Array Leading in Tough Times: The Lessons That Were Imparted Leadership | September 12, 2023 CoreLogic: SFR Rent Growth Falls to Three-Year Low National + Weekender | September 21, 2023 Investcorp Adds 31-Property Industrial Portfolio for $216M National + Industrial | September 21, 2023 FEATURED STORY National CRE News In Your Inbox. Sign up for Connect emails to stay informed with CRE stories that are 150 words or less. More National Stories More Stories Apartment buildings for saleCheck out the latest properties available on apartmentbuildings.comVillage of the PinesStockton, CACalifornia & West + Apartments + Garden StyleListing Status:AvailableListing Type:Highest & best offerPrice:$15,500,000No. of Units:100Year Built:1969No. of Stories:2Opportunity Zone:NoPrice per unit:$155,000Learn MoreBankruptcy Sale: 291 Livingston StreetBrooklyn, NYNew York & Tri-State + Hotel/MotelListing Status:AvailableListing Type:AuctionNo. of Units:104Year Built:2023Building Size:50914 Sq ftLot Size:3400 AcresNo. of Stories:22Zoning Code:C6-4, DBOpportunity Zone:NoLearn MoreHuntington Park ApartmentsBeaumont, TXTexas + ApartmentsListing Status:UnavailableListing Type:Call for offersNo. of Units:92Year Built:1972Lot Size:79556 AcresOpportunity Zone:NoLearn MoreView all apartments Hone your competitive edge today with Connect Classroom, an accredited online Continuing Education provider offering CRE focused courses you can take on demand. Earn the credit you need with engaging, thoughtfully designed courses for commercial real estate brokers, appraisers, lenders, architects, and lawyers from a news source you already know and trust. Courses available now Explore courses Continuing Education Architect Courses We work with the industry's leading subject matter experts to create quality architect CEU courses from the ground up. Continuing Education Attorney Courses We provide quality CLE that is both easy and convenient to complete, backed with the best customer experience possible. Continuing Education Broker Courses Whether you’re starting a new career or skilling up, we have certified online courses for Real Estate Agents and Brokers. Connect CRE & Industry Events Load MoreMore Events Companies achieve great success when aligned around a common goal and brand story. The experts integrated into our team at Connect Creative span every marketing and communications discipline and channel, encompassing skilled graphic designers, public relations leaders, copy writers, content producers, digital wizards, and website developers. A collaborative approach brings out your company’s stories that are shaped and crafted with the perfect visual, the right words and in the most dynamic way. Connect with Creative Latest Atlanta & Southeast Stories Moxy by Marriott Headed to Downtown Atlanta Atlanta & Southeast + Atlanta + Hospitality | September 21, 2023 Out with the old, in with the new. Developers plan to demolish a low-rise building and replace it with a new Moxy hotel in Downtown Atlanta. They hope to get going as soon as possible. Downtown Atlanta will host a number of 2026 FIFA World Cup matches. The 183-room hotel would rise at 329 Marietta … Rockefeller Group Building 1M SF Spartanburg Distribution Center Atlanta & Southeast + Carolinas + Industrial | September 21, 2023 Rockefeller Group is developing a one million-square-foot distribution center acquired in Spartanburg, S.C. The firm acquired the 87.7-acre land for the development back in November 2022 from A&L Properties 4, for $4.8 million. Spartanburg 221 is a Class A speculative industrial building located off Highway 221, approximately one-mile northwest of the I-85 Exit 78 interchange. The development … Latest Boston & New England Stories Boston Mayor Announces Program to Decarbonize Building Stock Boston & New England + Boston + Apartments | September 21, 2023 Boston Mayor Michelle Wu has introduced the Healthy and Green Retrofit Pilot Program, a new initiative aimed at supporting owners of two to four-unit owner-occupied buildings in decarbonizing and electrifying Boston’s smaller building stock while preserving affordability and preventing tenant displacement. The program will provide building owners with energy assessments, construction management, and forgivable … First Passive House MF Building Opens in Plymouth Boston & New England + Massachusetts + Apartments | September 21, 2023 MPZ Development and Capstone Communities have celebrated the opening of The McElwain School Apartments, a mixed-income housing community in Bridgewater, Massachusetts. The development offers 57 units of housing, with 51 of them being affordable for families earning up to 60% of the Annual Median Income. It includes a former school building and a newly-built … Connect TeamDennis KaiserVice President, Public Relations & CommunicationsPaul BubnySenior Content DirectorJosh OrensteinVice President, News & MediaView AllOur ValuesWe understand that we have different backgrounds, ethnicities, experiences, and geographies, and these differences are what make us unique and bring a variety of perspectives that will shine through.Minority SplitGender SplitLearn More Latest California Stories California People and Company News for Sept. 22, 2023 California + Bay Area + Finance | September 21, 2023 Vitus, LIHC Preserve Affordable Units in Santa Fe Springs California + Los Angeles + Apartments | September 21, 2023 Vitus, a national developer and owner of affordable housing, and LIHC Investment Group, one of the country’s largest affordable housing owners, completed extensive renovations at the 34-unit Villa Verde Apartments in Santa Fe Springs. The companies have agreed to keep Villa Verde affordable for another 50 years, through at least 2073. “The revitalization of Villa Verde … Latest Chicago & Midwest Stories Investor Buys International Tower Building for $30M Chicago & Midwest + North Side + Office | September 21, 2023 A venture led by the local investor Gene Staples paid just under $30 million for the International Tower building near Chicago’s O’Hare International Airport, reported Crain’s. JLL’s Pat Shields, Sam DiFrancesca, Bruce Miller and Jaime Fink marketed the property on behalf of the seller, an affiliate of Utah-based Bridge Investment Group. Located at 8550 West … CREC Real Estate Hires Michele Chadwell as VP Chicago & Midwest + Midwest + Office | September 21, 2023 CREC Real Estate has hired Michele Chadwell as Vice President of Human Resources. Chadwell will support recruitment efforts for the firm and its affiliate property management company, Fourth Street Residential, as part of CREC’s expansion. “Our firm has nearly doubled its headcount in the last year, and through expanding our human resources department, we’re continuing … Latest Florida & Gulf Coast Stories Miami Apartments Flip for $423K/Unit Florida & Gulf Coast + South Florida + Apartments | September 21, 2023 The barely completed Alexan Park 82nd Apartments in Doral was sold for $156 million. The seller was an affiliate of Trammell Crow Residential. The buyer is associated with the Stockbridge Capital Group. The price paid for the 368 apartments at 8300 Park Blvd. equated to $423,913 per unit. The deed also stated that the property may … Jacksonville Project to Add 1,000 Apartment Units/Retail Florida & Gulf Coast + North Florida + Apartments | September 21, 2023 A development group, Gateway Jax, has been assembling downtown parcels to ensure it has the critical mass to get going on a project that looks to add a thousand apartment units and an abundance of retail space. The Jacksonville Business Journal reports Gateway Jax is made up of a group of experienced investors. DLB Capital … Latest Global Stories Global Cross-Regional Capital Flows Decline 52% Year-Over-Year National + Global + Finance | September 1, 2023 Global cross-regional capital flows between North America, Europe and Asia-Pacific totaled US$30.5 billion in the first half of 2023, down 52% compared to H1 2022, CBRE reported. Global investment was limited by elevated interest rates, softer real estate fundamentals and a mismatch in pricing expectations of buyers and sellers. Cross-regional capital flow to Europe from … Power Supply Constraints Inhibit Global Data Center Growth National + Global + Industrial | July 17, 2023 A worldwide shortage of available power is inhibiting growth of the global data center market, CBRE says in a new report. Sourcing enough power is a top priority of data center operators across North America, Europe, Latin America and Asia-Pacific. Despite strong near-term market fundamentals, power supply constraints could limit or delay development in markets … Latest Lenders Stories Latest National Stories Investcorp Adds 31-Property Industrial Portfolio for $216M National + Industrial | September 21, 2023 Investcorp, a global investment manager specializing in alternative investments, has acquired 31 industrial properties totaling approximately 1.6 million square feet across five major US markets for an all-in value of $216 million. The properties grow Investcorp’s US industrial real estate holdings to approximately $4.8 billion across 42 million square feet comprised of more than 600 buildings. The … CoreLogic: SFR Rent Growth Falls to Three-Year Low National + Weekender | September 21, 2023 The past several months have seen a deceleration in year-over-year multifamily rent growth. The same holds true in the single-family rental sector. According to CoreLogic’s Single-Family Rent Index (SFRI), the national rent growth for single-family rentals in July 2023 was 3.1%, year over year, representing a close to three-year low. CoreLogic Chief Economist Selma Hepp … Latest New York & Tri-State Stories Jay Group Secures $92M on Inwood Resi Tower New York & Tri-State + New York + Apartments | September 21, 2023 The Jay Group has secured $92 million in construction financing for its upcoming multifamily development in Inwood, northern Manhattan. BHI provided the loan for the 18-story residential tower, which will replace a former gas station at 401 West 207th Street. The project will feature 270 apartment units spanning 302,000 square feet, with 25% designated as … HK Organization Sells Morrisania MF Building for $3 Million New York & Tri-State + Uptown/Bronx + Apartments | September 21, 2023 The HK Organization, a Brooklyn-based real estate owner and developer, has sold a 31-unit multifamily building and an adjoining buildable lot in the Morrisania neighborhood of the Bronx for $3 million. The sale includes two contiguous five-story walk-up buildings located at 988-992 Boston Road and a 3,781 square feet development site at 585 East … Latest Phoenix & Southwest Stories One Scottsdale Attracts Another Apartment Developer Phoenix & Southwest + Phoenix + Apartments | September 21, 2023 Denver-based apartment builder Grand Peaks bought a three-acre parcel in One Scottsdale, DMB’s expansive mixed-use development at Loop 101 and Scottsdale Road. Grand Peaks paid $22.75 million for the land. The Phoenix Business Journal reports Grand Peaks plans to build one five-story building totaling 280 apartment units, with a 6.5-story wrapped parking garage totaling 459 … N. Phoenix Apartment Rental Sells for $80M Phoenix & Southwest + Phoenix + Apartments | September 21, 2023 A 292-multifamily asset in Phoenix sold for $79.25 million or $271,404 per unit. The property, Cabana Happy Valley, is in North Phoenix near the Dear Valley and I-17 interchange. It’s just miles away from the $40 billion Taiwan Semiconductor campus. While the median income in the area is relatively high, so are home prices. IPA’s Steve … Latest Seattle & Northwest Stories IPA Negotiates $32M Sale of Apartment Community Seattle & Northwest + Seattle + Apartments | September 21, 2023 Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the sale of the Trellis Apartments, a multifamily property in Federal Way, just north of Tacoma. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million, or $291,892 per unit. Ryan Harmon, Giovanni Napoli, Philip Assouad and Nicholas … Spear Street Capital Buys Leland James Office Building for $41M Seattle & Northwest + Portland + Office | September 21, 2023 Newmark arranged the sale of Leland James, a newly redeveloped 118,104-square-foot multi-tenant office building in Portland’s Slabtown District. The asset was fully occupied at the time of sale. Newmark Vice Chairman Nick Kucha, Senior Managing Director James Childress and Associate Director Jakob Nicholls represented the seller in the transaction. The buyer was Spear Street Capital. … Latest Texas Stories People and Companies, Sept. 22, 2023 Texas + Austin + Office | September 21, 2023 Austin Affordable Housing Project Rallies Up $74.5M for Construction Financing Texas + Austin + Apartments | September 21, 2023 NHPF, a national not-for-profit affordable housing provider, has closed on the construction financing of Seabrook Square in Austin, TX. This new construction marks NHPF’s first foray into Austin and is a partnership with Austin Housing Finance Corporation and Capital A Housing. The combined financing figure from several sources amounted to $74.5 million. Seabrook Square is … Latest Washington DC Stories 60K SF Leased at Hagerstown Industrial Park Washington DC + Maryland + Industrial | September 21, 2023 Two leases totaling 60,000 square feet were added at New Heights Industrial Park in Hagerstown, Maryland. The 900,000-square-foot commercial office and industrial complex is managed by a joint venture between Bluestone Group and The Langer Co. Tomu, a modular building systems developer, leased 15,000 square feet, while Pycube, an asset management and tracking company … Savills Adds Michael Royce to Industrial Services Department Washington DC + DC + Finance | September 21, 2023 Savills has appointed Michael Royce as a corporate managing director in its industrial services department. Based in Tysons, Virginia, Royce’s role will involve growing Savills’ industrial market share in the mid-Atlantic region, serving existing clients, and introducing new clients to the brokerage’s tools, technology, research, and consulting services. As an industry veteran with over … Latest Stories FromGolub Leads $3.4B Unitranche Loan for Thoma Bravo Portfolio CompanyAlternative Assets | September 21, 2023Credit asset manager Golub Capital has acted as administrative agent, left lead arranger and joint bookrunner on a $3.4 billion unitranche facility for Hyland Software, a provider of enterprise content management software and a portfolio company of private equity giant Thoma Bravo since 2007. The unitranche facility includes a $3.25 billion term loan and a ...Berthel Fisher Companies Has New Leadership Team Broker/Dealers | September 21, 2023Andrew Christofferson named president, CEO The Berthel Fisher Companies, a financial services firm, has named Andrew Christofferson, formerly the firm’s COO, as president and CEO of the firm’s registered investment advisory, two broker-dealers and insurance agency subsidiaries. Christofferson will succeed Tom Berthel, the company’s co-founder. Berthel will continue to serve as the holding company’s president, ...LPL Expands Liquidity and Succession Program to Outside AdvisorsBroker/Dealers | September 21, 2023LPL Financial is expanding its Liquidity and Succession program to non-affiliated advisors. The program, which was initially offered internally to LPL advisors in May 2022, is now being offered to external advisors looking for a buyer for their business. According to LPL, it allows advisors to monetize their businesses in order to retire or just ...Illinois Retirement System Pumps $75M into Real Estate FundAlternative Assets | September 21, 2023As part of its increasing real assets portfolio, the State Universities Retirement System of Illinois (SURS) will commit $75 million to a real estate fund. Trustees approved an allocation to Brookfield Strategic Real Estate Fund (BSREP) V. The fund is the flagship US-focused real estate strategy of Brookfield Asset Management. The Toronto-based firm’s BSREP vintage ...
