Tuesday, April 30, 2019

Most Expensive Apartments in Washington, DC

The Louis Apartments, U Street Corridor,
 Northwest Washington, DC
                                                                Photos courtesy of The Louis
                                                                                    Text by Michael Hochman
  
WASHINGTON, DC -- Washington D.C. is inhabited by titans of government and some of the most influential people in the world … temporarily. It's a city of transients and uprooted politicians living election to election.

But if you’re a high-priced power player looking for the best place to live for the duration of your stay in town, where would one find the most expensive Washington D.C. apartment?


Just north of the White House and Capitol Hill near the swanky neighborhoods of Dupont and Logan Circles and just off the nightlife enclave of Adams Morgan is The Louis, an upscale, amenity-laden apartment building along the trendy U Street Corridor.

There you’ll find Apartment 912, a two-bedroom, two-bath, 1,078-square-foot, E22-style open floor plan stunner that runs for as little as $8,655 per month to start bare-bones, but can be upgraded to as much as $31,434.

Republicans and Democrats can agree that’s a big slice of the deficit, so what do you get for that kind of mint?



The coolest street in The District

Located in Northwest Washington, the U Street Corridor is a stretch of trendy shops and fashionable restaurants along U Street from 9th to 18th Street NW designated a “Great Street” by the American Planning Association.

Smack in the middle is The Louis, built in 2014 with 268 units and access to a host of specialty stores, grocery stores, pubs, eateries and nightlife spots.

In the early part of the 20th century, U Street’s “Black Broadway” was the heart of Black Culture in America, teeming with jazz clubs, soul food joints, historically-black theaters and hotels.


In recent years, U Street’s demographics have diversified. But the corridor remains one of the coolest in the city while gaining an upscale appeal.

Today, the area is populated by some of the best music clubs in the nation, including the 9:30 Club, the Black Cat, DC9, U Street Music Hall and the Velvet Lounge.


Dozens of popular restaurants are available in walking distance, but none stand out more than Ben’s Chili Bowl, a D.C. “must go” that luminaries from Redd Foxx to Martin Luther King, Jr. to Barack Obama named as a favorite spot.

Also along the street are Restaurant Marvin, Busboys and Poets, Ice Cream Jubilee and authentic cuisine in “Little Ethiopia.”


The area also features both upscale and vintage clothing shops, brewpubs, galleries, cafés, pocket parks, the century-old Lincoln Theatre, the African-American Civil War Museum, the outdoor 14&U Farmers’ Market and even the longest cascading fountain in America in Meridian Hill Park.


While back in the comforts of home, what exactly do you get for eight grand a month? A fantastic living space and enough high-end amenities to rival the White House itself.

The unit is a sleek marble-inspired open space featuring a large living area flanked by two large, airy bedrooms. The spacious living and dining room is lined with grayscale hardwood floors and a plethora of natural light thanks to a full wall of floor-to-ceiling windows.

The modern kitchen contains a built-in oven and microwave, two-tone wood cabinetry and a stainless-steel refrigerator across from a minimalist granite countertop kitchen island.

Redd Foxx
Two nearly-matching bedrooms are accessed from either side of the living space via a sliding door, where the hardwood floors continue and offer two walls of floor-to-ceiling windows overlooking the neighborhood for an abundance of sunlight.


The unit contains two baths with modern fixtures, one in the main bedroom and the other off of the living area.

But as exciting as the interior space is, the killer feature of this apartment is a gigantic terrace running the length of the entire unit accessible from the living room and both bedrooms.

Not only does the terrace offer a full-length stone patio ready for lounge chairs and al fresco dining, but it also features a private stone-landscaped green roof along the city-view edge, perfect for both human and canine frolicking like a garden apartment in the sky.


However, with all the amenities The Louis offers residents, you may do nothing in your apartment but sleep. The elegant rooftop features a pleasant swimming pool and patio sundeck, an outdoor projection movie space and fire pit lounge and outdoor intimate and group picnic spaces overlooking U Street with three separate grilling stations.

Inside, the building provides a party-display kitchen, meeting lounge and business center, game room with shuffleboard tables and a fitness center with free weights and group exercise programs.

There’s even a Trader Joe’s, neighborhood coffee shop and a James Beard Award-fronted bistro right downstairs on the lobby level.

A lot of dead Presidents

Yes, $103,860 a year is a large percentage of the U.S. Treasury for a nice apartment. Add in the full upgrades and that price goes up to about $375,000 a year.
Budget experts suggest spending no more than a third of your pre-tax income on your living space, so all you need to be pulling down to snag this deluxe Cardozo unit is a cool 311,583 Georges. What else could you afford in this government town for $8,655 a month?
1,443 Original Chili Half-Smokes at Ben

If you don’t run the Treasury Department

We can’t all add a budget line in a bill to fund our apartment rent or throw a fastball like Stephen Strasburg or Max Scherzer, so you’re probably not pulling down the GDP of a small nation on Embassy Row. Fortunately, there are plenty of other gorgeous — and affordable — rental units around D.C. that might be a little more your style.
Or, if you’ve got your heart truly set on The Louis, snag a studio for $2,358.

The rent information included in this article is based on April 2019 rental property inventory on ApartmentGuide.com and rent.com and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing or availability guarantee for any apartment.
CONTACT:
Jennifer Dunaway 
dunawayjl@gmail.com

Lee & Associates Expands into Ontario with Second Canadian Office


Mark Cascagnette

TORONTO, ONTARIO, CANADA, April 30, 2019  –  Lee & Associates, the largest broker-owned commercial real estate firm in North America, announces the opening of its first office in Ontario, Canada.

 Lee & Associates Toronto will be headed by Mark Cascagnette, SIOR, and is the firm’s second office in Canada. 

“Our focus continues to be enhanced client services in North America, and we are always looking for markets that we can expand into to better serve our clients,” said Lee & Associates CEO Jeff Rinkov, SIOR. 

“Toronto is one of the top ten largest cities in North America, and Mark has unparalleled success, experience, and knowledge of the Greater Toronto Area.”
Cascagnette brings over 28 years of diversified commercial brokerage and corporate real estate management experience, most recently as one of Cushman & Wakefield’s National Top 10 Brokers in Canada and its Top Industrial Producer in 2018. 


Jeffrey Rinkov
“We are absolutely thrilled to partner with Lee & Associates as we grow our business and service our clients in the GTA and Southern Ontario,” Cascagnette said. 
“I’ve done my homework, seen the results, and listened to our clients.  Lee & Associates provides the best, most entrepreneurial, and progressive structure in our industry. 
"The brokerage community has been waiting for a company designed to best service brokers and clients alike. We plan to become a regional commercial brokerage player and will recruit and train the best and brightest professionals in all service lines starting with industrial, office, land, and investment sales. 
"We are so excited about tapping into Lee’s long-established national operation in the US, and along with our Vancouver partners, will help build a strong Canadian presence.” said Cascagnette. 




Lee & Associates, which is celebrating its 40thanniversary this year, has put a renewed emphasis on expansion. New office locations over the last five years include Cincinnati, OH; Raleigh, NC; Miami, FL; Seattle, WA; Walnut Creek, CA; Vancouver, BC; Minneapolis, MN; Pasadena, CA; Lehigh Valley, PA; Columbus, OH; Houston, TX; Denver, CO; and Cleveland, OH. 
ABOUT LEE & ASSOCIATES

Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. 
Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients.
For the latest news from Lee & Associates, please visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.
CONTACT:
 Pamela Murphy
Lee & Associates
(832) 315-0219
pmurphy@lee-associates.com


Monday, April 29, 2019

HFF arranges $145 million financing on behalf of Sunroad Enterprises for San Diego, CA apartment development


Rendering of planned Centrum Apartments Phase 6, a 442-unit, Class A apartment project in San Diego, CA

 
Aldon Cole
SAN DIEGO, CA –– HFF announces it has arranged $145 million in construction financing on behalf of Sunroad Enterprises for the development of Centrum Apartments Phase 6, a 442-unit, Class A apartment project in San Diego, California.

HFF worked on behalf of Sunroad Enterprises to arrange the floating-rate construction loan through PCCP, LLC.

Centrum Apartments Phase 6 will be the final phase of the 232-acre Centrum Master Plan that encompasses some of San Diego’s newest development and numerous employers.  

Due for completion in late 2020, the five-story, Type 3A residential building will be situated over a three-story, Type 1A parking structure with one subterranean level.  

Tim Wright
The property is situated on 4.5 acres directly west of Phase 5 at the corner of Kearny Villa Road and Lightwave Avenue in the Kearny Mesa submarket.  

Planned amenities include a pool and spa area, sky deck with grilling and lounge space, fitness center, club room with indoor/outdoor billiards tables and bar, wine room, business center with conference space and pet grooming center.  

Units will range from studio through three-bedroom layouts averaging 895 square feet.

The HFF debt placement team representing Sunroad was led by senior managing directors Aldon Cole and Tim Wright and associate Bharat Madan.

Bharat Madan

“This sixth and final phase within the Centrum master plan will complete the transformation of this project that has been in the works for nearly 20 years,” Cole said.  

“The Centrum residential market is one of the most highly amenitized in the country.  The area’s short commutes to surrounding employment centers and proximity to retail only serves to enrich residents’ quality of life even further.”

Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.


CONTACTS:

ALDON L. COLE
CA Lic. #01457351
HFF Senior Managing Director
(858) 552-7690

TIMOTHY D. WRIGHT
CA Lic. #00947194
HFF Senior Managing Director
(858) 552-7690

OLIVIA N. HENNESSEY
HFF Public Relations Specialist
(713) 852-3403



HFF arranges refinancing for grocery-anchored retail center in New Jersey


The Shoppes at the Livingston Circle, a 95,809-SF, Aldi-anchored retail center in Livingston, NJ

MORRISTOWN, NJ, April 29, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged refinancing for The Shoppes at the Livingston Circle, a 95,809-square-foot, Aldi-anchored retail center in Livingston, New Jersey.

Jon Mikula
On behalf of the borrower, Eastman Companies, HFF placed the 12-year, fixed-rate loan with Voya Investment Management.  Loan proceeds will be used to refinance the existing debt.

Developed by the borrower in 1993, The Shoppes at the Livingston Circle has undergone a multi-million-dollar renovation over the past two years, including upgrading the façade and renovating tenant spaces. 

 Currently 80% leased, the center is home to a diverse roster of service-oriented, lifestyle-focused national and local tenants, including anchor Aldi, Olive Garden, Goldfish Swim School, Hand & Stone Massage and Facial Spa, Club Pilates, Fitness 1440 and Cycle Bar.  

The Shoppes at the Livingston Circle is situated on 16.1 acres at 277 Eisenhower Parkway at the intersection of Eisenhower Parkway and Route 10 at the western edge of Essex County.  


Jim Cadranell
This location is within the one of the region’s busiest retail corridors and has easy access to major highways, including the Garden State Parkway, the New Jersey Turnpike and Routes 280, 80, 10, 24 and 78.

Additionally, the center serves an affluent market with 152,831 residents earning an average annual household income of more than $190,000 living within a five-mile radius.

The HFF debt placement team representing the borrower was led by senior managing directors Jon Mikula and Jim Cadranell and analyst Andrew Zilenziger.

About Eastman Companies

Headquartered in Livingston, New Jersey, Eastman Companies is a full-service real estate development, construction and management company.  The company and its affiliates have been in business for 39 years and are recognized leaders in high-quality real estate developments with properties throughout Northern and Southern New Jersey. 

Andrew Zilenziger
 Comprising Eastman Management Corp. and Eastman Construction Corp., the company presently owns, manages and has developed more than three million square feet of commercial, retail and/or industrial properties throughout New Jersey’s Essex, Morris, Bergen and Burlington counties.  Learn more at http://eastmancompanies.com.

CONTACTS:

JON MIKULA
HFF Senior Managing Director
(973) 549-2000

KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420

The Latin Builders Association Supports Senate Bill 1730


Florida Sen. Tom Lee

Sponsored by Sen. Tom Lee, R-Thonotosassa, the bill restricts municipalities from adopting or imposing mandatory affordable housing requirements

MIAMI, FL, April 29, 2018 – The Latin Builders Association (LBA), the largest Hispanic construction and real estate association in the United States, calls upon the Florida Legislature to pass Senator Tom Lee’s Senate Bill 1730 which addresses acts related to community development, affordable housing and mortgage lending.

SB 1730 restricts the ability of a local government to adopt and enforce inclusionary housing ordinances or regulations that abrogates private property rights, stifles the housing market, hurting the industry and costing jobs. It specifically modifies the definition of a “mortgage loan” to ensure that unlicensed lending for residential transactions is eradicated in the State.

Eric Montes de Oca

“We strongly support this forward thinking piece of legislation,” said Eric Montes de Oca, LBA President. “A major consequence of unlicensed lending is money laundering. We are opposed to money launderers favoring the ease by which they clean their unlawful gains with real estate transactions through unlicensed lenders,” he added

Mr. Bernie Navarro, former president of the LBA, emphasizes on the need to tackle this problem during this Legislative session: “Unlicensed Lending hurts consumers while decimating the real estate industry with the high amount of fraudulent loans being transacted in Florida. Money laundering is like a cancer that metathesizes. One of the symptoms of this disease has been runaway property value that has worsened our affordable housing crisis in the State,” he said.

Bernie Navarro
A recent bulletin issued by the North American Title Insurance Company (NATIC,) one of the largest title insurance companies in the country, demonstrates the need to eradicate unlicensed lending due to the increase in borrower fraud perpetrated through hard money loan transactions. Unlicensed lenders transact most hard money loans. 

Therefore, NATIC has implemented additional underwriting requirements for these high-risk transactions. NATIC considers the failure to comply with these mandatory-underwriting requirements to be gross negligence.



For over 48 years, the Latin Builders Association has embodied the interests of South Florida’s vibrant construction and real estate industry, while pursuing sustainable development for a prosperous future. Supporting SB 1730, allows borrowers obtaining residential mortgage for business purposes (not primarily for personal, family, or household use) greater consumer protections.

About The Latin Builders Association

Established in 1971, The Latin Builders Association is by far the largest Hispanic construction association in the United States. 




A nonprofit organization, which includes a vast array of individuals and companies related to the South Florida construction industry. The LBA has over 750 member companies representing every aspect of South Florida’s vibrant construction industry. 

With much success, the LBA has expanded opportunities to other industries, not just in the field of construction. For more information visit: www.lbaorg.com

CONTACT:

Christine Herrera 
christine@prtists.com


At Ware Malcomb, Oak Brook, IL: Grant Brandenburg Promoted to Director, Regional Operations; Troy Flick Named Studio Manager, Design



Grant Brandenburg

Oak Brook, IL (April 29, 2019) – Ware Malcomb, an award-winning international design firm, today announced two Midwest promotions:

Grant Brandenburg has been promoted to Director, Regional Operations and Troy Flick has been promoted to Studio Manager, Design. Both are based out of the firm’s Oak Brook, Ill. office. 

Ware Malcomb recently moved into a new, larger office location at 1315 22nd Street, Suite 410 in Oak Brook, Ill., accommodating the growth of the firm’s employee and client base in the Chicago and Midwest markets. Ware Malcomb also maintains a second office located at 600 W. Jackson Blvd in Chicago.

Grant Brandenburg, Director, Regional Operations  

Brandenburg has been a strong asset to Ware Malcomb’s Oak Brook and Chicago offices. He joined the firm as a Project Manager in 2013 and was promoted to Studio Manager in 2015. 

Troy Flick
  Brandenburg has experience in all facets of architecture and has worked on a wide variety of projects including office, industrial, hospitality, retail, medical office, and aviation.

Brandenburg’s versatile skills have allowed him to build a strong operations structure for the Midwest offices. In his new role, his operations management responsibilities include Ware Malcomb offices in Oak Brook, Chicago, Toronto and Atlanta.

“Grant not only brings extensive architectural design expertise to the Ware Malcomb team, his strong business acumen has also been an asset to the firm,” said Cameron Trefry, Principal of Ware Malcomb’s Chicago and Oak Brook offices.

 “His ability to find efficiencies in almost every step of our workflow has made him a strong contributor to the growth of our regional operations.” 


Cameron Trefry

A licensed architect in Illinois, Massachusetts, Kentucky, Iowa, Wisconsin, Ohio and Indiana, Brandenburg holds a Bachelor of Science degree with honors in Architectural Studies and a Master of Architecture degree, both from University of Illinois at Urbana/Champaign.

He is an active member of the International Council of Shopping Centers (ICSC) and is also certified by the National Council of Architectural Registration Boards (NCARB) and a Certified Development, Design and Construction Professional (CDP).

Troy Flick, Studio Manager, Design

In his new role, Flick manages the Midwest design operations of Ware Malcomb and is responsible for the design of select architectural projects.

 He brings 14 years of architectural design knowledge and expertise to the Ware Malcomb team. Previously working for four years in Ware Malcomb’s Design studio, Flick re-joined Ware Malcomb in 2015 as a Project Designer and has since led the design on a number of notable firm architectural projects throughout North America.

 His experience includes master planning, overall design implementation and client management. Throughout his career, he has worked on a variety of corporate office, industrial, distribution, healthcare, auto and retail projects. 

Jinger Tapia

“Troy’s keen eye for design and commitment to the team make him a valuable member of our Design studio,” said Jinger Tapia, Principal, Design at Ware Malcomb. “He upholds our mission of creating great design through our client’s vision. We look forward to Troy’s continued success and leadership at Ware Malcomb.”

Flick holds a Bachelor of Science in Architecture and Environmental Design from Kent State University. He is a licensed architect in Illinois and a member of the American Institute of Architects, a LEED Accredited Professional, and NCARB certified.

CONTACTS:

Rachel Reenders
VP Public Relations
KCOMM for Ware Malcomb

Kelly Teenor, Director, Marketing, 949.660.9128, kteenor@waremalcomb.com

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

Illustrated Properties Strengthens Luxury-Focused Team with Addition of Lori McAlear



Lori McAlear

PALM BEACH, FL, April 29, 2019 – Illustrated Properties has bolstered its team of top luxury real estate producers with the addition of industry veteran Lori McAlear. She is based in the company’s corporate headquarters in Palm Beach Gardens.

McAlear brings more than 20 years of experience to Illustrated. She was most recently with BWG Realty.

Mike Pappas
Her background also includes marketing and management, having served as vice president for the third largest international advertising agency, J. Walter Thompson, and senior vice president for a $5 billion private corporation.

A graduate of Northern Michigan University with a Bachelor of Science degree in Marketing/Management, McAlear also owned her own advertising agency in West Palm Beach, giving her the experience needed to reach homebuyers through various channels. McAlear is an active member of the Realtors Association of the Palm Beaches.

“Lori McAlear embodies what Illustrated is about,” Illustrated CEO Mike Pappas said. “She brings not only her ability to connect with clients, but a deep knowledge of the luxury Palm Beach market. Coupled with her marketing background, there is no doubt she will help our team reach the next level.”

Contacts:

Eric Kalis or Jasmin Curtiss
 BoardroomPR
954-370-8999
C 305-794-5123

CBRE Finds U.S. Hotels Enjoy Profit Growth, But It Is Becoming Harder To Achieve



J. Mark Woodworth
Atlanta, GA,  April 29, 2019 – While U.S. hoteliers enjoyed a ninth consecutive year of increasing profits in 2018, it is becoming increasingly difficult for managers to accomplish this task. 

 According to the recently released 2019 edition of Trends® in the Hotel Industry by CBRE Hotels Americas Research, total operating revenue increased by 2.6 percent in 2018 for the average hotel in its survey sample. 

Managers were able to limit the growth in operating expenses to 2.8 percent, thus allowing for a 2.3 percent increase in gross operating profits (GOP) at the Trends® properties. 

The 2.8 percent growth in expenses is less than the long-run average of 4.0 percent over the past 40 years.  However, it is greater than the 1.8 percent average annual growth rate achieved the past two years.

John B. Corgel

“With revenue growth forecast to slow down in the foreseeable future, owners and operators are beginning to wonder how much more juice is left to squeeze out of their operations,” said R. Mark Woodworth, senior managing director of CBRE Hotels Americas Research. 

“2018 marked the first year since 2009 that expense growth exceeded revenue growth, thus resulting in a slight decline in the GOP margin. 

" This is indicative of the struggle managers are having sustaining the effective cost controls that have been in place since the great recession.” 

 In 2018, 59.2 percent of the properties in the Trends® survey sample achieved revenue gains, but only 54.3 percent realized GOP growth.


“Historically, at this point in the business cycle, we see ADR growth that really drives profits,” said John B. (Jack) Corgel, Ph.D., professor of real estate at the Cornell University School of Hotel Administration and senior advisor to CBRE Hotels Americas Research. 

“With ADR growth limited to 3.0 percent or less since 2016, we have seen a concurrent deceleration in the efficiency of the flow of top-line dollars to the bottom line.”

Trends® in the Hotel Industry is the firm’s annual survey of operating statements from thousands of hotels across the nation.  The 2018 operating data collected for the 2019 survey was compiled in accordance with the 11th edition of the Uniform System of Accounts for the Lodging Industry.

CONTACT:

Chris Daly
Daly Gray Public Relations
703 435 6293