HFF announces the sale of EVIVA on Cherokee in downtown Denver, CO

EVIVA on Cherokee Apartments, Golden Triangle Neighborhood
Denver, CO

DENVER, CO, Feb. 4, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of EVIVA on Cherokee, a Class AA, high-rise apartment building in the Golden Triangle neighborhood of Denver, Colorado.

Anna Stevens

The HFF team marketed the asset exclusively on behalf of the project’s developer and seller, a partnership between The Integral Group LLC, a national real estate development and investment firm headquartered in Atlanta, and Wanxiang America Real Estate Group, a Chicago-based real estate investment firm.

EVIVA on Cherokee is a Class AA 18-story, concrete constructed building completed in 2017. 

 

Jordan Robbins

 Located at 1250 Cherokee Street, the property is ideally located in Denver’s Golden Triangle neighborhood within one block of the Daniel Libeskind-designed Denver Art Museum, the Clyfford Still Museum and the Kirkland Museum, among several other museums and art galleries. 

EVIVA on Cherokee is also ideally located between Denver’s CBD and Cherry Creek and is within walking distance to popular dining and entertainment options.

Mack Nelson

Homes at EVIVA on Cherokee average approximately 820 square feet and feature industrial-inspired finishes such as exposed concrete, high-gloss custom cabinetry, quartz countertops, stainless steel appliances, sliding barn doors and floor-to-ceiling windows offering stunning city and mountain views. 

Community amenities include a resort-style saltwater pool with private cabanas, outdoor grilling area, bocce ball court, fire pits, state-of-the-art fitness center, movie room with billiards, demonstration kitchen, private indoor/outdoor conference room, rotating art gallery throughout the common areas, dog wash and 24-hour concierge services.

Chris White

The HFF investment advisory team representing the seller included managing director Jordan Robbins and directors Anna Stevens, Mack Nelson and Chris White.

“EVIVA on Cherokee is a best-in-class, trophy asset located in the highly desirable Golden Triangle neighborhood, one of Denver’s most exciting creative districts,” Robbins said.  “The limited availability of concrete, high-rise apartment communities in Denver created significant interest in the asset.”

For information about Integral Group, LLC, please visit http://www.integral-online.com/.

 For information about Wanxiang America Real Estate Group, please visit http://wanxiangrealestate.com/.

CONTACTS:

JORDAN ROBBINS

CO Lic. #40035669

HFF Managing Director

(303) 515-8000

jrobbins@hfflp.com

ANNA STEVENS

CO Lic. #FA.100043946

HFF Director

(303) 515-8000

astevens@hfflp.com

MACK NELSON

CO Lic. #FA.100075894

HFF Director

(303) 515-8000

mnelson@hfflp.com

CHRIS WHITE

CO Lic. #FA.100075931

HFF Director

(303) 515-8000

cwhite@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

HFF announces acquisition financing for New Haven retail center

Orange Plaza, Orange, CT

FLORHAM PARK, NJ – Feb. 4, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the acquisition financing of Orange Plaza, a 58,210-square-foot community retail center in the New Haven-area community of Orange, Connecticut.

Kim Bushey

The HFF team worked on behalf of the borrower, PAG Investments, to secure the seven-year, floating-rate loan through Connecticut-based Putnam Bank. 

Completed in 2001, Orange Plaza is fully leased to Best Buy and PetSmart and shadow anchored by a Target-anchored retail center with Starbucks, CVS Pharmacy and Pizza Hut. 

The center is located at 3 Boston Post Road (Route 1), a major retail corridor that leads directly to downtown New Haven, which is approximately 3.9 miles from the property. 

Nearly 50,000 residents earning an average annual household income of $119,279 live within a three-mile radius of the property.

Michael Klein

The HFF debt placement team representing the borrower included managing directors Michael Klein and Rob Hinckley.  Putnman Bank’s team was led by senior vice president Kim Bushey, chief commercial lending officer.

“HFF is pleased to have had the opportunity to secure acquisition financing for PAG Investments once again,” Klein said.

 “This acquisition represents PAG Investment’s commitment to the Boston Post Road Retail Corridor and the overall Orange, Connecticut, market, as it purchased Home Depot Plaza, which is 0.5 miles away, in February 2018. 

"Putnam Bank quickly understood the benefits that this property provides the local community and was able to offer a seven-year term at a very attractive interest rate.”

Rob Hinckley

PAG investments is a privately-held real estate investment firm headquartered in New York City. 

 PAG is focused on the acquisition, development, redevelopment and management of retail, industrial and office properties in the Northeast and mid-Atlantic. 

PAG has an excellent track record in the ownership and management of real estate assets and seeks to create value for investors and the communities in which they work and live.

CONTACTS:

MICHAEL KLEIN

HFF Managing Director

(973) 549-2000

mklein@hfflp.com

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

Cortland Acquires Class A Domain at Phipps in Buckhead, GA

To be renamed Cortland at Phipps Plaza, 707 Park Avenue NE
Buckhead, GA

ATLANTA, GA (FEB. 4, 2019) – Multifamily real estate investment firm Cortland has added to it sizeable Atlanta portfolio of more than 11,000 apartment units with the recent purchase of Domain at Phipps, a 319-unit, Class-A property adjacent to Cortland’s Atlanta headquarters.  

Cortland, one of the country’s largest multifamily owners and managers, will rebrand the community Cortland at Phipps Plaza.

Steven DeFrancis

Located in the thriving Buckhead neighborhood at 707 Park Ave NE, Cortland at Phipps Plaza is a short walk to Phipps Plaza. Owned and operated by Simon, Phipps Plaza is a dynamic center of retail, dining, and entertainment and is renowned as the Southeast's luxury destination of choice.

The mall is currently under redevelopment. When complete, the revamped Phipps Plaza will include a Nobu Hotel and Restaurant; a three-level Life Time athletic club, a new, 13-story, 350,000-square-foot Class-A office building named One Phipps Plaza; a "pocket park" on Phipps Boulevard; and an outdoor event venue that will transform the district into a walkable, live-work-play environment.  

“Atlanta is our hometown. We’re committed to growing and investing in our own backyard, in this case, literally, given the close proximity to our headquarters,” Cortland CEO Steven DeFrancis said. “Cortland at Phipps Plaza is a great opportunity for growth adjacent to one of the city’s premier entertainment, retail, and soon-to-be office destinations.”

Mike Gomes

Apartment demand in Buckhead continues to benefit from the neighborhood’s position as the premiere office market in Atlanta. The area has seen nine consecutive years of positive net absorption of office space.

With the redevelopment of Phipps Plaza, the area is expected to add more than 1,000 new jobs within walking distance of Cortland at Phipps Plaza, which is currently more than 94 percent occupied.

“Renters are looking for apartment managers who care about their experience above all, and they’re leading the multifamily industry into the experience sector by doing so,” Cortland Chief Experience Officer Mike Gomes said.

Megan Thompson

 “The growing expectation for a much higher level of service from the place they choose to call home is what residents expect from managers like Cortland, who understand the stewardship and responsibility that comes with providing homes and excellent living experiences.”

An HFF team led by Senior Managing Director Jason Nettles and Senior Director Megan Thompson brokered the deal, which closed Jan. 31, 2019.

Cortland is a product-to-people, multifamily real estate investment, development, and management company headquartered in Atlanta.

Cortland in-sources most of its multifamily development, design, construction, renovation, management, and ownership functions with the goal of providing its residents excellent, hospitality-driven living experiences.  

Cortland is invested in, directly or indirectly, and provides property management services to more than 150 communities and 47,000 homes in the US with regional offices in Charlotte, Dallas, Denver, Houston, and Orlando.

Jason Nettles

Internationally, Cortland maintains a global materials sourcing office in Shanghai and a development platform in the UK. Cortland is a National Multifamily Housing Council (NMHC) Top 50 Owner and Manager and is ranked 7th among Atlanta’s “Top 25 Largest Workplaces” (2017).

For more information, please visit www.cortland.com. 

  

CONTACTS:

Lydia Wilbanks

Allison+Partners

on behalf of Cortland

Cortland@allisonpr.com

205.529.0506

Olivia Hennessey​ Public Relations Specialist T: 713-852-3403 ohennessey@hfflp.com

Tri Commercial Real Estate's Osborne Group Directs Sale of Premier Mixed-Use Office and Retail Asset in Lincoln, CA

110 Gateway, Lincoln, CA

  

Lincoln, CA  – TRI Commercial Real Estate’s The Osborne Group,a leading provider of commercial real estate services in the greater Sacramento area, has directed the sale of a two-story, multi-tenant office and retail asset in Lincoln, California.

The buyer, a private investor, purchased 110 Gateway for $4.14 million.

Located within the thriving 74,586 square-foot mixed-use Lincoln Gateway center, the 18,430 square-foot property is currently 100 percent occupied with a mix of high-quality companies including Weight Watchers, Keller Williams, Beach Hut Deli and Blush Salon, among others.

            Robb Osborne, Principal at TRI Commercial and The Osborne Group, represented the seller, a private investor, in the transaction. 

Robb Osborne

            “The City of Lincoln has experienced unprecedented growth and expansion over the last several years, which has generated an increased demand for commercial real estate in the area,” says Osborne, who notes that Lincoln recently posted a 10.8 percent growth in annual population and a 9.4 percentannual growth in workforce.

“Based on the city’s strong demographics and growing population, the housing market is expanding rapidly, providing the seller with an opportunity to transform this asset into a fully leased, stable investment that garnered interest from several buyers,” says Osborne.

During its ownership, the seller retained The Osborne Group to manage the leasing of this property.

“The seller originally acquired this property as a value-add investment at only 50 percent occupancy.  At that time, retail tenants were in place, however the office space on the second floor was unoccupied,” explains Osborne. 

 “Our team recognized the opportunity to leverage the increasing residential construction in the region to fill the building. We successfully signed leases with several local engineering, construction, and development firms, ultimately bringing the property to 100 percent leased in less than 12 months.”

During its ownership, the seller invested $150,000 in capital improvements, including both interior and exterior upgrades.

Located at 110 Gateway in Lincoln, California, the property is situated at the corner of Lincoln Boulevard and Gateway Drive, which is a direct entryway to downtown Lincoln with excellent street frontage and visibility, according to Osborne. 

“The prominent location of this asset makes it a particularly strong investment,” says Osborne. “The rapid growth in Lincoln will continue to drive demand for quality housing, and subsequently, for retail offerings and office product in this community.”

Contact:

Lisa James/Jenn Quader

Brower Group

(949) 955-7940

ljames@brower-group.com

HFF announces $11.7 million financing for Harbor Hotel Provincetown in Provincetown, MA

Harbor Hotel, 698 Commercial Street, Provincetown, MA

BOSTON, MA – Feb. 4, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $11.7 million financing of the 129-key Harbor Hotel Provincetown in Provincetown, Massachusetts.

Scott Sanborn

The HFF team worked on behalf of the borrower, subsidiary entities of funds managed by Linchris Hotel Corporation, to secure a seven-year, fixed-rate acquisition loan through HarborOne Bank. 

“We are so proud to be a part of this opportunity, and to provide the local decision making that it takes to help Linchris’ business grow,” said Scott Sanborn, EVP of HarborOne Bank.

The Harbor Hotel Provincetown is a three-building seasonal boutique hotel offering guestrooms and suites with sweeping views of Provincetown Harbor.  

The property is the largest hotel in Provincetown and offers premium hotel amenities, including an outdoor pool and patio, fire pit, cabana bar, pet-friendly rooms and on-site parking for hotel guests.  

Martha Nay

Dining options at the hotel include the Whaler Lounge & Restaurant and The Cabana Bar.  The property’s waterfront location at 698 Commercial Street is just east of downtown Provincetown, which is the northernmost tip of Cape Cod, approximately 50 miles from Boston.  

Additionally, The Harbor Hotel Provincetown is less than two miles from the ferry port, where ferries deliver tourists from Boston via a short one-and-a-half-hour ride.  

Provincetown is a vibrant community known for its arts scene, festivals and events, and beautiful beaches, which attract more than 60,000 tourists each summer. 

The HFF debt placement team representing the borrower included managing director Greg LaBine and director Martha Nay.

“Harbor Hotel will afford Linchris the opportunity to utilize their proven track record of operating efficiency to greatly improve the bottom line performance of the hotel,” Nay said. 

“Their ownership of Surfside Hotel & Suites down the street will further enhance this strategy through even greater economies of scale.  These themes enticed HarborOne to provide Linchris with an exceptional acquisition/reposition loan, one that accomplished a smooth and timely closing.”

Greg LaBine

Linchris Hotel Corporation is a 30-year old hotel management company with an outstanding reputation for high-quality and first-rate service.  Located a short distance from Boston in Hanover, Massachusetts, Linchris operates its own hotels as well as offers management services to 3rd party investors.  

For more information about Linchris Hotel Corporation or its properties, please call 781-826-8824 or log on to linchris.com.

HarborOne Bank is the largest state-chartered co-operative bank in New England, and serves the financial needs of consumer and business banking customers throughout Massachusetts and Rhode Island through a network of 23 full-service branches and through Commercial Lending Offices in Providence and Boston. In 2018 HarborOne was recognized by Forbes as the #1 mid-size Bank in Massachusetts. 

CONTACTS:

GREG LABINE

HFF Managing Director

(617) 338-0990

glabine@hfflp.com

MARTHA NAY

HFF Director

(617) 338-0990

mnay@hfflp.com

KRISTEN MURPHY

HFF Director, Public Relations

(617) 338-0990

krmurphy@hfflp.com

Trion Properties Announces New Multifamily Development in Central Los Angeles, CA Submarket

Rendering of Planned 45-Unit Apartments, Mid-Wilshire Neighborhood, Los Angeles, CA

LOS ANGELES, CA, (Feb. 4, 2019) – Trion Properties, a private equity real estate firm that specializes in multifamily investments along the west coast, with joint venture partner Ketter Construction, has announced an upcoming 45-unit luxury multifamily development in the Mid-Wilshire neighborhood of Los Angeles, California.

The multifamily community will be located at 1556-1564 Hi Point Street in Los Angeles, California. The development site, located at on the corner of Hi Point Street and Pickford Street, was acquired for $8.63 million.

Max Sharkansky

The firm recently acquired a fully permitted and entitled 26,865 square-foot development site for the project and plans to break ground in February, according to Max Sharkansky, Managing Partner at Trion Properties.

 “As interest rates and capitalization rates rise, we continue to be bullish on strong locations that are not only profitable in an upmarket, but will remain resilient for the long term, even in a downturn,” explains Sharkansky.

“Leveraging our deep connections within the Los Angeles multifamily industry, we were able to secure this rare opportunity to acquire a land parcel in a supply-constrained, high-growth area, with entitlements and permits for multifamily development in place.” 

Continental Partners arranged a $15 million construction loan for the project. Richard De La Rosa of KW Commercial Studio City and Christopher Choe of Premier Agent Network represented Trion Properties and Ketter Construction.

The Mid-Wilshire neighborhood presents a high quality of life and central Los Angeles location surrounded by highly affluent submarkets including Beverly Hills, Century City, and Miracle Mile, and is in close proximity to a variety of other attractions and employment, notes Sharkansky.

 

Christopher Choe

“Drawing on more than a dozen years of experience acquiring, renovating, and managing multifamily properties in Los Angeles, we recognized the potential to develop a community that would give residents the chance to live in spacious, fully amenitized units at relatively low prices compared to surrounding neighborhoods,” continues Sharkansky.

 “Residents will also benefit from extremely accessible transportation. The site is located one mile south of the highly anticipated Wilshire/Fairfax Metro station, scheduled to open in 2023 as part of the Purple Line Subway Extension Project, which will connect residents to major markets from Downtown Los Angeles to the East and Westwood to the West.”

The site is also one mile away from the Interstate 10 freeway and a quarter mile away from three major thoroughfares: Fairfax Avenue, Crescent Heights Boulevard, and Pico Boulevard.

“This development brings highly in-demand housing to the Central Los Angeles submarket, which will allow more residents to enjoy this vibrant area and convenient access throughout L.A.,” Sharkansky confirms.

“Additionally, 10 percent of the units will be designated affordable housing. We look forward to contributing to this growing and thriving community.”

Rendering of Planned Wilshire/Fairfax Metro Station
Los Angeles, CA

According to Sharkansky, upon completion of the development, Trion Properties will lease up, stabilize, and operate the property enacting its proven vertically-integrated property management platform.

This is Trion’s second development to be completed in partnership with Ketter Construction. The joint venture partnership broke ground on another multifamily development, located at 5012-5016 South Slauson Avenue, in 2016.

 The apartment community, Fifty Twelve, will be open for occupancy in May and will begin preleasing in March.

“We are incredibly fortunate to benefit from Ketter Construction’s deep experience in local Los Angeles development,” says Sharkansky. “We have a strong, synergistic partnership that we look forward to continuing through the construction of this project and beyond.”

Contact:

Elisabeth Manville

Brower Group

(949) 955-7940

emanville@brower-group.com

29th Street Capital Acquires Willows at Town Center Apartments; Community is Firm’s Fourth Las Vegas-Area Acquisition

Willows at Town Center Apartments, Las Vegas, NV

KB)

Las Vegas, NV, Jan. 28, 2019 – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Willows at Town Center Apartments, a 188-unit multifamily community located in Las Vegas, Nevada.

29SC plans to invest over $1.8 million in capital improvements. Interiors will receive stainless steel appliances, quartz countertops, plank flooring and refaced cabinets.

All interior units will also be equipped with Nest Thermostats. Exterior improvements will focus on modern paint in addition to enhancing the pool area, fitness center and clubhouse to boost overall curb appeal. 

Dusty Eddy

The seller was RK Properties, located in Long Beach, California, which has more than 4,300 multifamily units under management. The transaction closed January 25. The sales price was not disclosed. 

“Willows at Town Center is in the desirable Centennial area, which is one of the fastest growing submarkets in the entire valley,” said Dusty Eddy, 29SC’s Senior Vice President of Acquisitions in the Southwest. “This asset has convenient access to major employment areas in the submarket as well as the greater MSA via US-95 and 215 Beltline.”

The Las Vegas metro is home to approximately 75% of Nevada’s residents with above average population growth of 2.4%. The area is also experiencing strong employment and wage growth compared to the national average. Single-family housing prices are approaching pre-recession peak levels, causing the cost of home ownership to rise.

“Las Vegas is ranked as the number one rent growth market year-over-year according to multiple data sources,” Eddy added. “We feel that the positive demographic trends for the market will continue, which will allow us to execute our business plan and offer higher quality yet still affordable housing.”  

CONTACT:

Terri Thornton 

terri@territhornton.com

https://29thstreetcapital.com.