Property Type

Hudson Capital Acquires 498-Unit Multifamily Community Near Atlanta

by Alex Tostado May 29, 2019

WOODSTOCK, GA. — Hudson Capital Properties (HCP) has acquired Bell Woodstock, a 498-unit, garden-style multifamily community in Woodstock. HCP plans to raise rents over the next five to seven years before renovating the property. The community is situated at 1 Sycamore Lane, 29 miles north of downtown Atlanta. Communal amenities include a nine-hole putting green, Starbucks Coffee bar, conference room, resident lounge, two swimming pools, two tennis courts, two car care centers, clothes care center, fitness center, grilling areas, outdoor kitchen and a sand volleyball court. Kevin Geiger of CBRE represented the undisclosed seller in the transaction. The sales price was not disclosed.

May 29, 2019

Development Florida Multifamily Seniors Housing Southeast

SRI Management, Gordon Cos. Open 125-Unit Assisted Living Community in Central Florida

by Alex Tostado May 29, 2019

LADY LAKE, FLA. — SRI Management LLC has opened Village Veranda, a 125-unit assisted living and memory care seniors community in Lady Lake, about 50 miles northwest of Orlando. Gordon Cos. developed the community for owner Village Veranda Lady Lake LLC. SRI Management is the operator. The 117,000-square-foot community offers 100 assisted living apartments up to 875 square feet and ranging from studio to two-bedroom options. In addition, the facility offers 25 memory care apartments between 350 and 449 square feet. Forum Architecture & Interior Design Inc. was the designer on the project, while Core Construction led the building team.

May 29, 2019

Acquisitions Florida Multifamily Southeast

Rock Apartment Advisors Arranges $14.9M Sale of Multifamily Complex in Florida Panhandle

by Alex Tostado May 29, 2019

CRESTVIEW, FLA. — Rock Apartment Advisors has arranged the $14.9 million sale of Pinnacle Pointe Apartments, a 150-unit multifamily complex in Crestview. The three-story, garden-style apartment development was built in 2010 and offers one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, clubhouse, fitness center, outdoor grilling stations, garage, storage units and a dog park. Boston-based Stratford Management Co. acquired the property. Donald Gambril of Rock Apartment Advisors represented the undisclosed seller in the transaction.

May 29, 2019

Acquisitions Multifamily Southeast Virginia

Colliers Brokers $9M Sale of Apartment Complex in Charlottesville

by Alex Tostado May 29, 2019

CHARLOTTESVILLE, VA. — Colliers International has arranged the $9 million sale of Carrollton Terrace Apartments, a 24-unit multifamily property in Charlottesville. The community offers two-, three- and four-bedroom floor plans, was built in 2005 and is situated one mile from the University of Virginia off Jefferson Park Avenue. Charles Wentworth, Hank Hankins, Rawles Wilcox, Victoria Pickett, Clay Ellis and Will Mathews of Colliers represented the seller, BRJ Virginia LLC, in the transaction. Carrollton Terrace LLC, an affiliate of Flag Holding LLC, purchased the property.

May 29, 2019

Georgia Leasing Activity Office Southeast

Spaces Signs 40,000 SF Office Lease in Atlanta’s Central Perimeter Submarket

by Alex Tostado May 29, 2019

ATLANTA — Coworking firm Spaces will occupy 40,000 square feet of Building I within The Collective at Concourse in Atlanta’s Central Perimeter submarket. Spaces will occupy the entire eighth floor, as well as conference space, by November. Totaling 751,093 square feet, Buildings I, II and IV at The Collective at Concourse are undergoing a $6 million renovation to improve lobbies with collaboration spaces, natural light, new conference centers and a new greenspace for community events. This will be Spaces’ sixth location in metro Atlanta.

May 29, 2019

Affordable Housing Development Hawaii Multifamily Top Stories Western

State of Hawaii, Standard Communities Unveil $223.9M Plan to Rehabilitate 1,221 Affordable Housing Units

by Kristin Harlow May 29, 2019

HAWAII — Standard Communities, in partnership with the State of Hawaii and Honolulu-based Stanford Carr Development, has unveiled a $223.9 million public-private partnership that will reposition 1,221 affordable housing units across six properties on the islands of Oahu, Hawaii and Maui. “Leveraging private funds through partnerships like this is a more efficient use of state resources,” says Gov. David Y. Ige. “It’s more cost effective to sell the leasehold interest and have Standard Communities and Stanford Carr Development bring private capital to pay for renovations and other capital improvements through the sale.” In the first transaction, Standard Communities acquired five of the six properties for a total of 995 units. The sixth is expected to close in the coming months. The seller was Hawaii Housing Finance and Development Corp. (HHFDC), a state-run agency. The new partnership preserves all the units as affordable housing for the long-term, though the exact length of that deal was not disclosed. The portfolio will undergo an $85 million rehabilitation. Residents will receive project-based rental assistance. As part of the rehabilitation, unit interiors will be renovated, building systems will be modernized and the common areas will be updated to house a comprehensive offering of services and …

May 29, 2019

Market Reports Multifamily New York Northeast Northeast Market Reports

New York City Multifamily Market to Experience Reduced Supply in 2020

by Kristin Harlow May 29, 2019

As the second-largest city economy in the world, New York City continually retains its reputation as one of the most desirable locations for long-term real estate capital appreciation, both nationally and globally. In turn, increasing rent growth and decreasing vacancies have characterized the New York City multifamily market as the influx of supply in 2018 quickly gets absorbed. In the next 24 months, the city will see a dramatic reduction in the new supply of rentals, with current projections for 2019 to 2020 estimating 12,000 units to come on line. This figure represents a substantial decrease from the 20,680 units that were delivered in 2018. Of those 20,680 units, Queens and Brooklyn accounted for more than 50 percent of the new supply. Despite these deliveries, effective rent grew in 2018 by 2.9 percent in Manhattan, 2.2 percent in Brooklyn and 3 percent in Queens. Total multifamily sales volume in Manhattan for 2018 was $6.8 billion, an 83 percent increase from 2017’s total transaction volume of $3.7 billion. With 181 total transactions, properties that traded for more than $50 million made up 65 percent of the volume in 2018 across 22 trades. Similarly, sales in Brooklyn hit a record volume of …

May 29, 2019

iSports-Athletic-Facility-Cedar-Park-Texas

Development Retail Texas

iSports Breaks Ground on 206,000 SF Athletic Complex in Metro Austin

by Taylor Williams May 28, 2019

CEDAR PARK, TEXAS — iSports Cedar Park Ltd., an entity formed by a coalition of local real estate professionals and led by developer Eric Perardi, has broken ground on a 206,000-square-foot athletic complex in the northern Austin suburb of Cedar Park. Situated on 15.4 acres at the corner of U.S. Highway 183 and Scottsdale Drive, the complex will house tenants dedicated to elevating athletic performance. These include Austin-based Chaparral Ice, which will operate the facility’s two regulation-sized hockey rinks, and Nashville-based D1 Training, which has trained and rehabilitated famous athletes such as Tim Tebow, Von Miller and Peyton Manning. iSports is also seeking tenants that can operate the complex’s private gym, competitive cheerleading and gymnastics programs, sand volleyball courts, rehabilitation facilities and sports retail stores. Construction is expected to last a little more than a year, with the development team hoping to open the complex by next summer.

May 28, 2019

Development Industrial Self-Storage Texas

Jenkins Organization Opens 850-Unit Self-Storage Facility in Downtown Houston

by Taylor Williams May 28, 2019

HOUSTON — The Jenkins Organization, a locally based developer and manager of self-storage properties, has opened EaDo Storage, an 850-unit facility located at 1025 Sampson St. in downtown Houston. The Class A property spans 110,000 square feet and offers climate- and non-climate-controlled space. Additional features will include gated entry, electronic security monitoring throughout and space for a live-in, onsite manager.

May 28, 2019

Acquisitions Industrial Texas

Finial Group, TriGate Capital Buy 227,709 SF Industrial Property in Dallas

by Taylor Williams May 28, 2019

DALLAS — A partnership between Houston-based Finial Group and Dallas-based TriGate Capital LLC has acquired Westwood Business Park, a 227,709-square-foot industrial property in Dallas. The development spans 12 buildings and offers proximity to Interstates 35 and 635. Finial Group, which will handle leasing and management of Westwood Business Park, recently acquired another industrial property in the DFW metroplex and is actively seeking additional investment opportunities in the region. The seller and sales price were not disclosed.

May 28, 2019

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