Property Type

Santa-Monica-La-Cienega-Blvds-Los-Angeles-CA

CBRE Brokers $22.5M Sale of Development Site in West Hollywood

by Amy Works March 24, 2020

LOS ANGELES — CBRE has arranged the sale of a 30,146-square-foot development site, located at the intersection of Santa Monica and La Cienega boulevards in the West Hollywood area of Los Angeles. A Los Angeles-based real estate development firm acquired the asset from a private family for $22.5 million. The property currently features three commercial structures on several parcels. The asset is zoned for an array of uses, including mixed-use, multifamily, hotel and other commercial functions. Matthew Greenberg, Alex Kozakov and Pat Wade of CBRE represented the seller, while Chris Tresp, also of CBRE, represented the buyer in the deal.

March 24, 2020

California Development Multifamily Western

Meta Housing Completes 33-Unit Affordable Apartment Project in Los Angeles

by Amy Works March 24, 2020

LOS ANGELES — Los Angeles-based Meta Housing, in a joint venture partnership with Western Community Housing, has completed Metro @ Western, a transit-oriented, affordable apartment community Los Angeles. Located 3671 S. Western Ave., Metro @ Western features 33 apartments in a mix of one-, two- and three-bedroom units. The four-story property offers a variety of community amenities including outdoor lounge areas, a community room with kitchen and a play structure. The property also obtained LEED Gold certification and includes numerous sustainable features. Meta and Western Community Housing partnered with several public entities, including the U.S. Department of Veterans Affairs, Los Angeles County Development Authority, the State of California, the County of Los Angeles and City of Los Angeles to bring the $20.1 million apartment community to fruition.

March 24, 2020

Acquisitions Mixed-Use Multifamily Office Oregon Retail Western

Marcus & Millichap Negotiates $6.2M Sale of Broadway Town Square Mixed-Use Asset in Oregon

by Amy Works March 24, 2020

SALEM, ORE. — Marcus & Millichap has negotiated the sale of Broadway Town Square, a mixed-use property located at 1127 Broadway St. NE in Salem. A limited liability company sold the property to an undisclosed buyer for $6.2 million. The sale included two condominiumized, multi-story buildings connected by a skybridge totaling approximately 38,056 square feet of rentable space and the underlying 1.57-acre lot. Developed in 2009 by Telos Development Co., the property features 21 multifamily units, seven retail/office suites and Salem Cinema, a three-screen independent theater. Sean Houser and Will Stone of Marcus & Millichap’s Portland office represented the seller in the transaction.

March 24, 2020

Hospitality Massachusetts New Jersey New York Northeast Pennsylvania

Oxford Economics Study Projects 44 Percent Hotel Job Losses Nationwide

by Alex Patton March 24, 2020

NEW YORK, NEW JERSEY, PENNSYLVANIA, MASSACHUSETTS — An Oxford Economics study for the American Hotel & Lodging Association (AHLA) has found that 44 percent of hotel employees in every state have lost or are projected to lose their jobs as a result of the COVID-19 outbreak. AHLA reports that hotel occupancy rates in some markets are below 20 percent following restrictions of air-travel and business shutdowns in many states, including New York. Of the state’s 112,897 direct hotel operations jobs, 49,674 have been lost or are projected to be lost in the coming weeks. Hotel job loss has also affected other major markets in the Northeast including New Jersey (52,490 jobs, 23,096 lost); Pennsylvania (65,229 jobs, 28,701 lost); and Massachusetts (40,562 jobs, 17,847 lost).

March 24, 2020

Acquisitions Multifamily New Jersey Northeast Retail

JLL Arranges $29.6M Sale of Residential, Retail Property in Metuchen, New Jersey

by Alex Patton March 24, 2020

METUCHEN, N.J. — JLL has arranged the $29.6 million sale of The Hub at Metuchen, a Class A residential and retail property located southwest of New York City. Located at 656-660 Middlesex Ave., the property includes 79 apartment units and 11,203 square feet of retail space. Residential amenities include a fitness center and a resident lounge. Jose Cruz, Steve Simonelli and Michael Oliver led a JLL team that represented the seller, Renaissance Properties. A private buyer purchased the asset.

March 24, 2020

Acquisitions Massachusetts Northeast Office

NKF Brokers Sale of 104,000 SF Office Building in Norwell, Massachusetts

by Alex Patton March 24, 2020

NORWELL, MASS. — Newmark Knight Frank (NKF) has brokered the sale of 42 Longwater Drive, a 104,000-square-foot office building in Norwell, located approximately 25 miles southeast of Boston. The property is situated within the 1 million-square-foot Assinippi Park office complex and is located in close proximity to several retail destinations, including Derby Street Shops, Merchant’s Row and the newly redeveloped Hanover Mall. Edward Maher, Matthew Pullen and Samantha Hallowell led an NKF team that represented the seller, The RMR Group. The buyer, waste management company Clean Harbors, has used the building as its headquarters since 2005. The sales price was undisclosed.

March 24, 2020

Company News District of Columbia Loans Multifamily Seniors Housing Southeast Student Housing Top Stories

Freddie Mac, Fannie Mae Enact 90-Day Financial Relief Plan for Multifamily Borrowers, Tenants

by John Nelson March 24, 2020

WASHINGTON, D.C. — Freddie Mac and Fannie Mae have separately announced nationwide initiatives to provide financial relief for their multifamily borrowers and tenants affected by the outbreak of coronavirus disease of 2019 (COVID-19). The two government-sponsored enterprises are enacting programs that allow their borrowers to defer monthly payments for up to 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval. Additionally, participants in the program must agree to not evict their renters who are facing financial hardship due to the current health crisis. The agencies anticipate the initiatives could impact more than 54,000 apartment communities across the country. “This program is historic in its size, and it has the potential to provide relief to millions of families in multifamily rental homes financed through a Freddie Mac loan,” says Debby Jenkins, executive vice president and head of Freddie Mac Multifamily, which implemented a similar forbearance plan in 2017 following Hurricane Harvey in Houston. “Countless Americans are facing unimaginable hardships, and Freddie Mac is doing what we can to provide relief as our nation addresses this global pandemic,” says Jenkins. The outbreak of COVID-19 is likely to push the United States into a recession as the …

March 24, 2020

Market Reports Multifamily Texas Texas Market Reports

Fort Worth Rises on Multifamily Investors’ Radars

by Taylor Williams March 24, 2020

The U.S. economy’s continued expansion, combined with the migration of people from high-tax states in the Northeast and California, bodes well for multifamily real estate investment in metros across the Southeast and Texas. Many cities in the so-called “Sun Belt” will continue to experience strong demand for apartments thanks to the low cost of living and new jobs stemming from corporate investment across the region. The Fort Worth market has been a beneficiary of all of these dynamics, and there are a plethora of compelling reasons why multifamily investors are eager to invest in the Panther City. Population Boom Fort Worth’s population has seen considerable expansion over the past decade, serving as a catalyst for Texas to become a leader in this key fundamental. U.S. Census Bureau data shows that from 2010 to 2018, Texas led the nation in population growth with over 3.5 million new residents, 1 million of which moved to the DFW area between 2010 and 2019. Just this past year alone, Texas continued to be a national leader in population growth, with Tarrant County coming in at No. 3 for total new out-of-state residents, according to the Texas Association of Realtors®. In terms of how this …

March 24, 2020

Multifamily Texas

Texas Supreme Court Votes to Suspend Residential Evictions Through April 19

by Taylor Williams March 23, 2020

AUSTIN, TEXAS — The Texas Supreme Court voted late last week to delay residential evictions across the state through April 19 as part of the state’s response to the spread of COVID-19, the disease caused by the coronavirus. The order includes limited exceptions in cases where a renter poses an imminent threat of physical harm to others or engages in criminal activity. In voicing its support of the decision, the Texas Apartment Association, which comprises some 12,000 member companies that own and operate more than 2.2 million rental homes, encouraged landlords and managers to waive late fees and negotiate payment plans to help keep residents in their homes.

March 23, 2020

Company News Retail Texas

Studio Movie Grill Temporarily Closes All Venues

by Taylor Williams March 23, 2020

DALLAS — Texas-based entertainment concept Studio Movie Grill will temporarily close all locations nationwide in an effort to combat the spread of COVID-19. The company, which has 14 venues in Texas, said it would refund pre-purchased ticket sales and suspend billing on all subscription plans until its theaters have fully reopened. The company also pledged to actively maintain health insurance benefits for employees and to create a fund to support team members’ in dire financial circumstances.

March 23, 2020

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