Property Type

Five Ways in Which New Hampshire’s Multifamily Developers Are Making Life Easier

by Taylor Williams December 18, 2019

As the saying goes, “nothing worth having comes easy.” While this is true in many ways — especially in the real estate business — the multifamily market in New Hampshire is putting this saying to the test. Design and technology trends represent innovative ways to make life easier for new residents. The result is a revolution in convenience and lifestyle across developments from Nashua to Pittsburg and everywhere in between. Five trends in particular are driving this revolution in the multifamily space. 1. Maximum Flexibility “Flexibility” is a term thrown around in real estate now more than ever. The line between traditional commercial and residential spaces is blurry, with an ever-increasing focus on creating flexible work and gathering areas. Cubical farms are out and coworking spaces are rapidly expanding. The result is a blending of residential and commercial experiences, with office décor that feels like home and homes designed to act as secondary offices. Collaborative gathering areas, which would have been considered foreign just 10 years ago, are now a focal point in new buildouts. Tenants and developers see these spaces as “must haves,” not “nice to haves.” Flexibility also spills over to simple multifamily concepts such as package deliveries …

December 18, 2019

Development Mixed-Use Texas Top Stories

Loews Hotel, New Convention Center to Anchor $810M Development in Arlington, Texas

by Kristin Harlow December 18, 2019

ARLINGTON, TEXAS — The Arlington City Council has approved an $810 million expansion of the city’s Entertainment District. The project is a continuation of the public-private partnership between the city, the Texas Rangers baseball team, Loews Hotels & Co. and The Cordish Cos. At the forefront of the expansion is a $550 million, 888-room Loews hotel with 1,500 parking spaces. The hotel will be connected to the new Arlington Convention Center, which will offer 216,000 square feet of meeting and outdoor space. Other components of the project include a 280-unit apartment building with 100,000 square feet of retail, entertainment and coworking space operated by Spark; a 200,000-square-foot office building; and a new public garage with 1,900 parking spaces. The expansion is the next phase of a greater $4 billion vision by the development partners that began with the $250 million Texas Live! entertainment center, which opened in August 2018, and Live! By Loews Hotel, which opened in August 2019. Paired with the Rangers’ new Globe Life Field set to open in March 2020, the total investment of new development by the partnership totals more than $2.25 billion. “As an owner and operator, Loews Hotels has the advantage of deciding when …

December 18, 2019

Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Multifamily Developers, Investors Reveal Favorite Southeast Markets

by John Nelson December 18, 2019

ATLANTA — Multifamily developers and investors keep an ever-watchful eye on job and population growth in their target markets. In the Southeast, where several metros are seeing gains in those demand generators, which markets stand out? That was a central question posed during the regional panel discussions at France Media’s 10th annual InterFace Multifamily Southeast conference. The event took place Tuesday, Dec. 3 at The Whitley in Atlanta’s Buckhead district. The event drew 384 attendees in the multifamily real estate sector. The short list for the various speakers’ favorite markets include the usual suspects, namely Atlanta, Orlando, Tampa, Charlotte and Raleigh. These markets all have a recent track record of strong employment growth, which is traditionally a reliable indicator of multifamily demand. Norm Radow, CEO of Atlanta-based The RADCO Cos., warned though that not all jobs are created equally, which has long-term implications for the new apartment communities coming on line. “The majority of the people hired are on the low end of the wage scale and the few making a lot of money are tipping the average up,” said Radow during the conference’s Atlanta Market Update panel. “The workers are there to rent them, but we’re building a product …

December 18, 2019

Acquisitions Multifamily Southeast Virginia

CIM Purchases Two High-Rise Apartment Towers in Metro D.C. Totaling 939 Units

by Alex Tostado December 17, 2019

FALLS CHURCH, VA. — Los Angeles-based CIM Group has acquired Skyline Towers, two high-rise apartment buildings located in the Bailey’s Crossroads submarket of Falls Church. The 939-unit property, located at 5599 Seminary Road, sits on 12.7 acres about six miles from Washington, D.C. The two 26-story buildings were constructed in 1971 and feature a pool, fitness center, game room, conference rooms, screening theater, onsite salon and a convenience store. The complex has nearby access to Interstates 395, 95 and 495 and the George Washington Memorial Parkway. Skyline Towers joins CIM’s residential properties in nearby Alexandria: the Mason at Van Dorn, a 1,180-unit community; Park Place at Van Dorn, a 285-unit community; and the former Crowne Plaza Hotel Alexandria, which CIM plans to convert into 122 residential condominiums and 41 townhomes. The seller and sales price of Skyline Towers were not disclosed, but Washington Business Journal reports that Equity Residential, a multifamily REIT based in Chicago, was the seller.

December 17, 2019

Development Hospitality Southeast Tennessee

Safe Harbor Opens $82M Margaritaville Hotel Nashville in Downtown’s SoBro District

by Alex Tostado December 17, 2019

NASHVILLE, TENN. — Developer Safe Harbor Development LLC has opened the $82 million Margaritaville Hotel Nashville, a 12-story hotel featuring 166 guestrooms, as well as 52 suites. Davidson Hotels & Resorts manages the hotel, which is located at 425 5th Ave. S. in downtown Nashville’s SoBro (South of Broadway) district. Margaritaville Hotel Nashville is adjacent to the Country Music Hall of Fame, Bridgestone Arena, Music City Center and Honky Tonk Highway. Amenities include a rooftop pool, sundeck, fire pits, live entertainment, a fitness center, and two Margaritaville-branded restaurants: FINS Bar and JWB Grill. The hotel also includes nearly 11,000 square feet of indoor and outdoor customizable event space, as well as Radio Margaritaville’s Nashville studio.

December 17, 2019

Acquisitions Multifamily Southeast Tennessee

Cushman & Wakefield Brokers $50.5M Value-Add Multifamily Portfolio Sale in Tennessee

by Alex Tostado December 17, 2019

JACKSON, TENN. — Cushman & Wakefield has arranged the $50.5 million sale of a five-property, value-add portfolio totaling 667 apartments located throughout Tennessee. Cushman & Wakefield’s Robbie O’Bryan and Brad Boston represented the seller, Nashville-based Freeman Webb Co., in the transaction. Knoxville, Tenn.-based Dominion Group acquired the properties. The portfolio includes the 50-unit Whispering Oaks and the 228-unit The Hermitage, both located in Jackson. The other properties include the 101-unit Poplar Village in Murfreesboro, the 148-unit Ridgeside Apartments in Hixson and the 140-unit Papermill Square in Knoxville.

December 17, 2019

Development Hospitality Retail South Carolina Southeast

Capital Square, Method to Develop Hotel, Stores in Downtown Charleston

by Alex Tostado December 17, 2019

CHARLESTON, S.C. — Capital Square and Method Co. have announced plans to develop 529 King Street, a 50-unit hotel with ground-level retail space in the Cannonborough-Elliotborough neighborhood of historic downtown Charleston. Capital Square has established a project-specific opportunity zone fund called CSRA Opportunity Zone Fund IV LLC, which seeks to raise $7.7 million in equity from investors willing to invest a minimum of $100,000 to fund the hotel development. Method’s ROOST Apartment Hotel brand will operate the hotel. Designed by New York-based Morris Adjmi Architects, the five-story property will feature 4,218 square feet of retail space, valet-operated parking spaces, a courtyard and rooftop lounge. The property will also feature a fitness center, library and coworking space on each floor.

December 17, 2019

Florida Loans Multifamily ORIX Southeast

Hunt Provides $67.6M Freddie Mac Refinancing for New Multifamily Property in Broward County

by Alex Tostado December 17, 2019

HALLANDALE BEACH, FLA. — Hunt Real Estate Capital has provided a $67.6 million refinance loan for Artsquare at Hallandale, a multifamily property located in Hallandale Beach, approximately 13 miles south of Fort Lauderdale. The borrower is Hallandale Land Ventures LLP, a subsidiary of Integra Investments. The Freddie Mac Lease-Up loan has an 11-year term with four years of interest-only payments, followed by a 30-year amortization schedule. Built in 2018, the 358-unit community is located at 401 N. Federal Highway, less than two miles from the Atlantic Ocean. The property comprises six residential buildings located on a contiguous 2.7-acre parcel. Three of the buildings are walkups and the other three are mid-rises. Artsquare’s amenities include a pool, fitness center, yoga/spin studio, outdoor lounge, dog wash station, club room, social lounge, conference room, kids’ room and a private theater. The property also features six retail spaces totaling 13,500 square feet, as well as 328 covered parking spaces and 210 surface parking spaces. Artsquare’s current retail tenants include Land of a Thousand Hills Coffee and Orangetheory Fitness.

December 17, 2019

Development Industrial Northeast Pennsylvania Self-Storage

Metro Storage, FRC Open 785-Unit Self-Storage Facility in Line Lexington, Pennsylvania

by Alex Patton December 17, 2019

LINE LEXINGTON, PA. — A partnership between Metro Storage LLC and Fremont Realty Capital (FRC) has opened a 785-unit self-storage facility in Line Lexington, located approximately 30 miles north of Philadelphia. The two-story facility, located at 4671 County Line Road, offers 79,383 rentable square feet of climate-controlled space and features interior loading bays, elevators, security and a retail office. The property is Metro’s 11th self-storage facility in Pennsylvania.

December 17, 2019

Development Multifamily Northeast Pennsylvania Seniors Housing

Capitol Seniors Housing Breaks Ground on 86-Unit Community in Exton, Pennsylvania

by Alex Patton December 17, 2019

EXTON, PA. — Capitol Seniors Housing has started construction of Arbor Terrace Exton, an 86-unit assisted living and memory care community in the Philadelphia suburb of Exton. The 78,000-square-foot community will be located near major medical facilities, restaurants and shopping centers. The Arbor Company will operate the community upon completion, which is slated for winter 2020. Meyer Senior Living Studio is the designer on the project.

December 17, 2019

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