RIVERGATE KW RESIDENTIAL-Managed ArtSquare Lands Orangetheory Fitness as Commercial Tenant

ArtSquare mixed-use development, Hallandale Beach, FL

Hallandale Beach, FL — RIVERGATE KW RESIDENTIAL, a leading multifamily property management company, has announced the signing of Orangetheory Fitness to a commercial space at ArtSquare, a mixed-use development in Hallandale Beach managed by the company.

J&K Fitness, LLC has signed a lease to rent a 3,067-square-foot space for 10 years.

Located at 413 North Federal Highway, ArtSquare is set to include 358 luxury rental apartments, as well as restaurants and other retail and commercial occupants. The project is being developed by the Miami-based Integra Investments.

Marcie Williams

“Orangetheory Fitness is an industry leader that keeps health at the forefront in the daily routines of many across the county,” said Marcie Williams, president of RIVERGATE KW RESIDENTIAL. “The presence of Orangetheory will undoubtedly enhance the lives of our residents at ArtSquare. Our team at RIVERGATE is thrilled to have the opportunity to be part of such a transformative project in the heart of Hallandale Beach.”

To further expand on the healthy lifestyle ArtSquare offers, the community will also contain a fitness center, yoga studio and pool. Other amenities include cabanas, theater and children’s room, laundry service and fire pit. One, two and three-bedroom options will be available to accommodate the various needs of residents.

Nelson Stabile

“The presence of Orangetheory cements our project as a coveted live, work and play destination,” said Nelson Stabile of Integra Investments. “We are excited to have them on board for many years. On the residential side, our partnership with RIVERGATE KW RESIDENTIAL is sure to be a successful one.”

ArtSquare is in close proximity to major Hallandale Beach attractions including Gulfstream Park, known for its horse racing track, Mardi Gras Casino, the Diplomat Golf Resort and Spa

 For more information, please visit www.rkwresidential.com and http://www.integrafl.com/v1/index.php/hallandale-artsquare.or contact:

Eric Kalis

Account Director, BoardroomPR

ekalis@boardroompr.com

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Tetrarch closes Citywest acquisition backed by €60m Starwood loan in Dublin

CityWest Hotel, Dublin, Ireland

 

DUBLIN, Ireland -- Tetrarch Capital announces the completion of its acquisition of Citywest Hotel, a 764-room, full-service hotel, golf course and a large ancillary landholding in Dublin, Ireland.

The transaction was supported by a €60m loan from Starwood European Real Estate Finance Limited, an affiliate of Starwood Capital Group (‘Starwood’).

 The funds will be used to buyout PIMCO from the previous partnership structure, and provide capital for the ongoing refurbishment and repositioning of Citywest into Ireland’s leading hotel, conference and entertainment destination.

Michael McElligott

Starwood have also provided an additional €9m loan to finance the conversion of 80 aparthotel units into 84 residential apartments at Westpark Apartments. The six apartment blocks are adjacent to the golf course at Citywest Hotel, and the redevelopment is due for completion by October 2019.

Currently the largest hotel in Ireland, Citywest features 30 different meeting and/or event venues, a Convention Centre with physical capacity for up to 8,000 people and an 18-hole, par-70 championship golf course.

Lorcain Egan

The Hotel and Convention Centre were developed between 1990 and 2009, and, since Tetrarch Capital’s involvement began in 2014, the Hotel has undergone an €11m investment programme, upgrading guestrooms and common areas, including the lobby, bar, restaurant and reception areas.  

Michael McElligott, Chief Executive of Tetrarch Capital commented:

“We are delighted to have completed this transaction backed by financing from Starwood. The deal makes us the long-term owners of Citywest, which has always been our ambition. We remain very optimistic for the future of the Hotel, Convention Centre and our wider holdings in the area, and will continue to invest in plans we have for the further enhancement of Citywest as Ireland’s preeminent conference destination.”

Lorcain Egan, Vice President of Starwood Capital said:

“Starwood is delighted to support Tetrarch’s acquisition of the Citywest Hotel and Complex. The transaction continues our strategy of seeking out good risk adjusted opportunities with high quality partners.  Ireland remains one of the primary target markets for Starwood European Real Estate Finance as part of its broader European investment strategy.”  

Michael Kavanau

Tetrarch was advised on the debt placement by HFF Real Estate Limited, a leading provider of commercial real estate and capital markets services. HFF Senior Managing Director Michael Kavanau commented:

“As HFF continues to strategically focus on the growth of our European platform, we are extremely fortunate to work alongside best-in-class operators such as Tetrarch Capital. The Hotel is already one of the top destinations within Ireland, and should expand its competitive stature within Europe given the newly-established partnership between Tetrarch and Starwood”

For further information please contact:

Tetrarch: Doug Keatinge, Murray, +353-1-4980379 / +353-86-0374163; dkeatinge@murrayconsultants.ie  

HFF: Kimberly Steele, +1-713-852-3420, ksteele@hfflp.com

www.tetrarchcapital.com     

Passco Companies Acquires 424-Unit Multifamily Community in Atlanta Submarket for $68.85 Million

Merritt at Sugarloaf Apartments, Duluth, GA

Duluth, GA (March 12, 2018) – Passco Companies, a privately-held California-based real estate company that specializes in the investment, acquisition, development and management of commercial properties throughout the U.S., has acquired Merritt at Sugarloaf, a 424-unit multifamily asset in Duluth, Georgia, for $68.85 million.

Duluth and surrounding Gwinnett County continue to be standouts among Atlanta submarkets for both regional employment growth and population gains, according to Colin Gillis, Vice President of Acquisitions, Southeast at Passco. 

 “This acquisition is perfectly-aligned with our strategy to identify multifamily communities in submarkets poised for strong, sustained growth across the country,” says Gillis. “This asset is ideally-situated in a location that offers its residents premier access to employers in the immediate area and throughout the Atlanta MSA.

" Gwinnett County has experienced rapid and broad-based job creation throughout the long-running economic growth cycle, with particular emphasis in technology, biosciences and financial services fields. This job growth has brought with it the highest population gains of all counties in the greater Atlanta area every year since 2010.”

Colin Gillis

Both the exceptional job and population growth are expected to continue, with Gwinnett forecasted to add over 150,000 jobs over the next 15 years, or a 40 percent increase. The county is projected to overtake Fulton as the most populous in the MSA, Gillis continues.

“While the significant migration to Duluth and Gwinnett County has led to construction of single-family housing, new multifamily starts are very well-regulated by the County, in comparison to Atlanta’s urban core, and areas inside and just outside the I-285 Perimeter,” Gillis explains. 
“Existing product like Merritt at Sugarloaf is in high demand, making the community a solid long-term investment. Further, Merritt presents a strong value-add opportunity, with 117 of the 424 units presenting a built-in $70 premium with light-to-moderate upgrades.”
Paul Berry and Shea Campbell of CBRE represented the seller, an affiliate of Roseview Group, a pension fund advisor based in Boston, Massachusetts.
The property, which was built in 1999, is located near the Interstate 85/State Route 316 interchange at 2951 Satellite Boulevard Northwest in Duluth, Georgia. The community is currently 95 percent occupied.

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

For more information, please contact:

Elisabeth Manville · Senior Account Executive 
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