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Uncommon Charlottesville Student Housing
MultifamilyStudent HousingTop Stories

The Scion Group-Led JV Acquires 11-Property Student Housing Portfolio for $640 Million

by Jeff Shaw

CHICAGO — The Scion Group, along with sovereign wealth fund partners GIC and Canada Public Pension Investment Board (CPPIB), has acquired a portfolio of 11 student housing properties throughout the United States for $640 million. Harrison Street Real Estate owned nine of the properties in partnerships with Trinitas, Opus, CA Ventures and Vertex Nine. In addition, Scion, GIC and CPPIB acquired another asset from Trinitas and another property in Chicago from an undisclosed entity. The properties in the transaction total more than 6,300 beds, and include: University Trails Tallahassee, a 936-bed community located near Florida State University Alpha, a 698-bed community located near the University of Alabama VAMP, a 668-bed community located near the University of Indiana The Foundation, a 725-bed community located near CSU Sacramento NXNW, a 648-bed community located near Western Washington University Varsity Quarters, a 162-bed community located near the University of Wisconsin Uncommon Madison, a 408-bed community located near the University of Wisconsin Uncommon Tampa, a 516-bed community located near the University of South Florida Uncommon Charlottesville, a 342-bed community located near the University of Virginia LUX at Central Park, a 608-bed community located near the University of North Carolina 1237 West Fullerton, a 592-bed community …

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FeaturesIndustrialMultifamilyNortheastNortheast Feature ArchiveOfficePennsylvaniaRetailTop Stories

Pennsylvania Supreme Court Takes Up Issue of Reverse Property Tax Appeals Across State

by Haisten Willis

By Gregory Schaffer Pennsylvania property owners and tenants, who pay some of the highest property taxes in the nation, are no doubt aware of the annual deadline to file a property tax appeal. After all, one look at a new tax bill is often enough to make even the most seasoned tax manager scramble to contact their local tax counsel. However, very few taxpayers are aware that the assessment they may have accepted as favorable could easily trigger a reverse appeal filed by the local school district. Assessment appeals filed by the taxing entities, often referred to as reverse appeals, are increasingly common as cash-strapped school districts seek to fill their coffers. Just as a tax manager might view an inflated assessment as a reason to appeal, more and more school districts see potentially under-assessed properties as a much-needed source of additional revenue. To the bane of many taxpayers, this tactic has now reached the city of Philadelphia. Despite undergoing a citywide property revaluation for the 2014 tax year, with another currently slated for 2018, the Philadelphia School District recently decided to begin filing reverse appeals against properties it feels are under-assessed. On Sept. 15, 2016, for the first time, …

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MultifamilyTexasTop Stories

Marcus & Millichap Closes Sale of 1,164 Apartment Units Throughout Texas for $80.5M

by Nellie Day

DALLAS — Marcus & Millichap’s (NYSE: MMI) Dallas-based multifamily investment sales team has closed the sale of six multifamily assets within the state of Texas totaling $80.5 million. The communities contain a total of 1,164 units. Four of the properties reside within the Dallas-Fort Worth area, known as the Metroplex, while another is situated 60 miles northeast of Dallas in Commerce, and the other is in Waco. The Metroplex-area properties include the 380-unit Spring Lake in Haltom City, the 306-unit Tradewind in Mesquite, the 200-unit Village at the Crossroads in Irving and the 76-unit Oaks Branch in Garland. “The Metroplex’s diverse and growing economy continues to attract investors, creating increased buyer competition for apartment assets and accelerating deal flow,” says Nick Fluellen, a member of Marcus & Millichap’s multifamily investment sales team. “Local investors are particularly focused on properties with some value-add component, as was the case with these assets.” The remaining two properties are the 128-unit Bradford Place in Commerce and the Village Condominiums, a 74-unit apartment asset in Waco. “All of the properties provide new ownership with excellent opportunities to add value in various ways, including the continuation or implementation of strategic upgrade plans,” adds Bard Hoover, who, …

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HealthcareSoutheastTennesseeTop Stories

Ardent Health Services Acquires LHP Hospital Group, Creating 19-Property Hospital Group

by Katie Sloan

NASHVILLE, TENN. — Ardent Health Services has acquired LHP Hospital Group Inc., creating the second largest private, for-profit hospital operator in the United States, with 19 hospitals in six states and $3 billion in revenues, according to Ardent. Although the purchase price was not disclosed, Ventas Inc., a massive healthcare REIT, provided $700 million in financing to Ardent for the acquisition. The five-year, LIBOR-based acquisition loan bears an initial cash interest rate of approximately 8 percent. As part of the transaction, Ardent received a significant equity contribution from its majority owner, an affiliate of Equity Group Investments. Ventas also made an equity contribution to maintain its 9.9 percent equity stake in Ardent. LHP’s portfolio of hospitals were all operated in joint ventures. LHP’s portfolio includes Bay Medical Center in Panama City, Fla.; HUMC Mountainside in Montclair, N.J.; HUMC at Pascack Valley in Westwood, N.J.; Portneuf Medical Center in Pocatello, Idaho; and Seton Medical Center in Harker Heights, Texas. Under the terms of the agreement, Ardent will assume LHP’s management and operational responsibilities within each joint venture partnership. The transaction is not expected to impact the day-to-day operations of the affiliated hospitals. The Ardent management team will also continue to lead the …

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U.S. Homeownership Rate
FeaturesMultifamilyTop Stories

M&M: Homeownership Hits 12-Year Low as Young Households Favor Apartments

by Jeff Shaw

Homeownership rates in the United States have hit a 12-year low due to a combination of younger people’s preference for apartments, a low housing inventory that has inflated sales prices and strong absorption in the multifamily sector, according to a research brief from Marcus & Millichap. Single-family homes are experiencing low inventory compared to demand, with the supply of available homes holding steady for several months. The current supply represents just 3.6 months of sales, a record low, according to the brief. As a result, the median home price increased 7.3 percent on a year-over-year basis to $230,400 in January 2017. The apartment sector, meanwhile, is still seeing a drop in vacancy despite the fact that deliveries are expected to peak this year. Nearly 290,000 apartments were delivered nationally during 2016, but strong absorption still managed to push vacancy down 20 basis points to 3.9 percent. According to the brief, “young households’ increased propensity to rent fuels apartment demand, and the absorption of 294,100 units in 2016 was the fourth highest year on record.” Following this year’s peak, though, Marcus & Millichap predicts new apartment supply will taper off in 2018. Lenders have already begun to tighten the purse strings …

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HospitalityLoansNew YorkNortheastTop Stories

Eastern Consolidated Arranges $120M in Construction Financing for New Hyatt Place Hotel in Manhattan

by Taylor Williams

NEW YORK CITY — Eastern Consolidated has secured a $210 million debt and equity package to finance the construction of a new, 180,000-square-foot Hyatt Place Hotel in Manhattan’s Garment District. The financing consists of a $95 million first-mortgage loan from Bank of the Ozarks and a $25 million preferred equity investment by Square Mile Capital Management. Adam Hakim and James Murad of Eastern Consolidated arranged the financing on behalf of the McSam Hotel Group, a New York-based hotel development firm. “With a revitalized theater district, thriving hospitality industry and constantly improving retail, the Times Square area is a magnet for tourists,” Hakim said. “New York City hosted a record 60.3 million visitors last year, which boosted the city’s hotel occupancy rate to an average of 90.1 percent, and more visitors are expected this year.” The 25-story, 520-key hotel will be located at 350 W. 39th St., in between Eighth and Ninth avenues in the Hudson Yards submarket. The chairman of McSam Hotel Group, Sam Chang, purchased the site in 2015 for $112 million; terms of sale allow him to develop up to 300,000 square feet of the property, according to The Real Deal. Consequently, plans for a 123,000-square-foot, 21-story, 380-room hotel …

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OfficeTexasTop Stories

Stream Realty, J.P. Morgan Unveil $135M Renovation Plans for Trammell Crow Center in Dallas

by Kristin Harlow

DALLAS — Stream Realty Partners and J.P. Morgan Asset Management have unveiled plans for the $135 million renovation and expansion of Trammell Crow Center in Dallas. This will be the first major renovation of the office tower in 32 years. The building, located at 2001 Ross Ave., will be transformed into a mixed-use property. The redevelopment of the 1.2 million-square-foot office tower will include enhancements to the building’s interior lobby, lower exterior and plaza. A ground-up, mixed-use development on an adjacent 2.66-acre site will be anchored by more than 26,000 square feet of restaurant-driven retail space and a parking facility. The transformation of the Dallas landmark will collectively total five acres. The redesign will also focus on expanding the building’s on-site amenities to include a new 3,000-square-foot tenant lounge, an expanded, 9,000-square-foot athletic club and a 9,000-square-foot conference center located on the second floor. The most notable change for the building will consist of a new 50-by-80-foot glass and metal façade below the third floor, which will extend out to Ross Avenue. A similar glass entry will be featured at the Flora Street entrance, and the ground floor of the Olive and Harwood Street corners will extend towards Ross Avenue …

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MarylandOfficeSoutheastTop Stories

First Potomac Realty Trust, AEW Sell Two Office Assets in Maryland for $59.5M

by John Nelson

COLUMBIA AND GLEN BURNIE, MD. — First Potomac Realty Trust (NYSE: FPO) and an affiliate of AEW Capital Management have sold two office developments in Maryland for $59.5 million. An affiliate of Adler Kawa Real Estate Advisors purchased the two assets: Rivers Park I and II in Columbia and Aviation Business Park in Glen Burnie. The sale of the 428,268-square-foot portfolio is part of First Potomac Realty Trust’s strategic plan, which includes the sale of $350 million of non-core assets. First Potomac owned a 25 percent interest in Rivers Park I and II and a 50 percent interest in Aviation Business Park. “The sale of these joint-venture assets marks another meaningful step forward at FPO,” says Robert Milkovich, CEO of First Potomac Realty Trust. “In 2017, we have generated over $100 million of proceeds, at our share, providing capital to repay debt and fund our redevelopment program, and have now sold $311 million of assets. As we progress through 2017, we remain focused on completion of our strategic plan and driving long-term value for our shareholders.” First Potomac’s share of the gross proceeds from the sales — approximately $19 million — was utilized to pay down its share of mortgage …

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FeaturesTop Stories

Interest Rates, Political Unrest Threaten to Jeopardize Health of Commercial Real Estate, Says Economist

by John Nelson

The U.S. economic expansion continues on, extending its long streak of slow but steady growth. The economy has benefitted from years of stability in both the political and monetary realms, but massive paradigm shifts are underway. These changes are breeding uncertainty, which threaten both overall economic expansion and the commercial real estate industry in a way not seen in years. On the monetary front, years of low and declining interest rates supporting credit markets and asset prices are giving way to a new environment. Rates have risen noticeably since the fall and the Fed is overseeing a tightening cycle. Rising interest rates pose a new challenge to credit conditions and valuations, which has already been reflected in the significant decline in investment volume reported in January by Real Capital Analytics. The sharp rise in interest rates has scuttled the closing of some deals, protracted the closing of others and thrown financing terms for a loop across the board. The larger uncertainty and concern, however, is emanating from the political realm. The new administration has proposed radical policy shifts to immigration, trade, regulations and taxes. Both the amount of proposed policy changes and their severity are resulting in an uptick in …

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MidwestNorth DakotaRetailTop Stories

Mall-Based Apparel Chain Vanity to Shutter All 137 Store Locations in 27 States

by Nellie Day

FARGO, N.D. — Vanity Shop of Grand Forks is shuttering all 137 of its Vanity stores throughout 27 states. Tiger Capital Group is conducting the going-out-of-business sale, which is now underway. The Fargo-based clothing store has roots dating back to the 1950s. The announcement follows the company’s filing for Chapter 11 bankruptcy protection on March 1 in the U.S. Bankruptcy Court for the District of North Dakota. The chain offers discount women’s and children’s apparel and accessories. The heaviest concentration of stores is in the Midwest, particularly Minnesota, Iowa, Wisconsin and Ohio. The stores average 3,000 square feet in size and are mostly located in malls. “The company’s difficult decision to close all stores is emblematic of the pressures facing mall-based specialty apparel retailers in the wake of ever-increasing competition from big-box ‘fast fashion’ chains and e-commerce sites,” says Michael McGrail, COO of Tiger Group. Tiger will also liquidate store fixtures and equipment, as well as furniture, fixtures and equipment from the company’s distribution centers. — Nellie Day

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