Saturday, January 21, 2023

Student-housing sees record-shattering transaction volume at 2022 year-end

Teddy Leatherman
 

 CHICAGO, IL – Student housing has set an all-time high in transaction volume for 2022 with an annualized total of $18.9 billion, significantly surpassing the previous year-end high of $11.5 billion in 2021.

 

“We are seeing significant interest from capital coming from the Middle East, Singapore and starting to hear rumblings around Latin America,” said Managing Director Teddy Leatherman, who leads the Dallas Student Housing Capital Markets team. 

 

“We are speaking with our global capital teammates on a weekly basis to ensure all foreign capital is getting access to our transactions. Our most successful executions have been global marketing processes.”

 

The JLL U.S. student housing capital markets team is closing out a record year as well, with a total of $1.8 billion in sales, equity raises and financings.


Student-housing, Kennesaw, GA

 

According to JLL Capital Markets, cross-border capital has in recent years played a much larger role in the success of the asset class. From 2012 to 2016, cross-border capital only held 6.7% of the market share. From 2017 to 2021, it held 20%, deploying almost $10 billion to student housing assets.

 

With this broadened capital targeting the sector, the sale price per unit has steadily increased nationally. Student housing rents increased 8.8% year-over-year, with average rent at $847/bed as of October 2022 compared to $779/bed in November of 2021 (CollegeHouse).

 

Student-housing, Lincoln, Nebraska
 

 Following the broader multi-housing market, student housing has seen the highest levels of new supply in the Sun Belt markets.

 

The top prelease markets for student housing include: Tallahassee, Florida; Knoxville, Tennessee; Clemson, South Carolina; Austin, Texas; and Gainesville, Florida (CollegeHouse).

 

 

Contact:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 

Western Specialty Contractors and KBS to Complete Extensive Curtain Wall Restoration at Award-Winning, 42-Story Mixed-Use Tower in Chicago, IL

Accenture Toweran award-winning,
1.46-million-square-foot, 42-story
 Class A office and retail property
at 500 West Madison Street,
  Chicago, IL
 

 Chicago, IL -- Western Specialty Contractors – Chicago Facades Branch and KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, are completing the restoration of a curtain wall at Accenture Tower, an award-winning, 1.46-million-square-foot, 42-story Class A office and retail property at 500 West Madison Street in Chicago, Illinois.


The tower, completed in 1987 and formerly known as 500 West Madison, has twice earned The Outstanding Building of the Year (TOBY) Award Internationally by The Building Owner and Managers Association.

Debbie Kalck

The building, which features numerous top-tier amenities, contains 40 stories of office space and 80,000 square feet of retail space over two levels.

Sitting above the Ogilvie Transportation Center, the sixth-busiest railway commuter station/terminal in North America, Accenture Tower has earned a UL Verified Healthy Building verification and is LEED Gold and WiredScore Gold certified.

KBS contracted Western Specialty Contractors – Chicago Facades Branch in 2021 to completely restore the existing curtain wall at the property.

The project, which is expected to continue through 2025, includes the removal and replacement of the original 35-year-old sealants on the entire 588-foot-tall building’s curtain wall and bridge over Canal Street.

Luke Hamagiwa

“This restoration demonstrates KBS’ ongoing dedication to delivering the highest-quality amenities at its office properties and highlights its partnerships with service providers like Western Specialty Contractors,” says Luke Hamagiwa, Asset Manager for Accenture Tower and Vice President at KBS.

“The curtain wall system will help prevent leaks which is extremely important given the area’s inclement weather.”

According to Debbie Kalck, Branch Manager for Western’s Chicago Facades Branch, a curtain wall system on a building’s façade plays an important role in protecting the building and its occupants by keeping the weather out while allowing extra natural light deeper into a building’s interior space.

Ogilvie Transportation Center, Chicago, IL

Kalck adds that the restoration’s long completion schedule is due to Accenture Tower being equipped with two maintenance house rigs—working platforms attached to the curtain wall’s structural tube members and internal track system that are similar to swing stages and operated remotely—which allow Western’s crews to access approximately 80% of the exterior.

The house rigs limit the number of crews able to work on the building at one time and do not provide access to the base of the building or the Canal Street bridge.

Areas of Accenture Tower’s that are not accessible with the house rig or aerial man lift include the 42nd-floor rollback at the center of the south elevation and the lower rollbacks on floors 4-6 and 6-9 of the north elevation.

Chuck Schreiber

Western determined that the most cost-effective way to perform the work at these locations would be via an extensive rope access/controlled descent.

Western employees performing this work have received Society of Professional Rope Access Technicians (SPRAT) training from certified SPRAT evaluators Elevated Safety and are certified as SPRAT Level 1: Rope Access Workers.

 This training ensures safe work-at-height practices and progresses into the specifics of working on a two-rope system, ascending, descending, transfers, controlled descent devices, and rescue.

Canal Street bridge, Chicago, IL

In addition, workers were trained on anchoring basics, awareness and job hazard analysis. Work at times is performed on a Bosun chair if workers are not able to position themselves elsewhere to perform the work.

“I am so proud of our crews who continue to take on the most challenging projects and are committed to providing our clients with the most cost-effective solutions to safely perform those projects,” says Kalck.

 

Peter Bren

KBS is one of the largest investors of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $44.5 billion on behalf of private and institutional investors globally.

Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates premier commercial real estate in some of the most successful epicenters in the country.


Contacts:

 

Jennifer Beidle

Jennifer Beidle Communications

314-607-9459

jennifer@jbeidlepr.com

 

Lexi Astfalk or Jenn Quader

The Smart Agency for KBS

949-438-6262

KBS@thesmartagency.com

 

Ginny Walker

KBS Public Relations Director

949-417-6535

gwalker@kbs.com

 www.westernspecialtycontractors.com       

www.kbs.com.

 

JLL names Andrew Dickey to lead hotel investment sales efforts in Southeast, Caribbean and Central American markets

 

 

 

 


 

 Andrew Dickey
 

MIAMI, FL – JLL’s Hotels & Hospitality Group has appointed Managing Director Andrew Dickey to lead hotel investment sales efforts across the Southeast, Caribbean and Central American markets, effective as of January 30, 2023.

 

Dickey, who is based out of JLL’s Miami office, reports to Kevin Davis, Americas CEO.

 

“Andrew has demonstrated his value to our clients throughout his career at JLL,” said Davis. “His knowledge of the markets and considerable experience make him an invaluable asset to our team and I’m looking forward to seeing him grow in this new role.”


Kevin Davis

Dickey has 17 years of experience at JLL working on investment sales projects in the Southeast U.S., Caribbean and Latin America.


 During this time, he has been involved in over $8 billion of hospitality transactions, notably $5.8 billion in Florida and nearly a billion in Puerto Rico since 2015. 


Dickey holds a bachelor’s degree in finance from Villanova University’s School of Commerce & Finance, as well as an M.B.A. from ESADE Business School in Barcelona, Spain with a concentration at the UCLA Anderson School of Management.

 

“I’m honored to be stepping into this role and am looking forward to leading our team and continuing to expand our business within the Southeast, Caribbean and Latin American markets,” said Dickey. “In addition to bringing further value to our clients, I hope to utilize this leadership position to help our younger team members grow.”


Gregory Rumpel

Gregory Rumpel, Senior Managing Director, who currently leads Southeast hotel investment sales, will remain with the firm to focus on key transactions in the region and provide strategic advice to the leadership team.

 

Rumpel, is a 25-year veteran of JLL, who established JLL Hotels Miami office in 2001 and has led the office since that time.

 

“After 22 years of leading our Miami office, I’m excited to pass the baton to a new generation of leadership, while continuing to be active on strategic regional transactions,” said Rumpel. “Having worked with Andrew for 17 years, I know that he will make a great leader for our team and will grow our business.”

 

 

Contact:

 

 Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email: Cierra.Lacasse@jll.com