Monday, March 19, 2018

29th Street Capital Expands Louisville Portfolio; Acquires The Cloisters Apartments

The Cloisters Apartments, Louisville, KY

Louisville, KY – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Cloisters Apartments its third acquisition in the Louisville market.

 The 39-unit multifamily property is located approximately one mile east of downtown Louisville in the Butchertown neighborhood and is minutes away from the proposed site of the future Louisville City Football Club stadium.

Adam Miller
 The Cloisters was once the chapel and convent for the Ursuline Academy of Immaculate Conception, and in the late 1980’s was converted to apartments and required to meet housing code requirements. 

“We are thrilled to add The Cloisters to our Louisville portfolio,” said Adam Miller, 29SC’s Senior Vice President of Acquisitions for the Southeast. “The property is in a great location with close proximity to downtown, NuLu, and many restaurants, local retail and other attractions that comes with those areas.”

Louisville has added more than 15,000 jobs metro-wide each year since 2014 and the growth is escalating. The city is a critical distribution center for leading logistics and manufacturing companies including UPS, Amazon, Ford Motors, GE Appliances/ Electrolux and, most recently, Google Fiber. 

“The city of Louisville is in a transitional phase as it continues to grow and attract a younger demographic,” Miller added. “The city is working with the state government to help fund the $200 million Louisville City Football Club stadium project that is expected to generate $13 million per year in tax revenue for the city.”

The transaction closed March 5. The sale price was not disclosed.

For more information, please contact:

Terri Thornton

Partner, Thornton Communications

U.S. Home Flipping Increases to 11-Year High in 2017

Daren Blomquist
IRVINE, CA –— ATTOM Data Solutions, curator of the nation’s premier property database, today released its Q4 and Year-End 2017 U.S. Home Flipping Report, which shows that 207,088 U.S. single family homes and condos were flipped in 2017, up 1 percent from the 204,167 home flips in 2016 to the highest level since 2006 — an 11-year high.

The 207,088 homes flipped in 2017 represented 5.9 percent of all single family home and condo sales during the year, up from 5.7 percent of all sales in 2016 to the highest level since 2013.

A total of 138,410 entities (individuals and institutions) flipped homes in 2017, up 4 percent from the 133,407 entities that flipped in 2016 to the highest level since 2007 — a 10-year high.

“The surge in home flipping in the last three years is built on a more fundamentally sound foundation than the flipping frenzy that we witnessed a little more than a decade ago,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

“Flippers are behaving more rationally, as evidenced by average gross flipping returns of 50 percent over the last three years compared to average gross flipping returns of just 31 percent between 2004 and 2006 — the last time we saw more than 200,000 home flips in consecutive years.

"And while financing for flippers has become more readily available in recent years, 65 percent of flippers still used cash to buy homes flipped in 2017, nearly the reverse of 2004 to 2006, when 63 percent of flippers were leveraging financing to buy.”

For more information, please contact:

Christine Stricker

Data and Report Licensing:

HFF announces sale of lifestyle center in Fort Wayne, IN

Claudia Steeb
CHICAGO, IL, March 19, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Jefferson Pointe, a 407,363-square-foot lifestyle center in Fort Wayne, Indiana. 

The HFF team marketed the property for the seller, Institutional Mall Investors LLC, as advised by Miller Capital Advisory, Inc.  Jefferson Pointe Center SPE, LLC purchased the asset.

Completed in 2000, Jefferson Pointe is home to a variety of tenants, including Carmike Cinemas, Bed Bath & Beyond, Barnes & Noble, Marshalls, Ulta Beauty, Old Navy, White House Black Market, Vera Bradley, Michaels and Tucanos Brazilian Grill. 

Amy Sands
 Additionally, the center is shadow anchored by a separately owned Von Maur.  Situated on 50.09 acres at 4110 West Jefferson Boulevard, the center is strategically located in a highly trafficked area that sees an average daily traffic count of 62,860 vehicles. 

Jefferson Pointe is 3.3 miles from downtown Fort Wayne, which is the second largest city in Indiana after Indianapolis, and seven miles from the 12,010-student Indiana University Purdue University – Fort Wayne Campus.  More than 29,800 residents earning an average annual household income of $86,154 live within the property’s ZIP code.

The HFF investment advisory team representing the seller included senior directors Amy Sands and Clinton Mitchell and senior managing directors Barry Brown, Dave Keller and Claudia Steeb.

For more information, please contact:

HFF Digital Content/Public Relations Specialist
(713) 852-3420

KW Property Management & Consulting Wins 2018 Readers’ Choice Diamond Award from the Florida Community Association Journal

Paul Kaplan
MIAMI, FL– KW Property Management & Consulting, one of the industry’s premier residential property management companies, has been voted a 2018 Florida Community Association Journal Readers’ Choice winner. The company received the Diamond Award, the top level of recognition for its category.

The FLCAJ Readers’ Choice Awards acknowledge the top community association providers in the state of Florida. In the fifth annual round of voting, more than 7,000 votes were cast in the online voting system among the field of more than 340 nominated companies.

“We are honored by this prestigious recognition from the community associations we serve,” said KWPMC Managing Director and Co-Founder Paul Kaplan. “It is a testament to our incredible leadership team and our hard-working people on the ground. They go the extra mile to ensure our customers have a superior experience.”

The FLCAJ honor follows KWPMC being named Best Multi-Family Property Management Firm in the Daily Business Review’s “Best of 2017” issue. It was also included in the “Best of 2017 Hall of Fame,” which recognizes companies that have been ranked in the top two in a category over the past three years.

KWPMC recently completed a multi-pronged rebranding effort highlighted by the launch of a brand-new website, company tagline and programming aimed at enhancing the lives of the residents it serves. The company also opened a new West Palm Beach office and significantly expanded its Miami headquarters and Broward County regional office.

Robert White
“We have come a long way since starting our company in 2004,” said KWPMC Managing Director and Co-Founder Robert White. “We look forward to continued growth of our portfolio and team in the coming months.”

KWPMC has more than 1,300 employees and 70,000 units under management.

Florida Community Association Journal serves to build relationships between managers, board members and others with community association experience.

For more information, please contact:
Eric Kalis
Account Director, BoardroomPR
O 954-370-8999
C 305-794-5123
Bank of America Plaza | 1776 N Pine Island Road
Suite 320 | Fort Lauderdale, FL 33322