Trion Properties Completes Its First Ground-Up Development in Culver City, CA

The 28-unit property, 5012 Apartments, represents Trion’s expansion from value-add multifamily renovations into ground-up development and is the first property the firm has taken from unentitled to developed and stabilized.

Culver City, CA – Trion Properties, a private equity real estate firm that specializes in multifamily investments in western markets, announced it has completed its first ground-up development project: a multifamily community with numerous tech amenities in the Los Angeles County submarket of Culver City, California.

David Moghavem

The 28-unit property, 5012 Apartments, represents Trion’s expansion from value-add multifamily renovations into ground-up development and is the first property the firm has taken from unentitled to developed and stabilized, according to David Moghavem, Director of Acquisitions for Trion Properties.

“While Trion’s core strength has been upgrading undervalued multifamily properties in up-and-coming neighborhoods, this project presented us with the opportunity to fill a significant void in the neighborhood by developing a brand-new class-A community from the ground up," says Moghavem.

Amenities at the development include state-of-the-art appliances and flooring, stackable washers and dryers, central air conditioning, walk-in closets, cable TV, and modern finishes.

 "As seasoned owners in the area, we understood the clear demand in the market for such a product, further demonstrating our company’s overall mission to deliver quality housing in our markets, whether it be through a value-add or ground up development strategy.

Max Sharkansky

“Through our previous successes executing our proven strategy with our value-add project located just a block away from the community, we identified this pocket of Culver City to be an area where renters are demanding an even higher level of quality, compelling us to deliver that product with much success”

The principals of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment.

Located five miles from the beach, Culver City is a region within Los Angeles noted for its strong media and entertainment presence.

The market is quickly transitioning into a tech hub, with Sony, NFL Network, and Apple, among the employment giants taking space in the market.

            Mitch Paskover

In addition, the $600 million modernization and expansion of Culver Studios, to be occupied by Amazon Studios, is expected to transform downtown Culver City and attract more younger workers to the area.

“Tech employees have come to expect the same level of technology in their homes as they have at work,” says Moghavem.

 “5012 Apartments brings something totally new to the area that this demographic was demanding: high-end design plus next-level tech-focused amenities at an affordable price.

 "Interest has been so great that we were able to prelease 13 units with a tentative certificate of occupancy.”

The property is now just under 50% leased ahead of its official grand opening, planned for March 15.

The three-story, pet-friendly 5012 Apartments features a mix of 15 one-bedroom and 13 two-bedroom units, including some with lofts.

Contacts:

Micaela Fehrenbach / Elisabeth Manville

Brower Group

(949) 438-6262

mfehrenbach@brower-group.com

http://www.trion-properties.com/

JLL arranges $12.3 million loan for Minneapolis hotel

Moxy Minneapolis Uptown is a 125-room Marriott-branded boutique hotel at 1121 West Lake Street in the Uptown submarket of Minneapolis, MN

CHICAGO, IL – JLL Capital Markets announced it has arranged a $12.3 million refinancing for Moxy Minneapolis Uptown, a 125-room Marriott-branded boutique hotel in the Uptown submarket of Minneapolis, Minnesota.

JLL worked on behalf of the borrower, Graves Hospitality, to place the five-year, fixed-rate loan with a flexible pre-payment structure with a newly formed debt fund. Loan proceeds were used to refinance the original construction loan.

 Nicole Aguiar

Moxy Minneapolis Uptown was completed in 2018 and is the first ground-up, purpose-built Moxy in the Americas and caters to adventurous professionals looking for a combination of high-design accommodations and a fun, vibrant, social environment. 

The pet-friendly hotel features a fitness center; business center; lobby lounge and bar; listening room; grab-and-go or hot breakfast; and valet parking. 

Gerard Sansosti

Situated at 1121 W. Lake St., the hotel is 3.5 miles southwest of downtown at the epicenter of Minneapolis' Uptown neighborhood, which was made famous by Prince's "Uptown" song and known for its lively, urban feel. 

Moxy Minneapolis Uptown is proximate to Fortune 500 companies and top leisure demand generators, including Target Field, Target Center, U.S. Bank Stadium and Orchestra Hall.

Jeff Bucaro 

The JLL Capital Markets team was led by Executive Managing Director Gerard Sansosti, Executive Vice President Jeff Bucaro and Vice President Nicole Aguiar.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas (IL) LP. 

CONTACTS:

Kimberly Steele

Senior Associate

 Public Relations

JLL Capital Markets

9 Greenway Plaza, Suite 700

Houston, TX  77046

T +1 713 852 3420

M +1 832 244 9994

Kimberly.Steele@am.jll.com

us.jll.com/capitalmarkets
www.graveshospitality.com.
jll.com.

Industry veteran James Rice named Vice President of HUD AEC Services

            

James Rice 

 Walnut Creek, CA, (March 9, 2020) - AEI Consultants, a leading commercial real estate assessment and consulting firm, has announced that industry veteran James Rice has joined the firm as Vice President of HUD AEC (Architecture, Engineering and Construction) Services, coinciding with the continued expansion of the firm’s HUD-related service offerings.

            “To address the increasing need for affordable housing across the country, HUD allocations have risen to $47.9 billion for the next fiscal year,” says Staige Miller, Vice President – HUD Environmental Services at AEI Consultants.

“Accordingly, we continue to expand our in-house services to accommodate the rising industry demand for HUD-related projects. James Rice joins our HUD Services Group to lead a team of dedicated professionals committed to delivering exemplary service and trusted counsel to each of our clients.”          

          

Staige Miller

 According to Miller, an average of 32.1 percent of multifamily development spending is a result of fees and other costs associated with government regulations, including agency approval systems. These costs have a direct impact on the growing affordable housing crisis.

“Today’s HUD-approved lenders and developers need consultants who can advise them on how to navigate these frequently changing regulations,” Miller says.

 “AEI has a deep history of preparing reports in this sector that help lenders and developers to more smoothly complete the agency's internal and external review process, ultimately reducing costs.”

            AEI has long provided assessment and consulting services related to HUD lending regulations. As Vice President of HUD AEC Services, Rice will provide architectural planning and cost review services for construction and substantial rehabilitation projects that will be funded or insured through HUD.

            Rice, a 20-year industry veteran, says: “As a leading provider of third-party due diligence, environmental assessment and construction risk assessment for HUD-related services, AEI’s stellar reputation within the industry and commitment to excellence made this a natural fit at this stage in my career.”

Contacts:

Lisa James / Elisabeth Manville

Brower Group

(949) 438-6262

ljames@brower-group.com

www.aeiconsultants.com.

Marcus & Millichap Brokers $875,000 Sale of 18,000-SF industrial Building in Port Richey, FL

Jaclyn Blair

PORT RICHEY, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 6802 Jasmine Blvd, a 18,000-square foot industrial property located in Port Richey, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. 

The asset sold for $875,000 or roughly ($48.61 PSF).

Devin Guilliams

Devin Guilliams and Jaclyn Blair, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust, limited liability company. 

The property closed 40 days after the property was put under contract.  The buyer, a limited liability company, was also secured and represented by the two brokers.

Chris Travis

“The Seller and Buyer worked very diligently to put together a lease back that allows the Seller to continue to operate their business for the near-term future."   says Mr. Guilliams.

"The Buyer will look to possibly add more warehouse space over time given the property sits on over two acres of land in unincorporated Pasco County.  Both parties were very pleased with the deal,”

6802 Jasmine Blvd is located at 6802 Jasmine Blvd in Port Richey, Fla.  The property was built in 1971 and sits on over two acres of land just off of US 19, with easy access to the main avenues of traffic, allowing it to cater to any business to business or business to consumer service provider in need of warehouse space.

18,000-SF Industrial Building, Port Richey, FL

 It is zoned C2 in Pasco County with 25 free surface parking lot spaces and 12-18 feet clear heights with six roll-up doors. The building is currently occupied by the owner who uses the space for their local business. The property was substantially renovated in 2005 with the roof being replaced.

CONTACT:

Chris Travis

Regional Manager, Tampa

(813) 387-4700