AUSTIN, TEXAS — The ITEX Group, in partnership with the Housing Authority City of Austin (HACA), has reopened Pathways at Gaston Place, an affordable seniors housing community in Austin. HACA owns the property, which was initially built in 1978 to provide housing to the elderly (62 or older), disabled or those displaced by natural disasters. ITEX provided development and construction services for the redevelopment project. Gaston Place was in need of repairs, renovations and upgrades to meet requirements of the Americans with Disabilities Act (ADA). These changes, along with several common area upgrades throughout the community, will help provide improved homes for residents just north of downtown Austin. Gaston Place is currently 100 percent occupied.
AUSTIN, TEXAS — Kirksey Architecture, which has more than $500 million worth of projects underway throughout Central Texas, has opened a new, 2,500-square-foot office at 1701 Directors Blvd. in south Austin. The company’s main office is located in Houston. Executive vice president Benito Guerrier and vice presidents David Dalton and Kathleen Jircik will head the company’s Austin office. Kirksey officially took occupancy of the space in June 2018.
MCKINNEY, TEXAS — Metro Dallas-based Bright Realty has brokered the sale of a 2,144-square-foot office condominium located at 501 Medical Center in McKinney, a northern suburb of Dallas. The property offers access to both U.S. Highway 75 and the Sam Rayburn Tollway. Britton Lankford and Nick Miller of Bright Realty represented the seller in the transaction. The buyer and sales price were not disclosed.
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.
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.
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.
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.
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.
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 …
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 …