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RICHMOND, VA - ROSS Companies, a leader in multifamily acquisitions, property management and renovation, announced it has acquired Hampstead Apartments, a 98-unit community in Richmond, VA.
ROSS Companies has begun to employ a $3MM repositioning and rebranding program for the community, which includes renovating the apartments in an effort to meet consumer desires for new contemporary housing in a popular, convenient location.
Hampstead Apartments (which will be rebranded under a new name) is nestled in a newly developed section of Richmond called Libbie Mill – Midtown. Libbie Mill – Midtown is an 80-acre mixed-use space offering retail, restaurants, offices, trails, and a world-class library.
"Given its prime location, Hampstead Apartments is an exciting investment opportunity for us" said Dave Miskovich, CEO of ROSS Companies. "We believe the extensive capital improvements program that we will be undergoing will put Hampstead Apartments directly in line with the demands of today's savvy apartment consumer, who are seeking sophisticated, highly functional apartments."
This 98-unit community consists of 2-bedroom apartments. Renovation will include creating an open living, dining, kitchen concept, installing luxury plank flooring, and completely new kitchens and bathrooms. There will also be wide-spread exterior upgrades to the building fascia, landscaping and signage.
10/14/2019 09:07 AM
OAK BROOK, IL - JVM Realty, a leading vertically integrated multifamily real estate investment and property management firm, announced it has acquired Uptown La Grange, a 254-unit luxury apartment community in La Grange, Ill., a vibrant suburb located 17 miles west of downtown Chicago. JVM Management Inc. will manage the property, which was built in 2017.
Uptown La Grange marks the second suburban Chicago apartment community JVM has acquired in the last two weeks. In late September, the company completed its purchase of Randall Highlands in North Aurora, Ill. The Midwest-focused company now owns and operates five multifamily properties in the area.
"We are always excited about the opportunity to make strategic additions to our portfolio, and Uptown La Grange is an apartment community that has a tremendous amount going for it in terms of its location, its walkability and its onsite features," said Jay Madary, president and CEO of JVM. "Being a transportation-oriented development (TOD), it provides residents with extremely easy access to one of the most exciting and culturally stimulating cities in the world while still giving them a chance to live in luxury away from the hustle and bustle of the big city. All of the pieces are there for Uptown La Grange to be the premier apartment community in its submarket. I'm confident that our experience in this market and our marketing and operational expertise will make that happen."
Uptown La Grange has a walk score of 90, which is considered a "walker's paradise" and is a particularly high score for a suburban community. The community sits next to a 17-acre public park and is just a block away from the LaGrange Road Metra train station, where residents can take a 20-minute express train to downtown Chicago. It is close to several highways – including I-290, I-55 and I-294 – and is within a 25-minute drive of both major Chicago airports.
Uptown La Grange also is surrounded by a robust restaurant and retail scene. Additionally, residents are just steps away from a Trader Joe's grocery story and a Walgreen's pharmacy, and they can easily walk to a nearby Jewel-Osco grocery store.
Community amenities at Uptown La Grange include a rooftop terrace offering views of downtown Chicago; a heated pool and a sundeck with grills and a bocce ball court; a fitness center with Wellbeats virtual fitness classes, a yoga studio and Peloton bikes; and a club room with a demonstration kitchen and a coffee bar. Other common-area features include package delivery storage lockers, valet trash, a conference center/library and a gaming lounge.
Uptown La Grange offers one-, two- and three-bedroom homes as well as studios. The units feature 9-foot ceilings, Whirlpool stainless-steel appliances, quartz countertops, smart-home technology, plank flooring in all living areas, large walk-in closets and full-size washers and dryers. The homes also have private patios and balconies. Select homes have 10-foot ceilings.
10/11/2019 09:29 AM
ATLANTA, GA - Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the acquisition of The Columns at Akers Mill, a 400-unit, garden-style multifamily community situated in the popular Atlanta suburb of Vinings, on behalf of its affiliates. The purchase presents an opportunity to acquire a well-located asset with value-add potential in a top-performing southeastern market where Greystar has built a sizeable portfolio.
“We know the Atlanta market extremely well and were immediately drawn to this acquisition opportunity given the Property’s location, as well as the area’s strong employment fundamentals and favorable supply/demand dynamics for high-quality rental housing,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “We have developed a strategic plan to maximize asset value and enhance resident experience through an infusion of capital and the implementation of property management best practices. Our vertically integrated team is well positioned to execute on this opportunity.”
Originally completed in 1968 and significantly upgraded in 1994, The Columns at Akers Mill is located at 2383 Akers Mill Road SE, in close proximity to major employment hubs including Cumberland/Galleria, Buckhead, Midtown and Perimeter Center. Large corporations such as Home Depot, Thyssenkrupp, HD Supply, Delta Community Credit Union and Genuine Parts have headquarters in the Cumberland/Galleria area, which is located just two miles from the Property. The recent delivery of more than 17 million square feet of office space is expected to attract other growing businesses and top talent to the region. Moreover, the numerous dining, shopping and entertainment venues that surround the Property including The Battery, a mixed-use lifestyle center surrounding The Atlanta Braves stadium, makes its location highly desirable.
Greystar plans to implement a capital improvement plan and will take over management of The Columns at Akers Mill to attempt to unlock embedded value. The capital improvement plan includes comprehensive updates to residences, including replacing dated appliances and cabinets and upgrading finishes including lighting, plumbing and hardware fixtures. Greystar will also overhaul the Property’s common areas and amenity spaces – which include a fitness center, a pool and numerous courtyards.
As the nation’s largest apartment operator with approximately 500,000 units under management, Greystar currently owns more than 2,800 units in Atlanta and manages nearly 17,600 more in the market. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout Atlanta.
10/11/2019 09:24 AM
CHARLOTTE, NC - LMC, a leader in apartment development and management, announced its acquisition of Novel Stonewall Station, a luxury transit-oriented apartment community located in Uptown, one of Charlotte's most sought-after rental submarkets. The transaction marks LMC's first acquisition of an existing multifamily community.
Novel Stonewall Station, which features 459 luxury apartment homes and a full-sized Whole Foods Market on the ground floor, offers walkability to Charlotte's core central business district employers and Uptown's entertainment attractions. It also is adjacent to the Stonewall Station light-rail stop, which allows residents to easily travel to South End and NoDa, two of Charlotte's other thriving intown neighborhoods. With the acquisition, LMC now owns three Class A, transit-oriented communities in the city. The other two communities are Bradham at New Bern, located in South End, and The Ellis in Uptown.
"The Charlotte apartment market is a healthy one, and our first-ever acquisition provides us with a way to scale our presence in the market and add a true trophy asset in the Queen City," said Todd Farrell, president of LMC. "The strategic move to acquire these types of communities will serve as a complement to our ongoing development efforts and will allow us to continue to build our portfolios in desirable submarkets."
Situated at 400 East Stonewall Street, Novel Stonewall Station sits at a nexus of employment, recreation, entertainment and transportation. The area immediately surrounding the property is undergoing a monumental transformation, with several mixed-use developments and office towers under construction or planned. More than 2.9 million square feet of new Class A office space will be added within four blocks of the community by 2021. Major nearby employers include Duke Energy, Wells Fargo, Bank of America, Regions and WeWork. In addition, Interstates 77 and 277 are nearby to provide residents with easy connectivity to the rest of the metro Charlotte area.
"We are excited about the addition of Novel Stonewall Station to our portfolio," said Will Chapman, managing director of LMC Investments. "This is truly a landmark asset in an unbeatable location within one of the nation's fastest-growing metro areas. And with its array of outstanding interior finishes and top-notch, in-demand amenities, it is a highly desirable home for today's discerning apartment residents."
Novel Stonewall Station offers studio, one-, two- and three-bedroom apartment homes. The homes range in size from 469 to 2,563 square feet and represent a mix of mid-rise and high-rise residences.
Community amenities include an invisible-edge saltwater pool, rooftop beer garden overlooking the Charlotte skyline, skyline fitness center with state-of-the-art Technogym equipment, Peloton bikes, group fitness room, co-working lounge and conference room, 24-hour package lockers and a rooftop dog park.
10/10/2019 08:48 AM
MIAMI, FL - Lloyd Jones, a multifamily investment firm based in Miami, has purchased the luxury Pembroke Pines property, Ventura Pointe.
The 206-unit apartment community, built in 2018, has a state-of-the-art gym, clubhouse, pool, pet park, and outdoor recreation area. Furthermore, it is adjacent to the 301-bed Memorial Hospital Pembroke and has excellent access to nearby retail and entertainment.
Christopher Finlay, CEO/Chairman of Lloyd Jones, says he is thrilled to expand the firm’s footprint in South Florida, a region that has seen explosive job and population growth in the past few years.
“I am excited to grow our South Florida portfolio. We have seen tremendous growth in the area, and we are happy to be able to offer a new, Class A property to support the growing population,” says Finlay.
Lloyd Jones is a real estate investment and development firm with 40 years in the industry under the continuous direction of Chairman/CEO, Christopher Finlay. Based in Miami, the firm has divisions in multifamily investment, development, management, and senior living. Its investment partners include institutions, private investors, and its own principals.
10/10/2019 08:46 AM
RIVERSIDE, CA - University of California, Riverside (UCR) and American Campus Communities (NYSE: ACC) held an official groundbreaking ceremony for the first phase of North District, a new living-learning, mixed-use community.
As the second ACC development at UCR, North District is a multiphase redevelopment project of the former Canyon Crest Family Housing site that will provide up to 6,000 new student housing beds upon completion of the final phase of development.
The project is planned on a 50-acre site on the northern part of the UCR campus, just north of Linden Street. By 2021, the first phase of this public-private partnership (P3) between UCR and American Campus Communities is expected to deliver 1,500 apartment-style beds for upper division undergraduate students, transfer students, and graduate students. Future phases will also provide residence hall housing for first-year students, new dining facilities, and mixed-use residential and athletic facilities.
The new community’s pricing for students will be consistent with similar, older on-campus accommodations. UCR Chancellor Kim Wilcox noted the importance of the housing development, given projected student enrollment of 35,000 by 2035.
“This project will help us prepare for this tremendous growth,” Wilcox said. “In partnering with ACC, it is exciting to see how this new student housing project brings fresh, affordable housing specifically designed to create a sense of place and belonging for students. Part of this vision includes residential life programs that will provide a balance of privacy while embracing community to enhance the overall academic experience for our students.”
The North District project will include new dining facilities, a NCAA Division I competition field, a Field House facility, functional open spaces, and multi-use spaces that can serve as classrooms, meeting spaces and study areas. More than 100,000 square feet will be dedicated to student support amenities provided by retail, commercial and University services. The university and contractor are targeting LEED Gold certification — a rating that spotlights a building’s “green” features — from the U.S. Green Building Council.
Architects from Solomon Cordwell Buenz (SCB) designed the community, which creates a new campus “gateway” on the north side of campus while providing pedestrian and bicycle connections to central campus.
“Public-private partnerships such as this one are important when it comes to helping universities reach their goal for quality affordable student housing while still meeting the needs of the rising student population,” said James Wilhelm, executive vice-president of public-private transactions for American Campus Communities. “We are glad to continue this partnership with UCR to develop living spaces and resources in order for students to achieve academic success and individual well-being.”
American Campus Communities is also working with UCR on construction of Dundee Hall and Glasgow Dining Hall, scheduled to open fall 2020. North District marks the company’s seventh P3 development within The University of California system.
10/09/2019 09:18 AM
NEW YORK, NY - Trepp, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, has released its September 2019 US CMBS Delinquency Report.
The Trepp CMBS Delinquency Rate fell slightly in September, once again setting another new post-crisis low in the process. The September reading is 2.51%, a month-over-month drop of three basis points. The delinquency rate is down 90 basis points year over year. The delinquency rate started to fall after June 2017 when CMBS delinquencies totaled 5.75%. Since then, the rate has fallen in 23 of the last 27 months. Year-to-date, the rate is lower by 60 basis points. The all-time high of 10.34% was registered in July 2012.
“The CMBS market stands strong through times of global economic issues and fears of a recession, said Trepp Senior Managing Director, Manus Clancy. “September data showed that the CMBS market held steady: spreads saw some widening; lending and issuance continued at a healthy rate, and the delinquency rate continued on its downward trend.”
The largest rate drop among major property sectors in September belonged to the office space, with its delinquency reading dropping 22 basis points to 2.61%. The lodging delinquency rate also fell last month, by seven basis points, reaching 1.47%. Multifamily delinquencies inched up four basis points to 2.43%. The retail delinquency reading climbed eight basis points to 4.15% last month, continuing retail's title as the worst-performing major property type.
The overall CMBS 2.0+ delinquency rate fell two basis points in September to 0.87%, while the percentage of CMBS 2.0+ loans in serious delinquency also fell, down one basis point from August. The CMBS 1.0 delinquency rate jumped 184 basis points to 43.87% in September and the percentage of CMBS 1.0 debt that is seriously delinquent remains the same as there are no loans that are exactly 30 days delinquent.
The full report can be accessed at Trepp.com
10/09/2019 09:14 AM