SOUTH SALT LAKE CITY, UTAH — Playa Vista, Calif.-based DB Capital Management has acquired a two-property multifamily portfolio in South Salt Lake City for an undisclosed price in an off-market transaction. The properties are Haven Gardens, built in 1961, and Hidden Chalet, built in 1976. The buyer plans to spend approximately $24,000 per unit in interior and exterior renovations to the properties, as well as address deferred maintenance issues. Mark Jensen, Greg Ratliff and Rawley Nielson of Colliers International, Utah, arranged the transaction. Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets arranged acquisition bridge financing for the buyer. The name of the seller was not released.
TEMPE, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has purchased Dolce Villaggio Townhomes, a multifamily property in downtown Tempe. An undisclosed seller sold the property for $11.5 million, or $310,811 per unit. Dolce Villaggio features 37 apartments in a mix of two- and three-bedroom floor plans, all with attached two-car garages. Constructed in 2007, the property also features a swimming pool and spa. Bascom Arizona Ventures plans to invest in capital improvements to the property, including upgrades to the pool and unit interiors. Arizona-based MEB Management Services will operate the property. Comerica Bank provided debt financing for the acquisition, which Erich Pryor of Talonvest Capital arranged. Chris Roach, Matt Roach and Brad Cooke of Colliers International advised the buyer and seller in the transaction.
NORTHRIDGE, CALIF. — Ready Capital has closed a $4.6 million loan for the acquisition, renovation and lease-up of an approximately 12,000-square-foot Class B retail strip center in Northridge in the Western San Fernando Valley submarket. Upon acquisition, the undisclosed sponsor will implement capital expenditures to improve the façade and interiors, while converting a portion of the space into a modern food hall. The non-recourse, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The loan is also inclusive of a facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfalls.
CHICAGO — Luxury Living Chicago Realty plans to begin pre-leasing The Jax in March. The 10-story apartment building is located at 1220 W. Jackson St. in Chicago’s West Loop. First move-ins are slated for April. The 166-unit apartment building features 7,600 square feet of retail space. Amenities include a rooftop lounge, fitness center, dog area, demonstration kitchen, package receiving room and bike storage. Floor plans range from studios to two-bedroom units. Monthly rents will range from approximately $1,695 to $3,895. LG Development is the project developer.
OVERLAND PARK, KAN. — Sherman Residential has purchased The Sovereign at Overland Park for an undisclosed price. Constructed in 2013, the 250-unit apartment community spans 24 buildings on 42 acres. Amenities include a fitness center, pool, business center, resident lounge and pet washing station. Sherman will also assume management of the garden-style property.
HOMER GLEN, ILL. — Baum Realty Group LLC has arranged the $2.9 million sale of a single-tenant property net leased to Chili’s in Homer Glen, located about 30 miles southwest of Chicago. The property serves as an outlot to Home Depot and The Square at Gooding’s Grove, a new 13.5-acre mixed-use development that will feature 76 townhomes. Patrick Forkin of Baum represented the seller, a private out-of-state investor. A major real estate fund based in Miami purchased the asset. The lease is guaranteed by Brinker International, a casual dining restaurant company.
POPLAR BLUFF, MO. — Hanley Investment Group Real Estate Advisors has brokered the $2 million sale of a two-tenant retail building in Poplar Bluff in southeastern Missouri. The 3,750-square-foot property serves as an outparcel to Mansion Mall. Built in 2018, the building is leased to Starbucks and Verizon. Jeff Lefko and Dylan Mallory of Hanley represented the seller, a local private investor. Craig Dunkle of Marcus & Millichap represented the buyer, a New Jersey-based private investor. The sales price represents a cap rate of 6.4 percent.
With its unique culture, relatively low cost of living, warm weather and booming economy, Austin has emerged as one of the fastest-growing cities in the United States. As more people and companies flock to this vibrant city, the multifamily real estate market looks primed for growth from both a development and investment perspective. At its core, this real estate potential lies in the fact that the housing supply needs to keep up with a growing population of workers. According to the Austin Board of Realtors (AboR), in October 2019, the number of homes sold reached new highs, while the inventory of single-family homes reached new lows. As this gap shows, and as ABoR notes in its report, housing demand is outpacing housing stock, particularly in areas close to major employers and transit options. To remedy this problem, multifamily developers and investors can step in to build multi-unit buildings throughout Austin. Adding multifamily buildings can help tackle the housing shortage much faster than building more single-family homes, and many newcomers to Austin are young, well-paid professionals looking to rent apartments in exciting urban neighborhoods. As such, developers and investors can look to add more units in both existing high-density areas that …
At this point, it sounds like the movie “Groundhog Day,” but 2019 was another impressive year of growth and success for the greater Boston life sciences real estate market — and that growth shows no signs of subsiding any time soon. Duncan Gratton, Cushman & Wakefield Strong levels of venture capital investment, big pharmaceutical partnerships and merger and acquisition activity continued to fuel unprecedented demand for life sciences space, not only in and around Cambridge but also in submarkets like the Seaport, Watertown and certain Route 128 corridors. Venture capital (VC) funding for life sciences, while not quite at 2018 levels, remained robust with nearly $6 billion invested through the end of November. Major funding deals that closed in 2019 include Ginkgo Bioworks ($290 million), ElevateBio ($150 million) and Beam Therapeutics Inc. ($135 million), which all committed to leasing lab space in existing buildings and new developments throughout the area. Supply-Demand Balance The urban Massachusetts life sciences market, which includes Boston, Cambridge, and the inner suburbs of Watertown, Lexington, Medford and Waltham, now enjoys an inventory of about 20 million square feet and ended 2019 with a vacancy rate of just over 4 percent. Successful speculative developments at Arsenal Yards …
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into a contract to sell a 36-story mixed-use tower and an adjacent undeveloped parcel in Manhattan for $446.5 million. An affiliate of Brookfield Asset Management (NYSE: BAM) is the buying entity for the 492,987-square-foot building at 315 W. 33rd St. on the borough’s west side. Also known as The Olivia, the mixed-use tower features 333 residential units and 270,132 square feet of commercial space. The residential portion is 96 percent occupied, and the commercial space is fully leased to tenants including AMC Theatres, Music Choice and Landmark Education. The Olivia’s community amenities include a residents’ lounge, laundry room, onsite parking, fitness center, bicycle storage, resident app, valet services, 24-hour lobby and rooftop terrace. The property is near Madison Square Garden, the Hudson River and Penn Station. Darcy Stacom of CBRE represented SL Green Realty in the sale transaction, which is expected to close in the second quarter. No details were released about Brookfield’s plans for the parcel. “This sale is another example of SL Green’s commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program,” says David Schonbraun, co-chief investment …