Tuesday, June 14, 2016

RKW Residential to Manage New Cedar Flats Community in Uptown Charlotte, NC

Cedar Flats Apartments, 225 North Cedar Street, Uptown Charlotte, NC

CHARLOTTE, NC, June 14, 2016 —RKW Residential, a multifamily property management company, has added the brand-new Cedar Flats apartment community to its vast portfolio of multifamily units under management throughout the Southeast U.S. The apartment community is in the lease-up phase.

The 82-unit boutique community is located at 225 N. Cedar St. in Charlotte’s vibrant Uptown area. Hendrick Construction is the builder of Cedar Flats, which is owned and co-developed by Charlotte-based Delray Ventures and The Boulevard Company. The community includes a mix of one- and two-bedroom apartments.

Marcie Williams
Cedar Flats is located within walking distance of Gateway Village, Romare Bearden Park and a slew of dining and entertainment options.

“Uptown Charlotte has experienced an influx of large apartment complexes with more than 200 units, so Cedar Flats offers an upscale boutique alternative for area renters,” said Marcie Williams, President of RKW Residential.

Daniel Jimenez
“It is incredibly exciting for our company to be part of a unique project. Our team is well-equipped to ensure the needs of residents are always met and the ownership team behind Cedar Flats maximizes the value of their development.”

Apartments at Cedar Flats are designed with high-end finishes such as quartz countertops, European cabinets, spacious outdoor patios and stainless steel appliances. Amenities include a pet spa, fitness center, secure bike storage facility, conference room, grill station and swimming pool with views of the Uptown skyline.

“We are very excited to have RKW Residential managing Cedar Flats,” said Daniel Jimenez, Principal of Delray Ventures. 

“Their experience, professionalism and attention to detail is what sets their organization apart from the rest. We are extremely confident their team will continue to perform at the highest standards and subsequently help us maximize results.”

For a complete copy of the company’s news release, please contact:

Eric Kalis or Ashley Fierman, BoardroomPR

TerraCap Management Expands Reach into Lawrenceville, GA with $61.2 Million Purchase of Huntcrest Office Park

Hunter Henritze
ATLANTA, GA (June 14, 2016) – Real estate fund manager TerraCap Management, LLC, has acquired Huntcrest, a four-building, 394,247-square-foot office park in Lawrenceville, Georgia, for $61.2 million.

The purchase marks TerraCap’s third acquisition in Georgia this year. The company also owns several portfolios of office properties and commercial assets totaling nearly 2 million square feet in the state of Florida.

“Huntcrest fits our investment profile as we feel this property offers upside with strong yields locked in place with numerous credit tenants,” said Steve Good, a partner at TerraCap. “We see a lot of investment opportunity in the greater Atlanta area and will continue to seek out properties that are a natural fit for our portfolio.”

Hunter Henritze and Matt Davis of Lincoln Property Company (Lincoln) have been selected to lease and manage the property.

“TerraCap has made a significant splash in the market since acquiring their first property here earlier this year,” said Tony Bartlett of Lincoln. “We’re excited to continue our relationship as they grow their portfolio.”

Located on North Brown Road, Huntcrest is consistently among the top-performing office parks in the Sugarloaf micro-market. Samir Idris with Cushman & Wakefield represented the seller, Blackstone, in the transaction.

For a complete copy of the company’s news release, please contact:

Savannah Durban
The Wilbert Group

L5 Real Estate Investments Partnership Completes Acquisition of 31-Unit Apartment Community in Seattle, WA Submarket

Innsbruck Apartments, 3223 South 160th Street, SeaTac, WA

 Seattle, WA, June 14, 2016 – A partnership between L5 Real Estate Investments, a Northern California-based multifamily investment firm, and Seattle-based Shuler Architecture, has acquired Innsbruck Apartments, a fully-occupied, 31-unit multifamily community in SeaTac, WA (an emerging submarket of Seattle) for $2.6 million. 

Michael Flaherty
Built in 1967 and renovated in 2007, the property is located at 3223 South 160th Street just 15 miles from downtown Seattle.

Under the new ownership, the property – which has a significant degree of deferred maintenance – will undergo an extensive renovation in order to meet the high demand from area residents seeking quality, market-rate rental housing.

“Our partnership saw this asset as a prime opportunity to add value through a major renovation as well as improving overall operations,” said Michael Flaherty, founder and managing partner of L5 Real Estate Investments. 

“Innsbruck Apartments fit nicely within L5’s acquisition strategy to grow our portfolio in thriving markets throughout the United States.”

Flaherty added that the firm currently has two additional apartment properties in escrow in the Seattle region totaling approximately $7.5 million. 

“The Seattle job market is booming and ranks among the nation’s hottest, adding just over 78,000 jobs last year. We see a heightened demand for suburban markets outside the downtown area as rents there are rising at a very rapid pace,” he said.

L5 and its partners plan to invest approximately $700,000 in property renovations at Innsbruck with extensive interior upgrades including adding a washer and dryer to each unit, and the conversion of an office to a new, leasable studio unit.  

SeaTac Airport
Exterior improvements include paint, energy conserving products such as LED lighting, upgraded railings, new signage, additional parking, and attractive landscaping. 

Located within walking distance to a new light rail mass transit facility, Innsbruck is also near the SeaTac Airport; major employers and business incubators; and routes 99, 509, and 518 as well as Interstates 5 and 405. On-ramps to these highways are ¾ mile from Innsbruck and provide easy access to the greater Puget Sound region. 

The seller of Innsbruck Apartments were local private investors. David Massa of Madison Partners Real Estate represented the buyer and Grandbridge Capital provided the debt.

For a complete copy of the company’s news release, please contact:

NY Times Bestseller Author Jamie Ford Named Recipient of the Historic Hotels of America 2016 Historian of the Year Award

Jamie Ford

WASHINGTON, DC, June 14, 2016, Jamie Ford has been named the recipient of the Historic Hotels of America 2016 Historian of the Year Award. Ford will be honored with this distinguished award on November 3, 2016 at the Historic Hotels of America Annual Awards of Excellence Ceremony and Gala Dinner at The Royal Hawaiian, a Luxury Collection Resort (1927) in Honolulu, Hawaii.

The Historic Hotels of America Historian of the Year Award is presented to an individual for making a unique contribution in the research and presentation of history and whose work has encouraged a wide discussion of greater understanding and enthusiasm for American History.

Jamie Ford’s debut novel, Hotel on the Corner of Bitter and Sweet, spent two years on the New York Times bestseller list and went on to win the 2010 Asian/Pacific American Award for Literature.

His work has been translated into 34 languages and has over one million copies in print. He’s still holding out for Klingon (“that’s when you know you’ve made it”). His most recent novel, Songs of Willow Frost was published in 2013.

For a complete copy of the company’s news release, please contact:

Lauralee Dobbins
856-979-8929 (mobile)
Twitter @AHotelPRo

Mortgage Bankers Association Reports Commercial/Multifamily Mortgage Debt Outstanding Continues Strong Growth

Jamie Woodwell
WASHINGTON D.C. (June 14, 2016) - The level of commercial/multifamily mortgage debt outstanding increased by $35.3 billion in the first quarter of 2016, as three of the four major investor groups increased their holdings.  That is a 1.2 percent increase over the fourth quarter of 2015.  

Total commercial/multifamily debt outstanding rose to $2.86 trillion at the end of the first quarter.  Multifamily mortgage debt outstanding rose to $1.07 trillion, an increase of $18.2 billion, or 1.7 percent, from the fourth quarter of 2015.

“The amount of commercial and multifamily mortgage debt outstanding continues to grow at a strong clip,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research.

 “Bank holdings and multifamily loans backed by Fannie Mae and Freddie Mac drove growth during the quarter. However, the balance of loans held in commercial mortgage-backed securities continues to decline and has now fallen by one third since it peaked in 2007, as more CMBS loans are paid-off and paid down than are originated.”
For a complete copy of the company’s news release, please contact:

Ali Ahmad
(202) 557-2727

HFF named to market for sale Philadelphia medical office portfolio anchored by Thomas Jefferson University Hospital in Philadelphia, PA

Medical Office Portfolio Anchored by Thomas Jefferson University Hospital,
Philadelphia, PA

Ben Appel
 PHILADELPHIA, PA, June 14, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has been retained to market for sale a two-property, 86,000-square-foot medical office portfolio anchored by Thomas Jefferson University Hospital in Philadelphia, Pennsylvania.

HFF is marketing the portfolio on behalf of an affiliate of George Comfort & Sons, Inc. on an unpriced basis.   

The portfolio, which has undergone near complete renovations in the last year, consists of 8001 and 8040 Roosevelt Boulevard, which are 94.7 percent leased and anchored by Thomas Jefferson University Hospital.

 Services offered at the facilities include urgent care, heart institute (and recent additional expansion space), vascular surgery, oral surgery, family practice, imaging, podiatry, dental, hematology oncology, periodontics & prosthetics and dermatology. 

The properties are located in the far northeast submarket of Philadelphia, along US Route 1 just off of Trinity Health’s 231-bed Nazareth Hospital campus.  This location is within one mile of nearly 1,500 senior housing and age-restricted units.

The HFF investment sales team representing the seller is led by director Ben Appel and managing directors Michael Bennett and Philip Mahler.

“Philadelphia is nationally recognized and renowned as home to one of the largest concentrations of healthcare institutions, teaching hospitals, R&D, and pharmaceutical companies in the nation,” said Appel.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

HFF retained to raise capital for redevelopment of Burlington Town Center in Burlington, VT

Rendering for planned redevelopment of Burlington Town Center, Downtown Burlington, VT

BOSTON, MA, June 14, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has been retained to advise and raise the necessary financing for the redevelopment of Burlington Town Center, an enclosed shopping center located directly on the Church Street pedestrian plaza in downtown Burlington, Vermont.

Coleman Benedict
 The redevelopment will consist of more than one million square feet of mixed-use space and provide much-needed housing, revitalized street-accessible retail and Class A office space right in the vibrant heart of downtown Burlington.    

HFF was retained by Devonwood Investors, a private real estate development firm with offices in New York and Vermont.  Devonwood has spent more than two years engaging in a public process to reimagine the Burlington Town Center property.

 After numerous public and city council hearings, Devonwood was recently awarded a 10-1 City Council vote to enter into a Predevelopment Agreement with the City to facilitate the redevelopment.  The Predevelopment Agreement has now been executed by the City and Devonwood.   

Burlington Town Center was originally developed more than 40 years ago to provide a shopping destination in downtown Burlington.  More than 3.5 million annual visitors now come to Church Street in downtown Burlington.

 The redevelopment will enhance the retail and services through a revitalized enclosed and street-accessible building with Class A office, residential housing and additional parking in a streetscape environment that will improve access and “stickiness” to the area. 

Porter Terry
The retail portion of the space will be expanded to 235,000 square feet and will include a retail podium featuring restaurants, stores, cafes and service establishments facing outward to drive organic foot traffic to the rest of the project and surrounding area. 

The proposed 325,000 square feet of Class A office space is likely to be 60 percent or more preleased by major Vermont institutions and corporations, with one major commitment for approximately 110,000 square feet already obtained. 

Additionally, the redevelopment will include 310,000 square feet of residential housing that will include up to 274 market rate and affordable units. 

Negotiations are being finalized with one of the local colleges and universities on a master lease for student units. 

The HFF debt and equity placement teams representing the developer are led by senior managing director Coleman Benedict and director Porter Terry.
“The redevelopment of Burlington Town Center presents a generational opportunity to participate with a well-respected developer and operator to create an irreplaceable asset that will become the centerpiece of Burlington’s vibrant downtown,” said Terry. 

“The offices and residences will be steps away from beautiful Lake Champlain and just a short drive to the heart of the Green Mountains. The project will reinvigorate the shopping experience of locals and visitors and introduce a true urban mixed-use “live-work-play” environment that will be relevant for today’s downtown Burlington.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com