Saturday, April 4, 2020

JFK’s Georgetown Home in DC on Market for $4.68 Million


President John F. Kennedy's former home in Georgetown district of Washington, DC

Photo credit: Ryan Corey           Source: www.ttrsir.com
                  President John Fitzgerald Kennedy

WASHINGTON, DC -- In the late 1940s, a young John Fitzgerald Kennedy moved to Washington D.C. as a newby congressional representative from Massachusetts where he lived in a beautiful red-brick home in the city’s Georgetown neighborhood.
Jacqueline (Jackie) Kennedy Onassis
According to local legend, JFK first met Jacqueline Bouvier at a nearby neighborhood dinner party when introduced by a mutual friend.
According to the friend, Jack reached across the table for the asparagus and asked her for a date. Today, after extensive renovation and updating, the stately home is on the market at $4.68 million, according to TopTenRealEstateDeals.com.
President William (Bill) Clinton and wife Hillary Rodham Clinton
Since Washington’s first days as America’s capital city in the 1790s, politicians, lobbyists, and journalists have gravitated to the Georgetown neighborhood for the city’s best restaurants, schools, art galleries, quaint shops and homes.
 Kitty Kelly
 It has been home to Francis Scott Key and Alexander Graham Bell. Both Jack and Jackie Kennedy, prior to and after their marriage, lived there.

The Clintons, Pamela and Averell Harriman, columnist Drew Person, journalist Kitty Kelly, Henry Kissinger and many other of the country’s movers and shakers have called Georgetown home.

Pamela and Averell Harriman
With Georgetown University on the community’s doorstep, many of the capital’s embassies including France, Sweden and Thailand are also located in the Georgetown neighborhood.
Washington columnist Drew Person

Well known to film fans, Georgetown has been the setting for a number of movies including Topaz, St. Elmo's Fire and The Exorcist.

On a tree-lined, cobblestone street, Kennedy’s former residence is located only a few blocks to Georgetown University and the Potomac River.


Henry Kissinger 
The circa-1800, three-bedroom, four-bath house measures in at 4,659 square feet of living space with large windows, high ceilings and is cheerful and bright with sunshine spilling into the large rooms.

Francis Scott Key

 The ground floor has a dramatic foyer with suspended circular staircase, formal living and dining with large entertaining terrace and a beautifully paneled library.
The large eat-in, lounge-in kitchen is up-to-the-minute in style and function and the laundry room is spacious. Every inch of the residence has undergone extensive renovation and updating.


Alexander Graham Bell
Upstairs bedrooms and baths are cheerful and bright with a private terrace off the master that also has a fireplace.
Despite coming from one of America's wealthiest families, Kennedy was not much of a home owner almost always choosing to rent instead of buying - including his free White House residence.
Christie-Anne Weiss 
 He also had the unlimited use of his parents' mansions in Palm Beach and the Kennedy Compound on Cape Cod.
The Georgetown home that JFK rented in his early congressional days is for sale at $4.68 million.
The listing agents are Christie-Anne Weiss and Christopher Ritzert of TTR Sotheby’s, Washington, D.C.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat

Posted by Alex at 10:34 PM 0 comments

Self-storage portfolio in the NYC and Boston MSAs sold


A portfolio of three Class A self-storage properties totaling 3,596 units was sold in the greater New York City and Boston areas.

 
Steve Mellon 
HOUSTON, TX – JLL Capital Markets announced it has closed the sale of a portfolio of three Class A self-storage properties totaling 3,596 units in the greater New York City and Boston areas.

JLL marketed the portfolio on behalf the sellers, which are affiliates of Banner Real Estate Group. An affiliate of Public Storage purchased the assets.

The portfolio comprises three new, institutional-quality assets in highly desirable, densely populated core urban areas with extremely high barriers to entry. 

The facilities were constructed in 2018 and 2019. The two New York properties are located at 5002 2nd Ave. in Brooklyn and at 479 5th Ave. in New Rochelle, which is in Westchester County, and the Boston-area property is at 490 Eastern Ave. in Malden.


Brian Somoza
The JLL Capital Markets team was led by Managing Director Steve Mellon and Brian Somoza along with Senior Managing Directors Andrew Scandalios and Coleman Benedict.

“This portfolio offers immediate scale in the self-storage sector with a meaningful presence in two of the most sought-after markets in the U.S.,” Mellon said. 

 “This was an extremely rare opportunity for the buyer to place a large amount of capital in institutional-quality assets located in core, urban areas with extreme barriers to entry for new competition.”


Andrew Scandalios 
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 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 the firm’s U.S. media center Web page: U.S. newsroom.

Coleman Benedict
About Banner Real Estate Group:

Banner Real Estate Group and its affiliates (“Banner”) are a group of real estate companies based in Northbrook, Illinois. 

 Banner focuses on the acquisition, management and development of multifamily, self-storage and senior housing properties nationwide. 

 Since its founding in 1989, Banner as acquired and operated 48 multifamily properties and has developed 20 self-storage facilities and apartment communities, collectively worth nearly $1.4 billion. 

Contact: 

Kimberly Steele
 JLL Senior Associate
 Public Relations
Phone: +1 713 852 3420
Email:  Kimberly.Steele@am.jll.com

jll.com.
BannerRealEstateGroup.com.


Posted by Alex at 7:47 PM 0 comments

Class A mixed-use property in Metuchen, NJ trades for $29.6 million


The Hub at Metuchen is a Class A, transit-oriented mixed-use residential and retail property located
 in Metuchen, Middlesex County, New Jersey.

Jose Cruz

MORRISTOWN, N.J., March 23, 2020 – JLL Capital Markets announced today that it has completed the $29.6 million sale of The Hub at Metuchen, a Class A, transit-oriented mixed-use residential and retail property in Metuchen, Middlesex County, New Jersey.

JLL marketed the property exclusively on behalf of the seller, Renaissance Properties. A private buyer purchased the asset as part of a 1031 exchange requirement free and clear of existing financing.

The Hub at Metuchen is situated on 2.69 acres at 656-660 Middlesex Avenue in the heart of Metuchen’s transit village.
Steve Simonelli
 Located in central New Jersey, just off Interstate 287 and less than a 10-minute walk from the Metuchen train station, the property offers residents convenient access to all of the New York City metro’s major employment centers, including Manhattan in 45 minutes. 

 Metuchen’s convenient access to transportation has led to a recent renaissance in the vibrant downtown, reflected by over 100,000 square feet of retail and 428 apartment units delivered since 2014 within a half-mile of the Metuchen Station.

Completed in 2018, The Hub at Metuchen consists of a mix of 79 luxury apartments averaging 899 square feet along with 11,203 square feet of retail and a total of 136 parking spaces. 
Michael Oliver
The property offers a luxurious amenity package, including a state-of-the-art fitness center with yoga room, resident lounge, bike storage and pet washing station. 

 Units feature quartz countertops, wood cabinetry, designer tile, plank flooring, smart lock entry, and in-unit washers and dryers.

The JLL Capital Markets team representing the seller included Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Michael Kavanagh.
Kevin O’Hearn
“We are seeing transactions that represent good long-term opportunities in strong markets still closing given today’s current environment,” Cruz said.

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

Contact:

  Olivia Hennessey
 JLL Senior Associate
 Public Relations  
Phone: +1 713 852 3403
Email: Olivia.Hennessey@am.jll.com

  jll.com.


Posted by Alex at 1:01 PM 0 comments

Levin Johnston Completes Sales of Two Bay Area Multifamily Communities Via Strategic 1031 Exchange

1 Devonshire is a 15-unit multifamily property in the San Francisco Peninsula submarket of San Carlos, CA


BAY AREA, CA – Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, recently sold two multifamily assets in the Bay Area:

Adam Levin
Leigh Court, an 18-unit multifamily community in San Jose, California and 1 Devonshire, a 15-unit multifamily property in the San Francisco Peninsula submarket of San Carlos, California.

With these sales, the brokerage team facilitated a strategic 1031 exchange on behalf of the investor who sold Leigh Court and acquired 1 Devonshire, according to Levin Johnston’s Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston – who were both recently recognized by CoStar Group, Inc. as Power Broker Award recipients. 

“Demonstrating the strength of the irreplaceable San Jose location, we were able to quickly source a buyer for Leigh Court who met the seller’s price requirement,” explains Levin.

“The seller of the asset was then looking to acquire another Bay Area property that would offer immediate strong cashflow and growth potential with less hands-on management required.”

Robert Johnston
According to Johnston, the team recognized that the 1 Devonshire community, which had previously been marketed unsuccessfully by other brokers, would be an ideal asset for the investor to trade into as part of their 1031 exchange.

“We were able to procure the investor we worked with to sell Leigh Court as the buyer of the San Carlos community, which had recently undergone strategic interior and exterior improvements to increase its value,” Johnston continues.

“The buyer in this transaction recognized the long-term potential in 1 Devonshire, and we were ultimately able to satisfy both parties’ investment objectives.”

San Carlos is located in the heart of San Francisco Bay Area and is known for its high quality of living. Situated near the nation’s top tech employers and lively community, 1 Devonshire is a trophy asset that will attract Peninsula renters for years to come, notes Levin.

 Contacts:

Alex Caswell / Elisabeth Manville 
Brower Group
(949) 438-6262

levinjohnston.com.
www.levinjohnston.com


Posted by Alex at 12:42 PM 0 comments

Friday, April 3, 2020

Home Prices Still Unaffordable in 66 Percent of Local Markets



Todd Teta

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), released its first-quarter 2020 U.S. Home Affordability Report, which shows that median home prices in the first quarter of 2020 are unaffordable for average wage earners in 319 of 483, or 66 percent of the U.S. counties analyzed in the report.

 But that figure is down from 70.4 percent in the fourth quarter of 2019 and 69.8 percent from the first quarter of 2019.

The report also shows that owning a median-priced home in the first quarter of 2020 in the United States – costing $252,500 – consumes 31.1 percent of the national average wage.

That percentage is down from 31.4 percent in the fourth quarter of 2019 and 31.6 percent in the first quarter of 2019, to the lowest percentage since the fourth quarter of 2017, when the average workers were spending 30.8 percent of wages to own a home.

The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments — including mortgage, property taxes and insurance — on a median-priced home, assuming a 3 percent down payment and a 28 percent maximum “front-end” debt-to-income ratio.



That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics.

“Home affordability has inched ahead this year across the United States as buying a house or a condo gets closer and closer to the level where the average wage earner can swing the deal within standard lending guidelines," said Todd Teta, chief product officer with ATTOM Data Solutions.

 "While the national median price still remains a bit out of reach for the average wage earner, the affordability gap has narrowed to the smallest point in more than two years.

“It seems bizarre that median home prices have risen 8 percent over the past 12 years while average wages grew by less than half that amount.

"But falling interest rates continue making up the difference, dropping monthly home ownership payments in a majority of the country.”

“All that may change in a huge way over the next few months as the impact of the coronavirus hits the housing market. We are entering a period of great uncertainty.

 “But in the initial months of the year, the picture has appeared to continue to brighten for home seekers.”

For a detailed analysis on a county-by-county level, please contact:

 Christine Stricker
949.748.8428
christine.stricker@attomdata.com

Data and Report Licensing:

949.502.8313
datareports@attomdata.com


Posted by Alex at 8:25 PM 0 comments

EverWest Enters Nashville, TN Industrial Market with Elm Pike Hill Building Acquisition


Mark Bigarel
NASHVILLE, TN (– Denver-based EverWest Real Estate Investors has cemented its entry into the Nashville industrial market with the purchase of a 169,855-square-foot infill building located at 640 Massman Dr., in the heart of the metro Nashville’s logistics supply chain.

Purchased in a $12 million off-market deal from a private owner, EverWest plans to renovate the fully vacant building with improvements that will maximize functionality and the building’s location within the sought-after Elm Pike Hill area.
With a vacancy rate of just 1.7 percent and trailing rent growth of more than 6.6 percent, this is one of Nashville’s most popular industrial neighborhoods, strategically positioned between downtown Nashville and the Nashville International Airport.
Todd Prevost of Avison Young represented EverWest in the acquisition.
“Nashville has been on our radar for quite a long time, but little industrial product is trading on the open market,” said EverWest Senior Vice President and Head of Acquisitions Mark Bigarel.
                   Todd Prevost
“We are thrilled to have identified this off-market opportunity and look forward to renovating and re-leasing this asset, which by most accounts is located in one of Nashville’s most sought-after industrial pockets.”
EverWest will renovate the 640 Massman Dr. building with improvements including new dock doors, energy-efficient LED lighting, exterior paint and transformation of approximately 5,000 square feet of office space into fully modernized interiors.

  It will also upgrade the parking and truck court areas with new asphalt.
Built in two phases between 1970 and 2000, the 640 Massman Dr. building sits on 11.45 acres just off of Elm Hill Pike. It features 20’ to 32’ clear heights, expansive parking and a separate parcel for trailer storage. It is minutes from Interstates 40 and 24, and the Nashville International Airport, within a highly strategic regional distribution hub.
The submarket is further strengthened by a low cost of doing business and robust new business attractions and expansions, including the Amazon HQ2 that alone will add approximately 5,000 new employees to the downtown market.
640 Mussman Drive,  Nashville, TN
EverWest will begin renovations at 640 Massman Dr. in the second quarter of 2020, with completion expected in the late third quarter of 2020.
EverWest is an active investor and lender across the United States, including regional activity in the Southeastern U.S. spanning industrial, office and multi-family product.
For more information on EverWest, please visit www.everwest.com.
For more information on GWL Realty Advisors, please visit www.gwlra.com.
CONTACT:
Stacey Hershauer
focusAZ 

P 480.600.0195

Posted by Alex at 3:28 PM 0 comments

Ware Malcomb Promotes Erica Godun to Director of Regional Operations for Northeast Region


  
Erica Godun

NEWARK, NJ– Ware Malcomb, an award-winning international design firm, today announced Erica Godun has been promoted to Director, Regional Operations for the Northeast region.
In this role, Godun oversees regional operations for the firm’s offices in Newark, N.J., Princeton, N.J. and New York, N.Y.
Godun joined Ware Malcomb in 2015 as Studio Manager, Interior Architecture and Design as part of the firm’s interiors practice in New Jersey.
She brings over 20 years of experience in all phases of interior architecture and design and construction to the Ware Malcomb team, and has worked on a wide range of projects including corporate office, government, and education. 
“Erica’s talent for design is matched by her extraordinary leadership and mentoring capabilities,” said Michael Bennett, Principal of Ware Malcomb’s Northeast region.
“With such a strong combination of design, leadership and business acumen, Erica is well-positioned to take on a new operational leadership role for Ware Malcomb's Northeast offices.

Michael Bennett
 "I’m confident her guidance will result in continued strong growth and the ongoing development of our teams within the region.”
Godun is based in Ware Malcomb’s Newark office, which recently expanded and relocated to a new, larger space located at 110 Edison Place, Suite 303 in the iconic Ironside Newark building.
The firm’s move to Newark was driven by the growth of its local employee and client base, as well as the opportunity to be closer to clients in a vibrant growth market.
For more information, please visit waremalcomb.com/news and view Ware Malcomb’s Brand Video at youtube.com/waremalcomb.

CONTACTS:

Rachel Devany
VP Public Relations
 KCOMM for Ware Malcomb
Rachel@kcomm.com 

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


Posted by Alex at 2:17 PM 0 comments
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