Trion Properties sells 95-unit multifamily community in Oregon's Greater Portland area for $19.35 milion

Max Sharkansky

 TUALATIN, OR – Trion Properties, a multifamily investment sponsor and private equity real estate firm based in West Hollywood, California and Miami, Florida, announces the sale of Fox Meadows, a 95-unit multifamily community located in the Portland submarket of Tualatin, Oregon, for $19.35 million.

 The property was sold to FPA Multifamily at a return rate of 36.98%, producing a 1.80 equity multiple, after only a two-year hold, according to Max Sharkansky, managing partner of Trion Properties.

 “We identified an opportunity to purchase the property in the brief multifamily downturn during the pandemic, when it was underwritten fairly conservatively, and capitalized on the right moment to sell when the market is recovering and there are few assets of this type on the sale block,” Sharkansky said.

 Trion has owned and managed 22 properties in the Greater Portland area since 2015 and presently owns 13 assets in this region. With job growth in the metro at 5.3% during Q3 2022, outpacing the national figure of 3.8%, the market is on an upward trajectory that bodes well for the multifamily sector in the foreseeable future, notes Sharkansky.

 Built in 1968, Fox Meadows comprises two adjacent properties that Trion combined and managed as one property upon acquisition in 2020.

 

SOLD: Fox Meadows, a 95-unit multifamily
 community located in the Portland
 submarket of Tualatin, OR

Located less than a mile from Downtown Tualatin, Tualatin WES Metro Station, Tualatin Community Park, and Nyberg Rivers Shopping Center, the community is conveniently situated in a highly regarded school district, close to transportation, employment centers, state-of-the-art medical facilities, and daily-needs retail.

 “Fox Meadows is situated in an exceptional location in Tualatin, an affluent submarket where homeownership has become increasingly less affordable and the decline of housing affordability is more extreme than in Washington County overall,” says Farhan Mahmood, Partner and Head of West Coast Acquisitions at Trion Properties.

Farhan Mahmood

 “Along with its strong cash flow, these features made the property extremely attractive to us initially and positions the buyer for ongoing strong returns.”

 

Tyler Linn

Tyler Linn, Jordan Carter, and Clay Newton of Kidder Mathews represented both Trion and the buyer in the sales transaction.

Fox Meadows is located at 19605 SW Boones Ferry Road, Tualatin, Oregon.

 

Contacts:

 

Hanna Kokuashvili / Elisabeth Manville

The Smart Agency

(949) 438-6262

hkokuashvili@thesmartagency.com

Daum Commercial completes $9 million sale of 21,965 SF industrial asset to repeat investor in Garden Grove, CA

SOLD: Industrial building at 13831 Seaboard Circle.
Garden Grove, CA

 

 GARDEN GROVE, CA, Dec. 27, 2022 – DAUM Commercial Real Estate Services has completed the sale of a 21,965 square-foot industrial building at 13831 Seaboard Circle in Garden Grove, a city in Orange County, California, for $8,831,000.

 Michael Collins, Vice Chairman and Director, and Dustin Hullinger, Associate Vice President, of DAUM’s Capital Markets Group sourced and represented the buyer, a private high-net-worth investor based in Orange County, California.

Michael Collins

 DAUM Orange County’s Mike Barreiro, Executive Vice President and Principal, and Devin Ray, Associate Vice President, represented seller INH, a cosmetics distributor, in the transaction.

 “Through our comprehensive knowledge and experience in the Southern California industrial market and collaborative strategy, our teams were able to match an owner who was looking to sell their building and relocate with the buyer.” says Barreiro.

 “The deal was a win-win for both parties and a testament to the ongoing strength of the industrial sector in this region.”

Dustin Hullinger

 According to a DAUM report, direct vacancy in Orange County’s industrial market remained at a low 2.0% for the third consecutive quarter with net absorption turning positive and rental rates rising in Q3 2022.

 The median sales price per square foot for Orange County industrial assets increased 5.3% during the quarter, demonstrating investors’ continuing desire for industrial properties in this market.

 “We see a bright horizon for industrial real estate, an asset class in which DAUM specializes—particularly in a market that is close to the ports and densely populated,” says Collins.

Mike Barreiro

 “Increasing industrial demand caused deal volume to rise by 81.7% in Orange County during the third quarter. Despite uncertainty about some commercial sectors in the near future, we are optimistic about what lies ahead for industrial.”

 Built in 1978, the property sold in the transaction is located near Harbor Boulevard and the Garden Grove Freeway. The highly functional building features dock-high doors and a large, fenced yard.

DAUM will represent the new owner in marketing the building for lease, says Collins.

 

Devin Ray

“This highly desirable building with its ideal location will easily fetch market-rate rents and yield strong returns for the buyer, a repeat client for whom our team has completed successful transactions in the past.” Collins notes.

 The property is located at 13831 Seaboard Circle, Garden Grove, California.

  

CONTACTS:

Hanna Kokuashvili / Elisabeth Manville  
The Smart Agency, Inc.
(949) 438-6262 
hkokuashvili@thesmartagency.com

 

 

JLL arranges $360 million of construction financing for mixed-use, waterfront community in Brooklyn, NY

 

Joy Dracos

NEW YORK, NY – JLL’s Capital Markets group has arranged the $360 million construction loan for 1 Java Street, a 36-story, mixed-use waterfront development in the Greenpoint neighborhood of Brooklyn, immediately adjacent to the East River.

 

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Christopher Peck, Director Alex Staikos, Associate Phil Cadorette and Analyst Joy Dracos.

Christopher Peck

“Sustainability has become more important to the built environment than ever, and we are proud to have worked with the borrower to secure financing from a leading group of lenders committed to funding innovative projects such as 1 Java,” said Peck.

 

“With cutting-edge sustainability practices embedded throughout the property, this project will benefit the Greenpoint community and the broader New York City environment setting the bar for green building citywide.”

 

 The property will feature 834 apartments, approximately 13,000 square feet of destination retail space and an approximately 18,000-square-foot public waterfront park connecting the property to the India Street Pier.

Alex Staikos

The property also aims to achieve LEED Gold, FitWel and NYC’s WEDG certifications.

 

JLL represented the borrower, a joint venture of Lendlease and Aware Super, to secure the floating-rate construction loan through a Bank of America-led syndicate.

 

With an anticipated completion in 2026, 1 Java will feature 70% market rate units and 30% affordable units, participating in the Affordable New York 421(A) Program and Voluntary Inclusionary Housing.

 Phil Cadorette

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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

 

CONTACT:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 

JLL.com

 

 

JLL Capital Markets closes sale of and secures financing for Cape Codder Resort & Spa in Hyannis, MA

Amy Lousararian

 

 BOSTON, MA – JLL Capital Markets has closed the sale of and secured acquisition financing for Cape Codder Resort & Spa, a 266-key hotel, Massachusetts on Cape Cod. Financial details of the deal were not disclosed.

 

JLL represented the seller, Catania Hospitality Group, in the sale to Linchris Hotel Corporation. In addition, JLL represented Linchris and worked with long-time partner Tristan Pierce, FVP Commercial Lending at HarborOne Bank to secure their financing. The hotel was offered unencumbered by brand and management.

Greg LaBine 

Cape Codder Resort & Spa amenities include 18,000 square feet of meeting and event space, a waterpark, fitness center, on-site spa, seasonal indoor/outdoor swimming pools, pickleball court, internal courtyard and a gift shop. In addition, the resort has four food and beverage outlets, including Grand Cru Restaurant, Hearth n’ Kettle Restaurant, The Deck and Gazebo Café.

Alan Suzuki

Most recently renovated in 2008, the hotel offers a mix of traditional guest rooms and luxury suites.

 

The resort is located in Hyannis, the largest of the seven villages of Barnstable County and a key tourism destination on Cape Cod for residents of Boston, Providence and more.

 

 The coastal town is known for its cultural arts district, beaches, recreational boating and commercial fishing. Cape Codder Resort & Spa further benefits from the area’s historical landmarks, including the John F. Kennedy Hyannis Museum, Memorial and Kennedy Compound, as well as the Veterans Memorial Park and Korean War Memorial.

Matthew Enright

The town is accessible via Route 6 and is served by two ferries that depart 2.8 miles from the hotel providing access to Nantucket and Martha’s Vineyard. Furthermore, the Barnstable Municipal Airport offers year-round flights between Hyannis and Boston Logan International Airport.

 

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Alan Suzuki and Senior Director Matthew Enright.

 

“It is our privilege at JLL to successfully facilitate once-in-a-lifetime sales on behalf of local owners who have been so devoted to the area’s tourism industry,” said Suzuki.

Hyannis, MA

The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Greg LaBine and Senior Director Amy Lousararian.

 

“The competitive financing process shows that there is still ample liquidity in the local banking market for well-located assets like the Cape Codder,” said Lousararian.

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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

 

 

 CONTACT:

Cierra Lacasse

PR, Hotels & Hospitality, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com

 

Pyramid Global Hospitality Closes Acquisition of Provenance Hotels’ Operating Division

 

 

Katherine Durant

BOSTON, MA and PORTLAND, OR —Pyramid Global Hospitality  has closed the acquisition of the operating division of Provenance Hotels, an independent owner of boutique hotels.  

The transaction adds 12 full-service, independent hotels to Pyramid’s national network of managed properties. 

In a related transaction, Gencom, an international owner and developer of hospitality and residential properties, acquired a 50% ownership stake in eight Provenance hotels. 

 

“The addition of the Provenance portfolio places Pyramid in multiple, new markets, particularly in the Pacific Northwest, an area we long have sought to engage,” said Chris Devine, chief investment officer, Pyramid Global Hospitality.

 “We continue to have nationwide growth aspirations for our third-party hotel management portfolio and look to ride our on-going momentum into the coming year.  2022 saw the addition of 29 hotels and 5,537 rooms, and we anticipate similar growth in 2023.”

 

Chris Devine

Katherine Durant, president and CEO of Provenance, said, “We are excited to bring in Pyramid for the management of these properties and are confident the partnership will bring both expanded opportunities for our team members and even greater resources for our guests. 

"I look forward to remaining actively involved in the business and partnering with the Pyramid team on opportunities for continued growth.”

 

In total, Pyramid’s portfolio of managed properties will grow by 1,952 rooms and suites. The 12 hotels include:

 

1. The Dossier, in Portland, Ore.
2. The Sentinel, in Portland, Ore.
3. Hotel Lucia in Portland, Ore.
4. Hotel Deluxe in Portland, Ore
5. Old No. 77 Hotel & Chandlery in New Orleans, La.
6. Hotel Max in Seattle, Wash.
7. Hotel Murano in Seattle, Wash.
8. Hotel Preston in Nashville, Tenn.
9. Hotel Theodore in Seattle, Wash.
10. Heathman Hotel in Portland, Ore.
11. Woodlark Hotel in Portland, Ore.
12. The Bradley in Fort Wayne, Ind.

 CONTACT:

 

Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com

www.provenancehotels.com.

www.gencomgrp.com

www.PyramidGlobal.com.

JLL Capital Markets closes sale of the 134-bed / 45-unit 11th Street Flats student housing community near Baylor University in Waco, TX

 

Teddy Leatherman

DALLAS, TX – JLL Capital Markets has closed the sale of 11^th Street Flats, a 134-bed / 45-unit student housing community adjacent to Baylor University in Waco, Texas. The price was not disclosed.

 

JLL represented the seller, Newsome Development and Investments. Waterway Family Funds acquired the asset.

 

This transaction marks the first student housing acquisition for Waterway Family Funds since Jeremy Pemberton, formerly with Waypoint Residential, joined the company in 2022.

 

Constructed in 2015, 11^th Street Flats features two-, three- and four-bedroom units with nine-foot ceilings, granite countertops, private bathrooms for each bedroom, fully furnished living rooms, flat screen televisions and full-size washers and dryers. Community amenities include a fitness center, off-street parking, a study lounge, a campus view deck, and bike racks.

Stewart Hayes

The property is 100% leased by Baylor University through the Fall of 2024.

 

Situated at 1722 S 11th St., the community is located between I-35, La Salle Avenue and the south side of the university, which serves as the most attractive area for students at Baylor University while also being along the bus route.

 

The property is approximately 0.3 miles from the university, 1.9 miles from the McLane Football Stadium and 1.8 miles to the popular bars and restaurants of downtown Waco.

Scott Clifton

The University benefits from its positioning between the economically productive cities of Dallas, Houston and Austin and the significant population increase across the state of Texas.

 

The JLL Capital Markets team was led by Senior Directors Teddy Leatherman, Stewart Hayes and Scott Clifton.

 CONTACT:

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 jll.com.

JLL Capital Markets arranges $202 million financing for the redevelopment of Bioterra into a premier lab / biotech facility in San Diego, CA

Bioterra, a to-be-built, 316,000-square-foot lab / biotech facility in the heart of San Diego’s life sciences cluster

 

 SAN DIEGO, CA –– JLL Capital Markets  has arranged $202 million in financing for the redevelopment of Bioterra, a to-be-built, 316,000-square-foot lab / biotech facility in the heart of San Diego’s life sciences cluster.

Mariah Feghali

JLL worked on behalf of the borrower, Longfellow Real Estate Partners, to secure the three-year loan through Square Mile Capital Management, LLC and Bank OZK.

Aldon Cole

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Aldon Cole, Managing Director Patrick Burger, Associate Daniel Pinkus and Analyst Mariah Feghali. 

 

The 4.14-acre site originally contained three vacant buildings that have now been demolished for the development of a premier life sciences research and development asset.

 

Designed by HOK architects, Bioterra will be built to Class A lab standards and can accommodate either a single-tenant or multiple users.

Patrick Burger

Upon completion in 2024, the project will be programmed with Longfellow’s signature Elevate tenant experience platform and will offer on-site amenities, including a coffee bar, conference facilities, full-service fitness center with space for outdoor classes, full-service restaurant and café with outdoor seating.

 

The five-story building will also offer three levels of subterranean parking.

 

Located at 5889, 5893 and 5897 Oberlin Dr., Bioterra is positioned in the Sorrento Mesa submarket of San Diego, one of San Diego’s fastest growing life sciences clusters.

Daniel Pinkus

The property is just west of the 805 and 5 Freeways, which provide convenient access throughout San Diego and the greater Southern California area.

 

In addition, the immediate area surrounding the property is highly amenitized with a variety of restaurants, retail shops, entertainment offerings and hotels.

 

According to JLL’s 2022 Life Sciences Lab Real Estate Outlook, San Diego ranks as the third largest life sciences market in the U.S. Continued accelerated demand for lab space in the city has resulted in an immense supply-demand imbalance and has pushed occupiers out to submarkets like Sorrento Mesa that are in close proximity to the talent and funding that fuels the sector.

 

Nick Frasco

“Bioterra is an exciting step forward in Longfellow’s commitment to support the rapidly growing San Diego life science market,” said Nick Frasco, Longfellow Real Estate Partners Chief Investment Officer West & Managing Director.

 

“The campus will be a major addition to our San Diego portfolio, set to offer unparalleled amenities, state-of-the-art lab space and an unmatched level of care for our tenants.” 

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 

Sorrento Mesa submarket of San Diego, CA

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization.

 

 The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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

 

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413. 

 

 

CONTACT

Kristen Murphy

Director, Public Relations, Americas

JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com