Lifescapes International Redefines Urban Living In Downtown Los Angeles; Complees Landscape Design for 25-story Luxury Condo Development

Trumark Urban’s TEN50,  Downtown Los Angeles, CA

LOS ANGELES, CA (April 24, 2017) – Lifescapes International, the landscape architectural firm behind iconic destinations such as The Grove in Los Angeles and Wynn Las Vegas, has recently completed the landscape design for Trumark Urban’s TEN50, the new, luxury 25-story high-rise featuring 151 luxury residences in the heart of downtown Los Angeles.

 “The first, for-sale residences in the market in more than a decade, TEN50 is unlike any other luxury condo development in Southern California,” says Julie Brinkerhoff-Jacobs, President of Lifescapes International.  “The project re-envisions the Los Angeles skyline with exquisite new homes and offers unparalleled, state-of-the art amenities to complement an entertainment-focused, active lifestyle.”

Julie Brinkerhoff-Jacobs

TEN50 features a private screening room, an ultra-modern fitness studio, and a drone delivery service, complete with the first air-delivery-ready drone landing pad in the country.

Lifescapes designed the landscape environment for the project’s sixth floor outdoor terrace and pool deck known as “The Fifty,” which blurs the lines between indoor and outdoor living, spilling seamlessly out from the gathering spaces inside. The design features resort-style amenities that feel like a boutique hotel, including entertainment bars, fire tables for city-light viewing parties, and vibrant water features.

            “Entertainment-driven environments are redefining residential living, and we continue to deliver on this concept,” says Brinkerhoff-Jacobs. “For TEN50, we successfully blended urbanism with thoughtful landscape design in a way that appeals to multiple generations.”

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

Katie Kea or Lexi Astfalk

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

 www.lifescapesintl.com.

HFF closes sale of and secures $38.2 million financing for suburban retail center near Houston

First Colony Commons, Sugar Land, TX

Rusty Tamlyn

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured $38.2 million in acquisition financing for First Colony Commons, a 410,121-square-foot retail center with multiple big box tenants in the Houston suburb of Sugar Land, Texas.

HFF represented the seller, Covington Realty Partners.  TriGate Capital (TriGate) purchased the property for an undisclosed price.  Additionally, working on behalf of the new owner, HFF placed the five-year, floating-rate, non-recourse loan with a five-year extension option with NexBank SSB.

First Colony Commons is 99 percent leased to a variety of big box and national retailers, including The Home Depot, Babies"R”Us, Office Depot, Michaels, Conn’s and Tuesday Morning.  

Situated on 37.85 acres at 15201-15555 Southwest Freeway, the center is at the highly visible intersection of Highway 59/Interstate 69 and Williams Trace Boulevard, which is accessible to approximately 239,321 vehicles per day.  

The property is just north of the intersection of Highways 59 and 6, the two main transportation corridors that link Houston to Sugar Land.  Sugar Land is an affluent community 20 miles from downtown Houston and in the heart of Fort Bend County, the sixth fastest-growing county in the country.  More than 85,000 residents earning an average annual household income of more than $134,000 live within a three-mile radius of First Colony Commons.

HFF’s investment sales team was led by senior managing directors Rusty Tamlyn and Ryan West.

HFF’s debt placement team was led by director Jim Curtin.

“This power center had a lot of moving parts, which presented challenges for buyers and lenders,” Tamlyn said.  “TriGate was able to navigate through the issues and will have potential value add opportunities down the road.”

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

Kristen Murphy

Director, Public Relations

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

www.covingtonrealtypartners.com.

HFF arranges $24 million financing for 43-unit luxury apartment community in Chicago’s River North

 

Daniel Kaufman

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $24 million in financing for The Hensley, a 43-unit luxury apartment community in Chicago’s River North neighborhood.

Working on behalf of the borrower, Akara Partners, HFF placed the three-year, floating-rate loan with Heitman LLC.  The loan refinanced existing construction financing on the property.

Completed in 2016, The Hensley is located at 707 North Wells Street in the vibrant River North neighborhood of downtown Chicago.  The 11-story boutique property is 100 percent leased and has a mix of one-, two- and three-bedroom floor plans averaging 1,053 square feet each.

  The Hensley also has 5,892 square feet of ground-floor retail, which is fully leased to GT Prime, a new restaurant from the Boka Restaurant Group.  

Apartment finishes include nine-foot ceilings, floor-to-ceiling windows, Samsung appliances, quartz countertops, spa-inspired shower fixtures, custom closets, vinyl plank flooring, Nest thermostats and expansive private terraces.  The community features a fitness center and a 12th floor roof deck with a fire pit, kitchen, grilling stations and lounge seating.

Stephen Skok

The HFF debt placement team representing the developer was led by managing directors Danny Kaufman and Stephen Skok. 

“It was an absolute pleasure to work with the team at Heitman,” Kaufman said.  “They were very responsive to the impressive project that Akara delivered.” 

“New unit absorption is continuing at a rapid pace in the River North residential market,” Skok added.  “It is a sign of downtown Chicago’s appeal and a result of new job creation in the city.”

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

Kristen Murphy

Director, Public Relations

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

http://www.akarapartners.com/.

Stepp Commercial Completes $14.4 Million Sale of Sandpiper Apartments in Whittier, CA

Sandpiper Apartments, 14515 Leffingwell Road,.Whittier, CA

Robert Stepp

Whittier, CA, April 24, 2017 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $14.4 million sale of Sandpiper Apartments, a 71-unit apartment community in Whittier, Calif.

Principal Robert Stepp and Vice President Michael Toveg of Stepp Commercial represented the seller, Los Angeles-based Westside Capital Partners LLC, as well as the buyer, a private investor from Long Beach who was in a 1031 exchange. The property closed at a 4.84 percent cap rate and a price per unit of just under $202,000.

Built in 1965, the property is situated on 2.09 acres at 14515 Leffingwell Road. The unit mix includes 41 two-bedroom units, 29 one-bedroom units and one studio. 

Fifty-five units were recently renovated to include updated kitchens featuring new custom cabinets, granite countertops and stainless steel appliances; as well as new vinyl plank and carpet flooring. 

The property includes a pool and sun deck, barbeque area, gated carport parking with 93 spaces, controlled access entry, and fully landscaped grounds.

Michael Toveg

“Whittier is a market that has an undersupply of quality rental units and the buyer liked that this property offered a competitive edge as a majority of the units have been upgraded to attract and retain tenants and garner favorable rental rates,” said Stepp.

 Stepp Commercial is a brokerage firm specializing in the multifamily sector for properties ranging in size from $1 million to $50 million. 

Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction.

For more information visit www.steppcommercial.com

Darcie Giacchetto

949.278.6224

Darcie Giachetto Communications