Property Type

Weidner Apartment Homes Buys 466-Unit Community in Tempe for $75.5M

by John Nelson August 31, 2017

TEMPE, ARIZ. — Weidner Apartment Homes has purchased The Lofts at Rio Salado, a 466-unit multifamily community located at 1033 N. Parkside Drive in Tempe, for $75.5 million. The Kirkland, Wash.-based apartment investor acquired the asset from an unnamed wealth and asset management services firm. The Lofts at Rio Salado is situated adjacent to the Center Parkway/Washington Street metro station and the 3.2 million-square-foot, mixed-use Grand at Papago Park Center. Arizona State University is within walking distance and downtown Phoenix is within 10 miles radius of The Lofts. Community amenities include two swimming pools with cabanas, an onsite recycling program, business center, clubhouse, fitness center, spas and conference room. Units range from studio to three-bedroom floor plans and command rents from $999 to $1,460 per month, according to Apartments.com. The Lofts is considered a value-add investment for Weidner, according to Steve Gebing, senior managing director of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Gebing and colleague Cliff David represented the seller and procured Weidner in the transaction. “Asking rents for newly constructed core assets in the Tempe submarket are substantially higher than the in-place rents at The Lofts at Rio Salado,” says Gebing. “This rent differential, coupled …

August 31, 2017

Features Multifamily Student Housing Texas Texas & Oklahoma Feature Archive Top Stories

Universities, Student Housing Properties Face Hurricane Harvey

by John Nelson August 31, 2017

HOUSTON AND COLLEGE STATION, TEXAS — Hurricane Harvey has brought massive amounts of rain, flooding and destruction to southern Texas, but reports show that on- and off-campus student housing properties have largely escaped the worst of the damage. The Texas Tribune reports that colleges in Houston have cancelled class and evacuated some student housing as the rain continues to fall and floodwaters continue to rise. About three buildings on the University of Houston campus have taken on water, and 140 students were evacuated from Bayou Oaks, a university-owned, off-campus apartment complex for older and international students. Most universities in Houston — such as Rice University and Victoria College — reported minor damage including leaks and power outages. Texas A&M University-Corpus Christi also reported minor structural damage, according to The Texas Tribune. The first day of classes has been pushed to September 5. Texas A&M University’s Kingsville and College Station campuses also reported no major building damage or flooding, and plan to begin classes early next week. Servitas reports that Park West — a 3,406-bed student housing community developed through a public-private partnership with Texas A&M University in College Station — did not receive any damage or leakage during the storm. The …

August 31, 2017

California Multifamily Seniors Housing Western

C.W. Driver Completes $120M, 199-Unit CCRC in Los Angeles

by Nellie Day August 30, 2017

LOS ANGELES — C.W. Driver Cos. has completed construction of Fountainview at Gonda West, a luxury continuing care retirement community in Los Angeles’ Playa Vista neighborhood. The 460,000-square-foot property features 199 units that incorporate independent living and assisted living with healthcare services. Development costs were estimated at $120 million. Gensler designed the project for Jewish Home for the Aging, while The Los Angeles Jewish home will be the sponsor. The property is already fully pre-leased and includes a 257-space underground parking garage. C.W. Driver is a builder serving California since 1919. The company has already built several seniors housing campuses in the Los Angeles area for Jewish Home for the Aging.

August 30, 2017

Retail Utah Western

Mountain West Brokers Sale of 168,494 SF Shopping Center Near Salt Lake City

by Nellie Day August 30, 2017

HOLLADAY, UTAH — Mountain West Commercial Real Estate has arranged the sale of Van Winkle Shopping Center, a 168,494-square-foot retail center located in Holladay, 11 miles southeast of Salt Lake City. VASA Fitness anchors the property. Chris Monson of Mountain West represented the seller, Glen Kitto. Ben Brown, also of Mountain West, represented the buyer, an undisclosed private investor.

August 30, 2017

California Retail Western

Hanley Investment Group Arranges $22.2M Sale of Retail Center in Riverside

by Nellie Day August 30, 2017

RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $22.2 million sale of Michaels Plaza, a 62,952-square-foot retail center located adjacent to the 1.2 million-square-foot Galleria at Tyler Mall in the Inland Empire community of Riverside. The property was 98 percent occupied at the time of sale by tenants including Michaels, David’s Bridal, Lamps Plus, Armed Forces, The Flame Broiler, GameStop and Miracle Ear. Ed Hanley, Bill Asher and Kevin Fryman of Hanley Investment represented the seller, an affiliate of The Krausz Companies Inc., in the transaction. Jefferson Kim of jKim Group Inc. represented the buyer, a private investor from Fullerton.

August 30, 2017

California Multifamily Student Housing Western

Landmark Properties Announces New Student Housing Project Starts, Deliveries

by Nellie Day August 30, 2017

BERKELEY, CALIF. — Landmark Properties has announced $2 billion worth of student housing project starts and deliveries. The developer delivered close to 5,000 beds this fall, including a student housing project called Stonefire at Berkeley near the University of California, Berkeley, in Northern California. In addition to its fall deliveries, the company has begun working on 11 new developments totaling more than 8,000 beds. These projects included the Standard at Flagstaff near Northern Arizona University and the Mark at Tucson near the University of Arizona. Landmark is also slated to break ground on another 12 projects totaling close to 9,000 beds in 2018.

August 30, 2017

Colorado Retail Western

Massage Heights to Open Location in Fort Collins

by Nellie Day August 30, 2017

FORT COLLINS, COLO. — As part of its nationwide expansion, Massage Heights has signed three franchise agreements during the first half of 2017. The therapeutic massage and facial services provider will to expand the brand to the Los Angeles submarket of Woodland Hills, in addition to Houston and Boerne, Texas. Massage Heights also opened six new locations this year, including one in Fort Collins, Colo. The brand is on track to open 10 locations in 2017, with a goal of having 300 locations open by the end of 2020. Massage Heights is a family-owned, membership-based therapeutic services franchise company that provides massage and facial services.

August 30, 2017

Industrial Massachusetts Northeast

Gramercy Property Trust to Purchase $331M, Nine-Property Industrial Portfolio

by Jaime Lackey August 30, 2017

NEW YORK CITY — New York City-based REIT Gramercy Property Trust (GPT) has entered into an agreement with a private real estate development and investment company to acquire a nine-property, 2 million-square-foot portfolio of Class A industrial buildings for $331 million. The portfolio is 100 percent leased with a weighted average remaining lease term of 10.4 years. The properties are located in Atlanta; Boston; Charlotte, North Carolina; Chicago; the Inland Empire; Minneapolis; Reno, Nevada; and Spartanburg, South Carolina. More than 80 percent of the NOI for the portfolio is concentrated in four markets (Atlanta, Boston, Chicago and the Inland Empire) and nearly 90 percent of the rent from the portfolio comes from a single tenant. At closing, which is expected to occur by the end of third quarter 2017, GPT will assume $137 million of in-place debt, and will issue $133 million in operating partnership units (OP units) to fund the acquisition. The OP unit price will be based on a 30-day volume-weighted average price as of August 29, 2017, or $29.56 per share. The company is acquiring the portfolio at a 6.3 percent cash capitalization rate. Including this nine-property industrial portfolio, as well as other recently announced transactions under …

August 30, 2017

Multifamily New Jersey Northeast

JMF Properties Breaks Ground on $50M Multifamily Community in Plainfield, New Jersey

by Jaime Lackey August 30, 2017

PLAINFIELD, N.J. — JMF Properties has broken ground on Quin Sleepy Hollow, a $50 million residential community in Plainfield. This 212-unit rental development, located at 1400 South Avenue near the Netherwood train station, is the largest residential development ever in the city of Plainfield. Residences range in size from 900 square feet to 1,200 square feet. Amenities include stainless steel appliances, vinyl wood flooring, quartz countertops, and chef kitchens, as well as high-speed internet and keyless entry. Community amenities include a club room with common kitchen, community room/business center with wireless internet, billiards room, theater/multimedia room, yoga studio, fitness center with state-of-the-art equipment and Fitness On Demand virtual trainers, as well as outdoor grills, open-air lounge seating, an indoor/outdoor fireplace, and a dog park. The community will also offer a bike share program and an electric car charging station. The project is slated for completion in winter 2018/2019. “This project represents one of the single largest investments in the history of our city,” said Plainfield Mayor Adrian Mapp. “This project will not only transform a large blighted property into a vibrant residential community, but it will also revitalize a major corridor and spur additional retail and economic development. I am …

August 30, 2017

Loans Multifamily Northeast Pennsylvania

Meridian Arranges $5.5M Refinancing of Philadelphia Multifamily Property

by Jaime Lackey August 30, 2017

PHILADELPHIA — Meridian Capital Group has arranged $5.5 million in financing for the refinance of a 31-unit multifamily building in Philadelphia’s Olde Kensington neighborhood on behalf of Rock Construction and Development. The seven-year loan, provided by a local savings bank, features a fixed rate of 3.75 percent and a five-year extension option. Sam Grunberger and Barry Lefkowitz of Meridian negotiated the transaction. The property, located at 1216 North Fifth Street, is a newly constructed four-story building that was leased up within 12 weeks. Each unit features hardwood floors, spacious rooms, a modern kitchen and stainless steel appliances, an in-unit washer and dryer, and a private balcony. Community amenities include a shared rooftop with panoramic views of the city, a fitness room, and a 20-car parking garage.

August 30, 2017

Newer Posts

Older Posts