University City multi-housing project in Charlotte, NC moves forward with construction

Jane Wu
(photo courtesy Connect Commercial Real Estate)

 CHARLOTTE, NC – JLL Capital Markets announced it has arranged $44.5 million in financing for the development of Lumeo, a 314-unit, transit-oriented, multifamily project in the University submarket of Charlotte, North Carolina.

JLL worked on behalf of the developer, Panorama Holdings, LLC, to secure the construction loan through Broadshore Capital Partners.

“We’re committed to provide high-quality products bettering the living of the residents in the University City community,” says Jane Wu, president of Panorama Holdings. 

“Lumeo is strategically located at the center of University City Entertainment District, within walking distance to Topgolf, LYNX Station and Belgate Shopping Center. 

"We have confidence in Lumeo that its fascinating location and carefully designed luxury amenities will suit the dynamic and urban lifestyle here.”

Lumeo, a planned 314-unit, transit-oriented, multifamily project in                        the University submarket of Charlotte, NC

The JLL debt placement team leading the financing efforts included Senior Managing Director Hal Kempson and Director Taylor Allison.

JLL’s Project & Development Services group has been engaged to handle development and construction management for the property.

Hal Kempson

“Prior to the light rail’s delivery, the University submarket of Charlotte had been slow to develop,” said Kempson. 

“Now that the light rail is built out, we anticipate tremendous rent growth, similar to what we witnessed in the South End neighborhood.

 "Communities such as Lumeo are poised to benefit from this trend and will enjoy long-term stability, especially given the University market’s connectivity to UNC Charlotte and the recent inbound migration we’ve seen to secondary markets such as Charlotte due to the current pandemic.”

The first units at Lumeo are scheduled to be delivered in December 2020 and the entire project will be completed in 2021. 

The project comprises five garden-style buildings on a 10-acre parcel immediately adjacent to the University City Boulevard LYNX station and just one-half mile from Tom Hunter station. 

The community is centrally located in an amenity-rich area between UNC Charlotte and Uptown, deriving demand from both the student and professional population. 

Taylor Allison

With various one bedroom, two-bedroom and three-bedroom options, Lumeo features both outdoor community living and indoor relaxation space. 

Residents will enjoy the large upscale clubhouse, a resort-style saltwater pool with sun deck, and courtyards with gas grills, bar and fire pit.

 A full fitness center with a yoga room couples with a walking trail throughout the community that will be a perfect fit for an active lifestyle.

For more news, videos and research resources on JLL, please visit 
our newsroom.

Contact:

Kristen Murphy

 JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

Concord Summit Capital Completes $38.3 million Loan Through New York Life on Suburban Fort Lauderdale Office Building

Art Falcone

MIAMI, FL -- Concord Summit Capital, LLC (“Concord Summit”) announced  the successful financing of a 172, 959 square-foot Class A office building in Fort Lauderdale, Florida in the amount of $38.3 million.  

The property is located within a 27-acre mixed-use development which includes ±760 multifamily units, ±150,000 square feet of high-end retail and ±400 hotel rooms being delivered in two phases from 2Q 2020-2022.

The office building, owned by Encore Capital Management (“Encore”), recently underwent $15 million in renovations, including a redesigned modern building lobby, full elevator upgrades, new corridors, new bathrooms and new modern tenant buildouts. 

 Kevin O’Grady

Encore is a full-service real estate investment and development company with land acquisition, entitlement, development, construction sales and marketing capabilities in-house.

Concord Summit served as financial advisors to Encore Capital Management on this transaction.  

During a COVID-affected lending environment, Concord Summit successfully structured, negotiated and secured several competitive bids that resulted in the selection of New York Life.

“Art Falcone and Encore have been valuable clients for us for many years and hopefully many more years to come, and we are very proud to have brought New York Life to them as a new relationship,” said Kevin O’Grady, Managing Director of Concord Summit.

CONTACT:

Todd Templin

Executive Vice President

BoardroomPR

ttemplin@boardroompr.com

O 954-370-8999

C 954-290-0810

Web | Facebook | LinkedIn | Twitter | Instagram

www.concordsummit.com

summit-investment.com

concordwilshire.com

Next Wave Investors Sells 98-Unit Luxury Multifamily Community in Las Vegas After Completing Strategic Value-Add Program

 Harlow Luxury Apartments, a 98-unit Class A luxury multifamily community in Las Vegas, NV

Jordan Fisher

Las Vegas, NV – Next Wave Investors, LLC (“Next Wave”) a private equity firm focused on value-add multifamily investments, has sold Harlow Luxury Apartments, a 98-unit Class A luxury multifamily community in Las Vegas, Nevada.

The asset was purchased by a Southern California-based private equity firm for $21.5 million.

Next Wave originally acquired the resort-style property in March 2019 for $17.1 million and increased its value by more than 25% during less than 16 months of ownership, according to Jordan Fisher, Principal at Next Wave.

“The quick disposition of Harlow Luxury Apartments, especially in the midst of a pandemic, is a prime example of the success of our strategy and demonstrates the continued desirability of this market,” says Fisher.

“Our team has the ability to identify multifamily assets with the potential for high performance, located in key growth markets. Upon acquiring these assets, we implement our proven value-add strategy in order to serve renters in those markets and maximize return for our investors.”

David Sloan

Fisher additionally notes, “Harlow Luxury Apartments is located near Lone Mountain, in the expanding northwest region of Las Vegas. 

"It is within five miles of Summerlin, one of the most prestigious communities in the Las Vegas Valley.  Summerlin offers direct access to numerous entertainment and shopping centers, which positioned Harlow the opportunity to draft off the rapid growth trajectory of the submarket.

"We recognized this positioning and capitalized on the opportunity to purchase a promising asset in the region and improve upon it.”

Before the sale, Next Wave performed major interior renovations, including the installation of new countertops, flooring, appliances, lighting, miscellaneous fixtures and paint in nearly 30 units at Harlow Luxury Apartments, proving the company’s underwritten value-add strategy, according to David Sloan, Principal at Next Wave.

“Our efficient operations model, coupled with achieving higher revenues in newly-renovated units, resulted in our investors realizing an IRR above projections for this investment,” says Sloan.

Sloan adds: “Prior to the pandemic, Nevada was ranked number one in job growth in the U.S. While the region is currently suffering an economic downturn due to the circumstances, we believe that the favorable business climate, transportation accessibility, and affordable cost of living will lead to resumed growth as the national economy recovers from the COVID-19 outbreak.”

Next Wave has extensive experience repositioning assets in the Las Vegas market. Harlow is the company’s seventh disposition in Las Vegas since it first began investing there in 2015.

According to Sloan, Next Wave currently has three assets with 304 units remaining in its Las Vegas portfolio and expects to add to its holdings in market in the coming months. 

CONTACTS:

Katie Haga / Elisabeth Manville

Brower Group

(949) 438 6262

khaga@brower-group.com 

www.nextwaveinvestors.com

Proper Title, LLC, Promotes Kathy Kwak To Executive Vice President, Hires Zjacobe Snyder As Senior Escrow Officer

                                                                                     

 Kathy Kwak

CHICAGO, IL – Proper Title, LLC, the Palatine, Ill.-based title insurance agency serving the residential and commercial real estate industries,  announced it has promoted Kathy Kwak to executive vice president of operations and counsel. 

Kwak will be responsible for managing Proper Title’s processing, closing and overall operations. The firm has also hired Zjacobe (“Cobe”) Snyder as senior escrow officer in its Loop office.

Joni Meyerowitz

“Kathy has done an outstanding job over the years in building trusted relationships with our attorney clients while also fostering a collaborative culture among staff through a team-management style that employees respond positively to,” said Joni Meyerowitz, chief executive officer of Proper Title. 

“Her leadership and vision have successfully guided Proper Title to being a leader in our industry during the pandemic by quickly adopting new protocols to offer safe and creative closing processes, and her passion for excellent customer service will help position the firm for continued growth. 

"Kathy’s experience on all sides of a real estate transaction also brings a unique perspective for managing risk on any title insurance issue.”

Kwak has been a part of the real estate industry as an attorney or as an underwriting counsel for the past 14 years, with seven years dedicated to the title insurance industry. 

She joined Proper Title in 2017, rising from director of title to vice president to her new role as executive vice president. Prior to joining Proper Title, Kwak served as underwriting counsel for Near North Title Group and First American Title Insurance Co. 

Before entering the title industry, she was a senior real estate advisor for the Board of Education of the city of Chicago.

“It’s an honor to lead a title agency with such an entrepreneurial spirit, especially now,” said Kwak. “We swiftly adapted when the stay-at-home order began by offering curbside closings and remote notarizations so we could continue serving our clients with the same level of care and attention while social distancing. 

"In addition to these changes, we also were lucky to find and hire Cobe, who is bringing her enthusiasm and attention to detail to our Loop office.”

A 25-year veteran of the title insurance industry, Snyder will focus on continuing the growth of Proper Title’s Loop business as a senior escrow officer. 

Prior to joining Proper Title, she spent 12 years as an escrow officer at Fidelity National Title Insurance Co., where she finalized the purchasing and refinancing of residential and commercial properties. 

Snyder also worked as a closing officer for City Suburban Title Insurance, Prudential Preferred Properties and First American Title Insurance Co.

“Cobe’s depth of experience and her dedication to customer care ensure smooth closings and no surprises,” said Kwak. “We’re thrilled to bring someone on board who is so skilled in complex closings, especially as we rapidly grow our downtown presence.”

Proper Title has 10 closing offices throughout the Chicago area, including suburban locations in Palatine, Northbrook, Libertyville, Park Ridge, Oak Brook, Naperville and St. Charles, as well as closing locations in Chicago’s Loop, Bucktown and Irving Park neighborhoods. The title company also offers remote closings to attorney clients.

CONTACTS: 

Paula Widholm, pwidholm@taylorjohnson.com, (312) 267-4525

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

propertitle.com.

Avanath acquires two affordable communities totaling 578 units for nearly $100 million in Washington, DC and Orlando, FL

John Williams

Alexandria, VA and Orlando, FL — Avanath Capital Management, LLC, a private real estate investment manager and Registered Investment Adviser, has purchased two affordable apartment communities with a combined total of 578 units in Alexandria, Virginia – a city in the Washington D.C. Metro area – and Orlando, Florida.

 The assets were acquired for a combined total of $99.175 million, according to John Williams, President and CIO of Avanath Capital Management.

“Both the Washington D.C. Metro and Orlando markets align well with Avanath’s investment strategy of targeting markets with strong economic, job, and population growth where home affordability is becoming increasing more difficult and market-rate rents continue to rise,” says Williams. 

Daryl J. Carter

Alexandria Station Apartments in Alexandria, Virginia

Avanath Capital Management has acquired Alexandria Station, a 290-unit affordable apartment community in Alexandria, Virginia, for $52.675 million.

Built in 1965 and renovated in 1998 and 2010, Alexandria Station is a 97% occupied affordable family community comprising 25 three-story structures.

The property marks Avanath’s eighth investment in the D.C. Metro area, including Virginia and Maryland. 

Alexandria Station is located at 318 Whiting Street in Alexandria, VA.

Brooke Commons in Orlando, Florida:

University of Central Florida, main campus, Orlando, FL

Avanath Capital Management also purchased Brooke Commons, a 288-unit mixed income community in Orlando, Florida for $46.5 million.

Built in 2000, Brooke Commons is a 99% occupied family community comprising 36 two-story buildings. 5% of the units at the property serve residents that make 55% of AMI, 50% of the units serve residents who make 60% of AMI, and 45% of the units serve residents who make 60-80% of AMI.

            
The asset is located three miles from the University of Central Florida, one of the largest universities in the U.S., according to Williams.

Avanath now owns a total of five properties in the Orlando metro market totaling 1,352 units, including Academy at Waterford Lakes, which is approximately four miles from the property. Avanath owns a total of 10 properties totaling 1,605 units across Florida.

Founded by Daryl J. Carter, the Avanath management team averages 25 years of experience and has successfully guided investment funds in defining growth opportunities and delivering attractive returns. 

Contact:

Lisa James

Brower Group

(949) 438-6262

LJames@brower-group.com

www.avanath.com

Proper Title, LLC, Enhances Rapidly Growing Commercial Title Insurance Team With Two New Hires

Angie Yoo

                                                                                         

CHICAGO, IL – Proper Title, LLC, the Palatine, Ill.-based title insurance agency serving the residential and commercial real estate industries, announced it has hired Richard Rischall as a commercial account executive, and Angie Yoo as a senior transaction manager.

Richard Rischall 

Both professionals have joined the firm’s commercial team, a group whose closings for the first three quarters of 2019 are 45% higher than the same period in 2018.

Kim O’Donnell

“We’re handling nearly twice as many commercial closings this year compared to last year, and the value of those closings has risen, often up to $100 million versus an average of $5 million per closing a year ago,” said Kim O’Donnell, vice president of business development for Proper Title.

 “To service our surging commercial growth, we’re focused on adding top tier talent, which includes Richard and Angie as they are both known for providing top-notch customer service and responsiveness to their clients.

"Richard has in-depth knowledge of commercial lending and vast experience in managing multi-million-dollar client portfolios. And Angie’s experience on high-profile commercial closings in Chicago’s hottest downtown submarkets aligns perfectly with Proper Title’s commercial growth goals.”

Amanda Ley

Rischall joins Proper Title after 17 years as a commercial banker, most recently with a Wintrust Community Bank. He formerly was a client that exclusively used Proper Title as his title agency.

 At Proper Title, he will focus on growing the firm’s commercial closing business by obtaining and managing partnerships with financial institutions, attorneys, developers and commercial real estate firms throughout Chicagoland.

Rischall has a bachelor’s degree in psychology from Bradley University in Peoria, Ill., and a master’s degree in industrial/organizational psychology from Illinois Institute of Technology in Chicago.

Angela Castillo

 Rischall also serves on the executive board at Volunteer Center of McHenry County and supports various charitable causes related to fighting cancer and animal welfare.

“Proper Title has some of the most experienced commercial closers around that relish a good challenge – they thrive on finding solutions that get the deal done,” said Rischall.

Beth LaSalle

“I’m excited to bring my experience in commercial closings to this high-energy group and helping them secure even more commercial title work throughout the Chicago area.”

Real estate veteran Angie Yoo joins Proper Title after serving nearly 16 years at Chicago Title Insurance Co., where she was an associate commercial underwriter.

Kathy Kwak

Yoo has extensive knowledge of residential and commercial real estate transactions locally and nationally. She has handled the commercial closings of many high-profile hotels, retail stores, grocery chains, office buildings and new developments in the Fulton Market District and West Loop areas.

Her annual closing revenue has been in excess of $1 billion consistently for the past 10 years. Yoo has a bachelor’s degree from Indiana University in Bloomington, Ind.

Gabe Krych

“As our team expands, we’re thrilled to have Angie partner with us as she’s experienced some of the most complex commercial closings in Chicago,” O’Donnell said. “Like the rest of us, she is passionate about providing top-notch customer service.”

In addition to Rischall and Yoo, Proper Title’s commercial team has grown significantly in recent years with the hiring of O’Donnell; Geneen Skilton and Angela Castillo, both commercial title examiners;

Patrick Kennedy

Patrick Kennedy, commercial closing manager; Beth LaSalle, senior commercial escrow officer; Amanda Ley, senior escrow officer; Neil Narut, senior underwriting counsel; Kathy Kwak, director of title; and Gabe Krych, commercial underwriter and consult.

Launched in 2013, Proper Title was recently recognized as one of Chicago’s “2019 Best Places to Work,” an annual ranking of 100 companies compiled by Crain’s Chicago Business and was the recipient of the “Excellence in Action” award from Fidelity National Title Group, Inc. for the fifth year in a row.

Neil Narut

About Proper Title, LLC:

Palatine, Ill.-based Proper Title, LLC, is a full-service title insurance agency serving the residential and commercial real estate industries.

Since its founding in 2013, Proper Title has substantially grown its transaction volume in just a few years with its commitment to servicing the needs of its clients and is currently the second-largest title insurance agency in Illinois.

The firm has earned the “Rising Star / Excellence in Action” award by Fidelity Investments for the past five years in a row. With eight closing locations in Cook, Lake, DuPage and Kane counties, Proper Title is able to deliver an exceptional title experience throughout the Chicago area and the Midwest.

 For more information, please visit propertitle.com.

CONTACTS: 

Paula Widholm, pwidholm@taylorjohnson.com, (773) 726-7993

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

À La Carte Investments, LLC Closes Office Condo Portfolio Sale at Full-Asking Price Near Roswell, GA Historic District

  

Jacqueline Pace 

ATLANTA, GA -- Atlanta-based private equity investment and advisory firm, À La Carte Investments, LLC, announced that it has successfully represented L & L Communications, Inc. in the sale of an 1,842-square-foot office condo portfolio located at 875 Old Roswell Road in the Atlanta suburb of Roswell, GA.

The two-condo portfolio, and former headquarters of the Atlanta Tribune magazine, sold within months of being listing and fetched a full-asking price.

À La Carte Investments Commercial & Investment Broker Jacqueline Pace represented the seller in the transaction. Tiffany Gray of TAMG Realty, Inc. represented the buyer.

Tiffany Gray 

"Deep relationships and on-the-ground marketing efforts resulted in a highly favorable return for our client." Joseph Harland, II President & Managing Broker À La Carte Investments, LLC

The turn-key condos are located in Building C, suites 100 and 200, in the Old Roswell Exchange office complex.

Joseph Harland, II 

The property is conveniently situated between Holcomb Bridge and Mansell Roads, offering quick access to GA 400 and is in close proximity to North Point Mall, hotels, banks and other professional service providers, as well as the Roswell Square and Historic District.

About À La Carte Investments, LLC

À La Carte Investments, LLC, is an Atlanta-based private equity investment and advisory firm. The company offers real estate investments and advisory services using thoughtful and creative solutions to meet the investment needs of principals, investors and partners.

For more information, please visit www.alacarteinvestments.com

CONTACT:

JOSEPH HARLAND, II - President & Managing Broker

À la Carte Investments, LLC

404.376.4557

jharland@alacarteinvestments.com

www.alacarteinvestments.com

Schedule a meeting with us at https://calendly.com/alacarteinvestments