Student-housing sees record-shattering transaction volume at 2022 year-end

Teddy Leatherman

 

 CHICAGO, IL – Student housing has set an all-time high in transaction volume for 2022 with an annualized total of $18.9 billion, significantly surpassing the previous year-end high of $11.5 billion in 2021.

 

“We are seeing significant interest from capital coming from the Middle East, Singapore and starting to hear rumblings around Latin America,” said Managing Director Teddy Leatherman, who leads the Dallas Student Housing Capital Markets team. 

 

“We are speaking with our global capital teammates on a weekly basis to ensure all foreign capital is getting access to our transactions. Our most successful executions have been global marketing processes.”

 

The JLL U.S. student housing capital markets team is closing out a record year as well, with a total of $1.8 billion in sales, equity raises and financings.

Student-housing, Kennesaw, GA

 

According to JLL Capital Markets, cross-border capital has in recent years played a much larger role in the success of the asset class. From 2012 to 2016, cross-border capital only held 6.7% of the market share. From 2017 to 2021, it held 20%, deploying almost $10 billion to student housing assets.

 

With this broadened capital targeting the sector, the sale price per unit has steadily increased nationally. Student housing rents increased 8.8% year-over-year, with average rent at $847/bed as of October 2022 compared to $779/bed in November of 2021 (CollegeHouse).

 

Student-housing, Lincoln, Nebraska

 

 Following the broader multi-housing market, student housing has seen the highest levels of new supply in the Sun Belt markets.

 

The top prelease markets for student housing include: Tallahassee, Florida; Knoxville, Tennessee; Clemson, South Carolina; Austin, Texas; and Gainesville, Florida (CollegeHouse).

 

 

Contact:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 

Western Specialty Contractors and KBS to Complete Extensive Curtain Wall Restoration at Award-Winning, 42-Story Mixed-Use Tower in Chicago, IL

Accenture Tower, an award-winning,
1.46-million-square-foot, 42-story
 Class A office and retail property
at 500 West Madison Street,
  Chicago, IL

 

 Chicago, IL -- Western Specialty Contractors – Chicago Facades Branch and KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, are completing the restoration of a curtain wall at Accenture Tower, an award-winning, 1.46-million-square-foot, 42-story Class A office and retail property at 500 West Madison Street in Chicago, Illinois.

The tower, completed in 1987 and formerly known as 500 West Madison, has twice earned The Outstanding Building of the Year (TOBY) Award Internationally by The Building Owner and Managers Association.

Debbie Kalck

The building, which features numerous top-tier amenities, contains 40 stories of office space and 80,000 square feet of retail space over two levels.

Sitting above the Ogilvie Transportation Center, the sixth-busiest railway commuter station/terminal in North America, Accenture Tower has earned a UL Verified Healthy Building verification and is LEED Gold and WiredScore Gold certified.

KBS contracted Western Specialty Contractors – Chicago Facades Branch in 2021 to completely restore the existing curtain wall at the property.

The project, which is expected to continue through 2025, includes the removal and replacement of the original 35-year-old sealants on the entire 588-foot-tall building’s curtain wall and bridge over Canal Street.

Luke Hamagiwa

“This restoration demonstrates KBS’ ongoing dedication to delivering the highest-quality amenities at its office properties and highlights its partnerships with service providers like Western Specialty Contractors,” says Luke Hamagiwa, Asset Manager for Accenture Tower and Vice President at KBS.

“The curtain wall system will help prevent leaks which is extremely important given the area’s inclement weather.”

According to Debbie Kalck, Branch Manager for Western’s Chicago Facades Branch, a curtain wall system on a building’s façade plays an important role in protecting the building and its occupants by keeping the weather out while allowing extra natural light deeper into a building’s interior space.

Ogilvie Transportation Center, Chicago, IL

Kalck adds that the restoration’s long completion schedule is due to Accenture Tower being equipped with two maintenance house rigs—working platforms attached to the curtain wall’s structural tube members and internal track system that are similar to swing stages and operated remotely—which allow Western’s crews to access approximately 80% of the exterior.

The house rigs limit the number of crews able to work on the building at one time and do not provide access to the base of the building or the Canal Street bridge.

Areas of Accenture Tower’s that are not accessible with the house rig or aerial man lift include the 42^nd-floor rollback at the center of the south elevation and the lower rollbacks on floors 4-6 and 6-9 of the north elevation.

Chuck Schreiber

Western determined that the most cost-effective way to perform the work at these locations would be via an extensive rope access/controlled descent.

Western employees performing this work have received Society of Professional Rope Access Technicians (SPRAT) training from certified SPRAT evaluators Elevated Safety and are certified as SPRAT Level 1: Rope Access Workers.

 This training ensures safe work-at-height practices and progresses into the specifics of working on a two-rope system, ascending, descending, transfers, controlled descent devices, and rescue.

Canal Street bridge, Chicago, IL

In addition, workers were trained on anchoring basics, awareness and job hazard analysis. Work at times is performed on a Bosun chair if workers are not able to position themselves elsewhere to perform the work.

“I am so proud of our crews who continue to take on the most challenging projects and are committed to providing our clients with the most cost-effective solutions to safely perform those projects,” says Kalck.

 

Peter Bren

KBS is one of the largest investors of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $44.5 billion on behalf of private and institutional investors globally.

Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates premier commercial real estate in some of the most successful epicenters in the country.

Contacts:

 

Jennifer Beidle

Jennifer Beidle Communications

314-607-9459

jennifer@jbeidlepr.com

 

Lexi Astfalk or Jenn Quader

The Smart Agency for KBS

949-438-6262

KBS@thesmartagency.com

 

Ginny Walker

KBS Public Relations Director

949-417-6535

gwalker@kbs.com

 www.westernspecialtycontractors.com.        

www.kbs.com.

 

JLL names Andrew Dickey to lead hotel investment sales efforts in Southeast, Caribbean and Central American markets

 

 

 

 

 

 Andrew Dickey

 

MIAMI, FL – JLL’s Hotels & Hospitality Group has appointed Managing Director Andrew Dickey to lead hotel investment sales efforts across the Southeast, Caribbean and Central American markets, effective as of January 30, 2023.

 

Dickey, who is based out of JLL’s Miami office, reports to Kevin Davis, Americas CEO.

 

“Andrew has demonstrated his value to our clients throughout his career at JLL,” said Davis. “His knowledge of the markets and considerable experience make him an invaluable asset to our team and I’m looking forward to seeing him grow in this new role.”

Kevin Davis

Dickey has 17 years of experience at JLL working on investment sales projects in the Southeast U.S., Caribbean and Latin America.

 During this time, he has been involved in over $8 billion of hospitality transactions, notably $5.8 billion in Florida and nearly a billion in Puerto Rico since 2015. 

Dickey holds a bachelor’s degree in finance from Villanova University’s School of Commerce & Finance, as well as an M.B.A. from ESADE Business School in Barcelona, Spain with a concentration at the UCLA Anderson School of Management.

 

“I’m honored to be stepping into this role and am looking forward to leading our team and continuing to expand our business within the Southeast, Caribbean and Latin American markets,” said Dickey. “In addition to bringing further value to our clients, I hope to utilize this leadership position to help our younger team members grow.”

Gregory Rumpel

Gregory Rumpel, Senior Managing Director, who currently leads Southeast hotel investment sales, will remain with the firm to focus on key transactions in the region and provide strategic advice to the leadership team.

 

Rumpel, is a 25-year veteran of JLL, who established JLL Hotels Miami office in 2001 and has led the office since that time.

 

“After 22 years of leading our Miami office, I’m excited to pass the baton to a new generation of leadership, while continuing to be active on strategic regional transactions,” said Rumpel. “Having worked with Andrew for 17 years, I know that he will make a great leader for our team and will grow our business.”

 

 

Contact:

 

 Cierra Lacasse

 JLL Associate

 Public Relations

Phone: +1 602 648 8701

Email: Cierra.Lacasse@jll.com

  

Jack Collins joins Northmarq’s Chicago office as senior associate in retail investment sales

 

Jack Collins

CHICAGO, IL — Northmarq’s Chicago office has announced the addition of Jack Collins as senior associate – commercial investment sales.

 

 Collins specializes in the disposition and acquisition of single tenant retail properties, expanding Northmarq’s new commercial investment sales team.

 

Prior to Northmarq, Collins served as an associate at Matthews Real Estate Investment Services, Inc. in Austin, Texas and Chicago, Illinois, where he was one of the office’s first agents and helped expand their retail presence in the Chicago area.

BJ Feller

Collins began his career in the sale of auto parts stores across the nation, and then expanded into all retail sectors with a focus on the Midwest with his move back.

 

“As the market faces challenges, I am thrilled to position myself with some of the retail space's top players, BJ Feller and Isaiah Harf.

 

"Their expertise and the service lines Northmarq provides are going to be critical tools to execute at the highest level for clients in the new environment, and I am excited to use these tools to expand my business as well,” said Collins.

 

In his new role, Collins joins the commercial investment sales team led by BJ Feller, senior vice president and managing director of Northmarq’s Chicago office.

 Isaiah Harf

“We are thrilled to announce Jack Collins’ addition to our team,” said Feller, “As a leading national group focused on net lease investment sales, Jack’s experience and success with development and private investment clients is a perfect match as we continue to build the most impactful net lease platform nationally.

 

Collins is a graduate of the University of Vermont where he received a bachelor’s degree in political science, government, and history. He holds a broker’s license in Illinois as well as a sales license in Texas. In addition,

 

Collins is a member of the International Council of Shopping Centers.

 

 

 CONTACT

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

Edge Realty Partners promotes Warren Smith to Principal

Warren Smith

 DALLAS, TX –– Edge Realty Partners announced that Warren Smith has been appointed a Principal at the commercial real estate firm.

  Smith, who joined Edge’s Dallas/Fort Worth office in 2015, was most recently a Senior Vice President. He specializes in tenant representation as well as land acquisition and disposition.

 

Smith represents institutional residential and industrial developers along with publicly traded companies such as Public Storage, Simmons First National Bank, and Texas Roadhouse.

 

Throughout his real estate career, Smith has completed transactions valued at over $500 Million.

Adam Schiller

“Warren is known for his tenacity in uncovering every stone to creatively source deals that will aid in his clients’ success,” comments Adam Schiller, Managing Principal at Edge Realty Partners.

 

 “It’s the kind of extra effort on our clients’ behalf that epitomizes the culture at Edge, and has elevated him to the position of a Principal at our firm.”

 

 CONTACT

 

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

 

JLL Capital Markets secures $24.3 million acquisition financing for six affordable housing assets in Seattle, WA

  

Catherine Buell

LOS ANGELES, CA – JLL Capital Markets has secured $24.3 million in acquisition financing for a six-asset affordable housing portfolio, consisting of 354 small efficiency dwelling units (SEDUs) located in infill Seattle, Washington.

 

JLL worked on behalf of the borrower, SRM Development, to secure the five-year, fixed-rate senior Fannie Mae loan.

The loan will be serviced by JLL Real Estate Capital, LLC, a Fannie Mae DUS lender.

 

Additionally, with the imposed affordability restrictions on 100% of the units, JLL was able to arrange attractive mezzanine financing from the Amazon Housing Equity Fund.

 

 The units of the portfolio are permanently preserved for renters at 50% to 80% AMI.

 

The properties include:

·         The 68-unit, 2020-built Alloy Apartments at 802 5^th Ave.

·         The 55-unit, 2018-built Brooklyn 65 Apartments at 1222 NE 65^th St.

·         The 72-unit, 2018-built Luna Apartments at 6921 Roosevelt Way

·         The 75-unit, 2019-built Track 66 Apartments at 836 NE 66^th St.

·         The 58-unit, 2017-built Vega Apartments 4528 44^th Ave. SW.

·         The 27-unit, 2018-built Yale Apartments at 2037 Yale Ave.

 

“To preserve this number of units at these rents is a once-in-a-blue-moon opportunity,” said SRM Managing Principal of Affordable Housing Conor Hansen.

Conor Hansen

“Bringing brand new units to market can take up to five years, and with rents rapidly rising we knew there was urgent need to preserve affordability now by purchasing these new, high-quality buildings.

Anson Snyder 

"We would not be here without the vision, strong partnership and commitment from the Urban League, Amazon and the City of Seattle’s Office of Housing. These are the partnerships we need to battle our affordable housing crisis.”

 

“Preservation of existing affordability is one of the most effective ways to address housing affordability challenges in the Puget Sound and is a key element of our work,” said Catherine Buell, Director of the Amazon Housing Equity Fund.

 

“Public/private partnerships are also essential to creating more affordable housing and we’re thrilled to partner with SRM, the City of Seattle, and the Urban League protect the affordability of these homes.”

C.W. Early

The JLL Capital Markets Debt Advisory team was led by Senior Director Anson Snyder and Senior Managing Director C.W. Early, along with Director Kaden Eichmeier.

 

The Amazon Housing Equity Fund is a more than $2 billion commitment to preserve and create more than 20,000 affordable housing units in Washington state’s Puget Sound region; in and around Arlington, Virginia; and Nashville, Tennessee—three hometown communities where the company has a large and growing presence.

Kaden Eichmeier

The Amazon Housing Equity Fund increases housing options for moderate-to-low-income families by providing affordable housing providers with quick access to low-rate loans to create or preserve buildings where affordability would have otherwise been lost to commercial-rate development. 

The fund will also provide cash grants to businesses, nonprofits and minority-led organizations to help them build a more inclusive solution to the affordable housing crisis, which disproportionately affects communities of color.

 

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated.

 

 CONTACT

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com