Top Stories

AREP, GreenBarn Acquire Build-to-Rent Development Site in Ashburn, Virginia, for $120M

by Taylor Williams August 21, 2023

ASHBURN, VA. — A partnership between American Real Estate Partners (AREP) and GreenBarn Investment Group has acquired a development site in Ashburn, located in Northern Virginia’s Loudoun County approximately 30 miles west of Washington, D.C. The site is fully approved for the construction of 200 build-to-rent homes. The price was $120 million. National homebuilder Dream Finders Homes originally acquired and entitled the site before selling it to the partnership. Genesis Capital, a subsidiary of New York City-based REIT Rithm Capital Corp., provided an $86.4 million loan to the partnership to fund both acquisition and construction costs. Rithm Capital is also an equity partner on the project. According to the property website, CityHouse Ashburn Station will consist entirely of three-bedroom units with an average size of 2,000 square feet. Preleasing for Phase I of the project is currently underway, and the development team expects to fully complete the community within the next 15 months. Residences will offer attached private garages, large island kitchens, full-size washers and dryers and various pieces of smart home technology. Residents will also have access to sports courts, communal green spaces, pet-friendly facilities and indoor/outdoor entertainment areas. Rents start at around $4,000 per month. “With this acquisition, …

August 21, 2023

Acquisitions Multifamily Top Stories Washington Western

JLL Brokers $125M Sale of 360-Unit Radiate Apartments in Redmond, Washington

by Jeff Shaw August 18, 2023

REDMOND, WASH. — JLL Capital Markets has arranged the sale of Radiate Apartments, a 360-unit luxury community in Redmond, an eastern suburb of Seattle. Jackson Square Properties acquired the asset from Fairfield Residential for $125 million. Radiate Apartments was built in 2021. The community offers 360 apartments in studio, one- and two-bedroom floor plans. Units feature full-size washers and dryers, stainless steel appliances, quartz countertops and wood-style plank flooring. Amenities include an outdoor terrace, barbecue area, complimentary coffee bar, resident social lounge, game room, demonstration kitchen, fitness center and co-working lounge. According to Apartments.com, the complex rises six stories and is served by an elevator. Located at 15808 Bear Creek Pkwy. in Redmond’s downtown area, Radiate Apartments is less than half a mile from Redmond Town Center, an outdoor shopping center with more than 120 retail stores, 20 restaurants, three hotels and entertainment venue space. According to JLL, there is approximately 1.9 million square feet of retail, restaurant and entertainment space within a half-mile radius of the community. Additionally, Radiate Apartments is about 15 miles from downtown Seattle and eight miles from downtown Bellevue. The property offers access to the Redmond Central Connector trail, which will connect to the upcoming Downton …

August 18, 2023

Alabama California Development Hospitality Southeast Top Stories Western

Hyatt Announces First Two Locations for Upper-Midscale Extended-Stay Brand

by Katie Sloan August 17, 2023

TILLMAN’S CORNER, ALA. AND MARYSVILLE, CALIF. — Hyatt Hotels Corp. (NYSE: H) has announced the first two locations for its upper-midscale extended-stay banner, Hyatt Studios. The company has letters of interest for over 100 Hyatt Studios developments across the U.S. Each Hyatt Studios location will be sized to fit approximately 122 rooms, and will offer grab-and-go breakfast and a 24-hour market with snacks and ready-made meals that can be prepared in each guest room’s kitchen. The Chicago-based company has entered into a franchise agreement with 3H Group Inc. to develop the first Hyatt Studios hotel in Tillman’s Corner, roughly 10 miles southeast of Mobile. The property is set to open in late 2024. Presidio Hotel Development has entered into a franchise agreement with Hyatt for the second location, a 113-room hotel in downtown Marysville, approximately 45 miles north of Sacramento. The property is expected to open in 2025 and will feature dedicated meeting spaces. Extended-stay hotels have grown in demand over the past several years, in part due to the asset’s popularity during the COVID-19 pandemic. Bask Development recently announced plans to develop eight Extended Stay America-branded hotels in Florida, and the development of 15 new hotels under the same …

August 17, 2023

Acquisitions Florida Illinois Midwest Retail Southeast Top Stories

Aldi to Acquire Winn-Dixie, Harveys Supermarket from Southeastern Grocers

by Kristin Harlow August 16, 2023

BATAVIA, ILL. AND JACKSONVILLE, FLA. — German discount grocer Aldi has entered into a definitive agreement to acquire Winn-Dixie and Harveys Supermarket as part of a larger divestiture of Jacksonville-based parent company Southeastern Grocers to various entities. Financial terms of the transaction were not disclosed. The Southeast-focused acquisition includes approximately 400 Winn-Dixie and Harveys locations across Alabama, Florida, Georgia, Louisiana and Mississippi. Aldi, which maintains its U.S. headquarters in Batavia, Ill., first established its presence in the Southeast in the mid-1990s and has since invested $2.5 billion in the region. Most recently, Aldi opened its 26th regional headquarters and distribution center in Loxley, Ala., to help support new stores in the region. The retailer plans to open 20 new locations in the area by the end of the year. Jason Hart, CEO of Aldi, says the acquisition supports Aldi’s long-term growth strategy across the country. The grocer plans to open 120 new stores this year to reach a total of more than 2,400 stores by year’s end. Aldi will evaluate which Winn-Dixie and Harveys locations will be converted into Aldi stores. The stores that are not converted will continue to operate under the Winn-Dixie and Harveys brands. Deutsche Bank served …

August 16, 2023

Development Georgia Multifamily Southeast Top Stories

CA Ventures Opens 33-Story 903 Peachtree Apartment Tower in Midtown Atlanta

by John Nelson August 15, 2023

ATLANTA — CA Ventures, a Chicago-based real estate investment and development firm, has opened 903 Peachtree, a 33-story apartment tower in Midtown Atlanta. The high-rise comprises 427 luxury apartments, high-end amenities and 9,000 square feet of retail space. “We are thrilled to celebrate the grand opening of 903 Peachtree, a landmark achievement for CA Ventures as our first residential building in Georgia,” says Jack Duncan, executive vice president of operations for CA Ventures. “This luxury building embodies our commitment to delivering exceptional living spaces and amenities that enhance the lives of our residents. We are excited to introduce this remarkable community to the vibrant neighborhood of Midtown Atlanta.” The development team includes Diamond Realty Investments Inc., a capital investor with offices in metro Dallas and Los Angeles, and Cartel Properties, an Atlanta-based urban development firm. Cartel is both a development partner and is leading the retail leasing assignment on behalf of the ownership group. Lincoln Property Co. is the property manager. 903 Peachtree features studios, one-, two- and three-bedroom apartments. According to the property website, units range in size from 300 to 1,884 square feet and monthly rental rates range from $1,410 to $8,192. The website also says renters can …

August 15, 2023

California Development Mixed-Use Top Stories Western

Reuben Brothers Completes $2.5B Century Plaza Mixed-Use Project in Los Angeles

by Taylor Williams August 14, 2023

LOS ANGELES — Reuben Brothers, a private equity and real estate investment firm, has completed the development of Century Plaza, a $2.5 billion mixed-use project in the Century City area of Los Angeles. Sales and marketing of the development’s two 44-story residential towers totaling 268 for-sale residences will commence this fall. Designed by Pei Cobb Freed & Partners, the buildings offer residential amenities such as a pool, business center, outdoor dining spaces, a dog park and a children’s playroom. Century Plaza also features the reimagined Fairmont Century Plaza hotel, which comprises 400 guestrooms and 85 suites, as well as amenities such as a pool, spa and a fitness center. The hotel also houses multiple food-and-beverage options. The development’s retail component, The Shops at Century Plazas, consists of 100,000 square feet of shopping, dining and entertainment space. This piece of the development also includes a landscaped promenade and public green spaces with art installations. Additional updates on leasing activity within the retail component will also be announced this fall. “With its combination of luxury residences, trend-setting retail spaces and the iconic Fairmont Century Plaza at its core, the team is not only transforming Century Plaza but establishing LA’s newest luxury enclave,” says …

August 14, 2023

Development Loans Mixed-Use Multifamily Southeast Student Housing Tennessee Top Stories

Joint Venture Receives $233.3M Construction Financing for Hub Knoxville Student Housing Project Near University of Tennessee

by Jeff Shaw August 11, 2023

KNOXVILLE, TENN. — Core Spaces, Schenk Realty and Kayne Anderson Real Estate have received $233.3 million in financing for the construction of Hub Knoxville, a 2,000-bed student housing community in downtown Knoxville adjacent to the University of Tennessee campus. According to the development team, this project would be the largest student housing development in Knoxville’s history. Hub Knoxville comprises 600 units across three towers, including two 10-story buildings and one seven-story building. Units come in studio through five-bedroom layouts. The project will also include an estimated 30,000 square feet of retail space and an 1,800-stall parking garage. Overall, Hub Knoxville spans over 4 acres in “The Strip,” Knoxville’s main hub downtown. Through a partnership with Covenant Health, the parking garage will also provide parking spaces dedicated to the Fort Sanders Regional Medical Center and East Tennessee Children’s Hospital. Construction on Hub Knoxville began this spring. The first phase of the project is slated for completion in fall 2025. The second phase is scheduled to open in 2026. Amenities will include a rooftop pool deck, a courtyard with grilling stations, a spa and fitness center, private study rooms and a coffee shop. Core Spaces and Schenk Realty are co-developers on the …

August 11, 2023

Acquisitions Company News New York Northeast Retail Top Stories

Coach Owner to Acquire Parent Company of Michael Kors, Versace for $8.5B

by Katie Sloan August 10, 2023

NEW YORK CITY — Tapestry (NYSE: TPR), owner of fashion brands Coach, Kate Spade and Stuart Weitzman, has agreed to acquire luxury fashion group Capri Holdings Limited (NYSE: CPRI) for $8.5 billion. Both companies are based in New York City. Capri Holdings consists of Versace, Jimmy Choo and Michael Kors. The group spans a retail footprint of over 1,200 stores globally, including 223 Versace locations, 237 Jimmy Choo stores and 812 Michael Kors locations. The all-cash transaction, which was unanimously approved by the board of directors at both Tapestry and Capri Holdings, is expected to close in 2024. Capri shareholders will receive $57 per share. Combined, the companies generated $12 billion in global annual sales in 2022 and have a presence in over 75 countries. “We are excited to announce the acquisition of Capri Holdings — uniting six iconic brands and exceptional global teams,” says Tapestry CEO Joanne Crevoiserat. “The combination of Coach, Kate Spade and Stuart Weitzman together with Versace, Jimmy Choo and Michael Kors creates a new powerful global luxury house, unlocking a unique opportunity to drive enhanced value for our consumers, employees, communities and shareholders around the world.” Tapestry has secured $8 billion in fully committed bridge …

August 10, 2023

Acquisitions Massachusetts Multifamily Northeast Top Stories

Harbor Group International Sells 1,722-Unit Multifamily Portfolio in Metro Boston

by Kristin Harlow August 9, 2023

BOSTON — Harbor Group International (HGI), a privately owned international real estate investment and management firm, has sold a 1,722-unit multifamily portfolio comprising six properties in metro Boston. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. While the sales price was undisclosed, HGI purchased the portfolio in 2019 for $384 million. At that time, the firm instituted a $13.6 million capital improvement program to renovate interior units, upgrade amenities, address deferred maintenance and enhance overall curb appeal. The properties include Commons at Haynes Farm in Shrewsbury, Middlesex Crossing in Billerica, Meadows at Marlborough and Heights at Marlborough in Marlborough, Stone Ends in Stoughton and Village at Marshfield in Marshfield. The portfolio is surrounded by large employment hubs and situated in close proximity to major highways and Metro Boston Transit Authority train stations, according to HGI. “The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” says Richard Litton, president of HGI. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. …

August 9, 2023

Affordable Housing Development Loans Multifamily New York Northeast Top Stories

Wells Fargo Provides $780.3M in Financing for Affordable Housing Projects in New York City Metro Area

by John Nelson August 8, 2023

NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing to fund the development of five affordable housing projects in the New York City metro area. The San Francisco-based bank provided the financing through its Community Lending and Investment (CLI) group, and all five loans closed in the month of June. The developments, which total more than 1,100 apartments, are underway and include: Peninsula Phase II, Wakefield Yards and Blondell Commons in The Bronx; Edgemere Commons Building B1 in Queens; and St. Clair in Yonkers, about 20 miles north of New York City. The Peninsula community is the second phase of the redevelopment of the former Spofford Juvenile Detention Facility located in the Hunts Point neighborhood of The Bronx. Wells Fargo CLI provided a total of $250.6 million in debt and equity financing to the borrowers: Gilbane Development Co., The Hudson Cos. and MHANY Management. The project will total 359 affordable units, all reserved for tenants earning 70 percent or less of the area median income (AMI), and 54 of the apartments will be set aside for formerly homeless tenants. The project will include a Head Start daycare facility, as well as community …

August 8, 2023

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