Development is Underway at Trilogy Investment Co.’s Encanto, AZ, BTR Community in Avondale, AZ

Rendering of planned Rêve at Encanto West 
Build-To-Rent (BTR) community
 in Avondale, AZ

AVONDALE, Ariz.—Trilogy Investment Company, a leader in Build-To-Rent (BTR) community development, announces that site development has commenced at Rêve at Encanto West in Avondale, Arizona, with utility construction underway. 

Planned 84-townhome BTR community, Avondale, AZ

This 84-townhome BTR community, developed in collaboration with Cimbra Partners, LLC., represents the first strategic joint venture partnership with Cimbra Partners.

"With grading and sewer line going in at Rêve at Encanto West, the community is starting to take shape," states Jason Joseph, CEO and Partner at Trilogy Investment Company. "This project reinforces our commitment to addressing the region's strong demand for rental housing.”

Situated on a prime seven-acre plot at the intersection of Encanto Blvd. and N. Avondale Blvd. across from state-of-the-art West Point High, Rêve at Encanto West is a testament to Trilogy's commitment to strategic location selection. This project is one of three Trilogy ventures in the Avondale area and its fifth in Arizona, further solidifying our presence in the state.

“We are excited about our partnership with Trilogy Investment and our shared vision to create rental homes that redefine the narrative around renting,” said César J. Rodríguez, Co-founder and Managing Partner of Cimbra Partners, LLC.

The gated townhome community offers residents the feeling of home and community with the flexibility of renting. Homes at Rêve at Encanto West include three bedrooms and two and a half bathrooms, flexible space for a bedroom or office, 9-foot ceilings, a stainless steel appliance package, granite countertops and a garage.

Neighborhood amenities will include a clubhouse with grilling stations and a pool,

Market fundamentals in Avondale, Arizona, are strong. A growing submarket is supported by strong job and population growth in Phoenix.

 CONTACT

Denim Marketing

Carol Morgan

770-383-3360

Carol@DenimMarketing.com

www.DenimMarketing.co

www.CimbraPartners.com.

www.trilogyic.com 

 

Peachtree Group Provides $40 Million in CPACE Financing For AC Hotel San Diego Downtown Gaslamp Quarter

Recently opened 147-room AC Hotel San Diego
Downtown Gaslamp Quarter in California 

ATLANTA, GA – With ongoing credit market dislocations, Peachtree Group originated a $40 million retroactive CPACE loan to BLG SAN DIEGO, LLC (BLG) for its recently opened 147-room AC Hotel San Diego Downtown Gaslamp Quarter in Calif. 

 

 The Commercial Property Assessed Clean Energy (CPACE) financing was amortized over 30 years and required no payment for a year, followed by five years of interest-only payments.

 

Also, the proceeds allowed BLG to pay down its senior loan with California-based Preferred Bank and E.Sun Commercial Bank, Ltd. to under $20 million, thereby mitigating the banks’ exposure.\

Greg Friedman

“This innovative capital structure significantly alleviated the immediate financial pressures, enabling the hotel to establish a solid cash flow foundation during its initial years of operation,” said Greg Friedman, Peachtree Group’s managing principal and CEO.

 

Despite the U.S. hotel industry's strong RevPAR performance, multiple headwinds exacerbate financial stress for owners. These headwinds include the lagging profitability of U.S. hotels, persistently high interest rates and historically high property insurance costs.

Brad Honigfeld

“When we opened the AC Hotel San Diego Downtown Gaslamp Quarter in March 2023, there was a sizeable disconnect between hospitality fundamentals, which are strong, particularly in San Diego, while the debt markets were deteriorating meaningfully,” said Brad Honigfeld, founder, chairman and co-CEO of the New Jersey-based Briad Group®. “The Fed’s tightening process and rising fund rates drove up the cost of debt considerably.”

 

Hotel and commercial real estate owners face a tough few years as trillions of dollars in debt come due, and refinancing gets harder, compounded by banks' tightened lending standards.

 

According to JLL Research, by the end of 2024, $5.8 billion worth of U.S. hotel-securitized loans will be due for repayment, requiring full payment, refinancing, extension or sale. However, if these loans were refinanced at current interest rates, most would struggle to generate enough income to cover their debt costs.

 

In this challenging lending market, Commercial Property Assessed Clean Energy (CPACE) financing has become a vital source of liquidity. This option is growing in importance as owners face impending debt maturities and scarce refinancing opportunities.

 

CPACE financing has rapidly gained traction in the commercial real estate market, reaching a cumulative $7.2 billion in the U.S. in just over a decade, according to PACENation.

 

This significant milestone underscores the growing acceptance and adoption of CPACE financing as an innovative and effective solution.

 

Peachtree Group, a key player in this market, has demonstrated its commitment to CPACE financing, with over $800 million in CPACE originations.  

 

The AC Hotel San Diego Downtown Gaslamp Quarter

The AC Hotel San Diego Downtown Gaslamp Quarter is in downtown San Diego's Gaslamp Quarter, known for its restaurants, shops and nightlife.

 

“Our hotel was benefiting from its location and performing to its original underwriting, but the debt costs were straining cash flows,” Honigfeld said.

 

 

Contact:

 

Charles Talbert

 678-823 7683  

 ctalbert@peachtreegroup.com                                                                                                                                                         

 Chris Daly

President

DG Public Relations

(703) 864-5553

chris@dalygray.com

www.dalygray.com

 www.peachtreegroup.com.

  

Schnitzer Properties breaks ground on Class A multi-tenant industrial property in Goodyear, AZ

  

 Kelly Royle

PHOENIX, AZ – On behalf of Portland-based Schnitzer Properties, JLL announced the start of construction on Palm Valley Commerce Center, a Class A industrial project designed to serve local entrepreneurs and multinational corporations alike in the Phoenix metropolitan area.

 Located at Auto Drive and 137^th Avenue in the rapidly expanding Phoenix-Goodyear Airport submarket of Goodyear, Arizona, Palm Valley Commerce Center will provide highly divisible, leading-edge space for growing businesses.

 

Marc Hertzberg

 Marc Hertzberg, Executive Managing Director, Riley Gilbert, Senior Managing Director, and Kelly Royle, Vice President, from the Phoenix office of JLL serve as the project’s exclusive leasing brokers.

 

“Palm Valley Commerce Center offers a highly attractive location, modern amenities and convenient access to a robust local workforce – all critical for a tenant’s seamless operational efficiency,” said Royle.

 

 “Combined with this project’s superior divisibility, these factors position Palm Valley Commerce Center as a very symbiotic industrial campus able to successfully support users of all types and sizes.”

 

Upon completion, the project will consist of three buildings totaling 294,840 square feet, offering divisibility ranging from 125,840 square feet to 4,680 square feet. This makes Palm Valley Commerce Center one of the most adaptable new industrial developments currently underway in the region.

Riley Gilbert

“At Schnitzer Properties, we currently have 11 million square feet of industrial projects planned or under construction. We are excited to add Palm Valley Commerce Center in Goodyear to our portfolio,” said Jordan Schnitzer, President and CEO, Schnitzer Properties.

 

Now under construction with delivery expected in Q2 2025, Palm Valley Commerce Center Building A totals 125,840 square feet with 32’ clear height, 135’ truck court, 31 dock high and six grade level doors in a rear-load configuration, and 120 auto parking spaces. Building A is divisible to 22,000 square feet.

 

To expedite move-in, Building A will include comprehensive make ready improvements including LED lighting, warehouse HVAC, 12 pit levelers and 19 edge of dock levelers. It will also offer four completed speculative offices ranging from 1,800 square feet to 2,400 square feet.

 

Future construction at Palm Valley Commerce Center will include a 57,720-square-foot, front-loading Building B and an 11,280-square-foot, rear-loading Building C.

Jordan Schnitzer

Building B will offer 22’ clear height, 64’–155’ truck courts, 17 dock high and nine grade level doors, and 102 auto parking spaces. Building C will offer 30’ clear height, 140’ truck court, 35 dock high and 11 grade level doors, and 185 auto parking spaces.

 

Building B will offer divisibility to 4,680 square feet and Building C to 5,720 square feet.

 

Willmeng Construction is the general contractor at Palm Valley Commerce Center. VLMK Engineering + Design is the architect.

 

Palm Valley Commerce Center is located one-half mile from a full diamond interchange at Interstate 10 and Litchfield Road. It sits approximately two miles from the Phoenix-Goodyear Airport, 21 miles from Sky Harbor International Airport. It is a four-and-a-half-hour drive to the Inland Empire and five-and-a-half-hour drive to the ports of Los Angeles and Long Beach.

 According to JLL’s Q1 2024 Phoenix Industrial Report, demand continues to push metro Phoenix industrial rent growth, with rents rising 2.4% quarter-over-quarter in a market where nearly 40% of newly delivered product is already pre-committed.

 Metro Phoenix recorded 2.9 million square feet of net industrial absorption during Q1 2024, with tenants expected to take occupancy on an additional 4 million square feet of newly leased space in Q2 2024.

 

 

For more news, videos and research resources, please visit JLL’s newsroom.

 

 

Contact:

 

Stacey Hershauer

focusAZ 

P 480.600.0195

www.focusaz.com

 

 

 

 

 

 

 

JLL Capital Markets closes on the sale and secures acquisition financing for Vineyard Hills Apartments, a 202-unit apartment community in Southwest Austin, TX.

Vineyard Hills Apartments, a 202-unit,
2000-vintage, garden-style apartment
 community in Southwest Austin, TX

  

 AUSTIN, TX – JLL Capital Markets has closed the sale and secured acquisition financing for Vineyard Hills Apartments, a 202-unit, 2000-vintage, garden-style apartment community located in Southwest Austin, Texas. Financial details were not disclosed.

Ryan McBride

JLL Capital Markets worked on behalf of the seller, Bob Reeves, to facilitate the sale to S2 Capital. Working on behalf of the new owner, JLL also procured the acquisition loan from Benefit Street Partners. 

Featuring a range of one-, two- and three-bedroom options, Vineyard Hills has an average unit size of 928 square feet. Each unit is designed with features such as walk-in closets, balconies and detached garages and select units with fireplaces, bay windows and tile floors.

 Robert Arzola

Additionally, the property offers its residents a range of amenities, including a pool, heated spa, picnic area with BBQ grills, an on-site laundry facility and a dog park.

Vineyard Hills benefits from its strategic location at 7631 U.S. Hwy 290, offering convenient access to the greater Austin area via Highway 290 and Loop 1 (Mopac Expressway). This prime location is surrounded by sought-after neighborhoods such as Oak Hill, Circle C and Barton Creek, enhancing the appeal for potential residents.

Robert Wooten

Moreover, residents are in close proximity to some of Austin's most prominent and influential employers, including Yeti Headquarters, AMD, NXP Semiconductors, ARM, Solar Winds and Ascension Seton Southwest Hospital.

The JLL Capital Markets Investment Sales and Advisory team was led by Managing Directors Ryan McBride and Robert Arzola, Senior Managing Director Robert Wooten and Associates Alex Fernandes and Nick Beardslee.

 

“The Southwest submarket stands out as one of Austin's highest barrier-to-entry submarkets for new developments, providing a solid foundation for investment and growth,” said Wooten. “As Austin continues to be a top target market among private and institutional investors, the outlook for multi-housing remains strong.”

Alex Fernandes

Senior Managing Director Mark Brandenburg led the JLL Capital Markets Debt Advisory team.

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, please visit JLL’s newsroom.

Nick
 Beardslee

Contact:

 

Grace Lewis,

JLL PR

Phone: +1 903 520 3478

Email: grace.lewis@jll.com

  ll.com.

 

 

JLL Capital Markets closes sale of the 226-unit Avalon Hackensack at Riversideapartment complex in Hackensack, NJ

Avalon Hackensack at Riverside, 
a multi-housing community containing
226 apartment homes located
 at 414 Hackensack Avenue.
in Hackensack, NJ

 

Elizabeth DeVesty

MORRISTOWN, NJ – JLL Capital Markets announced today the sale of 

Avalon Hackensack at Riverside, a multi-housing community containing 226 apartment homes located at 414 Hackensack Ave. in Hackensack, New Jersey.

 

JLL worked on behalf of the seller. The price was not disclosed.

Austin Pierce

Built in 2013, the property has been institutionally owned and maintained, currently sitting at 96% leased. The community offers an attractive apartment mix of spacious studio, one-, two- and three- bedroom apartments with select apartments featuring balconies, patios, dens and loft-style layouts.

 

Residents also enjoy a variety of community features including a swimming pool with grilling area, resident clubhouse, state-of-the-art fitness center, tenant lounge, covered garage parking, dog run and pedestrian entry to Hackensack River County Park.

Jose Cruz

Located off Route 4, Avalon Hackensack at Riverside offers residents convenient access to major thoroughfares such as the Garden State Parkway (3.3 miles), Interstate 80 (3.3 miles) and Interstate 95 (4.7 miles), providing unparalleled regional connectivity.

 

 The community is a five-minute drive to both the Anderson Street Train Station and the Essex Street Train Station (Pascack Valley Lines), a nine-minute walk to the bus stop on Hackensack Avenue and less than a 10-minute drive to the George Washington Bridge, all granting entrance to Manhattan in under one hour.

Michael Oliver

Additionally, the property is strategically positioned near major regional employment centers such as Hackensack University Medical Center, while also adjacent to an array of local area amenities, including the renowned Shops at Riverside shopping mall which includes retailers such as Blooomingdale’s, The Cheesecake Factory, Ann Taylor, William Sonoma, Starbucks and AMC Theaters.

 

JLL Capital Markets team was led by Senior Managing Directors Jose Cruz, Michael Oliver and Steve Simonelli along with Director Elizabeth DeVesty and Associate Austin Pierce.

Steve Simonelli

"We are excited to announce the sale of Avalon Hackensack at Riverside, a premier Class A multi-housing community in Hackensack," said Cruz.

 "The property’s amenities, convenient access to major transportation routes and proximity to employment centers and the retail amenities made it a highly sought after investment."

 

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, please visit JLL’s newsroom.

  

Contact:

 

Grace Lewis,

JLL PR

Phone: +1 903 520 3478

Email: grace.lewis@jll.com

 

 ll.com.