Property Type

Bell Partners Acquires Two Apartment Communities Totaling 408 Units Near Boston

by Taylor Williams December 21, 2020

WESTFORD, MASS. — North Carolina-based investment firm Bell Partners has acquired Hanover Westford Valley and Hanover Westford Hills, two adjacent apartment communities totaling 408 units. The properties are located about 35 miles northwest of Boston and include 12 townhomes. Units feature stainless steel appliances, tile backsplashes, custom cabinets, full-size washers and dryers and private balconies. Communal amenities include two pools, outdoor lounge areas with fire pits, a dog park, pet spa, fitness center, resident clubhouse, private media room with theater-style seating, conference room and private workstations. The seller and sales price were not disclosed.

December 21, 2020

Acquisitions Industrial Northeast Pennsylvania

Endurance, Thackeray Sell 174,572 SF Industrial Facility in York, Pennsylvania

by Taylor Williams December 21, 2020

YORK, PA. — A partnership between an affiliate of Endurance Real Estate Group and Thackeray Partners has sold a 174,572-square-foot industrial building located at 2075 Loucks Road in York. The sales price was $11.3 million. Built in 1980, expanded in 1986 and renovated in 1996, the building features 18- to 30-foot clear heights and proximity to Interstates 76 and 81. John Plower, Ryan Cottone and Zach Maguire of JLL represented the seller and procured the undisclosed buyer. The property was 100 percent leased to York Wallcoverings at the time of sale.

December 21, 2020

Powdermill-Village-Westfield-Massachusetts

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $26.4M in Financing for Affordable Housing Property in Westfield, Massachusetts

by Taylor Williams December 21, 2020

WESTFIELD, MASS. — MassHousing has provided $26.4 million in financing for Powdermill Village, a 248-unit affordable housing property in Westfield, located in the southwestern part of the state. The property was built in the 1970s and renovated in 2000. Proceeds will be used to refinance existing debt and to rehabilitate the property with new roofing, siding, flooring, doors and community space. The borrower, nonprofit Affordable Housing & Services Collaborative Inc., will also upgrade balconies, decks, kitchens and bathrooms of the one-, two- and three-bedroom units. The majority of the units (184) are reserved for renters earning 60 percent or less of the area median income.

December 21, 2020

Loans Multifamily Northeast Pennsylvania

Greystone Provides $20.6M Agency Acquisition Loan for Multifamily Asset in Bensalem, Pennsylvania

by Taylor Williams December 21, 2020

BENSALEM, PA. — Greystone has provided a $20.6 million Freddie Mac acquisition loan for Grandview Gardens, a 226-unit multifamily property located in the Lehigh Valley city of Bensalem that was originally built in 1965. Dan Sacks of Greystone originated the floating-rate loan, which features a 10-year term and 30-year amortization schedule with four years of interest-only payments. Jack Miller of Platinum Capital Group arranged the loan on behalf of an undisclosed borrower.

December 21, 2020

Acquisitions Multifamily New York Northeast Retail

JLL Negotiates $11.4M Sale of Multifamily, Retail Building on Manhattan’s Upper West Side

by Taylor Williams December 21, 2020

NEW YORK CITY — JLL has negotiated the $11.4 million sale of a multifamily and retail building located at 57 W. 86th St. on Manhattan’s Upper West Side. The property is located less than a block from Central Park and consists of 12 residential units and 6,300 square feet of retail space. Paul Smadbeck, Hall Oster, Teddy Galligan, Conrad Martin, Tim O’Brien and Braedon Gait of JLL represented the seller, Endeavor Guidance, in the transaction. The buyer was Michael Herzog LLC.

December 21, 2020

Features Office

OfficeSpace Survey: 71 Percent of Employed Americans Eager to Return to the Office

by Katie Sloan December 21, 2020

ATLANTA — The trend of working remotely swept the nation as a result of the COVID-19 pandemic this year. While some are relishing the opportunity to test drive their home offices, a large number of Americans are ready to return to the workplace. According to a recent survey of employed Americans commissioned by OfficeSpace Software, 71 percent of respondents currently working from home are eager to move back to the office once it is safe to do so. Over 70 percent indicated that they feel more engaged and more productive in the office, and 80 percent indicated that they miss in-person collaboration with their coworkers. The novelty of virtual meeting programs like Zoom — a boon for keeping colleagues connected during the pandemic — has also worn thin, with 57 percent of respondents indicating that they are tired of meeting through video. The survey, which was conducted online by The Harris Poll in early December, canvassed 1,206 employed U.S. adults above the age of 18. Fewer than half of the respondents indicated that they are going into the workplace each day, with 17 percent having returned to their offices on a staggered schedule. Safety First While many are ready to …

December 21, 2020

Acquisitions Arizona Multifamily Top Stories Western

IPA Negotiates $90M Sale of 560-Unit Multifamily Portfolio in Tucson, Arizona

by Taylor Williams December 21, 2020

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has negotiated the $90 million sale of a two-property, 560-unit multifamily portfolio in Tucson. The Equestrian is a 288-unit complex that sold for $47.7 million, or $165,625 per unit. Ridgeline is a 272-unit property that traded for $42.5 million, or $156,250 per unit. The Equestrian and Ridgeline were built in 2008 and 2002, respectively, and are located one mile apart from each other on West Linda Vista Boulevard on the city’s northwest side. Equestrian consists of 18 residential buildings housing one-, two- and three-bedroom apartments. Units feature an average size of 900 square feet, as well as individual washers and dryers and private balconies/patios. Amenities at Equestrian include a pool, grilling stations, fitness center, business center and a spa. Ridgeline consists of 17 residential buildings on a 13-acre site. Units also come in one-, two- and three-bedroom formats and have an average size of 821 square feet. Communal amenities include two pools and spas, a fitness center and a resident clubhouse. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller, Bascom Arizona Ventures, in the transaction. The trio also procured the buyer, …

December 21, 2020

Development Multifamily Texas

Legacy Partners, Bridge Investment to Develop 483-Unit Apartment Community in Austin

by Taylor Williams December 18, 2020

AUSTIN, TEXAS — A joint venture between San Francisco-based Legacy Partners and Bridge Investment Group has acquired 35.2 acres in northeast Austin for the development of Camber Ranch on Parmer, a 483-unit apartment community. Designed by Dallas-based Humphreys & Partners Architects, the property will be located at the corner of Parmer and Yager lanes and will consist of 22 two- and three-story buildings. Units will range in size from 438 to 1,500 square feet and will feature granite and quartz countertops, stainless steel appliances and LED lighting. Amenities will include multiple pools, a fitness center with a yoga/spin studio, outdoor kitchen with grilling stations, snookball court, dog park and a bike repair shop. Move-ins are expected to begin in late 2022.

December 18, 2020

Development Multifamily Texas

Barvin Underway on 281-Unit Multifamily Project Near Texas Medical Center in Houston

by Taylor Williams December 18, 2020

HOUSTON — Locally based investment and development firm Barvin is underway on construction of a 281-unit multifamily project near the Texas Medical Center in Houston. Units will feature stainless steel appliances, custom cabinetry, quartz countertops and walk-in closets. Amenities with include a pool, outdoor kitchen, private conference rooms, business lounge, fitness center and a dog park. Dallas-based GFF is the project architect, and Austin-based Oden Hughes is the general contractor. Completion is slated for early 2022.

December 18, 2020

Industrial Leasing Activity Texas

Stream Realty Partners Negotiates 203,040 SF Industrial Lease in Metro Dallas

by Taylor Williams December 18, 2020

MESQUITE, TEXAS — Stream Realty Partners has negotiated a 203,040-square-foot industrial lease at Building 1 at Urban District 30, a roughly 1 million-square-foot industrial development located in the eastern Dallas suburb of Mesquite. Matt Dornak and Drew Feagin of Stream Realty Partners represented the landlord, Urban Logistics Realty, in the lease negotiations. Blake Kendrick and Seth Koschak, also with Stream Realty Partners, represented the tenant, online retailer 1000bulbs.com.

December 18, 2020

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