Property Type

Webinar: What is the Outlook for the Affordable Housing Sector in the Western States?

by Sarah Daniels February 1, 2021

On January 27, Western Real Estate Business hosted “What is the Outlook for the Affordable Housing Sector in the Western States?” Register to hear how the leaders in the industry are coping with challenges from both a broker/lender perspective and a developer/owner perspective. How are experts in Western states addressing the affordable housing crisis? See below for a brief list of topics covered by each panel. Panel One: Broker/Lender Insight Investor appetite when it comes to affordable housing Current availability of capital for projects Critical factors in success 4% fixed floor impact FHA influence: loan rates and rules Panel Two: Developer Insight Biggest players in Western states Pandemic impact on existing affordable housing properties & plans for new development How can nonprofits pivot & adapt to changes with public funds? Foreclosures & rent forgiveness Register to listen to these two panels discuss the future of affordable and workforce housing. Webinar sponsors: KeyBank Real Estate Capital: Deep industry expertise allows KeyBank to bring valuable content and actionable ideas to their clients. They’re ready to help guide the clients’ business toward strategic goals through customized financial solutions. Colliers International: Colliers International is a leading diversified professional services and investment management company. With operations in 68 countries, their more than 15,000 …

February 1, 2021

Acquisitions Multifamily South Carolina Southeast Student Housing Tennessee Top Stories

Arcapita Acquires Two Student Housing Communities in Southeast for $120M

by Taylor Williams February 1, 2021

CLEMSON, S.C. AND KNOXVILLE, TENN. — Arcapita, a global investment manager with offices in Atlanta, London and Singapore, has acquired two student housing communities in the Southeast for a combined $120 million. Clemson Lofts is a 640-bed community located approximately one mile from Clemson University in South Carolina that was fully occupied at the time of sale. Quarry Trail is an 840-unit property serving the University of Tennessee in Knoxville. The properties were acquired in separate transactions, with the sellers in each deal opting to remain anonymous. Clemson Lofts features one-, two-, three- and four-bedroom units. The property’s amenity package was recently expanded and upgraded and now includes a pool, fitness center, dog park, group and private study rooms, outdoor yoga space, indoor gaming lounge and a resident clubroom with TVs. Quarry Trail also offers one-, two-, three- and four-bedroom floor plans that feature full-size washers and dryers and private patios in select units. Communal amenities include a new dog park, fitness center, pool and study areas, as well as a resident clubhouse and shuttle service to campus. Arcapita says it is bullish on the student housing sector and intends to aggressively pursue deal opportunities in 2021. In particular, Arcapita …

February 1, 2021

Development Multifamily North Carolina Southeast

Haven Communities, Wheelock Street Purchase Land in Charlotte’s South End for Multifamily Development

by John Nelson January 29, 2021

CHARLOTTE, N.C. — Haven Communities and Wheelock Street Capital have purchased a 1.9-acre site at the corner of South Church and West Bland streets in Charlotte’s South End district. The firms were able to buy the property with the assistance of its capital advisor, Patterson Real Estate Advisory Group. Haven and Wheelock are planning to co-develop Haven South End, a 304-unit, Class A multifamily development at the site. The partnership plans to break ground this summer. Haven South End is located near the LYNX Blue Line’s Bland Street Station and the Charlotte Rail Trail and has immediate access across I-277 into Uptown Charlotte. Haven Communities is a developer of multifamily and student housing communities and mixed-use developments across the Southeast, Wheelock is a private real estate investment firm and Patterson is a capital placement and real estate finance advisory firm.

January 29, 2021

Affordable Housing Development District of Columbia Loans Multifamily Southeast

DCHFA Finances 112-Unit Affordable Housing Development in D.C.

by John Nelson January 29, 2021

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has financed a 112-unit affordable housing development in Washington, D.C.’s Anacostia neighborhood on the city’s southeast side. Mid-Atlantic Realty Partners and Taylor Adams Associates are the borrowers and co-developers of the $52.6 million development. DCHFA financed the project with a $27 million in tax-exempt bond financing and the underwriting of $20.6 million in 4 percent low income housing tax credits (LIHTC). Additionally, the DC Department of Housing and Community Development is providing a $16.5 million loan from its Housing Production Trust Fund for the property. The new community will be located at 2442 Martin Luther King Ave SE, just 500 feet from the Anacostia Metro Station. The apartments will be priced at 30 to 50 percent of area median income relative to Ward 8’s Anacostia neighborhood. The property will consist of 24 one-bedroom, 57 two-bedroom and 31 three-bedroom apartments. Six units will be designated Permanent Supportive Housing (PSH) units and will be supported by the Local Rent Supplement Program. Community Connections of DC will provide supportive services for the residents of the PSH units. The community’s planned amenities include a business center, community room and a parking garage with …

January 29, 2021

Development Georgia Industrial Southeast

CA Ventures Enters Partnership with AIG for 215,000 SF Industrial Development in Newnan, Georgia

by John Nelson January 29, 2021

NEWNAN, GA. — CA Ventures has entered into a joint venture partnership with AIG to deliver a 215,000-square-foot, Class A light industrial facility in Newnan. The project, known as Coweta Business Center, will feature 32-foot clear heights, 200 auto parking spaces and up to 55 dock doors. The site is located adjacent to Interstate 85, less than one mile from the full diamond interchange at Exit 51. The joint venture partnership is planning to start construction later this year and finish construction in December. Wes Budd and Chris Irby of NAI Brannen Goddard represented CA in the acquisition of the land and will also be leasing the project. Mark Sixour, Dennis Mitchell, Matt Wirth and Britton Burdette of JLL Capital Markets arranged the joint venture partnership. CA Ventures, a Chicago-based firm, is a global real estate development and investment management company. AIG is a global finance and insurance firm based in New York City.

January 29, 2021

Development Industrial Southeast Tennessee Walker & Dunlop

Walker & Dunlop Structures Equity for 171,000 SF Industrial Development in Nashville

by John Nelson January 29, 2021

NASHVILLE, TENN. — Walker & Dunlop has structured joint venture equity for Myatt Drive Industrial, a 171,000-square-foot facility in Nashville. Heather McClure of Walker & Dunlop’s Capital Markets advised the client, CA South Development, in sourcing a joint venture partner, a Texas-based private equity fund, to fully capitalize the development. The project will be situated on 16 acres two miles south of Interstate 65 and 13 miles of downtown Nashville. The Class A development will have high-end office finishes and consists of 5-10 percent front office and 90 percent warehouse capacity in the rear. The transaction is Walker & Dunlop’s first deal with CA South, a women-owned industrial development firm based in Nashville.

January 29, 2021

Development Office Texas

KDC Breaks Ground on $59.5M Phase II of Independent Bank’s Headquarters Campus in McKinney

by Taylor Williams January 29, 2021

MCKINNEY, TEXAS — Developer KDC has broken ground on Phase II of the headquarters campus for Independent Bank (NASDAQ: IBTX) in the northern Dallas suburb of McKinney. The project is valued at roughly $59.5 million. The new office building will rise six stories and span 198,000 square feet and will be located within the Craig Ranch master-planned development. Independent Bank’s existing building totals 165,000 square feet. Phase I was completed in 2019, and Phase II is expected to be complete in 2022.

January 29, 2021

Development Industrial Texas

Uzin Utz North America to Open $34M Manufacturing Plant in Waco

by Taylor Williams January 29, 2021

WACO, TEXAS — Uzin Utz North America, a Colorado-based supplier of product installation systems for all types of flooring, will open a $34 million plant in Waco. The 125,000-square-foot facility will produce self-leveling compounds, thin set and grout material for tile installation, as well as patching compounds under the Uzin brand. The new facility will be located at the intersection of Mars Drive and Texas Central Parkway and will mark the third location in North America for the company, which is also a subsidiary of German chemical manufacturer Uzin Utz. A tentative opening date was not released.

January 29, 2021

Affordable Housing Development Multifamily Texas

CitySquare to Develop Affordable Housing Property in Dallas Using Shipping Containers

by Taylor Williams January 29, 2021

DALLAS — Nonprofit organization CitySquare Housing will develop the Lomax Container Housing Project, an endeavor that will convert old shipping containers into affordable housing for Dallas residents. Construction of the project, which will be located at the intersection of S. Malcolm X Boulevard and Louise Avenue on the city’s southeast side, is expected to begin during the first quarter. Units will average 300 square feet and will be reserved for renters earning 60 percent or less of the area median income. Dallas-based Merriman Anderson/Architects designed the project. Shipping containers make for viable living structures because they are modular and are built out offsite and delivered complete with just hook-ups necessary.

January 29, 2021

Acquisitions Office Texas

Stanton Road Capital Acquires 176,700 SF Office Complex in Irving

by Taylor Williams January 29, 2021

IRVING, TEXAS — California-based investment firm Stanton Road Capital has acquired Esters 114 Business Center, a 176,700-square-foot office complex in Irving’s Las Colinas District. The two-building property was 91 percent leased at the time of sale. Chris Murphy, Robert Hill, Gary Carr and John Alvarado of Newmark represented the undisclosed seller in the transaction. Cushman & Wakefield will handle leasing of the property for the new ownership.

January 29, 2021

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