Top Stories

CBRE Global Investors Buys Two Central Florida Apartment Communities Totaling 604 Units

by John Nelson March 3, 2020

WINDERMERE AND ORLANDO, FLA. — CBRE Global Investors, a global real estate assets management based in Los Angeles, has purchased two recently built apartment communities in Central Florida totaling 604 units. Unicorp National Developments Inc., a mixed-use and multifamily developer based in Orlando, sold both properties to a fund sponsored by CBRE Global. The price was not disclosed, but Orlando Business Journal reported last fall that Unicorp was in advanced discussions about selling the communities for a combined $160 million. The properties include the 346-unit Venetian Isle in Windermere and the 258-unit Zen in Orlando, which are situated about four miles apart in southwest Orlando. The communities were both 95 percent occupied at the time of sale. Steve Gullo, senior managing director of multifamily acquisitions for CBRE Global Investors, says the firm pursued Venetian Isle and Zen because of the growth prospects in Orlando. “Orlando continues to have one of the fastest growing economies with population and employment growth outpacing the nation,” says Gullo. “Accordingly, it is forecasted to be one of the highest ranked markets for future rent growth.” Currently, rental rates range from $1,340 to $1,885 per month at Venetian Isle, while two-bedroom apartments average about $1,590 per …

March 3, 2020

Development Florida Mixed-Use Southeast Top Stories

Treo Group Breaks Ground on $125M VOX Miami Mixed-Use Development

by Taylor Williams March 2, 2020

MIAMI — Locally based investment and development firm The Treo Group has broken ground on VOX Miami, a $125 million mixed-use project in South Florida. Treo Group will develop the transit-oriented site, which is located at the corner of U.S. Highway 1 and Sunset Drive, adjacent to the South Miami Metrorail station, in multiple phases. Phase I will feature an eight-story student housing building with 326 beds across 99 units that will serve undergraduate and graduate students at the University of Miami. Amenities will include study lounges, a rooftop terrace, fitness center and a pool. The building is scheduled for completion before the 2021-2022 academic year. The second phase of VOX Miami is a 195,000-square-foot office building. Perkins + Will is designing the Class A property, which will also house ground-floor retail space. A start and completion date for that component has not yet been released. “VOX Miami is designed to fulfill the needs of various community sectors, from University of Miami students to local businesses, while providing convenient accessibility via the Metrorail and bolstering the overall appeal of public transportation,” says Otto Boudet-Murias, Treo Group principal. Treo Group is also developing Regatta Harbour, a 9.5-acre mixed-use project in Miami’s …

March 2, 2020

Development Louisiana Southeast Top Stories

Provident Realty Advisors Opens $85M Apartment Development in Downtown New Orleans

by Alex Patton February 28, 2020

NEW ORLEANS — Provident Realty Advisors, a Dallas-based developer, has opened Canal 1535, a 330-unit multifamily building in the central business district (CBD) of New Orleans. Canal 1535 features one- and two-bedroom apartments. Amenities include a fitness center, parking garage and heated swimming pool. The property is now leasing to new residents, with rents ranging from approximately $1,500 to $3,700. The total development cost is estimated at $85 million. The building is situated on Canal Street in the heart of New Orleans, near Tulane University Medical School and Louisiana State University School of Medicine. The property is located blocks from the French Quarter, the Mercedes-Benz Superdome and St. Louis Cemetery No. 2, and offers convenient access to public transportation via the Regional Transit Authority streetcar line. Julie Valley, asset manager at Provident, says that the building is intended to serve the growing workforce in the CBD, including native New Orleanians and those moving to the city for work. The economic outlook for 2020 is forecasting an additional 9,400 jobs in the city, an increase of 1.6 percent, according to New Orleans CityBusiness. — Alex Patton

February 28, 2020

Data Centers Development Industrial Office Top Stories

Google to Invest $10B This Year in Office, Data Centers Across the United States

by Alex Tostado February 27, 2020

MOUNTAIN VIEW, CALIF. — Google (Nasdaq: GOOGL) plans to invest $10 billion in office and data centers in 11 states this year that will create thousands of jobs. The 11 states will be Colorado, Georgia, Massachusetts, Nebraska, New York, Oklahoma, Ohio, Pennsylvania, Texas, Washington and California, according to Sundar Pichai, CEO of Google and its parent company, Alphabet Inc. In 2019, Mountain View-based Google announced it would invest $13 billion in major office and data center expansions in 14 states. Combined with other investments, Alphabet was the largest investor in the United States last year, according to the Progressive Policy Institute’s Investment Heroes 2019: Boosting U.S. Growth report. Data Centers Google plans to open or expand 13 data centers nationwide. Data center expansions in the South include locations in Georgia, Texas, Virginia, Alabama, South Carolina and Tennessee. In the Midwest, the company will open a new data center in Ohio and expand an existing center in Iowa. Nebraska and Oklahoma will see expanded data centers. Lastly, Google will expand data centers in Oregon and Nevada. Office Space Google plans to open new offices or expand its existing space in 19 communities. Google office expansions are slated for Minnesota, Wisconsin, Illinois …

February 27, 2020

Acquisitions California Multifamily Student Housing Top Stories Western

Landmark Properties Acquires 2,289-Bed Student Housing Community at University of California, Davis

by Kristin Harlow February 26, 2020

DAVIS, CALIF. — Landmark Properties has acquired Sol at West Village, a 2,289-bed student housing community at the University of California, Davis (UC Davis) campus, which is situated about 15 miles west of Sacramento. While the sales price was not disclosed, the transaction is the largest single-asset sale to date in the student housing sector, according to sources. Amenities at the on-campus property include a 24-hour study hall, fitness center, yoga studio, café, media theater, dog park and two swimming pools. Sol at West Village also includes 36,000 square feet of commercial space, which is currently leased to UC Davis. The community was built in three phases between 2011 and 2013. Sol at West Village is the largest net zero energy community in the United States, meaning it is designed to produce as much energy as it consumes. To meet this goal, the community combines efficient overall design with renewable on-site energy production via solar panels installed throughout the community. “Sol at West Village is a tremendous addition to our growing Class A student housing portfolio,” says Wes Rogers, president and CEO of Landmark. “We continuously pursue strategic opportunities to develop and acquire high-quality assets that are pedestrian to flagship …

February 26, 2020

Development Illinois Midwest Multifamily Top Stories

CMK, Greystar Begin Leasing 31-Story Apartment High-Rise Underway in Chicago’s South Loop

by John Nelson February 25, 2020

CHICAGO — CMK Cos. and Greystar Real Estate Partners have begun preleasing units at Imprint Apartment Homes, a new 349-unit high-rise community underway along the historic Printer’s Row in Chicago’s South Loop neighborhood. Local media outlets report the tower will rise 31 stories. CMK is the project’s developer, and Greystar is providing property management services. Chicago-based RL Accelerated is handling Imprint’s leasing services and has secured the property’s first lease. Imprint will feature floor plans ranging from 478-square-foot studio apartments to 3,276-square-foot, four-bedroom penthouses. According to Imprint’s home page, rents range from $1,745 for a studio to $8,100 for a penthouse. Move-ins will begin in mid-April and conclude this fall. The property is situated at 717 S. Clark St., the site of the former Palmer Printing building. Nearby transit options include the Harrison L Stop on Chicago Transit Authority’s (CTA) Red Line and the LaSalle L Stop on CTA’s Blue Line. Community amenities will include a fitness center, resident lounge, coworking spaces, dog grooming station, bike storage, community terrace with fire pits, top-floor observation deck, library and 24-hour concierge services. Designed by Hartshorne Plunkard Architecture, Imprint has received the Green Globes certification from the Green Building Initiative for the project’s …

February 25, 2020

Loans Multifamily New York Northeast Top Stories

Meritz Securities Provides $350M Refinancing for The Centrale Residential Tower in Manhattan

by Taylor Williams February 24, 2020

NEW YORK CITY — Meritz Securities, a South Korea-based lender and intermediary, has provided a $350 million inventory loan for The Centrale, a 63-story residential tower in Midtown Manhattan. The loan, which essentially functions as permanent financing, is collateralized by the property and pays off the property’s $300 million construction loan. New York City-based Madison Realty Capital provided that loan to the project developer, Ceruzzi Properties, in 2017. The Centrale features 124 residential condominium units, 7,645 square feet of ground-floor retail space and a parking garage. Pelli Clarke Pelli Architects designed the project, construction of which was completed in early 2019. Units at the property feature one-, two-, three-, four- and five-bedroom floor plans that range in size from 777 to 5,388 square feet. Amenities include an indoor pool, a spa, fitness center and shared workspaces. The property also offers proximity to Grand Central Station, several subway lines, Times Square and Midtown East’s Plaza District. JLL arranged the loan through Meritz Securities on behalf of Ceruzzi Properties. VI Development Group advised Meritz on the transaction and tapped PIA Asset Management to manage the project. “New York City remains the go-to market for global capital,” says Chris Peck, a managing director …

February 24, 2020

Development Healthcare Mixed-Use Texas Top Stories

Texas A&M Plans $546M Expansion at Texas Medical Center in Houston

by Alex Patton February 21, 2020

HOUSTON — Texas A&M University has unveiled plans for a $546 million expansion project at Texas Medical Center in Houston. The project will include the $145 million acquisition and renovation of the 18-story Texas A&M Engineering Medicine (EnMed) building at 1020 Holcombe Blvd., as well as $401 million construction of two new towers adjacent to the EnMed structure. The first new building is a 30-story medical tower slated for completion in June 2023. The property will include 72,000 square feet of retail space and 8,700 square feet of green space. The tower will expand the EnMed building’s engineering medicine programs, which include a combination of medical and engineering degrees. The second new building is a 19-story residential tower slated for completion in June 2022. The project will include 704 beds of student housing and a 3,444-space parking garage. Texas A&M College of Medicine students and Prairie View A&M University College of Nursing students will have first priority to occupy the housing, but students from other institutions can also apply. The expansion will be part of Texas Medical Center’s planned 1.5 million-square-foot TMC3 translational research campus. With construction scheduled to begin this year for completion in 2022, TMC3 will include 112,000 …

February 21, 2020

Development Hospitality Nevada Top Stories Western

CIM Group Building 495 More Rooms at Downtown Grand Hotel & Casino in Las Vegas

by Alex Tostado February 20, 2020

LAS VEGAS — CIM Group is expanding Downtown Grand Hotel & Casino with the addition of an eight-story, 495-room building in downtown Las Vegas. The extra rooms will increase the total number of rooms by more than 75 percent, bringing the total from 629 to 1,124 rooms. The new building is being constructed atop a reconfigured porte-cochere (a covered entrance large enough for vehicles to pass through), and guests will have direct access to the third-level pool deck, the hotel’s casino, ground-level retail and entertainment options. Furthermore, CIM Group is developing a new public casino entrance. Of the new rooms, 90 are suites, including 67 studio units, 20 one-bedroom suites and three Presidential Suites each totaling nearly 1,500 square feet of living space. Downtown Grand Hotel also offers DJs on the casino floor every Friday and Saturday, six meeting rooms ranging from 814 to 10,625 square feet, and six restaurants. Upon completion of the expansion, Downtown Grand Hotel & Casino will comprise three buildings that span two city blocks between Casino Center Boulevard, North 4th Street, East Ogden Avenue and East Stewart Avenue. CIM Group originally opened Downtown Grand Hotel in 2013. The Los Angeles-based developer expects to complete the …

February 20, 2020

Development Hospitality Nevada Top Stories Western

Dream Hotel Group to Open 450-Room Luxury Hotel on Las Vegas Strip

by Kristin Harlow February 19, 2020

LAS VEGAS — Dream Hotel Group has unveiled plans to open a 450-room luxury hotel on the Las Vegas Strip. Dubbed Dream Las Vegas, the project is slated to open in 2023. Local developers Contour and Shopoff Realty Investments plan to break ground in early 2021. Designs call for a rooftop pool deck, bar and lounge; three restaurants; two additional bar and lounge concepts on the gaming floor; a grab-and-go café on the street level; 12,000 square feet of meeting and event space; a full-service spa; and a fitness center. “There is no shortage of mega-resorts in Las Vegas, but there is a lack of boutique hotels that offer a more intimate curated experience,” says David Daneshforooz, CEO of Contour. “A ground-up Dream hotel with its world-class food and beverage offerings was an obvious choice for a boutique execution on this site and will be a great addition to the Las Vegas Strip.” Located across the street from Mandalay Bay Resort and Bali Hai Golf Club, Dream Las Vegas will be one of the first hotels seen from the iconic “Welcome to Las Vegas” sign. The property will be situated two blocks from the new Allegiant Stadium, future home of …

February 19, 2020

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