Property Type

How Workforce Housing Owners in Texas Can Help Tenants Amid COVID-19 Crisis

by Taylor Williams April 10, 2020

Multifamily developers across the country know that these are unprecedented and uncertain times for nearly everyone due to COVID-19. Houstonians making up our workforce, which many consider “the essential class,” include professionals like teachers, police officers, nurses and firefighters who invest in other peoples’ betterment every day. These are the people who are working day in and day out to provide us with various fundamental needs during this time of mandated quarantine. Many of these individuals are tenants of workforce housing properties, and to the relief of developers, are most essential to the world right now. However, not all jobs can be kept, and with over 3 million people in the United States having lost their jobs in just a week’s time, necessary processes and procedures about how to work with residents who might be in a financial bind due to COVID-19 have become a requirement. In early March, developers including our firm began to work with both the National Apartment Association and the Houston Apartment Association for recommended guidelines to effectively help our tenants who need it most. Additionally, several landlords came together to better understand what other complexes are doing on the ground to best serve our residents. …

April 10, 2020

Features Multifamily Student Housing

The Art and Science of Branding, Repositioning Student Housing Communities

by Alex Tostado April 10, 2020

When prospective college student residents and their parents first encounter a housing property, be it in person or online, the brand is undoubtedly one of the first things they notice. Along with the name of the property, they’ll notice the logo and color scheme, and gradually the story told by other aspects of the building as well, from amenities to design choices. Returning students will usually have heard about the property one way or another, and will have an idea of what sort of reputation it enjoys around campus. Creating and maintaining a consistent, desirable brand is one of the paramount functions of student housing owners and operators, especially in today’s climate where there are usually many choices and discerning students carry high expectations into property tours. Student housing marketing agencies have in turn spent more and more time perfecting their brands in recent years, hoping to create an entity that aligns with students’ values. “It’s very important to establish your identity, understanding who your target market is, how you are unique and how you want to speak to the audience,” says Barbara Gretsch, co-owner and vice president of MSSmedia. “It’s really about building your perception among the customer base.” …

April 10, 2020

Development Florida Loans Multifamily Southeast

NKF Arranges $16.1M Construction Loan for Multifamily Community in Metro Tampa

by Alex Tostado April 9, 2020

ST. PETERSBURG, FLA. — Newmark Knight Frank (NKF) has arranged a $16.1 million construction loan for Gallery 3100, a planned 122-unit, four-story multifamily community in St. Petersburg. The borrower, a joint venture between Mosaic Development LLC and The Brookview Cos., plan to complete the project by spring 2021. Gallery 3100 will feature one- and two-bedroom floor plans ranging in size from 663 to 1,098 square feet. The community will also offer 17 workforce housing units. Matthew Williams and James Maynard of NKF arranged the loan through Synovus Bank.

April 9, 2020

Development Florida Industrial Self-Storage Southeast

Cedarwood Development Completes 787-Unit Self-Storage Facility in Orlando

by Alex Tostado April 9, 2020

ORLANDO, FLA. — Cedarwood Development has completed a 787-unit, 117,000-square-foot self-storage facility for operator US Storage Centers in Orlando. The property features climate-controlled units, passenger elevators, moving carts, 24-hour video surveillance and moving supplies. The property is situated at 930 Sligh Blvd., a mile south of downtown Orlando. Orange, Calif.-based US Storage Centers, which operates more than 9 million square feet of self-storage space in the U.S., will manage the property. Fairlawn, Ohio-based Cedarwood Development is an affiliate of Cedarwood Cos.

April 9, 2020

Georgia Industrial Leasing Activity Southeast

XPO Logistics Renews 254,358 SF Industrial Lease Near Atlanta

by Alex Tostado April 9, 2020

MORROW, GA. — XPO Logistics, a transportation and logistics provider, has renewed its 254,358-square-foot industrial lease within Mt. Zion Industrial Center in Morrow. The property offers 72 dock doors, two drive-in doors, 22-foot clear heights, a five-inch concrete floor, parking for 110 trailers and a new roof. Woodmont Industrial Partners owns the property, which is situated at 1791 Mount Zion Road, nine miles southeast of Hartsfield-Jackson Atlanta International Airport and 15 miles south of downtown Atlanta. Brian Camp and Max Ellis of Colliers International represented the landlord in the transaction. Dan Rose of Real Estate Advisory Partners (REAP) represented XPO Logistics.

April 9, 2020

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Negotiates Sale of 380-Unit Apartment Complex in Asheville

by Alex Tostado April 9, 2020

ASHEVILLE, N.C. — Cushman & Wakefield has negotiated the sale of The Reserve at Asheville, a 380-unit apartment complex in Asheville. The property offers studio to three-bedroom floor plans, as well as a business center, clubhouse, storage space, pool, fitness center, playground and a picnic area. The Reserve at Asheville is situated at 11 Asheville Springs Circle, seven miles west of downtown Asheville. The property has averaged 95 percent occupancy over the past two years. Watson Bryant, Marc Robinson and Jordan McCarley of Cushman & Wakefield represented the seller, Greensboro, N.C.-based Carlisle Residential Properties, in the transaction. Greenville, S.C.-based Graycliff Capital Partners acquired the property.

April 9, 2020

Acquisitions Arkansas Healthcare Office Southeast

Montecito Medical Acquires Two Outpatient Healthcare Facilities Totaling 35,000 SF in Northwest Arkansas

by Alex Tostado April 9, 2020

ROGERS, ARK. — Montecito Medical Real Estate has acquired two outpatient healthcare facilities in Rogers that are part of a six-building campus occupied by Mercy Health of Northwest Arkansas. The assets total 35,000 square feet and will remain fully leased to Mercy Health. The two buildings offer internal medicine, rheumatology and outpatient orthopedic services, including minimally invasive joint constructed replacement and spinal procedures through an ambulatory surgery center. The campus includes a primary care clinic, an ENT clinic and a general surgery ambulatory surgery center. Further details of the transaction were not disclosed.

April 9, 2020

Acquisitions Illinois Midwest Multifamily

SPNA Buys Condo Property in Chicago for $44M, Plans Deconversion

by Kristin Harlow April 9, 2020

CHICAGO — SPNA has purchased 21 East Chestnut Condominiums in Chicago’s Gold Coast neighborhood for $44 million with plans to convert the condo property into apartment units. Built in 1962 and converted to condos in 1979, the 25-story multifamily tower features 163 units. Floor plans range from studios to two-bedroom units. Amenities include a rooftop lounge, sauna, fitness center, bike room and resident storage lockers. Sam Haddadin and Dan Cohen of CBRE represented the seller, 21 East Chestnut Condo Association. “The owners overwhelmingly voted in support of the deconversion sale,” says Haddadin. “They were able to receive a much higher value for their units by selling together as an association.” Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent.

April 9, 2020

Development Illinois Industrial Midwest

Meridian Design Build Completes Construction of 84,000 SF Meat Processing Facility in Chicago

by Kristin Harlow April 9, 2020

CHICAGO — Meridian Design Build has completed construction of an 84,000-square-foot USDA meat processing facility for Amylu Foods within Chicago’s Stockyards Industrial Park at 1400 W. 44th St. Amylu has relocated from its West Loop plant, where it operated for more than 95 years. The new sausage processing plant includes 56,000 square feet of production and cold storage space, a freezer, a 16,500-square-foot office space, a test kitchen and laboratory space. Meridian also installed an expandable ammonia refrigeration plant for cooling and production loads. Harris Architects and Kimley-Horn made up the project team.

April 9, 2020

Development Illinois Midwest Office Retail

Skender Tops Out Construction for Build-to-Suit Project in Chicago’s Fulton Market

by Kristin Harlow April 9, 2020

CHICAGO — Skender has topped out construction of a 45,000-square-foot office and retail building located at 1100 W. Fulton St. in Chicago’s Fulton Market district. An existing building at the site has landmark status from the city of Chicago and Skender will preserve its existing façade on the north, south and east sides of the building. Fulton St. Cos. is the developer. Herman Miller, a furniture company based in Michigan, will occupy the build-to-suit project and relocate from its existing Chicago headquarters in the Merchandise Mart. Skender will also complete the interior build-out of the showroom and office space. Completion is slated for December. Hartshorne Plunkard, CBRE and ConopCo Project Management make up the project team.

April 9, 2020

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