News
JV Snags $90M DC-Area Portfolio
Besyata Investment Group and The Scharf Group purchased The Communities at Arbor Vista in the Washington, D.C., submarket of Adelphi, Md. The partnership plans to modernize both the amenities and units.
Manhattan’s Beekman Tower Lands $70M Refi
Meridian Capital Group arranged the 10-year CMBS loan for the 26-story Art Deco building. The property recently underwent a $24.2 million renovation to reposition it as corporate housing.
Supply Influx Moderates Austin Gains
The Texas capital’s economy is strong and its population is booming, but a high volume of new supply is keeping the lid on rent growth. As of May, rents in the metro were flat compared to a 1.5 percent year-over-year national uptick.
Berkadia Taps Senior Housing Lead
With nearly two decades of industry, Tim Cobb joins the firm’s D.C. office as managing director & senior housing and health care investment sales lead.
Prescient Launches $194M Student Housing Project
The 500,000-square-foot, mixed-use student housing community will comprise 413 units and 40,000 square feet of retail, dining and entertainment space. The project is slated for completion in fall 2018.
ReyLenn Properties to Open $60M Denver Community
Solana Lucent Station will be opened in anticipation of the Southwest Line Extension in Highlands Ranch, Colo., which is home to major employers such as Children’s Hospital Colorado, Skyridge Medical Center and VISA.
Covenant Sells 272-Unit Atlanta Asset for $32M
The deal continues the Atlanta market momentum for Covenant Capital Group, following the company’s sale of the 500-unit Viera Briarcliff in June for $76 million. Mike Kemether and Travis Presnell of Cushman & Wakefield worked on behalf of StoneBridge Investments, the seller, while Elliott Throne, Gregg Shapiro and Ware Shipman of HFF secured acquisition financing.
Cush & Wake Secures $40M Loan for Nashville-Area Community
Middleburg Real Estate Partners plans to build a 328-unit apartment property in Franklin, Tenn. Mike Ryan, Telly Fathaly and Brian Linnihan of Cushman & Wakefield’s Atlanta team originated the senior debt as well as the joint venture equity.
High Street Residential Opens Foundry Lake Street
The Class A community is 54 percent leased and 45 percent occupied. Foundry on Lake Street features 5,000 square feet of indoor restaurant space.
CBRE Brokers $28M Sale of Jacksonville Community
Resource Real Estate acquired the asset which boasts numerous community amenities including a resort-style swimming pool and sundeck, a clubhouse and tennis court.