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MIAMI, FL - CIM Group announced that it has completed construction of CAOBA, a 444-unit apartment tower located at Miami Worldcenter, the 27-acre mixed-use development in downtown Miami. The 43-story building is the first tower to open at the $4 billion mixed-use Miami Worldcenter development, one of the largest urban development projects underway in the country.
CAOBA, which just received a Temporary Certificate of Occupancy allowing move-ins to begin, offers residents a range of apartment types, from studios to three-bedrooms. The tower features an array of modern amenities sought after by residents in Miami’s urban center including a resort-style pool deck with downtown and ocean views, a fitness center, a club room with a fully-equipped chef’s kitchen, and pet-focused facilities including a dog-walking lawn and a dog-wash area. CAOBA also includes more than 15,000 square feet of ground-floor retail space for shops and restaurants, connecting to Miami Worldcenter’s retail promenade and plaza currently under construction. Plans for an adjacent 40-story, 429-unit tower have been approved by the City of Miami.
Located at 698 Northeast 1st Avenue, CAOBA provides exceptional transit connectivity. The property is one block from Miami Central, downtown’s new transportation hub, and Brightline’s high-speed rail Miami terminal, which offers direct train service to Fort Lauderdale, West Palm Beach and Orlando. Additionally, other nearby public transit systems such as the Metromover, Metrorail, Metrobus, Miami Trolley and Tri-Rail provide residents with a wealth of transportation options within the city.
CAOBA at Miami Worldcenter is also two blocks south of I-395, linking downtown Miami’s Central Business District with its Arts & Entertainment District, a hub for culture and entertainment, and other regional destinations such as the Miami International Airport.
01/18/2019 10:18 AM
MADISON, WI – The McKenzie Apartment Company's newest development, Timber Valley Apartments, opened its second 60-unit apartment building of the $50M luxury apartment development on January 4th of this year. Amenities are at the heart of the development's focus. Timber Valley has a total of 120 units currently completed, with another 54 units expected to open in May of 2019, plus more on the way.
Developer and owner, John McKenzie, states that Timber Valley has “an amenity and finish package that rivals any other apartment community in the state of Wisconsin."
Common areas feature various indoor amenities, including two state-of-the-art fitness centers encompassing a yoga studio with virtual workout classes, a health spa featuring an infrared sauna and tanning bed, game room, theatre room, large community room with a gourmet kitchen and fireplace, complimentary coffee bar, and a conference room.
Additionally, the outside community areas, set to open Summer of 2019, will feature an outdoor heated pool, a poolside bar with several outdoor televisions and grills, a fire pit, and a community garden area. This pet-friendly complex will also include many amenities for pets, including a large dog park with various pet play obstacles and pet-grooming stations located in every building. All buildings will also include a car wash station located within their underground parking and individual storage areas.
The amenities aren’t meant to overshadow the apartments themselves, however, which are spacious and feature modern, sleek finishes. Current residents and prospective tenants touring the property comment on how the entire feel of the complex resembles that of a mountain lodge or getaway resort, which can make coming home feel like getting away all at the same time.
01/18/2019 10:15 AM
ATLANTA, GA - A joint venture led by Campus Realty Advisors and T2 Capital Management has purchased a portfolio of four student housing communities totaling 2,282 beds. The properties are in four university markets across the U.S. including Central Washington University, Stephen F. Austin University, Austin Peay State University and Georgia Southern University. The purchase expands Campus Realty's student housing operations into a national footprint. The joint venture will immediately invest significant additional capital into these six- to eleven-year-old properties including improvements to unit interiors and amenities to boost their appeal and cash flow.
Joining the investment with Atlanta-based Campus Realty and privately held T2 out of Wheaton, IL, is Realiance International Real Estate Partners, a Dutch investment group based in Amsterdam. Campus Realty will provide asset management services and oversee the major renovations of the properties. The joint venture has engaged Asset Campus Housing to provide property management services.
Jeff Brown of T2 noted that "This opportunity fits squarely in our value-add strategy. We're pleased to be able to expand our programmatic venture with Campus Realty with these strategically positioned assets." The group plans to upgrade the unit interiors, amenity areas and clubhouses with a focus on catering to the needs of today's students. According to Brown, "Our plan is to implement the capital and operating strategy for these properties quickly and efficiently. We will then judge our success based on the positive experiences of our residents." Randy Herron, a Principal with Campus Realty, added "We search out and purchase underperforming assets, and reposition them with market-competitive improvements while maintaining value rents. We look forward to rebranding these properties while providing top-quality service to create a great living experience for students and value for our partners."
T2 Capital Management focuses on providing capital to transitional and opportunistic middle-market commercial real estate assets throughout the United States. They provide capital structured as joint venture equity, bridge loans, mezzanine loans, and preferred equity. As a contrarian investor, T2 primarily focuses on property types that appear to be undervalued or poised for recovery.
Campus Realty Advisors is a boutique investment and development company focused on creating value in off-campus student housing. Campus Realty identifies college markets and properties that offer significant profit potential for its partners and then executes strategic market specific plans to capitalize on the opportunities.
01/17/2019 09:08 AM
CHICAGO, IL - Oakwood, wholly owned by Mapletree Investments, announced the acquisition of Jones Chicago by Mapletree, a modern 25-story residential property at 220 West Illinois Street, in Chicago's RiverNorth neighborhood. Renamed as Oakwood Chicago River North, the property will offer business professionals, individual travelers and long-term residents a luxurious furnished apartment experience – as well as unfurnished leases of nine months or more – in one of Chicago's most vibrant, in-demand neighborhoods.
"Mapletree is pleased to expand its footprint in the United States (US), with Oakwood Chicago River North joining our portfolio, which currently includes properties situated in Los Angeles, Redwood City, Seattle and Raleigh," said Chua Tiow Chye, deputy group chief executive officer. "Chicago is a top destination for many of the world's biggest companies, and we invested significant resources in selecting the best neighborhood for Oakwood's global clients, as well as corporate and leisure travelers."
Oakwood is rapidly increasing its management of corporate housing and serviced apartment assets worldwide, including planned properties in Dubai, Thailand and China. "The addition of Oakwood Chicago River North – which will be one of Oakwood's premier furnished and serviced apartment properties in the US – to our growing portfolio reflects our evolving approach to global expansion," explained Chris Ahearn, chief executive officer, Oakwood.
Designed with both modern luxury and sustainability in mind, Oakwood Chicago River North comprises 188 units on 25 floors and offers a variety of flexible, one- and two-bedroom configurations. The Hartshorne Plunkard Architecture-designed building is LEED Gold Certified and boasts spectacular city views with floor-to-ceiling windows. Amenities include a rooftop lounge, a pool and sundeck area, modern athletic/fitness facilities, a covered dog run and dog-washing stations, and more. Notably, the address carries a Walk Score of 95 – ideal for pedestrians and residents to traverse the city.
01/17/2019 09:02 AM
SAN DIEGO, CA - For JPI, a leader in the development of Class A multifamily communities, the goal of delivering a top-of-the-line community to the residents of Santa Clarita’s Vista Canyon is now within reach. The company announced that they have closed construction financing on Jefferson Vista Canyon, a $190 million, 480-home luxury apartment community. Comerica Bank, based in Dallas, and Colony Credit Real Estate, based in Los Angeles, will provide construction financing for Jefferson Vista Canyon.
Jefferson Vista Canyon is the first major residential development within JSB Development’s Vista Canyon, a new 185-acre, mixed-use walkable community. The master-planned development will include retail, office, hospitality, apartments, townhomes and single-family residences, along with a new intermodal transit station and the Metrolink commuter rail at its center.
Also, a variety of single-family residences and a new 11-acre park will be located minutes away.
“Jefferson Vista Canyon is JPI’s third property within the Santa Clarita Valley and is a further reflection of our commitment to invest in developing communities in the region,” said Rosie Cooper, executive vice president and regional managing partner of the Western Region for JPI. “Our new luxury apartment homes will be a perfect fit for JSB’s vision of creating a living environment that integrates urban vitality and connectivity with its own 10-mile system of bike, pedestrian and equestrian paths in one of the nation’s largest urban environments.”
“Jefferson Vista Canyon is a great addition to the overall master-planned community, and we are excited to play a part in making it possible for the citizens of Santa Clarita,” said Matt Maberry, Comerica Bank’s vice president of national real estate services and the senior lender on the project.
“JPI has been a reputable name in the Southern California market for more than 20 years,” said Andrew Nguyen, senior vice president at Colony Credit Real Estate, the mezzanine lender for Jefferson Vista Canyon. “We are honored to work together on this project to deliver another top-of-the-line community to the residents of the area.”
“JSB is pleased with the announcement of construction funding for Jefferson Vista Canyon,” said James S. Backer, president of JSB Development. “With the near-completion of Vista Canyon’s water-reclamation facility, which furthers our commitment to authentic green resources, plus the growing interest in the Gensler-designed three-story office building planned for the community, the anticipated groundbreaking of JPI’s development is an outstanding trendsetter for this master-planned community.”
JPI’s Jefferson Vista Canyon community will provide a range of floorplans. A select few homes will even have rooftop decks, truly enabling residents to enjoy the live-work-play environment within this master-planned community. Jefferson Vista Canyon features unique community amenities typically found in more urban settings.
Designed by Architects Orange, based in Orange, California, Jefferson Vista Canyon is set to be complete by spring 2020.
01/16/2019 10:14 AM
SAN ANGELO, TX - Sagora Senior Living, a Fort Worth-based private corporation, announces the acquisition of Brookdale South San Angelo. The community becomes Sagora’s 39th senior living community.
"Sagora is proud to expand further into the West Texas area, enhancing the family-owned atmosphere we provide to enrich the lives of seniors and their families," said Sagora Senior Living, President Bryan McCaleb. “Our decision to expand assisted living and memory care in San Angelo allows our associates to provide a caring environment that fosters health, safety and high quality of life for each of our residents."
Residents of the community will receive the highest level of attention from professionally trained associates. Each resident is evaluated, and a custom care plan is designed and followed to provide the best care and service for them.
“Our team will focus on keeping our residents as independent and active as possible and on providing activities, entertainment and therapies to enhance and stimulate residents’ social needs,” McCaleb added.
The community features 77 apartments, 60 Assisted Living and 17 Memory Care apartments, and offers medication management, assistance with activities of daily living, transportation and common areas for social and recreational activities. Sagora employs their Pathways Memory Care Program, which is a focused approach to programming that provides the best possible lifestyle, care and environment for Memory Care residents.
“This community is all about changing the lives of our residents by putting them first in all we do,” said Sagora Senior Vice President Dara Brown. “Our qualified associates will provide personalized care, respect and comfort to our residents, spending quality time to get to know them and to understand their specific needs and interests.”
01/16/2019 10:08 AM
WILMINGTON, NC - Balfour Beatty Campus Solutions, a leading developer and operator of infrastructure projects for the college and university market, has successfully reached financial close on a public-private partnership (P3) project to develop an on-campus housing and dining community at the University of North Carolina Wilmington (UNCW). The two-phase project will house approximately 1,814 students and provide a variety of amenities including group study and collaboration spaces.
Located in the southeast area of the UNCW campus, the development’s first phase is scheduled to open for the Fall 2020 semester and will deliver 1,038 beds in a pod-style configuration for first-year students. In the second phase, 776 beds in both pod and semi-suite styles will be added for the Fall 2021 semester for second-year students and upperclassmen. The development will also include more than 3,500 square feet of dining space, as well as DIY space, group study and collaboration areas and a learning center for the sophomore class, which will be constructed in both phases of the project.
“We’re very pleased to work with UNCW to deliver much-anticipated infrastructure that will enable more students to live on campus at the very heart of this growing institution,” said Bob Shepko, president of Balfour Beatty Campus Solutions. “Our team has worked closely with university leadership on a very thoughtful planning and design effort and we look forward to breaking ground on this exciting new offering for UNCW students.”
The development is being designed by Clark Nexsen Architecture and Engineering and constructed by Balfour Beatty Construction. Collegiate Housing Foundation, a national non-profit entity, is the project’s residential facility owner through an issuance of project-based, tax-exempt debt financing. Upon completion, the housing community will be managed by the University.
01/15/2019 10:16 AM