Property Type

Being part of a community is an important factor when renters choose a building to call home. According to a National Apartment Association’s report entitled “Adding Value in the Age of Amenities Wars,” a sense of community is what’s behind five of the top 10 amenities added or upgraded in apartments since 2014. Including clubhouses, common areas for socializing and fitness and business centers — the community aspect of apartment living is a huge draw. As property managers, we are constantly challenged to ‘Keep up with the Joneses’ when it comes to offering the latest and greatest amenities. So much so that figuring out how to creatively “add” space to make room for new amenities when updating older buildings has become a top priority. However, while extensive amenities are considered basic requirements for today’s renters, it doesn’t matter how great the amenities are if the building doesn’t have a heart and soul that resonates with residents. To foster that sense of community, there are three best practices in property management to keep in mind: communication, connection and comradery. Make Communication Easy Technology has provided residents the ability to communicate with property management at their convenience. Gone are the days of …

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RICHARDSON, TEXAS — Kansas-based development firm WaterWalk has broken ground on WaterWalk Richardson, a four-story, 153-unit multifamily property at 2210 N. Glenville Drive in the northeastern Dallas metro of Richardson. The property will offer the services and amenities of an upscale hotel, such as a coffee bar, media room and lobby. Wichita-based The Law Co. is serving as general contractor on the project, and Dallas-based Woolpert is the architect and civil engineer. The expected completion date is November 2018.  

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AUSTIN, TEXAS — Greystar has completed Platform, a 355-unit multifamily community located at 2823 E. Martin Luther King Jr. Blvd. in Austin. Designed by Meeks + Partners, the transit-oriented property incorporates three- and four-story apartments, as well as three-story townhomes and roughly 10,000 square feet of ground-floor retail space. Amenities include three pools, an outdoor kitchen and TV lounge, private workspaces, a social dining and bar area and a fitness center.  

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DESOTO, TEXAS — JLL has arranged the sale of Eagle Park 20/35, a 454,408-square-foot distribution center located at 1240 E. Centre Park Blvd. in the Dallas metro of DeSoto. The Class A facility is situated on 29.5 acres and features access to Interstates 20 and 35. Dustin Volz and John Huguenard of JLL represented the seller, a joint venture between Ridgeline Property Group and Stockbridge Capital Group, and procured the buyer, an undisclosed institutional investor.  

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TEXAS CITY, TEXAS — Strategic Storage Trust IV Inc. (SST IV), a public, non-traded REIT, has acquired a 480-unit self-storage facility located at 3730 Emmett F. Lowry Expressway in Texas City, about 45 miles southeast of Houston. Built in 2010, the 8,000-square-foot facility is situated on 10.5 acres and offers climate-controlled interiors and drive-up access. The property was approximately 95 percent occupied at the time of sale.  

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HOUSTON — STRIVE has brokered the sale of a retail property leased to Dairy Queen in Houston. The property is a pad site to Mount Houston Square Shopping Center, a 175,000-square-foot retail center located on the city’s north side. Jason Vitorino of STRIVE represented the seller, an Atlanta-based developer, and procured the buyer, a Houston-based investor. Other terms of sale were not released.

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NEW HAMPSHIRE, VERMONT AND RHODE ISLAND — KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Vermont and Rhode Island. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties are Ridgewood Center – Bedford in Bedford, N.H.; Mountain Ridge Center in Franklin, N.H.; Keene Center in Keene, N.H.; Harris Hill Center in Concord, Vt.; Mountain View Center in Rutland, Vt; and Kent Regency Center in Warwick, R.I. John Randolph, Laura Conway and Brandon Taseff of KeyBank arranged the financing through the FHA 232/223(f) mortgage insurance program. The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Best Years and Welltower Inc.

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NEW YORK CITY — Madison Realty Capital has provided a $64 million construction loan for 200 Kent Avenue, a mixed-use development located in Brooklyn’s Williamsburg neighborhood. The 117,326-square-foot project will feature 50,101 square feet of retail space, 22,055 square feet of office and restaurant space and 45,170 square feet of parking. The retail portion of the development will be anchored by a popular national grocery chain. MRC funded a portion of the $64 million facility at closing to retire existing debt and will provide further advances for construction as the project progresses.

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MONROEVILLE, PA. — Ten Capital Management has sold its limited partnership interest in Miracle Mile Retail Center in Monroeville, located 13 miles east of Pittsburgh. M&J Wilkow in a joint venture with ALTO Real Estate Funds acquired the interest in the 299,894-square-foot regional power center. At the time of sale, the property was 98 percent occupied by a variety of tenants, including LA Fitness, Marshalls, PNC Bank, DSW, Old Navy and OfficeMax. The general partner in the interest partnership is an affiliate of Pearson Partners.

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CAPE MAY, N.J. — The Diocesan Housing Services Corp. of the Diocese of Camden Inc. (DHSC), MDG Design + Construction, and Hudson Valley Property Group (HVPG) have announced the refinancing of a renovation project at Victorian Towers, an affordable seniors housing community in Cape May, located at the southern tip of coastal New Jersey. The project will result in more than $8 million in capital improvements to the community, and will preserve the affordability of the property for at least 20 additional years. Originally constructed in 1973 to house low-income seniors, Victorian Towers is a six-story development containing 205 studio and one-bedroom apartments as well as 82 parking spaces located near shopping, medical and public transit services. Renovations will include improvements to the units, a redesigned lobby with a seating area and an overhaul of more than 2,000 square feet of community facilities. Exterior work includes the installation of windows and a new Victorian-styled facade. Efficiency upgrades include new air conditioning units and water conservation measures such as the installation of low-flow toilets, shower heads and faucet aerators. DHSC has managed Victorian Towers for decades. As development partners, MDG and HVPG will bring substantial financing and development resources to the …

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