Property Type

Despite Headwinds, Demand Remains High for Seniors Housing, Says CBRE Survey

by Jeff Shaw July 30, 2019

LOS ANGELES — Appetite for seniors housing remains strong despite higher operating costs, with nearly two-thirds of investors planning to increase their buying over the next 12 months, according to the CBRE U.S. Seniors Housing & Care Investor Survey. CBRE is a global real estate services firm based in Los Angeles. The survey polled more than 100 seniors housing investors, developers, lenders and brokers throughout the United States. The results reflect pricing and sentiment at the end of 2018. The majority of investors (62 percent) aim to expand the size of their portfolios over the next year. More than one third (34 percent) are expecting no change to their level of acquisitions. The percentage of investors who plan to increase (or maintain) their level of investment in seniors housing is essentially unchanged from last year’s survey. “Senior housing demand should remain at relatively healthy levels through 2019, given expected steady economic growth and lower mortgage rates,” says Jeanette Rice, Americas head of multifamily research at CBRE. “Demographic trends are positive for the asset class, with the baby boomers nearing the traditional age for seniors housing and nearly 9,000 turning 70 every day this year.” Investors remain focused on “lifestyle” seniors housing, …

July 30, 2019

Acquisitions Multifamily Texas

Saxony Capital Acquires 310-Unit Apartment Community in Longview, Texas

by Taylor Williams July 30, 2019

LONGVIEW, TEXAS — Saxony Capital Management has acquired Pine Knoll, a 310-unit multifamily community in Longview, located about 120 miles east of Dallas. Built in 1983, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, a spa and onsite laundry facilities. Mark Brandenburg of JLL originated an undisclosed amount of fixed-rate acquisition financing through Freddie Mac for the deal. The seller was not disclosed.

July 30, 2019

Acquisitions Industrial Texas

Brennan Investment Group Sells 129,061 SF Industrial Property in Dallas

by Taylor Williams July 30, 2019

DALLAS — Chicago-based Brennan Investment Group has sold 8820 Ambassador Row, an industrial property located near Love Field Airport and Interstate 35 in Dallas. According to LoopNet Inc., the property was built in 1966 on 5.9 acres and totals 129,061 square feet. The building serves as the corporate headquarters of Delivery Limited and houses all of its storage, logistics and administrative functions. The buyer was not disclosed.

July 30, 2019

Development Healthcare Texas

Kelsey-Seybold to Open 37,000 SF Healthcare Clinic in Metro Houston

by Taylor Williams July 30, 2019

KATY, TEXAS — Multi-specialty healthcare provider Kelsey-Seybold will open a 37,000-square-foot clinic at Grand Morton Town Center, a 91-acre development by NewQuest Properties in the western Houston suburb of Katy. The two-story clinic is slated to be complete in April 2020 and has the capacity for 17,000 square feet of future expansion.

July 30, 2019

Loans Multifamily Texas

LMI Capital Arranges Two Loans Totaling $36M for Houston Multifamily Assets

by Taylor Williams July 30, 2019

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two loans totaling $36 million for a pair of multifamily assets in southwest Houston. In the first transaction, Jamie Mullin of LMI Capital placed a $21 million loan for the refinancing of a 430-unit property. The loan featured a 3.99 percent interest rate and five-years of interest-only payments. In the second deal, Mullin arranged a $15 million, floating-rate loan for the acquisition of a 275-unit community. The borrowers and property names were not disclosed.

July 30, 2019

Development Multifamily Seniors Housing Texas

Discovery Completes Renovation Project at Seniors Housing Community in Tulsa

by Taylor Williams July 30, 2019

TULSA, OKLA. — Discovery Senior Living has completed renovations at Country Club at Woodland Hills, a senior living community in Tulsa. A grand unveiling of the updated areas was held Saturday, July 27. Country Club at Woodland Hills offers independent living and respite care. The number of units was not disclosed. The renovations largely took place in the common areas, including exterior enhancements, a new fitness center and improvements to other amenities and lifestyle programs.

July 30, 2019

Acquisitions Development Illinois Midwest New York Northeast Student Housing Top Stories

Core Spaces Aligns with Goldman Sachs in $600M Student Housing Deal

by John Nelson July 30, 2019

CHICAGO AND NEW YORK CITY — Student housing developer Core Spaces has entered into a partnership with Goldman Sachs (NYSE: GS) to recapitalize nine of its properties in a deal valued at $600 million. The national portfolio consists of seven operating student housing properties and two projects under development, totaling 4,358 beds. The Wall Street Journal reports that Goldman Sachs will likely utilize its newly launched, $2.5 billion real estate investment fund for the Core student housing portfolio. The newspaper reports that the New York-based financial giant has purchased more than $30 billion in real estate since 2012 mostly using its own capital. Core will keep a small ownership percentage in the portfolio and keep the assets under its management. The deal is a strategic decision by the Chicago-based firm to aggregate its portfolio with an institutional investor and retain an interest in its developed properties for the long haul, says Core’s founder and CEO, Marc Lifshin. “We believe in the long-term performance of our assets,” he says. “Our assets have proven to perform over time. We would rather be involved for the growth period. It creates a much more sustainable model for us going forward.” The operating properties that …

July 30, 2019

Development Georgia Industrial Southeast

Cabot, Republic Property Break Ground on 275,000 SF Distribution Center Near Atlanta for Biolab Inc.

by Alex Tostado July 29, 2019

CONYERS, GA. — Cabot Properties and Republic Property Co. have broken ground on a 275,000-square-foot, build-to-suit distribution center in Conyers. Biolab Inc. will occupy the entire building upon completion. Biolab, which has operated in Conyers since 1973, will use the new facility to house production and storage space for pool and spa water-treatment chemicals. The center will feature a 32-foot ceiling clear height, fifteen overhead dock doors and two drive-in doors. ARCO Design/Build is the general contractor. A timeline for completion was not disclosed.

July 29, 2019

Development Hospitality Kentucky Southeast

Thrash Group Opens 120-Room Hotel Within Summit at Fritz Farm in Lexington

by Alex Tostado July 29, 2019

LEXINGTON, KY. — The Thrash Group has opened Origin Lexington, a 120-room, 76,000-square-foot hotel situated within The Summit at Fritz Farm in Lexington. Origin Lexington includes 2,100 square feet of meeting space as well as 33 Staves, a restaurant named after the number of wooden stave pieces needed to form a full-sized oak barrel used to age bourbon. Amenities at the hotel include a fitness center, in-room yoga kits and in-room tents and sleeping bags. Birmingham, Ala.-based Bayer Properties is the owner and developer of Summit at Fritz Farm, an outdoor shopping center that has more than 60 retailers and restaurants across 54 acres.

July 29, 2019

Acquisitions Multifamily South Carolina Southeast

Spectrum Sells Multifamily Community in Charleston for $51.1M

by Alex Tostado July 29, 2019

CHARLESTON, S.C. — The Spectrum Cos. has sold Paxton Point Hope, a 274-unit multifamily community in Charleston, for $51.1 million. Paxton Point offers studio through three-bedroom floor plans. Communal amenities include a 4,100-square-foot fitness center, 7,500-square-foot clubhouse, saltwater swimming pool, dog park, game room and an outdoor grilling area. The Spectrum Cos. delivered the property earlier this summer and it was 35 percent occupied at the time of sale. Capstone Apartment Partners represented the seller in the transaction and procured the buyer, VTT Management.

July 29, 2019

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