Several Carolinas markets continue to top national lists for job and population growth, particularly Charlotte and the Triangle. The quality of living and strong fundamentals draw both millennial renters and empty nesters, with no slowdown in demand in sight. In turn, capital continues to pour into the region’s multifamily sector as investors chase higher yields and lower supply pressure while cap rates linger near historical lows. Multifamily Momentum With the record-setting pace of single-family pricing in these markets, renting remains a more attractive option. Developers are responding accordingly and now build product squarely aimed at specific renter demographics. Specifically, developers have raised the level of quality and amenities in the suburban product similar to that of the urban infill movement earlier in the cycle. Strong demographics in these locations produce a renter accustomed to a high level of quality in the unit interiors while also placing value on the convenience and quality of onsite amenities. That’s because empty-nesters are challenging a singular focus on millennials. To many developers’ surprise, the active-adult demographic has shown up to rent much of the luxury product in both the urban core and suburban locations. Steady Inventory Most data providers that track new supply do …
JERSEY CITY, N.J. — New York Life Real Estate Investors (NYLREI) has provided a $131 million loan for the Marbella Apartments, a 40-story multifamily tower in Jersey City. The 412-unit community was originally developed in 2004. The borrower was Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp. Keith Duane of NYLREI served as loan officer in the transaction, in providing an eight-year, fixed-rate loan for the borrower.
UNION CITY AND BAYONNE, N.J. — Capital Realty has brokered the $130 million sale of a 66-building multifamily portfolio in Bayonne and Union City. A private investor purchased the 919-unit portfolio. Benjamin Greenstein of Capital Realty represented the undisclosed seller in the transaction. All 66 properties are within commuting distance of Manhattan. The city of Bayonne is expected to launch a Manhattan-bound commuter ferry in 2019.
SLIPPERY ROCK AND CANONSBURG, PA. — Neema Hospitality has acquired the Fairfield Inn & Suites in Slippery Rock and the Holiday Inn Express & Suites in Canonsburg. The sales price was undisclosed. The 75-room Fairfield Inn & Suites is located north of Pittsburgh nearby Slippery Rock University. Amenities include complimentary hot breakfast, free Wi-Fi, in-room microwaves and an indoor pool. The 90-room Holiday Inn Express & Suites is located south of Pittsburgh in Canonsburg. The hotel’s rooms offer microwaves, refrigerators, 42-inch flat-screen TVs and free breakfast and Wi-Fi. The hotel also features a heated indoor pool and more than 1,600 square feet of meeting space.
NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community. The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility. The project will convert the building into a 314,000-square-foot, 273-unit independent living, assisted living and memory care community. The borrowers are Kayne Anderson and Watermark Retirement Communities.
BOSTON — Cambridge-based developer Carpenter & Co. has topped out One Dalton, a 61-story hotel and residential tower in Boston. The tower will include a 215-room Four Seasons hotel and 160 residential condominiums. Carpenter & Co. is developing One Dalton, which was designed by Pei Cobb Freed & Partners and Cambridge Seven Associates. Suffolk is the builder. At 742 feet tall, One Dalton will be Boston’s third-tallest tower after the 790-foot tower at 200 Clarendon St. formerly known as the John Hancock Tower and the 749-foot Prudential Tower.
HOUSTON — Bellomy & Co. has arranged the sale of Sentry Self Storage, a 941-unit facility in Houston. Built in 2006, the property is situated on five acres and features climate-controlled units that total 104,025 net rentable square feet. Hugh Horne of Los Angeles-based Charmel Storage Capital, along with Bill Bellomy and Michael Johnson of Bellomy & Co., represented the seller in the transaction. The team also procured the buyer, Public Storage, a self-storage operator and REIT based in Glendale, Calif.
SAN ANTONIO — Utah-based Triago Ventures has purchased Republic Woodlake, a 288-unit multifamily asset in San Antonio. The garden-style property was built in 2008 and is located less than 10 miles from the downtown area. Units average 787 square feet each, and amenities include a pool, fitness center, dog park and a clubhouse. The seller was not disclosed.
HOUSTON — New York-based Lone Star Capital Group, led by Kent Piotrkowski and Rob Beardsley, has acquired Cranbrook Forest, a 261-unit multifamily community in northwest Houston. Built in 1983, the property offers one- and two-bedroom units, as well as a pool, fitness center and leasing office. The new ownership plans to add or upgrade the community playground, dog park, poolside picnic and barbecue area, leasing office and fitness center. Michael Muller and Marc Belsky of Eastern Union Funding arranged a $14 million acquisition loan on behalf of Lone Star Capital Group for the transaction.
PLANO, TEXAS — Public accounting firm Whitley Penn has signed a 13,451-square-foot office lease at Legacy West in Plano. Calvin Hull of JLL represented Whitley Penn in the lease negotiations. David Reed and Ben Davis of CBRE represented the landlord, Legacy West Investors LP. DLR Group | Staffelbach is overseeing the interior design of Whitley Penn’s newest office.