Saturday, February 7, 2026
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

440-Hamilton-Ave-White-Plains
DevelopmentLoansMultifamilyNew YorkNortheastTop Stories

Joint Venture Receives $181.9M in Financing for Multifamily Redevelopment in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — A joint venture led by locally based development and investment firm Rose Associates Inc. has received $181.9 million in financing for a multifamily redevelopment project in White Plains, a northern suburb of New York City. Los Angeles-based Pacific Western Bank provided a $134.5 million senior construction loan for the project. New York City-based Square Mile Capital contributed a $47.4 million preferred equity investment to round out the capital stack. The joint venture, the other members of which were not disclosed, will convert a vacant office building located at 440 Hamilton Ave. into a 13-story, 255-unit apartment community that will be known as The Lofts. This building will include 3,400 square feet of retail space. The development team also plans to construct a seven-story, 213-unit multifamily family building on the site from the ground up. The final piece of construction will be a six-story, 575-space parking garage. The development will feature a suite of Class A amenities that includes a pool and a fitness center. Of the development’s 468 total units, 8 percent (approximately 37 residences) will be earmarked as affordable housing. Specific income restrictions for these units were not disclosed. A construction timeline for the groundbreaking …

Continue Reading
FacebookTwitterLinkedinEmail
Downtown 5th
DevelopmentFloridaMultifamilySoutheastTop Stories

Melo Group Completes 52-Story Downtown 5th Apartment Towers in Miami

by Julia Sanders

MIAMI, FLA. — Melo Group has completed Downtown 5th, a pair of 52-story towers in downtown Miami with 1,042 rental apartments and approximately 12,500 square feet of ground-floor retail space. Construction began in late 2019 and move-ins are currently underway. Downtown 5th apartments include one-, two- and three-bedroom units measuring between 650 and 1,200 square feet in size. Monthly rental rates range from approximately $1,700 to $4,000. East Tower is now open for tenant move-ins, and South Tower is about to open. Both towers are fully leased. “As corporations, finance firms and tech companies continue to look to relocate or expand to downtown Miami, the city is evolving into a global destination for business and lifestyle,” says Martin Melo, principal of the Melo Group. “We’re seeing people moving here from major cities across the country. At Downtown 5th, about 25 percent of our tenants are coming from out of state, with many relocating from cities in the northeast and California.” Located at 55 & 25 NE 5th St. in the center of downtown Miami’s Central Business District, Downtown 5th is situated approximately seven miles from the Miami International Airport and is about 5.9 miles from Miami Beach. The property is …

Continue Reading
FacebookTwitterLinkedinEmail
Renaissance-City-Center-Carson-CA
Affordable HousingCaliforniaCompany NewsDevelopmentMultifamilyTop StoriesWestern

Standard Communities, Faring Plan to Build $2B in Middle-Income Housing in California Within Two Years

by Amy Works

LOS ANGELES — Standard Communities and Faring have formed a joint venture with plans to create more than $2 billion of middle-income housing across California over the next 18 to 24 months. The strategic partnership, Standard-Faring Essential Housing, will engage in both ground-up construction of middle-income rental housing and the acquisition and conversion of existing market-rate properties. The partnership recently created more than 650 units of dedicated middle-income housing in Southern California with a total capitalization of over $400 million. The transactions utilized tax-exempt bond financing provided by CSCDA Community Improvement Authority, a state program that seeks to improve the availability of housing for Californians earning approximately the same as the area median income (AMI).  Upon taking ownership, CSCDA Community Improvement Authority worked with Standard-Faring Essential Housing as project administrator to immediately lower rents for new residents who qualify with incomes between 80 percent and 120 percent of AMI. “By focusing on middle-income housing, California cities can ensure that middle-income families and essential workers such as first responders, hospital and healthcare staff, and teachers can afford to live near their jobs in the communities they serve,” says Jeffrey Jaeger, principal and co-founder of Standard Communities. “This joint venture will provide …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaMultifamilyTop StoriesWestern

IPA Brokers $275M Sale of Two-Property Multifamily Portfolio in Hermosa Beach

by Kristin Harlow

HERMOSA BEACH, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $275 million sale of two adjacent multifamily properties in Hermosa Beach, a beachfront city in Los Angeles County. The 285-unit Playa Pacifica sold for $162.5 million, while the 169-unit The Gallery sold for $112.5 million. Built in 1972, Playa Pacifica was partially renovated in 2015 and 2016. The average unit size is 590 square feet. Amenities include two solar-heated pools, a fitness center, business center, clubhouse, spa and outdoor lounge with barbecue area. The Gallery was built in 1971 and partially renovated in 2003 and 2004. Units average 831 square feet. Amenities include a pool, fitness center, spa, sauna and covered parking. Both communities are located near Hermosa Beach Pier. Neighborhood attractions include The Strand and Greenbelt Park, along with beachfront nightlife and restaurants. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller, an institutional investor, and procured the buyer, Prime Residential. Previously, the IPA team brokered the sale of the properties in 2006 for $133 million. “The sale represents the acquisition of 24 percent of the entire apartment stock in Hermosa Beach and nearly 70 percent of the like-kind …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIndustrialLife SciencesNew YorkNortheastTop Stories

KKR to Sell National Industrial Portfolio to Oxford Properties for $2.2B

by John Nelson

NEW YORK CITY AND TORONTO — KKR, a global private equity firm based in New York City, has agreed to sell a national portfolio of warehouses and distribution centers to Oxford Properties Group, a real estate owner and manager based in Toronto. The $2.2 billion deal is expected to close in the coming months. The portfolio comprises 149 properties located across 12 major industrial U.S. markets, including the Inland Empire in California, Dallas, Atlanta, Phoenix, Chicago, Houston, Tampa, Orlando, San Diego and the Baltimore-Washington, D.C. corridor. Since 2018, KKR and its management platform Alpha Industrial Properties assembled and maintained the portfolio across 50 individual transactions. The firm’s decision to focus on high-barrier-to-entry sites near major population centers attracted the strong offer from Oxford Properties, which is looking to allocate one-third of its global equity in industrial real estate. “Growing our U.S. industrial business is one of Oxford’s highest-conviction global investment strategies as we continue to build, buy and invest in the physical infrastructure that serves the digital economy,” says Ankit Bhatt, vice president of investments at Oxford Properties and leader of the firm’s U.S. industrial investment strategy. ”High-quality, infill, consumption-driven industrial portfolios of scale trade infrequently, so this transaction is …

Continue Reading
FacebookTwitterLinkedinEmail
Mark-Hoplamazian-Hyatt
Company NewsHospitalityIllinoisMidwestTop Stories

Hyatt Agrees to Acquire Hospitality Operator Apple Leisure Group for $2.7B

by Taylor Williams

CHICAGO — Hyatt Hotels Corp. (NYSE: H) has agreed to acquire Apple Leisure Group (ALG), a Pennsylvania-based firm that specializes in third-party operations of luxury wellness resorts, for $2.7 billion. The transaction comes as part of the Chicago-based hotel giant’s initiative to sell off $2 billion in real estate holdings by the end of 2024 and focus its growth strategy on the operations side of the hospitality business. Hyatt expects to sell $1.5 billion of its real estate assets by the end of this year, which would result in more than $3 billion in sales since the strategy was announced in 2017. Mark Hoplamazian, Hyatt president and CEO, notes that under this strategy, he expects that 80 percent of the company’s revenue stream will be fee-based earnings by the end of 2024. “The addition of ALG’s properties will immediately double Hyatt’s global resorts footprint,” says Hoplamazian. “ALG’s portfolio of luxury brands, leadership in the all-inclusive segment and large pipeline of new resorts will extend our reach in existing and new markets, including Europe, and further accelerate our industry-leading net rooms growth.” ALG’s operations portfolio spans 33,000 rooms across 100 properties in 10 countries. ALG’s resort brand management platform AMResorts provides …

Continue Reading
FacebookTwitterLinkedinEmail
Ambulatory care
DevelopmentHealthcareMissouriTop Stories

Clayco, TW Constructors Break Ground on 659,000 SF Ambulatory Care Building in St. Louis

by Julia Sanders

ST. LOUIS — Clayco and its joint venture partner TW Constructors have broken ground on a 659,000-square-foot ambulatory care center for Siteman Cancer Center at Barnes-Jewish Hospital and Washington University School of Medicine in St. Louis. Completion is slated for summer 2024. The university and BJC HealthCare are leading development of the nine-story building, which will be located on the corner of Forest Park and Taylor avenues. The building will feature 238,560 square feet of occupied medical space, as well as a 243,250-square-foot parking garage with 430 parking spaces located above the main lobby on the second through fourth floors. Connected to the Washington University Medical Campus by a pedestrian link, the ambulatory care center will feature 96 exam rooms, 88 infusion bays, radiology, breast imaging and chemistry laboratory departments. Additionally, the project will include a three-bay loading dock on the lower level. Lawrence Group and Perkins Eastman are the project architects. An ambulatory care center is also known as an outpatient care center, which provides same-day medical procedures in an outpatient environment. The project is the latest addition to the medical campus that continues to expand east into St. Louis’ Central West End. The Barnes-Jewish Hospital is where the …

Continue Reading
FacebookTwitterLinkedinEmail
IllinoisMidwestMultifamilySingle-Family RentalTop Stories

JLL Income Property Trust Acquires 47 Percent Interest in Single-Family Rental Portfolio for $560M

by Katie Sloan

CHICAGO — JLL Income Property Trust has acquired a 47 percent interest in a single-family rental portfolio assembled and managed by Amherst Residential for $560 million. The 4,000-home portfolio is valued in total at $1.2 billion.  Properties within the portfolio are located in 14 major markets across 10 states, with nearly 80 percent located in Atlanta; Dallas; Nashville, Tenn.; Charlotte, N.C.; and Tampa, Fla. The portfolio is currently over 96 percent leased and is occupied with no displacement anticipated as a result of the transaction. “LaSalle’s Research & Strategy team has identified single-family rentals as a ‘near-core’ property sector poised for accelerating institutional capital inflows, along with an attractive risk-adjusted return profile,” says Allan Swaringen, president and CEO of JLL Income Property Trust.  “Given the superior long-term tenant demand growth outlook, our research projects long-term expected rent and NOI growth above all other institutional property type averages,” he continues.  JLL’s investment was funded with $205 million in equity and the assumption of its proportionate share of an existing in-place financing — a $761 million securitized loan. The debt, which features interest-only payments, has a fixed interest rate of 2.1 percent and matures at the end of 2025. At the current …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsCaliforniaOfficeSingle-Family RentalTop StoriesWestern

Pacific Oak Sells Orange County Office Tower for $150.5M

by Kristin Harlow

ORANGE, CALIF. — Pacific Oak Strategic Opportunity REIT Inc. has sold City Tower, a 435,000-square-foot Class A office tower in Orange County, for $150.5 million. Opal Holdings, a New York City-based real estate investment firm, was the buyer. The 20-story property is located at 333 City Blvd. in Orange, about three miles north of Santa Ana and 30 miles southeast of Los Angeles. The building was 90 percent leased at the time of sale to tenants such as UC Irvine Medical Center, Enterprise Rent-A-Car, Sedgwick and Spaces. Developed in 1988, City Tower recently underwent a $3 million renovation that included upgrades to the lobby, a state-of-the-art fitness center, conference center and new building entryway. The property is certified LEED Gold. “We increased occupancy by almost 15 percent over the past three years and are proud of the improvements and value we created during our ownership,” says Michael Potter, senior vice president with Pacific Oak, which purchased City Tower for $147.2 million in March 2018 when it was 78 percent occupied. Pacific Oak Strategic Opportunity REIT is a public, non-traded corporation headquartered in Los Angeles. The REIT manages a portfolio valued in excess of $2 billion comprised primarily of office, apartment, …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsColoradoHealthcareIllinoisIndustrialLife SciencesMidwestOfficeTop StoriesWestern

NexCore, Nuveen Acquire National Medical Office and Life Sciences Portfolio for $620.4M

by John Nelson

CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts