Monday, October 12, 2020

CA6 Condominiums in Chicago’s West Loop 35% Sold Before Groundbreaking

 Liz Brooks


 

CHICAGO, IL, Oct. 12, 2020 — Chicago-based Belgravia Group, Ltd. announced that its latest condominium development, CA6 West Loop, is 35% sold before the groundbreaking planned for later this fall.

 

The 72-unit, seven-story building at 305-323 S. Racine Ave. features three-bedroom/three-bath, four-bedroom/four-bath, and four-bedroom/3.5-bath duplex floor plans.

 

Among the remaining homes are four large four-bedroom/3.5-bath duplexes with prices starting at $1,650,900. While the original plan for the building called for only five of these penthouse-level duplexes, Belgravia was able to add seven more after the original five sold out during the first week of pre-sales.


David T. Goldman

 

 In addition to the duplexes, CA6 offers three-bedroom/three-bath and four-bedroom/four-bath single story homes with prices starting at $835,900.

 

And due to the popularity of the private outdoor space at its other CA developments in the West Loop, Belgravia is also offering 12 single-story terrace homes at CA6 with outdoor spaces measuring 32’ x23’. These homes are priced from $885,900.        

 

“Already, CA6 is living up to the performance of our previous CA developments, which are known for being the fastest-selling condominiums in the West Loop,” said David Goldman, co-CEO.

 

“Our success with this development, our sixth in the neighborhood, speaks to the appeal of not only this location, but also the reputation Belgravia has established for building gracious urban homes with thoughtful design and quality construction. Sales velocity at CA6 is a reflection of buyer trust in the Belgravia brand.”


      CA West Loop Condominiums,  305-323 South Racine Avenue,                                                                    Chicago, IL

 

Ranging from 2,160 to 3,157 square feet, CA6 residences feature direct elevator access to a private vestibule; 10-foot ceilings and expansive windows; large eat-in kitchens with custom cabinetry and Bosch, Wolf or Sub-Zero appliances.


Also: open living/dining areas; split floor plans with bedroom wings for privacy; primary suites with private balconies and up to two walk-in closets; laundry rooms; and multiple outdoor areas for entertaining and al fresco dining.

 

Select floor plans also come with built-in offices as well as alternative layouts for media and great rooms.

 

“Homes at CA6 have been very popular with a range of buyers, but especially those looking for the space, layout and functionality of a single-family home, but with a maintenance-free lifestyle,” said Liz Brooks, vice president of sales and marketing at Belgravia Group.

 

 “In fact, several of our early sales have been to repeat Belgravia buyers, some who are upgrading to a larger home for their growing families as they want to take advantage of the building’s proximity to some of the best schools in the city.”


 

                            CA  West Rooftop Terrace

According to Brooks, all of the building’s plans are thoughtful in design with intentional spaces that give buyers plenty of space for togetherness as well as privacy, whether they need dedicated areas for working from home or extra bedrooms for raising a family.

 

 But it’s the duplex penthouse plans in particular that have garnished the most attention from buyers due to their layouts, which give a nod to a single-family-home design.

 

All duplex penthouses open onto the home’s main level, where residents enter through a private vestibule and then a gallery wall foyer that splits off between the main living areas and a sleeping wing.

 

To one end of the home is a large kitchen with an island that seats up to five, a living/dining area, corner seating area/nook surrounded by windows and a balcony.

 

To the other end of the main level is a powder room, laundry room, guest suite and the primary suite, which includes two walk-in closets and a private balcony.


CA West Condo Living Room

 

Stairs from the living area lead to the penthouse level, which includes two guest rooms, a full bath, loft, family room and an expansive 700-square-foot terrace that includes an outdoor kitchen and multiple seating areas for dining or relaxing. 

 

“We’ve offered duplexes before, but nothing of this scope in terms of size – especially the terraces,” said Brooks. “From talking to residents in the area and working with brokers, we knew there was a demand for homes that offered this type of space, both inside the residence and out. And so far, sales show they were right.

 

“With four bedrooms and over 3,000 square feet, these homes are equally suited for buyers who want a place they won’t outgrow, as well as those who want to transition out of a single-family home – whether in the suburbs or city – but don’t want to sacrifice the square footage they’ve enjoyed,” Brooks added.

 

Building amenities at CA6 West Loop include a fully equipped fitness room, meeting room, heated parking garage and bike storage.


Fulton Market District, Chicago, IL

With deliveries beginning in winter 2022, buyers at CA6 West Loop will begin meeting with Belgravia Group’s professional in-house design team starting in early 2021 to personalize their home with lighting layouts, technology wiring, cabinetry, countertops, tile, flooring and more. 

 

To give its buyers the ultimate design experience, Belgravia Group offers a broad choice of curated finishes so each homeowner can create a custom aesthetic for their new home.    

 

Located at the intersection of Jackson Boulevard and Racine Avenue, CA6 West Loop offers convenient access to the multitude of dining, retail and entertainment options the neighborhood has to offer, as well as proximity to the Loop, Fulton Market and the UIC Medical District.

 

The CTA Blue Line, the Metra Rail service and several CTA bus lines are within walking distance.

 

Buyers can view a three-bedroom/three-bath CA6 model home at 128 S. Aberdeen by appointment. For more information, please visit ca6condos.com, or call (312) 561-5222.

 

 CONTACTS:

 Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

Traci Failla, tfailla@taylorjohnson.com, (312) 267-4516

 

Trion Properties Bolsters Greater Portland Portfolio with Acquisition of Newly-Built, 64-Unit Multifamily Community in Gresham, OR

Hood Apartments, 1833 SE 6th Street in Gresham, OR

 

Gresham, OR – Trion Properties, a real estate private equity firm that specializes in multifamily investments in western markets, along with joint venture partner AMC Investments, has acquired Hood Apartments, a brand-new 64-unit multifamily community in the greater Portland city of Gresham, Oregon for $12 million.

Max Sharkansky


 This acquisition brings Trion’s holdings in the region to eight properties totaling 675 units. Hood Apartments is the firm’s first purchase in the city of Gresham, the fourth largest city in the state, according to Max Sharkansky, Managing Partner at Trion Properties.   

 “As an experienced owner and operator in the Portland area, we recognized Gresham as a city with massive potential due to the affordable cost of living, family-friendly lifestyle, walkability, and proximity to a thriving business scene,” explains Sharkansky.

 “Much of Gresham’s existing housing was built prior to the year 2000. Hood Apartments, completed earlier this year, is a stand-out in the area that meets a high demand for newly developed and upgraded multifamily properties driven by a healthy local economy.”  

 

Farhan Mahmood
Gresham has continued to attract numerous big companies with its special property tax incentive programs. The city’s Enterprise Zone program has facilitated extreme growth through its public and private partnership which provides a three-to-five-year abatement on new investments, in exchange for meeting job creation and other business requirements.  

Adds Farhan Mahmood, Managing Director of Acquisitions at Trion Properties: “While our typical strategy in the Portland area is to acquire multifamily product of older vintages and implement light-to-moderate value-add renovations, we identified and secured a rare, lucrative opportunity to add this unique asset to its portfolio.

  "We’re purchasing this brand-new asset below replacement cost, demonstrating our ability to continue to strategically source acquisitions, build and maintain relationships in our target markets, and remain nimble during these unprecedented times.”  

 

Jordan Carter
Jordan Carter, Tyler Linn, Clay Newton and Joe DeJager of Kidder Matthews represented Trion Properties in this transaction.

 “This opportunity would not come about if it wasn’t for a strong group such as Kidder Matthews,” continues Mahmood. “The team put hours of hard work into this transaction and are diligent, consummate professionals, and our relationship with them is extremely valued.”  

 The asset was vacant upon closing and Trion Properties closed 14 days after the property received certificate of occupancy. Continental Partners sourced the acquisition loan based on pro-forma due to the vacancy of the building.

Tyler Linn
  Hood Apartments is ideally situated on 2.8 acres of land and just minutes from Oregon’s iconic Mount Hood, Multnomah Falls and the Columbia River Gorge National Scenic Area, offering residents some of the best scenic views in the Portland area.

 The property is less than one mile from the MAX Light Rail Blue Line, which conveniently connects Gresham to Hillsboro and Beaverton.

 Legacy Mount Hood Medical Center and Mount Hood Community College are within a short two miles of the property as well.  

Hood Apartments features spacious one- and two-bedroom apartment homes and is adjacent to a number of restaurant and retailers.  

Clay Newton

 The property is located at 1833 SE 6th Street in Gresham, Oregon.  

 About Trion Properties  

 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.

       Joe DeJager 
 With its fully built-out operator platform, Trion has repositioned and stabilized undervalued assets, leveraging its expertise in real estate finance and renovation of multifamily properties to drive returns for its investors.  

 Since its inception, Trion has acquired the fee interest—or in certain instances the debt secured by the fee interest—of over 2,450 multifamily units. 

To date, Trion has successfully repositioned and resold over 1,150 units and over 180,000 square feet of commercial real estate space.  

 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.

Contacts:

 Natalie Passarelli

Public Relations

Jones Lang LaSalle Americas, Inc.

200 E. Randolph St.
Chicago, IL 60601

M +1 224 477 7307

natalie.passarelli@am.jll.com

 us.jll.com/investorservices

www.amcinvestments.com  

http://www.trion-properties.com/  

 

 

Sunday, October 11, 2020

Hold-Thyssen Negotiates Multi-Year Lease with Premier Sotheby's International Realty at Phillips Place in Orlando, FL

Darby Hold

Orlando, FL and Winter Park, FL -- Hold-Thyssen, Inc., a full service commercial real estate services firm headquartered in Winter Park, FL, negotiated a multi-year lease agreement with Premier Sotheby’s International Realty.     

  The global luxury real estate firm that recently expanded its presence in the area leased a 1,000 square foot suite at 7575 Dr. Phillips Blvd. in Orlando, FL.

   Darby Hold, Senior Director for Hold-Thyssen, Inc. brokered the transactions for the landlord,  Financial Way Realty, Inc.  

 

Phillips Place, 7575 Drive Phillips Boulevard, Orlando, FL

At the same time, Hold negotiated a lease agreement with EGR Concepts, Inc. for 1,120 square feet at Phillips Place . The firm, formerly known as Latitude Promotions, provides business services to small to medium-sized businesses.

 Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place office building. which is currently 95 percent leased.

 Hold-Thyssen, Inc. 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 that 100 commercial properties throughout the United States.

Contacts:

 Anthony Fisher, Vice President, Hold-Thyssen Real Estate Services, 407-691-0505, afisher@HoldThyssen.com

 Robert P. Hold, Principal, Hold-Thyssen, Inc.

407-691-0505, bhold@HoldThyssen.com

 Beth Payan, Larry Vershel Communications Inc.

407-644-4142 Lvershelco@aol.com.

 

Next Wave Investors Sells 96-Unit Multifamily Community for $17 Million in Phoenix, AZ

La Estrella Vista Apartments is a 96-unit multifamily community in the Far West submarket of Phoenix, AZ

 Phoenix, AZ – Next Wave Investors, LLC (“Next Wave”) a private equity firm focused on value-add multifamily investments, has sold La Estrella Vista Apartments, a 96-unit multifamily community in the Far West submarket of Phoenix, Arizona.

The asset was purchased by a private California-based investor for $16.750 million.

Next Wave acquired the property in May 2019 for $13.175 million, increasing its operating income by more than 25% within less than 18 months of ownership through enacting a strategic value-add program, according to Jordan Fisher, Principal at Next Wave.

Jordan Fisher

“As a prominent multifamily owner with deep experience and connections in the Arizona market, we were able to identify and secure a strong growth opportunity with the purchase of this asset last year,” says Fisher.

“We quickly implemented our investment strategy, which included interior and exterior renovations and security enhancements, in order to improve quality of life for residents and maximize returns for our investors.”

David Sloan, Principal at Next Wave, adds that the Phoenix multifamily asset class has remained resilient during the pandemic.

 “Collections have far outperformed our expectations as a whole throughout this unprecedented time, especially for Class B and C assets in high-growth markets, like the ones we’ve been active within for several years,” he says.

According to Sloan, Next Wave’s target markets, including Phoenix, Arizona; Tucson, Arizona; Las Vegas, Nevada; and Salt Lake City, Utah; are currently experiencing extremely high investor demand and limited inventory.

David Sloan
Phoenix in particular has seen pricing rise substantially compared to pricing prior to the pandemic, due to the dramatic drop in interest rates, and the nation-leading population growth, which is driven in part by many people relocating from California, strong employment, and its relative affordability compared to many other major Western markets.

“Despite the unexpected turn this year took, we were able to complete our business plan and exceed projections at this property," says Sloan.  

 "We determined that now was the perfect time to sell La Estrella Vista to capitalize on strong investor demand and provide the buyer with an upgraded, cash-flowing asset.”

He notes that Next Wave anticipates adding to its portfolio in the coming months as the firm continues to evaluate opportunities.

La Estrella Vista Apartments, which was built in two phases in 2008 and 2014, is separately parceled as fourplexes and includes all three-bedroom units.

Alon Shnitzer

The property is located in close proximity to many major transportation corridors such as Interstate 10, Loop 101 Highway 60, and Loop 202, providing residents with easy access to the entire Phoenix Valley.

The community is also situated near several diverse employers and numerous retail, dining, and entertainment options.

Alon Shnitzer of ABI Multifamily represented Next Wave Investors, LLC as the seller in this transaction.


Contacts:

Elisabeth Manville / Jenn Quader

Brower Group

(949) 438 6262

emanville@brower-group.com 

 www.nextwaveinvestors.com.

 

Central Florida Real Estate Developer Jerome Henin Wastes No Time When Making Deals


Jerome Henin

APOPKA, FL – 
As the owner of numerous real estate development and sales companies, Jerome Henin, who heads Winter Park-based Henin Group, is accustomed to making things happen quickly, but one particular transaction last month surprised even him.

After viewing a 28-acre parcel on Votaw Road near the Wekiva Reserve in Apopka, Henin made an offer on a Friday, signed a contract on Tuesday and closed the deal the following Friday.

The one-week purchase was possible, he says, because he is an independent developer.

“The advantage of landowners selling to independent developers versus selling to the nationals can be huge,” Henin said. “The large national homebuilders just can’t do this without going through their corporate process. They’ll keep land under contract usually no less than 90 days – sometimes more – while they analyze and get extensions.”

The biggest difference, according to Henin, is that independents such as Henin Group have cash readily available to move forward quickly.  

Gary Beverly

That Sept. 1st Apopka purchase was the beginning of what he said is planned as a 95-lot, single-family subdivision worth an estimated $40 million at buildout.

Still in its infancy the community has yet to be named, but Henin said it will be designed by Gary Beverly with CDS Engineering of Maitland and will offer three- and four-bedroom homes on 50- by 120-foot lots.

In addition to Henin Homes building in the new community, Henin said he is considering more than half a dozen offers from other interested homebuilders.

“It will take a year or more to complete the various studies and then we’ll start developing,” he said.

In the meantime, it will be business as usual, which includes shopping for the next one-week purchase.

 

Aerial of Springview Woods showing Riviera Bella in the distance across Lake Konomac

DEBARY, FL–  Springview Woods – part of a 64-acre development that opened in 2018 – is expected to sell out nearly 1½ years sooner than originally projected.  Two of the development’s four phases sold out last year and the 20+ sites remaining should be sold out by next spring.

“D.R. Horton sales there have been brisk,” said Henin. “In 2020 we sold 55 sites in Springview and we still have an additional 14 sites scheduled to close in October,” he said

Sales in the Riviera Bella development off Fort Florida Road along the St. Johns River are going extremely well too, according to Henin. “We are about two years ahead of projected sell-out.”  Thus far in 2020 there have been 51 lots sold there.  

 

St. Johns River, Florida

In Riviera Bella’s Phase 8 with 140 lots, D.R. Horton has only 20 sites remaining.  Sales are going so well that Henin has accelerated the start of site development for Phase 9 with another 153 lots.  

Also, in Riviera Bella’s western section, M/I Homes has seven remaining estate lots slated to close in October – the last of that homebuilder’s total of 252 sites purchased in Riviera Bella.

  Henin Group still owns an inventory of estate lots for future use in the western section and there is only one remaining lot with direct access to the St. John’s River .

This time last year the 240-acre development was predicted be sold out in 2024.   “We now predict to be sold out of everything in Riviera Bella by 2022,” said Henin. 

Contacts:

Jerome Henin, Founder/CEO The Henin Group, 407-644-8595 or Jerome@henin-co.com.

Beth Payan, Larry Vershel Communications,

407-644-4142, 407-461-3781 or beth@larryvershel.com

 


Saturday, October 10, 2020

JLL closes sale of grocery-anchored retail center in Upstate New York

 

The 90 percent-leased retail center was completed in 1994 and most recently renovated in 1999.

MORRISTOWN, NJ – JLL Capital Markets announced it has closed the sale of Tops Plaza, a 133,849-square-foot retail center anchored by Tops grocery store in the Central Upstate community of Cortland, New York. 

 

Jose Cruz


JLL marketed the property on behalf of the seller, a CMBS trust. Namdar Realty Group purchased the asset. 

 

Tops Plaza is anchored by Tops, the region’s leading grocer, and home to a diverse mix of service-oriented, essential and traditional retail tenants.

 

The 90 percent-leased retail center was completed in 1994 and most recently renovated in 1999. 


J.B. Bruno

Situated on 21.6 acres at 3918-3944 Route 281, the center is within the main commercial hub of Cortland, which is in the geographic center of the state and about 33 miles south of Syracuse.


 The property has more than 600 feet of frontage along 218, a state highway with annual average daily traffic counts of nearly 15,000. 


Kevin O’Hearn
This area of New York encompasses parts of the Finger Lakes region, which attracts more than 5.5 million annual visitors.

 

The JLL Capital Markets team representing the seller was led by Jose Cruz, J.B. Bruno, Kevin O’Hearn, Andrew Scandalios, Michael Oliver and Steve Simonelli. Jonathan Abda, Director of Acquisitions and Dispositions at Namdar Realty Group, represented the buyer.

 

Andrew
Scandalios

“We are seeing strong demand for grocers, as that predictable cash flow has value for both private and institutional investors,” Cruz said.

 

“We continue to seek opportunity and be active in the marketplace and are glad to have been able to acquire another grocery-anchored asset during these unprecedented times,” Abda added.

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 

 Michael Oliver 

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.

 

Steve
Simonelli


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

About Namdar Realty Group

Namdar Realty Group is a privately held, commercial real estate investment firm, owning and managing over 54 million square feet of commercial real estate throughout the United States.

Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, New York.

Contact:

 Kimberly Steele

JLL Senior Associate

 Public Relations

Phone: +1 713 852 3420

Email:  Kimberly.Steele@am.jll.com

jll.com.