Property Type

Keenan & Co. Arranges Sale of University of Arizona Student Housing for $6.7M

by Nellie Day September 8, 2015

TUCSON, ARIZ. — Keenan & Co. has arranged the sale of The Stone Avenue Standard, a 64-unit, 224-bed student housing complex at the University of Arizona, for $6.75 million. The $6.75 million purchase price equates to $105,470 per unit. Tom Keenan, president of Keenan & Co., represented the seller and procured the buyer, Quad Real Estate Partners, of New York. Dallas-based THP PM Group will manage the property. The Stone Avenue Standard features unfurnished three- and four-bedroom apartments, a resort-style pool, exercise room, study room, a lounge, secured and covered parking, and a shuttle to and from campus. It also features 12 two-story, two-bedroom, two-and-a-half bath townhome units with an attached garage.

September 8, 2015

District of Columbia Loans Multifamily Southeast

HFF Arranges $32M Loan for New Multifamily Community in D.C.

by John Nelson September 8, 2015

WASHINGTON, D.C. — HFF has arranged $32 million in financing for Kennedy Row, a newly built, 141-unit apartment community located in Washington, D.C.’s Capitol Hill neighborhood. The Class A property is located at 1717 E. Capitol St. S.E. across the street from Eastern Senior High School. Built in 2013, the property features a rooftop terrace, an on-site fitness center, pet cleaning station, bike storage and underground parking. The asset was 94 percent occupied at the time of financing. Michael Gigliotti, Sue Carras, Walter Coker and Brian Crivella of HFF arranged the seven-year, floating-rate loan through HSBC Bank on behalf of the borrower, a joint venture between TRITEC Real Estate Co. and The JBG Cos. The loan proceeds were used to refinance existing construction debt on the property.

September 8, 2015

Multifamily Southeast Virginia

Berkadia Brokers $14.6M Sale of Section 8 Community in Hampton Roads Area

by John Nelson September 8, 2015

HAMPTON, VA. — Berkadia has brokered the $14.6 million sale of Langley Square I & II, a Section 8 multifamily property located at 100-130 Doolittle Road in Hampton. Built in 1973, the 254-unit community features one- to three-bedroom units and a swimming pool, baby pool, playground, laundry facilities and on-site parking. The property was 99 percent occupied at the time of sale. The buyer, Langley Apartments LLC, is an established local multifamily operator and plans to renovate the property. The seller was Bethesda, Md.-based Mercury II and III Associates. Alan Meetze and David Hudgins of Berkadia’s Newport News, Va., office brokered the transaction.

September 8, 2015

Loans Multifamily Southeast Virginia

Capital One Closes $14.5M Refinancing of Apartment Community in Metro D.C.

by John Nelson September 8, 2015

ARLINGTON, VA. — Capital One has provided a $14.5 million Fannie Mae loan to refinance Fields of Arlington, a 199-unit, mid-rise affordable housing community in Arlington, a Northern Virginia suburb of Washington, D.C. The apartment community features a clubhouse, barbecue grills and picnic areas and an outdoor swimming pool. The property is almost wholly dedicated to affordable housing, with 79.9 percent of units reserved for tenants whose income is 60 percent or less of the area median income (AMI) and 15.1 percent reserved for tenants whose income is 50 percent or less of AMI. Only 5 percent of the apartments are unrestricted. Sadhvi Subramanian and Michael Antonelli of Capital One Multifamily Finance originated the loan on behalf of the borrower, Kettler, the largest developer of affordable multifamily housing in the area.

September 8, 2015

Loans North Carolina Retail Southeast

Marcus & Millichap Capital Arranges $11.8M Loan for Sports Complex in North Carolina

by John Nelson September 8, 2015

WAKE FOREST, N.C. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $11.8 million acquisition loan for The Factory, a 187,695-square-foot retail and sports complex in Wake Forest. One of the largest sports complexes in the country, the public access complex covers more than 35 acres with two full-sized NHL rinks and more than 17 acres of baseball fields. The Factory was 99.8 percent leased at the time of sale to sports centers such as the YMCA of the Triangle, North Wake Baseball Association and Polar Ice House, and retail options like the Village Deli and Grill and Gonza Tacos y Tequila. The complex, built in 1964 and renovated in 2004, consists of five buildings. Jared Cassidy of MMCC’s Washington, D.C., office arranged the loan through a national balance sheet lender. Matt Greenspon of Marcus & Millichap’s Raleigh office consulted on the buy side. The undisclosed buyer purchased the asset for $17.9 million.

September 8, 2015

Multifamily Southeast Tennessee

Capstone Brokers $6.5M Sale of Apartment Community in Chattanooga

by John Nelson September 8, 2015

CHATTANOOGA, TENN. — Capstone Apartment Partners has brokered the $6.5 million sale of Forest on Frazier, a newly constructed, 30-unit apartment community located at 207 Delmont St. in Chattanooga’s NorthShore neighborhood. Enclave Holdings purchased the fully occupied asset from Boehm Real Estate & Investment Co. for $215,200 per unit, the highest price per unit sale in Chattanooga’s history. Built in 2014, the apartment community is located a couple blocks from the Tennessee River and offers views of Lookout Mountain and the downtown Chattanooga skyline. Adam Klenk and Eric Conklin of Capstone’s Nashville office, along with Andrew Klenk of Capstone’s Raleigh-Durham office, represented the seller in the transaction.

September 8, 2015

Restaurant Retail Texas

CBRE Arranges Lease for Peli Peli Kitchen in Houston

by John Nelson September 8, 2015

HOUSTON — CBRE has arranged a 3,535-square-foot lease with Peli Peli Kitchen, a new fast-casual restaurant chain inspired by modern South African and Southern cuisines. The restaurant will be located within the Gateway at Spring Valley development at 9090 Katy Freeway in Houston. Eric Lestin and Kyle Golding of CBRE’s Houston office represented Peli Peli in the site selection and lease transaction. The new restaurant is slated to open by spring 2016. Peli Peli Kitchen joins its sister restaurant Peli Peli, which has locations in the Vintage Park Shopping Center and the Houston Galleria. Houston-based Ersa Grae Corp. is the developer of Gateway at Spring Valley, located at the corner of Campbell Road and I-10.

September 8, 2015

Industrial Market Reports Nevada Western Western Market Reports

Industrial Becomes Particularly Attractive North of the Strip

by Nellie Day September 8, 2015

The Southern Nevada industrial market has continuously seen improvement through the second quarter of 2015 with a positive absorption of 878,151 square feet. The overall vacancy rate followed suit and decreased to 8 percent – down 2.1 points from the 12 previous months, which ended at 10.1 percent. The asking lease rates also increased to an average of $6.38 – up almost 10 percent in the fourth quarter of 2014 when it stood at $6.16. A new addition to the healthy market is the growth in new projects that are either planned or under construction. There is an estimated 2.4 million square feet currently under construction, with deliveries anticipated from the third quarter of 2015 through the second quarter of 2016. Big box distribution demand continues to climb, and most developers now believe “if you build it, they will come.” One of the largest deliveries planned for the third quarter of this year is Prologis’ 3700 Bay Lake Trail. Bay Lake was originally planned as a 464,203-square-foot, speculative project. The entire development was leased by Cushman & Wakefield to the Global Equipment Company (GEC), a subsidiary of Systemax, prior to the official groundbreaking, however. This deal was an expansion for …

September 8, 2015

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Charlotte’s Uptown, South End Set Pace for City’s Apartment Development Activity

by John Nelson September 7, 2015

Lately, Charlotte seems to have more of everything: jobs, residents, young people — all of which has driven more demand for quality multifamily properties in urban neighborhoods with multiple lifestyle amenities. Renters’ desire for parks, transit options and walkable access to work, culture, and entertainment has led Charlotte’s Uptown/South End region to become the fastest-growing apartment submarket in the nation, according to a study by MPF Research. Since the recession, Uptown/South End has experienced a period of remarkable growth in the multifamily market, and has seen an 82 percent increase in units since 2012, the study says. Overall, renter-occupied units make up just over two-fifths, or 40 percent, of the city’s housing market, a percentage that is already higher than the national average and anticipated to increase. As more properties are built, Charlotte’s 5.1 percent vacancy rate is likely to increase over the long term, but demand is expected to remain strong as the city’s dynamic economy and population continue to grow. The area’s population is set to increase about 2 percent annually over the next five years, far outpacing the country’s overall rate of 0.75 percent. Much of that is due to an influx of well-educated, younger people moving …

September 7, 2015

Office Texas

RagingWire to Build 1M SF Data Center Campus in Metro Dallas

by Katie Sloan September 4, 2015

GARLAND, TEXAS — RagingWire Data Centers, a data center provider, has purchased 42 acres of land in Garland to build a 1 million-square-foot data center campus known as TX1. The 80-megawatt property will be located off of the President George Bush Turnpike at the intersections of Lookout Drive and Campbell and Telecom roads. The city of Garland and Garland Power & Light worked with RagingWire to provide planning assistance and economic development incentives for the project. Construction is expected to begin immediately on the first of five 180,000-square-foot data centers at the TX1 campus. Leasing of wholesale build-to-suit vaults, custom data center buildings and retail colocation cages and racks is expected to commence by September 2016. Bo Bond and Ali Greenwood of JLL represented RagingWire in the land acquisition.

September 4, 2015

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