Property Type

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

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

Colorado Development Multifamily Seniors Housing Western

Ryan Cos., Cadence Plan 156,622 SF Acoya Cherry Creek Seniors Housing Project in Denver

by Amy Works March 15, 2021

DENVER — Ryan Cos. US Inc. and Cadence Living have unveiled plans for Acoya Cherry Creek, a seniors housing community in the Cherry Creek neighborhood of Denver. Totaling 156,622 square feet and 137 units, the project will be the first Acoya-branded community in the Denver market and the third in Colorado. The types of care were not disclosed. According to Moore Diversified Services, the senior population in the Denver area is expected to increase by more than 26 percent over the next five years. “Not only is there a need for this type of housing near Cherry Creek, but there is also high demand for age-in-place living where a resident can remain within their home and receive services over time as needs change,” says Daniel Raimer, director of real estate development for Ryan Cos. Cadence, Harrison Street and Ryan will co-own the community, and have closed on financing for the development. Bank of the West acted as lender, administrative agent and lead arranger alongside Stifel Bank as lender and syndication agent. MOA Architecture designed the community’s exterior while StudioSIX5 handled the interiors. Groundbreaking is scheduled for February 2021, with pre-leasing beginning in spring 2022 for completion in fall 2022.

March 15, 2021

Conejo-Spectrum-Gateway-Thousand-Oaks-CA

California Development Industrial Western

Sares Regis to Develop 172,516 SF Conejo Spectrum Gateway Industrial Park in Thousand Oaks, California

by Amy Works March 15, 2021

THOUSAND OAKS, CALIF. — Irvine, Calif.-based Sares Regis Group has started construction of Conejo Spectrum Gateway, a two-building speculative industrial park at the intersection of Rancho Conejo Boulevard and Lawrence Drive in Thousand Oaks. The two new buildings will offer a total of 172,516 square feet of for-lease space between an 88,946-square-foot facility at 1515 Rancho Conejo Blvd. and an 83,570-square-foot building at 1489 Lawrence Drive. The 1515 Rancho Conejo building will offer a 5,554-square-foot office space, 17 dock-high doors, two ground-level doors, 30-foot clear heights, 1,200 amps (expandable), 277-480 volts, three-phase power, 201 parking stalls, 28 electric vehicle stalls and 17 bicycle parking stalls. The facility at 1489 Lawrence Drive will offer a 5,586-square-foot office area, 15 dock-high doors, two ground-level doors, 172 parking stalls, 11 electric vehicle stalls, 14 bicycle stalls, 1,200 amps, 299-480 volts and three-phase power. Grading is complete for the two buildings and vertical construction is underway. Both buildings are available for lease now and will be ready for tenant build-out in the third quarter. Tom Dwyer and Bennett Robison of CBRE represented Sares Regis Group.

March 15, 2021

California Industrial Loans Self-Storage Western

InSite Property Group Receives $140M Credit Facility for National Self-Storage Development Pipeline

by Amy Works March 15, 2021

LOS ANGELES — JLL Capital Markets has arranged a $140 million credit facility with the ability to expand up to $215 million for Los Angeles-based InSite Property Group. The facility will fund InSite’s development pipeline of Class A self-storage facilities across the nation. ACORE Capital provided the floating-rate loan, which was arranged by Bill Fishel, Matt Stewart and Chad Morgan of JLL Capital Markets, along with Brian Somoza, Steve Mellon and Griffin Guthneck of JLL’s national self-storage team. The financing is part of the InSite’s ongoing acquisition, development and repositioning strategy that includes a pipeline of 40 projects totaling nearly 5 million square feet of core, Class A product in infill markets across the United States. The company operates facilities under the Secure Space Self Storage brand.

March 15, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

Cushman & Wakefield Arranges $25M Sale of Memory Care Community in Portland

by Amy Works March 15, 2021

PORTLAND, ORE. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the off-market sale of a 99-unit,114-bed memory care community in a Portland for $25 million. This represents the second sale of the community within a 15-month period for the firm, with the first sale as part of a larger disposition of non-core assets for a public REIT. The seller was a privately owned, California-based national operator. The buyer is a growing regional owner-operator based in the Portland metro area. The Cushman & Wakefield team involved in the transaction was Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker.

March 15, 2021

Acquisitions Multifamily South Carolina Southeast

Lucas Unlimited Sells Haven Pointe at Carolina Forest Apartments in Myrtle Beach for $54.5M

by Julia Sanders March 15, 2021

MYRTLE BEACH, S.C. — Lucas Unlimited has sold Haven Pointe at Carolina Forest in Myrtle Beach for $54.5 million. Located at 1001 Scotney Lane, the Class A apartment community comprises 13 three-story apartment buildings and 304 units. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Capstone Apartment Partners represented the seller in the transaction. The buyer is Long Beach, Calif.-based RK Properties. Newly built in 2020, Haven Pointe’s unit mix includes one-, two- and three-bedroom apartment homes with the largest floorplans in the Myrtle Beach market, according to Capstone. Each unit features wood-style flooring, modern espresso cabinetry, granite countertops, stainless steel appliances, walk-in closets and washer/dryer connections. Community amenities include a resort-style pool, dog park, fitness center, business center, playground, grilling area, car wash station, laundry facilities and detached garages.

March 15, 2021

Development Loans Mixed-Use Multifamily North Carolina Southeast

ACRE Provides $34M Loan for New High-Rise Development in Durham

by Julia Sanders March 15, 2021

DURHAM, N.C. — Asia Capital Real Estate (ACRE), a global real estate private equity firm, has provided a $34 million bridge loan for a mixed-use community in Durham known as One City Center. Provided through ACRE’s latest debt fund ACRE Credit, the loan will serve to refinance existing debt related to the project’s construction. The two-year financing carries a loan-to-value ratio (LTV) of 66.4 percent, with options for two single-year extensions. Roger Edwards of JLL originated the loan on behalf of the borrower, Austin Lawrence Partners (ALP). Located at 110 Corcoran St., One City Center is a Class A, 28-story tower featuring 109 market-rate apartments and 30 owner-occupied condominiums, which were 88.1 percent occupied as of the building’s opening in January 2021. The building, built and delivered by ALP, also includes 130,000 square feet of office space and 22,000 square feet of ground-floor retail owned by Virginia Beach, Va.-based Armada Hoffler. Community amenities include a rooftop pool, hot tub, rooftop lounge with kitchen, fitness center, a sixth floor resident park with seating areas, grills and a fire pit, a private dog run and secure parking garage with 122 spaces. Individual units include floor-to-ceiling glass windows, nine-plus-foot ceilings, stainless steel appliances, …

March 15, 2021

Affordable Housing Development Florida Multifamily Southeast

Housing Trust Group Delivers Affordable Housing Community in Palm Coast, Florida

by Julia Sanders March 15, 2021

PALM COAST, FLA. — Housing Trust Group (HTG) has developed The Palms at Town Center, an 88-unit affordable housing community located at 470 Bulldog Drive in Palm Coast. The property is 100 percent occupied. The development opened in February 2021 and cost $17.8 million to build. The Palms at Town Center features three three-story buildings and a clubhouse. The new community offers a mix of units including 30 one-bedroom, 50 two-bedroom and eight three-bedroom units. Units feature open floor plans, full-sized Energy Star appliances, ceiling fans and washers and dryers. Community amenities include a swimming pool, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations. The affordable apartment complex is a mixed-income community, consisting of 32 units for families at or below 30 percent of the area median income (AMI), eight units for those at or below 60 percent of AMI and 48 units for those at or below 80 percent of AMI. Rents will range from $273 for a one-bedroom and up to $1,242 for a three-bedroom apartment. The reduced rents were made possible through the use of the federal Low Income Housing Tax Credit program and Florida Housing SAIL program. The Florida-based construction and …

March 15, 2021

Acquisitions Multifamily Texas

Sterling Equities Buys 364-Unit Flatiron | Domain Apartments in Austin

by Taylor Williams March 15, 2021

AUSTIN, TEXAS — New York-based Sterling Equities has purchased Flatiron | Domain, a 364-unit luxury apartment building located within the 300-acre Domain mixed-use development on Austin’s north side. Built in 2019, the community offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center and a coffee shop with workspaces. Patton Jones of Newmark represented the seller, Texas-based Stonelake Capital Partners, in the off-market transaction. The property was 93 percent occupied at the time of sale.

March 15, 2021

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