Trion Properties Acquires Multifamily Community in Aloha, OR

Springbrook Gardens Apartments, Aloha, OR

ALOHA, OR – Trion Properties, a private equity real estate firm that specializes in value-add multifamily investments in four niche markets along the west coast, has acquired Springbrook Gardens, an 84-unit multifamily property in the Portland submarket of Aloha, Oregon.

This is Trion’s fifth acquisition in the greater Portland area this year and 11th in just over three years, making the firm the most active buyer in the market based on number of transactions, according to Max Sharkansky, Managing Partner of Trion Properties.

Max Sharkansky

“The acquisition of Springbrook Gardens is perfectly in line with our strategy to acquire well-located communities in Portland submarkets demonstrating strong growth fundamentals,” says Sharkansky.

“We have been particularly bullish on Washington County, which boasts the highest median income in the state of Oregon and has seen an ongoing influx and expansion of several major employers.”

The asset’s location off of major thoroughfare Farmington Road and in close proximity to 217 Highway Corridor, also known as the ‘Silicon Forest,’ offers residents convenient commutes to several local employers as well as Downtown Portland, notes Sharkansky.

The property is centrally located between Hillsboro and Beaverton, two of the main job centers in the state of Oregon, and is just two miles from Intel’s Aloha Campus, which currently employs over 20,000 people.

Mitch Paskover

Liz Tilbury and Ben Murphy of Tilbury Ferguson Investment Real Estate, Inc. represented both the buyer and the seller in this transaction. Continental Partners arranged a $5.4 million loan at a starting rate of 3.72% to finance the acquisition.

The principals of Trion Properties are Max Sharkansky and Mitch Paskover, two real estate professionals with over 30 years of combined experience in finance, acquisitions, management and redevelopment.

          Founded in 2005 and headquartered in Los Angeles, Trion Properties is a private equity real estate firm that invests in value-add multifamily throughout the west coast.

Trion has completed more than $300 million in transactions, with a portfolio of over $315 million in assets, generating an average internal rate of return in excess of 30 percent. With its fully built-out operator platform,

For more information, please contact:

Lindsay Mackay / Elisabeth Manville

Brower Group

(949) 955-7940

lmackay@brower-group.com

http://www.trion-properties.com/

ATTOM Data Solutions Finds U.S. Median Home Price Appreciation Decelerates in Q2 2018 to Slowest Pace in Two Years

Daren Blomquist

IRVINE, CA — ATTOM Data Solutions, curator of the nation’s premier property database, released its Q2 2018 U.S. Home Sales Report, which shows that U.S. single family homes and condos sold for a median price of $255,000 in the second quarter, up 6.3 percent from a year ago to a new all-time high but the slowest annual appreciation since Q2 2016.

“Annual home price appreciation nationwide has now slowed for five consecutive quarters following a post-election spike to double-digit appreciation in the first quarter of 2017,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. 

“Although home sellers are still in the driver’s seat of this housing market, moderating home price appreciation is good news for prospective homebuyers and signals that rising mortgage rates and other housing headwinds are cooling red-hot home price appreciation in some areas.”

Annual home price appreciation in Q2 2018 decelerated from the previous quarter in 80 of the 122 metros (66 percent) analyzed for median home prices, including Los Angeles, Chicago, Dallas-Fort Worth, Houston and Philadelphia.

Matthew Gardner

“Home prices in the greater Seattle region continue to grow at well above long-term averages for several reasons,” said Matthew Gardner, chief economist with Windermere Real Estate, covering the Seattle market.

 “Firstly, the area’s booming economy continues to add jobs, driving up demand for housing. Compounding this demand is a lack of new construction housing, which puts substantial upward pressure on home prices in the resale market. 

"Housing affordability is unquestionably a major issue in Seattle; however, ironically enough, the many California buyers relocating to the Seattle area actually think our home prices are a bargain!”

For more information, please contact:

Christine Stricker

Sr. Marketing Manager, Projects

Mobile: 714.873.4275

Email: christine.stricker@attomdata.com

The Preiss Company/TH Real Estate Joint Venture Acquires 450-Bed Student Housing Complex, The Forum at Sam Houston in Huntsville, TX

Donna Preiss

HUNTSVILLE, TX and RALEIGH, N.C. — Officials of The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, in a joint venture with TH Real Estate, an affiliate of Nuveen, the investment management arm of TIAA, one of the world’s largest real estate investment managers, announced the acquisition of the 450-bed student housing complex The Forum at Sam Houston.  

Located at 3019 Sam Houston Ave., in Huntsville, Texas, the garden-style community on nearly 12 acres is less than a mile from Sam Houston State University. 

Rendering of The Forum
at Sam Houston, Huntsville, TX

The property will begin a substantial renovation this fall, including upgrades to the clubhouse, as well as exterior and interior painting.  Units will receive new furniture, flooring and kitchen backsplashes.  TPCO will manage the property and oversee the renovation.

“This is our second joint venture acquisition with TH Real Estate in the past two months, and we seek other opportunities to build on our relationship with them,” said Donna Preiss, founder and CEO, TPCO.  “We believe the renovation, new management and energy we bring to The Forum at Sam Houston will allow us to increase occupancy for the 2018/2019 school year by as much as 10 percent above current levels with a target in the mid- to high-90 percent leasing range.”

Built in 2011, the property features some of the markets’ largest units in studio, one-, two- and three-bedroom floor plans.  All units include private bedrooms and bathrooms, as well as walk-in closets.  The gated community features a resort-style swimming pool, basketball court, sand volleyball court and 24-hour clubhouse, cyber cafe and fitness center.  An outdoor lounge with fireplace and two pet parks round out amenities.

The property is within easy biking distance to all university classrooms and athletic facilities, as well as a large offering of nearby retail and restaurant outlets.  In addition, the property provides private bus service to and from campus.

Rendering of The Forum at Sam Houston
Student Housing, Huntsvile, TX

      “We are well versed in this market, having acquired a property in Huntsville with another joint venture partner last year, which is performing quite well,” Preiss said.  “Sam Houston State University’s enrollment has enjoyed an average of 2.7 percent annual expansion since 2007, and today boasts more than 20,000 students, with strong growth expected to continue.  The supply/demand dynamics for this market are quite positive.

            “Based on our current acquisition pipeline, we expect the second half to be much more active than the first half,” she noted.  “We remain quite positive on the outlook for the industry, especially in our acquisition profiles of newer, well performing properties; upgrade opportunities, like the Forum at Sam Houston, and deep turnaround/repositioning situations for properties 10 years and older.”

operator. 
                                                      

For more information, please contact:

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

patrick@dalygray.com | www.dalygray.com

or

Amy Barger, Vice President of Public Relations

The Preiss Company

(919) 532-1114

amy.barger@tpco.com

www.tpco.com

Rhodes+Brito Architects Hires Three New Members in Orlando, FL

Liliana Nino

ORLANDO, FL – Rhodes+Brito Architects based in downtown Orlando has appointed Kevin Chea as Project Coordinator III and Liliana Nino and Levy Castaneda as Managers.

Nino holds a Master of Architecture from the University of South Florida in Tampa.  She has more than 15 years of experience in technical and project management in charge of multiple retail, restaurant and mixed-use projects at various stages.

Levy Castaneda

Chea holds a Master of Architecture from Northeastern University in Boston.  During his career of 10+ years Chea worked on design and management of residential and multifamily projects, sports clubs, resorts and microbreweries.  He also developed and evolved all elements of the brand for a start-up spa company.  

Kevin Chea

Castaneda graduated from Los Andes University School of Architecture in Bogota, Columbia.  He has 20 years of experience in project development and construction administration with prestigious South Florida firms involved in highrise residential projects, schools, universities, courthouses and other public institutions.

“We are pleased to have these three talented professionals join our staff.   They share our values and will help us realize our vision to serve our clients’ best interests while creating a positive impact on our community,” said Ruffin Rhodes, principal.

For more information, please contact:

Beth Payan, Larry Vershel Communications

 407-644-4142 Lvershelco@aol.com  

Inaugural Japan-South Florida Business Forum Presents Leaders in Innovation and Collaboration in Miami, FL on July 31

Ken Okaniwa

MIAMI, FL – The Consulate-General of Japan in Miami in cooperation with PortMiami present the Japan-South Florida Business Forum on Tuesday, July 31 from 5 to 7 p.m. at PortMiami Terminal E, located at 1265 N. Cruise Blvd.

Brad Larsen

Following a host welcome by PortMiami and opening remarks by Consul General of Japan for Florida Ken Okaniwa, the forum will feature presentations by top executives from five leading Japanese technology and engineering companies that are the result of direct foreign investment in the United States.

Presenters include:

·         Hitachi Vice President of Corporate Strategy and Business Development Yushi Akiyama, who will talk about smart spaces and digital railway transit solutions;

·         Senior Director for North American Business Development Brad Larsen of Mitsubishi Electric, which is manufacturing and installing elevators, linear escalators and two spiral escalators at the Tampa Seminole Hard Rock Hotel & Casino;

·        

Shin Gomi

 Vice President and General Manager Darin Friedmann of Mitsubishi Heavy Industries, which manufactured the SkyConnect Automated People Mover system at Miami International Airport;

·         Vice President of Marketing Shin Gomi of Mitsubishi Hitachi Power Systems Americas, which operates from its global headquarters in Orlando;

·         and President & C.E.O Masahiro Ikeno from NEC Corporation of America, which has supplied U.S Homeland Security and theme parks with cutting-edge facial recognition technology.  

“With investments exceeding $411 billion, Japan is the second largest foreign direct investor in the U.S. economy and contributes to more than 840,000 jobs,” Okaniwa said.

Masahiro Ikeno

“This forum is an opportunity to establish contacts for future collaboration, which has the potential to spark industry growth and expansion, create new jobs, and benefit the local, regional and national economies.”

To attend, RSVP at https://goo.gl/SxKpo8.

For more information, please contact

Miwako Patton at culture@mi.mofa.go.jp or

Hector Franco at webmaster@mi.mofa.go.jp and

www.miami.us.emb-japan.go.jp/itprtop_en/index.html.   

OR

Lexi Robinson

(954) 776-1999, ext. 255

lrobinson@piersongrant.com

Phoenix, AZ office market reaches over 2.7 million square feet under construction

Brett Abramson

PHOENIX, AZ – The more than 2.7 million square feet of office space now under construction in metro Phoenix is the most seen since 2015. But, according to the Q2 2018 Phoenix Office Insight report from the Phoenix office of JLL, it still may not be enough to meet an estimated 4.6 million square feet of demand that is in play by companies ranging from business and financial services to high-tech and healthcare.

“The healthy mix of industries active in Phoenix is a good sign for the market’s continued success,” said JLL Senior Vice President Brett Abramson. “Gone are the days where there are hubs of certain industries all locating in one submarket. What we’re seeing now is simply a heavy dose of demand, coming from varied industry interest in most submarkets.”

According to JLL, nearly 100 companies are now in the market – looking for 20,000 square feet or greater of Phoenix office product. 

Of those, 24 percent are business services companies, 21 percent are healthcare, 14 percent are high-tech and 10 percent are financial services.

Together, they represent 4.6 million square feet of demand. This is above and beyond the 2.7 million square feet of office space that is currently under construction – which itself is already 30 percent pre-leased.

If there is one geographical leader on the construction front, Abramson says it would be the Southeast Valley, which represents 77 percent of active office construction – 36 percent in Chandler, 29 percent in Tempe and 12 percent in South Tempe.

“An even better sign for Phoenix than the construction is the increase in our average size requirements,” said Abramson, noting that larger and larger companies are looking to relocate and expand in the Valley. “We have grown from an average requirement of 5,000 square feet to average requirements in the 10,000 to 20,000 square foot range in the core submarkets.”

According to JLL’s Q2 report, vacancy is still hovering near record lows and rents have increased 6 percent year to date.

To access JLL’s Q2 Phoenix Office Insight report or other local and national JLL research reports, visit the JLL Phoenix research page at www.jll.com/phoenix/en-us/research.

For more information, please contact:

Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

HFF announces financing for development of mixed-use project in Houston, TX

Rendering of planned Megacenter Willowbrook,
Northwest Houston, TX

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announces financing for the redevelopment of a former Walmart Supercenter building into Megacenter Willowbrook, a 235,627-square-foot mixed-use project comprising industrial flex, self storage, retail and office space in northwest Houston, Texas

The HFF team worked on behalf of the borrower, Megacenter Willowbrook LLC, to place the three-year, floating-rate loan with Icon Bank.  Loan proceeds will be used to fund construction and the conversion of the property into Megacenter’s fifth redevelopment project in the U.S.

Michael Johnson

Megacenter Willowbrook will be constructed in three phases, with phase one including the 113,940-square-foot gym and 47,319 square feet of flex space in addition to a 6,810-square-foot auto center; phase two consisting of 30,754 square feet of self storage space and 15,101 square feet of office space; and phase three adding 18,439 square feet of self storage space and 10,165 square feet of office space. 

 The project, which broke ground earlier this year, has an expected final completion date of November 2019.  

Situated on 24 acres at 7075 FM 1960 about 23 miles northwest of downtown Houston, the property is across the street from Willowbrook Mall, a 1.45 million-square-foot regional mall with more than 19 million annual shoppers, an in an affluent area of Houston with 103,630 residents earning an average household income of $89,102 within a three-mile radius.

Stuart Hepler

The HFF debt placement team representing the borrower included director Michael Johnson and real estate analyst Stuart Hepler.

 “The Megacenter partners have proven to be market leaders in the adaptive reuse space and are poised for great success at Megacenter Willowbrook with an innovative mixed-use strategy that plays to the strong demographics in the area and creatively reconfigures the existing Walmart structure into a diverse and resilient income stream,” Johnson said.

For more information, please contact:

KIMBERLY STEELE

HFF Digital Content/Public Relations Specialist

(713) 852-3420

ksteele@hfflp.com

http://www.megacenterus.com/  or follow MegaCenter U.S. on Facebookor Twitter @megacenterus.

Hold-Thyssen Negotiates $1.12 Million+ Cash Sale of Fully-Occupied Building at Trinity Professional Center in Clearwater, FL

Carol L. Kinnard

Trinity, FL --- Hold-Thyssen, LLC, a full service commercial real estate firm based in Winter Park, with offices in Clearwater, recently negotiated the $1,125,000. all cash sale of Trinity Professional Center Building 7 located at 8827-8833 Hawbuck St. in Trinity.

Carol L. Kinnard, Transaction Specialist for Hold-Thyssen, negotiated the sale representing the seller, KD Trinity, LLC.   The 7,240 square foot building composed of four units was fully occupied by three tenants with long term leases at the time of the sale.  The investment property was offered at CAP rate of 8.9 percent.

Private investor Carl Musial of North Reddington Beach, Fla. purchased the property to complete a section 1031 tax deferred exchange.    Buyer was represented in the transaction by La Rosa Realty.   

Hold-Thyssen based in Winter Park with offices in Clearwater, provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more than 100 commercial properties throughout the United States.

For more information, please contact:

  

Larry Vershel or Beth Payan, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com