Property Type

Vitality Living, Hillpointe to Build 332-Unit Seniors Housing Community in Madison, Georgia

by Alex Tostado June 23, 2020

MADISON, GA. — Vitality Living has formed a development partnership with Hillpointe LLC to build Vitality Living Madison, which is currently under construction. Upon full buildout, the project will feature 332 units of seniors housing in Madison, which is approximately 60 miles east of downtown Atlanta. Located on 73 acres, Vitality Living Madison will be built in phases. Phase I will feature a mix of two-bedroom independent living villas and one-bedroom apartments, as well as amenities including a fitness center. Phase II will add assisted living and memory care units to the development. A leasing center is already open in advance of the scheduled opening late this year. This will be Vitality’s first community in Georgia. The operator currently has seniors housing assets in Tennessee, Alabama, Texas and Florida.

June 23, 2020

Development Northeast Office Pennsylvania

Oliver Tyrone Pulver Plans to Develop 700,000 SF Office Building in Philadelphia

by Alex Patton June 23, 2020

PHILADELPHIA — Oliver Tyrone Pulver Corp., a metro Philadelphia-based developer, plans to build a 700,000-square-foot office building in the Center City area of Philadelphia. The 30-story building will be located adjacent to City Hall at 1301 Market St. and will feature 25,200 square-foot plates on the lower floors and 17,000-square-foot plates on the upper floors. Amenities will include a 10,000-square-foot fitness center, outdoor terraces, a café, bike lockers, conference rooms, casual workspaces and a two-story, glass-enclosed marble lobby. Construction is slated to be completed in 2023. JLL will lead the leasing program at the building.

June 23, 2020

Development Florida Healthcare Office Southeast

Stevens Construction Breaks Ground on 27,773 SF Medical Facility in Naples, Florida

by Alex Tostado June 23, 2020

NAPLES, FLA. — Stevens Construction has broken ground on Executive Medical Center, a planned 27,773-square-foot healthcare facility in Naples. The first floor of the three-story building will feature medical offices, exam rooms and an MRI machine. The second floor will offer medical office space that will be available for lease beginning in March 2021. The third story will include an ambulatory surgery center with operating and outpatient rooms. The facility will be located at 4513 Executive Drive, adjacent to two medical office buildings and 13 miles north of downtown Naples. A timeline for completion was not disclosed.

June 23, 2020

Development Multifamily Northeast Pennsylvania

Milhaus Underway on Phase II of $75M Multifamily Project in Pittsburgh

by Alex Patton June 23, 2020

PITTSBURGH — Milhaus, an Indianapolis-based developer, is underway on Phase II of Arsenal 201, a $75 million multifamily project in the Lawrenceville neighborhood of Pittsburgh. Located at 147 39th St., the project will add 343 apartment units in studio, one-, two- and three-bedroom floor plans to the existing 243 units. Amenities will include a fitness center, dog park and pet spa, outdoor kitchen, community courtyard and a pool. Ten percent of the units will be designated as affordable to residents earning 50 percent or less of the median area income. CrossHarbor Capital Partners, Citizens Bank, First Merchants Bank and Commonwealth Bank provided debt and equity financing for the project. Dwell Design Studio designed the project, and Franjo Construction is the general contractor. Construction is slated to be complete in summer 2022.

June 23, 2020

Acquisitions Loans Multifamily North Carolina Southeast

Berkadia Provides $17.9M Acquisition Loan for Multifamily Community in Fayetteville, North Carolina

by Alex Tostado June 23, 2020

FAYETTEVILLE, N.C. — Berkadia has provided a $17.9 million Fannie Mae acquisition loan for Ardmore Pointe, a 291-unit multifamily community in Fayetteville. The 10-year loan features a fixed 3.01 percent interest rate and a 65 percent loan-to-value ratio. The property offers one-, two- and three-bedroom floor plans averaging 1,051 square feet. Communal amenities include a clubhouse, pool, dog park, fitness center and a car wash area. The asset is situated at 3325 Oak Forest Drive, eight miles west of downtown Fayetteville. Mitch Sinberg and Brad Williamson of Berkadia originated the loan on behalf of the buyer, One Real Estate Investments. The seller and sales price were not disclosed.

June 23, 2020

Northeast Pennsylvania Retail

PREIT to Reopen All Malls, Retail Centers Across Its Portfolio by July 4

by Alex Patton June 23, 2020

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) plans to open all of its malls and retail centers, including its 900,000-square-foot Fashion District Philadelphia shopping and entertainment destination, by July 4. Following temporary store closures amid the COVID-19 outbreak, PREIT has reported an average occupancy rate of 85 percent among non-anchor tenants at its reopened properties. Retailers and restaurants at PREIT’s properties have implemented expanded sanitation and social distancing procedures, including outdoor dining service and contactless pickup. Many stores also offer complimentary masks to guests on entry. PREIT owns and operates more than 22.5 million square feet of space across more than 20 malls and retail centers concentrated in the Northeast and Southeast regions. Upon reopening, PREIT’s properties will employ more than 30,000 workers. The company’s stock price closed at $1.33 per share on June 22, compared with $6.22 per share at the same time last year.

June 23, 2020

Acquisitions Multifamily New York Northeast

Avison Young Brokers $22.2M Sale of Adjacent Apartment Buildings in Manhattan

by Alex Patton June 23, 2020

NEW YORK CITY — Avison Young has brokered the $22.2 million sale of two adjacent apartment buildings in the Greenwich Village neighborhood of Manhattan. Located at 103 and 105 MacDougal St., the two seven-story buildings total 72 multifamily units with one- and two-bedroom floor plans. The properties span 39,000 square feet, and one building includes a 5,000-square-foot retail space. James Nelson, Brandon Polakoff, Alexandra Marolda and David Shalom represented the undisclosed seller in the transaction. Davean Holdings was the buyer.

June 23, 2020

Acquisitions California Retail Western

Netflix Acquires Historic Egyptian Theatre in Hollywood

by Amy Works June 23, 2020

HOLLYWOOD, CALIF. — Netflix has acquired the Egyptian Theatre, a historic property that was originally built in 1922 in Hollywood. Netflix and the American Cinematheque, which purchased the theater in 1996, are collaborating to redevelop and continue operations at the theater. The Egyptian Theatre will remain the home of the American Cinematheque, a nonprofit, member-supported cultural organization, with its curation team continuing to autonomously program Friday, Saturday and Sunday events and showings. Netflix will invest in the property’s renovation and will use the revitalized space for special events, screenings and premieres during the week. The movie theater was originally built in during the silent film era and was the site of the first Hollywood movie premiere — Robin Hood, starring Douglas Fairbanks. In 2016, the theater was retrofitted to screen 35mm nitrate films and is now one of only four theaters in the United States capable of showing this rare, ultra-fragile and flammable film stock. Farshad Morè and Scott Sherwood of Gibson Dunn & Crutcher represented American Cinematheque in the transactions. Terms of the acquisition were not released.

June 23, 2020

Arizona Development Multifamily Western

Watermark Residential Buys Development Site for $43M Multifamily Community Near Phoenix

by Amy Works June 23, 2020

GILBERT, ARIZ. — Watermark Residential, a wholly owned affiliate of Thompson Thrift, has acquired a 10-acre land site located in Gilbert for the development of The Wyatt by Watermark, a $43 million apartment project located at 1205 S. Gilbert Road. Slated for completion in late 2021, The Wyatt will feature 216 one-, two- and three-bedroom apartments averaging 978 square feet. Units will include a gourmet bar-kitchen with granite countertops, stainless steel appliance packages, walk-in closets and full-size washers/dryers. Community amenities will include a clubhouse, 24-hour fitness center, swimming pool with cabana, pet-friendly park and dog spa. The Wyatt is the third of six developments to be funded by the Watermark 3G Development Fund II, which closed in late 2019. Watermark also owns the 250-unit Watermark at Gateway Place in Gilbert.

June 23, 2020

Acquisitions California Multifamily Western

Levin Johnston Negotiates $24.7M Sale of Marymount Place Apartments in Santa Clara, California

by Amy Works June 23, 2020

SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale Marymount Place Apartments, a multifamily property comprising three adjacent buildings in Santa Clara. Adam Levin and Robert Johnston of Marcus & Millichap’s Levin Johnston team represented the undisclosed buyer and seller in the $24.7 million transaction. The portfolio includes: 1962 Bellomy St. — Built in 1961, the 37-unit property features a mix of studio, one-, two- and three-bedroom layouts. The community sold for $15.9 million. 1978 Bellomy St. — Developed in 1964, the 14-unit apartment building offers a mix of one-, two- and four-bedroom floor plans. The property sold for $6.1 million. 1972 Bellomy St. — Constructed in 1951, the eight-unit property features one-bedroom floor plans and sold for $2.7 million. The portfolio offers shared community amenities including on-site laundry facilities, a swimming pool and covered parking.

June 23, 2020

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