ATLANTA — Apartment management is a people-intensive industry that requires dedicated team members at multiple levels. Finding talented and driven individuals is priority No. 1 for multifamily operators. But seasoned executives are the first to admit that hiring is difficult in an expanding economy where recent graduates have multiple career paths at their choosing. Property management firms are recruiting prospects who are working in outside industries, which has been a reliable tactic. “We’ve had to go out and look at hospitality, restaurants and other industries that complement multifamily to find talent,” said Chris Burns, senior vice president of Lincoln Property Co. During the operators panel at the InterFace Multifamily Southeast conference held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta, Burns and his fellow panelists discussed the opportunities and challenges facing the industry today. The eighth annual conference drew 402 professionals. The panel agreed that finding talent was difficult, but that retaining and training that talent is just as big a challenge. “Retaining talent is just like leasing — it’s important to get a lease but it’s more important to get a renewal,” said Greg Mark, senior vice president of operations at Pinnacle, a national multifamily property management …
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CBRE Arranges $105.9M Sale, Acquisition Financing of Apartment Community in Norwalk, Connecticut
by Amy Works
NORWALK, CONN. — CBRE has brokered the sale of 597 Westport, a Class A apartment community located in Norwalk. An affiliate of Hunt Investment Management sold the property to GDC Properties through a 1031 exchange for $105.9 million. Built in 2009, 597 Westport features 235 apartment units, a clubroom with full caterer’s kitchen, a media lounge and billiards room, a fitness center and an outdoor saltwater pool with sundeck, cabanas and an outdoor kitchen. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal. Jim Gunning, Donna Falzarano and Kyle Saviano of CBRE procured first and mezzanine financing from The Guardian Life Insurance Co. and a pension fund client represented by Quadrant Real Estate Advisors, respectively.
Congress/Consigli Starts Construction of $60M Skilled Nursing Facility Near New York City
by Amy Works
WHITE PLAINS, N.Y. — Congress / Consigli, a joint venture between Congress Building Corp. and Consigli NY, has started construction of White Plains Institute for Nursing and Rehabilitation and Skilled Nursing, a skilled nursing facility in the New York City suburb of White Plains. Development costs for the 110,000-square-foot building are estimated at $60 million. When completed, the property will feature 160 skilled nursing beds, including 76 for specialized rehabilitation, 42 for memory care and 42 for long-term care. In addition to its part in the joint venture, Congress has also been selected as the developer. The Architectural Team is the architect for the project. The project is scheduled for a mid-2019 completion.
Woodmont Properties Starts Construction on 220-Unit Apartment Community in Bayonne, New Jersey
by Amy Works
BAYONNE, N.J. — Woodmont Properties, in partnership with Baker Residential, has broken ground for Woodmont Bay Club at Bayonne, an apartment community located in northwest Bayonne. Situated on four acres, the four-story property features nine studio, 123 one-bedroom, 64 two-bedroom and 24 three-bedroom units, ranging in size from 650 square feet to 1,500 square feet. Additionally, the 220-unit community features a 232-space ground-floor parking garage, a 3,000-square-foot rooftop terrace, a strength and cardio center, a business center, a game room, a pet spa, a golf simulator, a pool and sundeck, landscaped courtyards, picnic areas and a package collection service. Construction is slated for completion by spring 2019.
NYC School Construction Authority Breaks Ground on $52.4M Addition at Elementary School in Queens
by Amy Works
NEW YORK CITY — The School Construction Authority and MPCC, as general contractor, have broken ground for the Public School 144 addition, an expansion at Colonel Jeromus Remsen School, located at 93-02 69th Ave. in the Forest Hills section of Queens. The $52.4 million, four-story addition will house 26 classrooms, an entrance lobby, an outdoor play area, a cafeteria, offices and a medical suite. The Pre-K through fifth grade school currently serves 894 students. Designed by Urbahn Architects, the expansion will accommodate 590 students and eliminate the need for temporary modular, outdoor classroom facilities. The project team includes MPCC, Leslie E. Robertson Associates LERA, Loring Consulting Engineering, YU + Associates Engineers, Edgewater Design, Lumen Architecture, Cerami & Associates and Schiavone Designs.
KeyBank Provides $8.2M in Financing for Construction of 50-Unit Affordable Housing Project in Utica, New York
by Amy Works
UTICA, N.Y. — KeyBank Community Development Lending & Investment has provided an $8.2 million credit enhancement for the construction of Roosevelt Residences in Utica. Being developed by Norstar Development USA and the Municipal Housing Authority of the City of Utica, the property will feature 50 units, with eight units reserved for homeless veterans and the chronically homeless. Additionally, 25 units will be contracted by a project-based Section 8 Housing Assistance Program through the Municipal Housing Authority of the City of Utica. John Berry and Joe Eicheldinger of KeyBank’s lending group arranged the construction financing. The project is being funded in partnership with the City of Utica, the State of New York Mortgage Agency, Housing Financing Agency, the Office of Temporary and Disability Assistance’s Homeless Housing and Assistance Program and RBC Tax Credit Equity.
LIVE OAK, TEXAS — Weitzman will develop Live Oak Town Center, an 830,000-square-foot retail center that will be located at the southwest quadrant of Interstate 35 and Loop 1604 in Live Oak, a northeastern suburb of San Antonio. A 300,000-square-foot IKEA will anchor the property, which will also feature 530,000 square feet of retail, restaurant and entertainment space. The project also includes the development of a public road to be named IKEA RBFCU Parkway, which will connect the center to Loop 1604. Construction of the IKEA, which will be the Swedish furniture retailer’s only location in South Texas, is slated to begin in spring 2018 with completion scheduled for spring 2019. Construction of the adjacent space is slated for a late 2019 completion.
WACO, TEXAS — Bob Moore Construction has completed a new distribution center for paint retailer Sherwin-Williams in Waco. The facility, which will service Texas, Oklahoma, New Mexico and Louisiana, offers 609,000 square feet of storage space with the capacity to expand the building footprint by 33 percent in the future. Bob Moore Construction, which also built a 346,000-square-foot distribution center in Waco for Sherwin-Williams in 1990, began work on the project in early 2016. Roughly 260 employees from the older center will move to the new facility, according to local news source KWTX.
EDINBURG, TEXAS — Dallas-based developer RightQuest has broken ground on Royal Vista Apartments, a 144-unit, Class A apartment community in the Rio Grande Valley (RGV) city of Edinburg. The property will be located along Sugar Road just west of Interstate 69, about three miles from the University of Texas Rio Grande Valley’s campus. The project also includes the development of two pad sites that can accommodate retail or hotel buildings. Amenities will include a media center, fitness center, resort-style pool with cabanas, a dog park and on-site storage facilities. The first units are expected to be available for occupancy in the summer of 2018. Houston-based Nations Construction Inc. will serve as general contractor on the project, which is being developed on behalf of Brownsville-based JTMR LLC.
SAN ANTONIO — Ridgeline Capital Partners, a Dallas-based investment firm specializing in the healthcare sector, has acquired Connally Oaks Medical Center, a 42,000-square-foot, Class A medical facility located at 2130 N.E. Loop 410 in San Antonio. Built in 2008, the property is situated directly south of the 371-bed Northeast Baptist Hospital. Connally Oaks is currently 95 percent leased to eight medical practices, including oncology, neurology and dentistry, on triple net leases. Ridgeline Capital has now made seven healthcare acquisitions since its inception in early 2014.