000-square-foot office building and a 14-story, 128-unit multifamily complex, as well as retail and restaurant space. Construction is set to begin in May. Lincoln Property Co.’s commercial division will occupy 59,000 square feet of space at the office building, and Sewell Automotive Cos. has committed to 26,500 square feet of office space. Lincoln Property Co. is developing the project on land owned by Saint Michael and All Angels Episcopal Church following a five-year collaborative effort to secure entitlements for the site from the City of Dallas.

April 20, 2021

Acquisitions Loans Multifamily Texas

180 Multifamily Buys 248-Unit Watson Apartments in Grand Prairie, Texas

by Taylor Williams April 20, 2021

GRAND PRAIRIE, TEXAS — Locally based investment firm 180 Multifamily Properties has purchased The Watson, a 248-unit apartment community in Grand Prairie, located roughly midway between Dallas and Fort Worth. The Class A property was built in 2018. Units come in one- and two-bedroom floor plans and are furnished with granite countertops, faux wood flooring and individual washers and dryers. Amenities include a pool, playground, fitness center, clubhouse and conference room, two courtyards and a bocce ball court. The seller was an undisclosed, locally based developer. Dan Gillard of Greystone originated a $29.6 million Freddie Mac acquisition loan for the deal on behalf of 180 Multifamily Properties. The nonrecourse financing was structured with a 10-year term, floating interest rate and a 70 percent loan-to-value ratio.

April 20, 2021

Acquisitions Office Texas

Newmark Negotiates Sale of 458,000 SF Office Building in Downtown Houston

by Taylor Williams April 20, 2021

HOUSTON — Newmark has negotiated the sale of a 458,000-square-foot office building located at 1801 Smith St. in downtown Houston. According to LoopNet Inc., the Class B property was built in 1972 and renovated in 2017. Robert Hill, Gary Carr, John Alvarado, Chris Murphy, Zachary Springer, William Mitchell, Matthew Saunders, Russell Jones, Brad Shaffer, Brandon Miller, Thomas Alleman, Benjamin Johnson and Barrett Benton of Newmark represented the seller, G&I VIII Jefferson LP, in the transaction.

April 20, 2021

Acquisitions Industrial Self-Storage Texas

Merit Hill Capital Acquires 421-Unit Self-Storage Facility in Metro Houston

by Taylor Williams April 20, 2021

CONROE, TEXAS — New York City-based Merit Hill Capital has acquired A-Another Storage, a 421-unit self-storage facility in Conroe, about 40 miles north of Houston. The property spans 52,480 square feet. Craig Rice and Cole Rice of CSD Realty represented the seller, an entity doing business as A-Another Storage LLC, in the transaction and procured Merit Hill Capital as the buyer.

April 20, 2021

Industrial Leasing Activity Texas

Move Solutions Signs 107,537 SF Industrial Lease at Park 183 in Southeast Austin

by Taylor Williams April 20, 2021

AUSTIN, TEXAS — Move Solutions Ltd., which provides office moving services, has signed a 107,537-square-foot industrial lease at Park 183, a development in southeast Austin by Trammell Crow Co. and New York-based Clarion Partners. Development of Park 183 is currently in its third of four phases that will ultimately total more than 950,000 square feet of industrial space. John Barksdale, Darryl Dadon and Joe Novek of CBRE represented the landlord in the lease negotiations. Robert Deptula and Stayton Wright of Transwestern represented Move Solutions.

April 20, 2021

Development Florida Multifamily Southeast

Strategic Property Partners Opens Heron Residential Building at Water Street Tampa

by Julia Sanders April 20, 2021

TAMPA, FLA. — Strategic Property Partners LLC, the Tampa-based developer behind the $3 billion Water Street Tampa development underway, has opened Heron, a 420-unit apartment community located at 815 Water St. Water Street Tampa’s first residential building is now offering in-person tours for potential residents. Construction on the development started in November 2018. The residential property offers one-, two- and three-bedroom apartments ranging in size from 555 to 2,206 square feet. Each unit features a private terrace ranging from 122 to 753 square feet, as well as floor-to-ceiling windows, quartz counters, custom cabinetry and kitchen appliances by Fisher & Paykel. Additionally, each residence includes floating bathroom vanities, soaking tubs and rainfall showerheads. Heron includes a parking garage and 40,000 square feet of ground-level retail space, including a GreenWise Market. Orlando-based ZRS Management Co. manages Heron and will oversee its programming, including virtual and in-person events. These will include cooking demonstrations with chefs, fitness and meditation classes and expert discussions on topics like sleep wellness and urban gardening. Heron’s amenities include a rooftop pool with cabanas, outdoor kitchen and barbecue areas, fitness center, bar and lounge spaces on each of its dual towers. The property will be the first residential development …

April 20, 2021

Florida Leasing Activity Life Sciences Office Southeast

JLL Arranges 25,000 SF Lease Expansion, Relocation in South Florida for Life Sciences Firm

by Julia Sanders April 20, 2021

DEERFIELD BEACH, FLA. — JLL has arranged a 25,000-square-foot lease expansion and relocation in South Florida on behalf of DNA Labs International, a private forensic DNA lab. The lab company’s new corporate headquarters will take up the entirety of Building 3 at Hillsboro Center located at 700 W. Hillsboro Blvd. in Deerfield Beach. Ryan Nunes of JLL represented DNA Labs in the office expansion. Joe Freitas and John Criddle of Cushman & Wakefield represented the Boca Raton, Fla.-based landlord, Grover Corlew, in the lease negotiations. DNA Labs International was founded in 2004 in Deerfield Beach and is a family-run business, specializing in forensic DNA analysis for law enforcement agencies, government forensic labs and attorneys involved in the criminal law practice. Hillsboro Center includes more than 216,000 square feet of space and offers immediate access to Interstate 95. The building features an onsite cafe and restaurant options, banks, hotels and other amenities in the surrounding area.

April 20, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates $84.3M Sale of The Fairfield Apartments in Connecticut

by Taylor Williams April 20, 2021

STAMFORD, CONN. — CBRE has negotiated the $84.3 million sale of The Fairfield Apartments, a 263-unit multifamily community in the southern coastal Connecticut city of Stamford. Built in 1996, the property offers amenities such as a clubroom, caterer’s kitchen, three private courtyards, a pool, fitness center and outdoor grilling areas. The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the institutional seller in the transaction, while also procuring San Francisco-based FPA Multifamily as the buyer.

April 20, 2021

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