StonebridgeCarras completes capitalization of Oakville mixed-use development project in Alexandria, VA

 Susan Carras

 ALEXANDRIA, VA  – StonebridgeCarras and PCCP announced  a series of transactions had been completed that will allow the development of the Oakville Triangle mixed-use development project in Alexandria, Virginia, proximate to the Del Ray neighborhood, National Landing, the new Potomac Yard Metro Station and the Virginia Tech Innovation Campus.

Rina Bansal

Oakville Triangle is a 1 million square foot master planned development.  The initial phase will include:

 

·         Inova Health System’s new four story, 95,000 square foot HealthPlex

·         84 townhouses under contract to be developed by Tri-Pointe Homes

·         Potomac Yard Mini U Storage, a 103,000 square foot self-storage building that will be completely renovated and is now owned and managed by affiliates of Dahn Corporation.

·         571 new multi-family units and 37,000 square feet of retail fronting on Richmond Highway.

Walter Coker

The Oakville Triangle project is located prominently on the Richmond highway (Route 1) adjacent to National Landing, Potomac Yard and Del Ray neighborhoods. 

 

This area is Northern Virginia’s fastest-growing submarket that includes major employers like Virginia Tech’s Innovation Campus and Amazon’s soon to be HQ2 among others.

 

Stonebridge and PCCP formed a joint venture for the development of the site and ownership of the residential and retail components.

Brian Crivella

Demolition of the existing industrial buildings will commence immediately, and development of the new projects will start this Fall with the initial components delivering in the Fall of 2023 and final completion in the Winter of 2024.

”We are very pleased to bring the Oakville Triangle project to fruition after many years of planning,” said Douglas M. Firstenberg, a Principal with Stonebridge.

“There are many partners that have been working with us and will contribute to the long term success of this dynamic, walkable mixed-use project adjacent to National Landing that will benefit from the soon to open Amazon HQ2, the Virginia Tech Innovation Center and the Potomac Yard Metro Station.”

Owen Claypool

 “PCCP is excited to kick-off its first joint-venture with Stonebridge, a highly experienced local developer,” said Ryan Dodge, Senior Vice President with PCCP.

“The project is extremely well located within the center of Northern Virginia’s healthy employment environment, which is home to the Pentagon, over 100 defense contractors, and technology companies including Google, Facebook, and Amazon’s soon-to-be HQ2.

"We see this project helping to meet a demand for housing in this area as population and jobs have been growing.”

Steve Mellon

“We are excited that the project has met this new milestone. The new Inova facility in Oakville Triangle will help meet the growing healthcare needs in our community and complement our existing full-service acute care hospital in Alexandria,” said Rina Bansal, MD, MBA, and President of Inova Alexandria Hospital.

 “Inova’s continued commitment to the City of Alexandria promises even greater access to the world class healthcare services Inova provides throughout the region.”

 

"We're honored to work alongside the StonebridgeCarras and PCCP teams on an incredibly dynamic mixed-use project, such as Oakville," says Brad Blank, president of Tri Pointe Homes DC Metro Division.

Steve Conley

With a 40-year presence building connected communities in the DMV area, we're excited to bring premium townhomes to the area and offer Alexandria residents a convenient and unique living experience with nearby shopping, amenities and transportation."

 The JLL Capital Markets team representing Stonebridge in creating the joint venture with PCCP was led by Steve Conley, Susan Carras, Walter Coker, Brian Crivella and Owen Claypool.

 

The JLL team that arranged the transaction with Dahn was led by Steve Mellon, who co-leads the firm’s national self-storage group, Bruce Strasburg and Craig Childs.

Bruce Strasburg 

The Avision Young team representing Inova was led by Dave Millard and Peter Berk.

 The Enterprise Realty team of Steven Varga and Stepan Varga arranged  the Tri-Pointe transaction.

 About Stonebridge: 

 Stonebridge is a privately held real estate development and investment firm focused on creating exceptional places in the Greater Washington area.

Craig Childs

The company’s portfolio includes several of the region’s most successful mixed-use projects including Constitution Square, 200 Eye Street, SE and Flats at Bethesda Avenue and The Darcy. 

During the past twenty years, the principals of Stonebridge  have been involved in the acquisition, development, joint

 venture, financing and disposition of real estate assets in the Washington area exceeding $6 billion in value. 

Dave Millard

About PCCP, LLC:  

PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.

  PCCP has $13.1 billion in assets under management on behalf of institutional investors.  

With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 23-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. 

Peter Berk

PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. 

Since its inception in 1998, PCCP has managed, raised or invested over $26.0 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.  

PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.

.CONTACTS:

Cierra Lacasse

PR, Capital Markets

JLL

T +1 602 648 8701

M +1 408 318 8021

JLL.com

 

STONEBRIDGE – Douglas M. Firstenberg

301/652-8292

 

PCCP: Darcie Giacchetto 949/278-6224

 

INOVA:Tracy Connell 703-289-2087

 

Stonebridge.us.com

 

Passco Cos. Acquires $446 Million in Multifamily Assets in First Six Months of 2021

Larry Sullivan

 Irvine, CA — Passco Companies, a privately held California-based commercial real estate company that specializes in real estate acquisition, development, and asset management throughout the U.S., has purchased $445.7 million in multifamily assets through June 2021 and is targeting a Passco record of $1 billion in acquisitions this year, according to Larry Sullivan, President at Passco Companies. 

 “At the heart of our proven strategy is identifying assets that provide strong, durable cashflow,” says Sullivan.

 “We’ve essentially perfected a business plan that fits our structure and fully meets our needs and expectations. The relationships and expertise we’ve cultivated through Passco’s nearly 25-year history, which has included a primary focus on multifamily for more than a decade, have allowed us to stay ahead of the curve and obtain premier access to ideal assets that fit within this strategy.”

 The Harrison apartments at Braselton, Buford, GA

Passco’s most recent multifamily purchase, the $69 million acquisition of the 248-unit The Harrison at Braselton in Buford, Georgia, located approximately an hour outside of Atlanta, exemplifies the firm’s strategy.

 Keanan Gomez, Director of Acquisitions at Passco, says: “The Harrison at Braselton is located in Hall County, Georgia, which has seen a steady influx of thousands of residents per year, leading to a nearly 15% population growth rate over the last decade.

Keanan Gomez

 "The local economy has also been bolstered by robust business growth, particularly in the healthcare and manufacturing industries.

 "In line with our typical strategy, we acquired the 2019-built property right out of lease-up at 100% occupancy with a waitlist.”

 Passco Companies Development (PCD), a sister company, recently entitled and sold three land parcels, including two sold to Beazer Homes for residential home development and construction in California’s Inland Empire, according to Bill Passo, Founder & CEO at Passco.

William O. (Bill) Passo

“Based on our expertise in the housing market and experience navigating complex regulations, we were able to strategically plan and fully entitle these sites for projects that would meet a high demand in their market,” says Passo.

 “Beazer Homes is well positioned to ultimately deliver the visions of the intended developments.”

 Colin Gillis, Vice President of Acquisitions at the firm, explains Passco’s ability to acquire the most in-demand multifamily assets throughout the country:

 “Despite tightening competition, especially as pandemic-accelerated trends are driving further investor attention to suburban secondary and tertiary submarkets, we continue to experience owners and developers coming to us directly with opportunities to acquire best-in-class assets.

Gary Goodman

 "We had the foresight to begin transacting in these markets several years ago, which has allowed us to forge deep relationships and build a strong reputation. 

"Sellers trust that our team is well positioned to drive transactions forward.”

 Gary Goodman, Senior Vice President of Acquisitions adds: “Our in-house legal counsel, experienced team, and relationships in markets throughout the country ensure we are always able to move very quickly.

 "We can often execute the due diligence process in record time when necessary. We look forward to continuing this momentum through the remainder of 2021 and beyond and anticipate reaching at least $1 billion in acquisitions this year.”

Carey Levy

 According to Carey Levy, President of PCD: “We have expanded our program to include the entitlement of active seniors housing, value-add opportunities and other property types now and in the future.

 "In addition to the two land parcels in California, PCD has also sold one if its parcels in South Carolina to an industrial park developer while retaining adjacent industrial parcels.”

 

 

CONTACT: 

 

Elisabeth Manville

Brower Group

(949) 438-6262

emanville@brower-group.com

 

DWNTWN Realty Advisors' Tony Arellano and Devlin Marinoff close $6.5 million Development Site transaction in Miami’s Design District

 

 Tony Arellano 

MIAMI, FL – DWNTWN Realty Advisors Co-Founders and Managing Partners Tony Arellano and Devlin Marinoff closed another high-profile transaction in Miami’s Design District, a neighborhood the power brokers have played a pivotal role in shaping over the years.

In the newly completed deal, prominent Australian furniture designer Harbour Outdoor paid $6.5 million for a site that will eventually be the home of a flagship showroom.

 Devlin Marinoff

The sale of the 170 NE 38th St. property closed on Aug. 20. The site includes an existing 3,224-square-foot retail building and is zoned for development of up to 20 stories.

Arellano and Marinoff were exclusively retained to market the site for sale.

Aaron Labovitz and Brandon Lumish, principals of Miami-based ABL Real Estate Partners, and Miami Beach-based Joyce Gato of Douglas Elliman Real Estate represented the buyer in the transaction.

This sale is the 22nd transaction totaling more than $205 million completed by Arellano and Marinoff in the district’s four-block pedestrian core over the last seven years.

Joyce Gato

These sales represent most of the district transactions not involving Dacra’s assemblage, filling the gaps around the district’s core and making DWNTWN the neighborhood’s market leaders.

Joe Fernandez

 “This transaction is the culmination of a creative global marketing process to identify the right buyer,” Arellano said. “Harbour Outdoor is a perfect addition to the luxurious and distinct retailers that give the Design District its identity and appeal.”

 DWNTWN is a market leader in the Design District. Arellano and the firm’s Joe Fernandez are leasing up Design 41, a luxury retail building with 44,029 square feet of office, retail and showroom space at 112 NE 41st St.

 Arellano and Marinoff are also marketing a retail building for sale at 3740 NE Second Ave. The property is in an Opportunity Zone and has future development potential.

Aaron Labovitz 

Founded in 1976 by the Condos family, Harbour crafts hand-made furniture in the family’s Sydney workshop.

 Brothers Harrison and Nicholas Condos expanded the company to include an export arm: Harbour Outdoor. Using Australia’s modern beach houses that blend into the rugged coastline as inspiration, the designers fuse traditional and modern elements into their designs.

 The Design District site fronts I-195 and has I-95 exposure. It is directly adjacent to more than 1,000 parking spaces.

 “This asset truly has unmatched access and highway visibility,” Marinoff said. “The arrival of Harbour Outdoor underscores how the Design District keeps evolving and expanding.

Brandon Lumish

"The continued migration from high-tax states to Miami is fueling the growth of the district and nearby urban core neighborhoods.”

 For more information on DWNTWN’s investment sales and lease offerings, please visit

 www.dwntwnrealtyadvisors.com/inventory.

 visit www.dwntwnrealtyadvisors.com.

CONTACT: 

 

Eric Kalis

Vice President

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

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Levin Johnston Announces 11 Multifamily Investments in Six Cities Totaling over $33 Million

 Adam Levin

  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, has announced the successful completion of 11 multifamily transactions comprising over 80 units, totaling over $33.3 million in the Bay Area of California as employers and educational institutions in the area resume new hybrid schedules.

 “Levin Johnston specializes in identifying the best performing multifamily markets and assets in California on behalf of our clients,” says Adam Levin, Executive Managing Director of Levin Johnston.

  “Our depth of knowledge in this region enables us to offer our clients a vast understanding of macro and micro trends, helping them to secure properties that will deliver stable returns for years to come.”

Robert Johnston

 

Levin notes that recent employment gains have greatly increased the demand for multifamily properties, as tech employers in the Bay Area increasingly offer remote or partially remote jobs to retain and attract workers.

With employment rates steadily increasing, national multifamily vacancy rates decreased 3.8% in the second quarter, strengthening demand throughout this product type.

 “We are fortunate to specialize in an area that has long benefited from a thriving workforce, driven by major employers such as Twitter, Zoom, Adobe, Netflix, and Brocade Communications, among many others,” added Robert Johnston, Senior Managing Director of Levin Johnston.

 “As local workers adjust to new home and office schedules, multifamily demand is positioned to continue its rapid rise. "

 We seek further value for our clients by identifying properties in close proximity to colleges and universities, which will benefit from long-term student demand.”

CONTACTS:

Arleeny Escarcega / Jenn Quader

Brower Group

(949) 438-6262

aescarcega@brower-group.com

 levinjohnston.com.

 

Everwood Hospitality Partners Names Tracy Kundey Managing Director of Hospitality

 

 Tracy Kundey

CHARLOTTE, NC —Officials of Everwood Hospitality Partners (EHP), a leading hotel owner/operator with a growing portfolio of lifestyle, full- and select-service hotels nationwide, announced the company has named Tracy Kundey managing director of hospitality. 

In this new role, he will be responsible for developing and executing EHP’s business strategies as they relate to asset maximization.

“Tracy has honed a well-balanced leadership style through his years in both the public and private hospitality sectors,"  said Amit Patel, managing principal and chief operating officer, Everwood Hospitality Partners. 

 

Amit Patel

"He played an integral role in growing smaller, private entities into some of the industry’s largest and most respected public hospitality companies today.

“He has served at virtually all levels in the industry, from night auditor at a small hotel during college through leadership roles at U.S. and international hospitality companies.

 

"We are confident Tracy will help us achieve our growth goals as EHP continues to expand across the country.”

Previously, Kundey was COO/CFO for Chandler Hotels, Inc., where he oversaw daily property and owner interactions, including communications and revenue management contributions. 

CONTACT:

 CHRIS DALY

PRESIDENT

DG Public Relations, LLC

42806 Oatyer Court

Broadlands, Va. 20148

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

 

New Lease Gives Oviedo Commerce Center 100 Percent Occupancy

 

Mary Frances West

ORLANDO, FL – Mary Frances West, CCIM, Vice President at NAI Realvest, recently leased the last available space at Oviedo Commerce Center, 2460-2468 West SR 426, Oviedo, Florida. 

 West represents the owner, Oviedo Commerce Center, LLC, of the 4-building, 53,000 SF industrial center, which is now 100% leased.

 Core Concrete Construction Company, LLC signed a new lease for 2462 West SR 426, suite 1034 with 3,200 SF.  Core Concrete specializes in commercial concrete construction, sub-contracting and consulting.

  CONTACTS:

Mary Frances West, CCIM, Vice President, 

NAI Realvest 407-875-9989, mfwest@realvest.com

 Patrick Mahoney, President/CEO, NAI Realvest,

407-875-9989 pmahoney@realvest.com

 elena Gurtovenko 

ygurtovenko@realvest.com

www.nairealvest.com.

JLL Capital Markets closes $4 million sale of 16-unit Infill multi-housing community in Miami’s Little Havana area to private investor

Tecela Little Havana

MIAMI, FL – JLL Capital Markets announced it has closed the $4.1 million sale of Tecela Little Havana, a 16-unit, newly developed, small-scale, urban, infill multi-housing community in the Little Havana neighborhood of Miami, Florida.

 JLL marketed the property on behalf of the seller, Miami-based Tecela. 761 NW 1ST LLC acquired the property.

Jason R. Chandler

Completed in two phases between 2017 and 2019, the design for Tecela Little Havana was inspired by New York brownstones, Boston townhomes and Miami’s culture and style, designed by award-winning Florida architect Jason Chandler, built by general contractor 748 Development with construction loan from First American Bank and leased and managed by Compass.

 The building, which has been featured in Forbes, ARCHITECT Magazine and Miami Herald, houses four townhouses comprising of studio, one- and two-bedroom apartments ranging from 595 to 1,171 square feet. 

Calle Ocho annual music festival

Units feature high ceilings, polished concrete floors, in-unit washer and dryer and a large balcony or private backyard.

Victor Garcia 

 The townhouses were the first to take advantage of a city of Miami zoning change in 2015 tallowing buildings up to 10,000 square feet with no on-site parking. 

Tecela Little Havana set a per-door sale record for a smaller building with no on-site parking as distinguished from larger no-parking buildings.

Located at 761-771 NW 1^st St., the property is within Miami’s Little Havana, a vibrant enclave known for its Latin culture. 

Tecela Little Havana is centrally located with convenient access to Interstate 95 and subsequent linkage to other major thoroughfares and benefits from its proximity to major transportation hubs, including a 15-minute drive to Miami International Airport and the Port of Miami and only a five-minute drive to MiamiCentral Station.

Ted Taylor

 Miami Beach and downtown Coral Gables are a 20-minute drive from the property. Residents can enjoy a short walk to an abundance of shopping, dining and entertainment on SW 8^th Street aka “Calle Ocho”, one of Miami’s most dynamic and historic dining and nightlife corridors.

The JLL Capital Markets investment advisory team representing the seller included Directors Victor Garcia and Ted Taylor, Associate Max La Cava and Analyst Luca Victoria.

 

Max La Cava 

“With most of Little Havana’s multi-housing properties being of an older vintage, this represented a very rare opportunity to acquire a newly built asset within one of Miami’s fastest growing and highly desirable neighborhoods,” Garcia said.

“I am thankful for the investors and the whole team who moved these townhouses from idea to completion to sale, especially for JLL’s adept marketing of the first-in-Miami ‘brownstones’ and walkable urbanism in general,” added Andrew Frey from Tecela.

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

Luca Victoria

 About Tecela

Tecela is a real estate development company founded by Andrew Frey on the idea that the best urban neighborhoods – North End, Park Slope, Georgetown, French Quarter, Little Havana, Old San Juan – are made by many local developers building many iterations of dense but small building types like townhouses, rowhouses, and brownstones.

 Andrew Frey

Mr. Frey, a former zoning lawyer and urban planner, is now a Senior Vice President of Development & Construction for AJ Capital Partners.

 

Contact: 

Cierra Lacasse,

 JLL Associate, 

Public Relations

Phone: +1 602 648 8701

Email:  Cierra.Lacasse@am.jll.com

 jll.com.