MINNEAPOLIS — Lupe Development Partners plans to break ground on an affordable housing project in the Whittier neighborhood of Minneapolis this spring. The start date for construction was unveiled after Lupe received a $1.2 million grant from the Metropolitan Council’s Livable Communities Demonstration Account and a $2.4 million loan from the Minneapolis City Council’s Affordable Housing Trust Fund. The first of the two buildings will be located at 410 W. Lake St. and will include 111 affordable housing units. Nine of the units will be reserved for homeless veterans. Construction of Phase II, an identical building, is slated for 2020. To be eligible for housing, residents must meet income restrictions of $30,000 to $42,000 per year. Located close to the Midtown Greenway, the development will feature a green roof, solar panels, a fitness facility, a business center, community rooms, outdoor decks and a bike room with a repair station.
It’s starting to feel like the 1970s all over again in Reno’s multifamily market. This is particularly true in terms of occupancy. A recent report from RealPage noted the current market’s eye-popping 97.3 percent multifamily occupancy level. This figure was only eclipsed once, nearly four decades ago, at a double eye-popping 97.9 percent when the region experienced a spike in new jobs. Reno’s total job count continues to grow at a record pace, fueling a nearly full apartment market. But, of course, the housing and job markets in Reno are both much larger than they were in the ‘70s, though there are similarities. In fact, current market conditions bring to mind the ages-old adage, “Those who fail to heed the lessons of the past are condemned to repeat them.” Developers cannot build multifamily units fast enough to sate demand. New residents arriving for new jobs cannot easily find an apartment, and those who do may have to pay a higher-than-expected rental rate. Consider this from the U.S. Bureau of Labor Statistics: Reno’s economy expanded during the four years ending in May 2018 (the latest statistics available from the Bureau) by a steady 4.2 percent. This was an enviable gain for …
MCLEAN, VA. — Virginia-based Capital One has provided $329.6 million in loans for the refinancing of two medical office portfolios totaling 56 properties in various markets around the country. The borrower in both deals was a joint venture between Kayne Anderson Real Estate and MB Real Estate Healthcare. In the first transaction, Capital One provided a $107 million adjustable-rate loan for the refinancing of a medical office portfolio comprising 20 properties totaling 789,000 square feet. The portfolio consists of eight on-campus facilities, 11 off-campus facilities, and one adjacent to a hospital campus. In the second transaction, Capital One provided a $222.6 million adjustable-rate loan for the refinancing of a 36-property medical office portfolio. Specific property types and names within this portfolio were not disclosed. Since 2012, Capital One has executed more than 40 transactions for the Kayne Anderson/MBRE Healthcare joint venture. “This deal is an extension of a long line of transactions we’ve closed for Kayne Anderson and MBRE Healthcare,” says Erik Tellefson, managing director of Capital One Healthcare Real Estate. “Our relationship and understanding of their goals were critical in developing a financing solution that aligns with the strategic plans for the portfolio.” Kayne Anderson Real Estate invests in …
DOUGLASVILLE, GA. — Site Centers Corp. has sold Douglasville Pavilion, a 266,247-square-foot shopping center in Douglasville. The Ainbinder Co. bought the property, which is located about 20 miles west of downtown Atlanta. The property’s anchors include Marshalls, Ross Dress for Less, Michaels, PetSmart, Big Lots and Office Max. Target is a shadow anchor. The center was 97 percent leased at the time of the sale. The sales price was not disclosed. CBRE represented Beachwood, Ohio-based Site Centers in the transaction.
CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired CityPark View South, a 200-unit multifamily community in Charlotte. Amenities include a saltwater pool, complimentary bike rentals for residents, grilling areas, 24-hour package locker system and a fitness club. PAC had the opportunity to purchase the community, which opened in 2017, through an investment loan made over two years ago, according to PAC. The sales price and seller were undisclosed. PAC financed the acquisition using a $24.1 million loan from Prudential Affordable Mortgage Co.
TAMPA, FLA. — The Altman Cos. has topped out Altis Grand Central, a nine-story apartment building that will offer studio, one- , two- and three-bedroom floor plans. The community is located less than one mile south of the University of Tampa and will include amenities such as a sky lounge and pool on the roof, Zen garden, dog park and a clubroom. The 314-unit complex is scheduled to be complete in summer 2019.
TAMPA, FLA. — Pipeline Workspaces, a shared workspace concept, has opened a new location in downtown Tampa. Pipeline Tampa occupies the 15th floor of Park Tower, which is located at 400 N. Tower St., across from The Tampa Riverwalk. Pipeline Tampa is Pipeline Workspace’s seventh location and sixth in Florida, joining offices in Brickell, Coral Gables, Doral, Fort Lauderdale and Orlando. Pipeline also has a location in Philadelphia. Amenities for Pipeline members include high-speed internet, color printer/copiers, access to conference rooms, mailboxes, a kitchen and complimentary coffee and tea.
RALEIGH, N.C. — Lee & Associates, one of the largest broker-owned commercial real estate firms in North America, has opened its first office in North Carolina. Moss Withers and Karah Jennings will head the new Lee & Associates office in Raleigh-Durham. Lee & Associates was founded in 1979 and has offices in the U.S. and Canada. The Raleigh-Durham office joins locations in Miami; Seattle; Pasadena, Calif.; Walnut Creek, Calif.; Minneapolis; Vancouver; eastern Pennsylvania; Columbus, Ohio; Cincinnati; Cleveland; and Houston as the most recent openings. Withers and Jennings are both joining Lee & Associates from NAI Carolantic.
CORPUS CHRISTI, TEXAS — The Port of Corpus Christi has secured $59 million in funding from the U.S. Army Corps. of Engineers for its channel improvement project, which is valued at $360 million. The funds will be used to widen and deepen the waterways as the port anticipates handling between 2 to 3 million barrels of crude oil per day in the coming months. The federal government is covering a total of $230 million of the project costs.
TEMPLE, TEXAS — Battery producer East Penn Manufacturing Co. will expand its distribution center in the north central Texas city of Temple. The project, which will create 266 new jobs, will deliver a new facility, bringing the company’s total capital investment in the market to $106 million. The expanded facility will be situated within a 305-acre industrial park in northwest Temple, with construction slated to begin next fall, according to tdtnews.com.