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Thursday, May 14, 2020

Oko Group Breaks Ground on 47-Story Condo Tower in Brickell

May 14, 2020

Oko Group has broken ground on the Una Residences, a 47-story, 135-unit condo project in Miami’s Brickell neighborhood. The project is the first major condo project to start construction in Miami’s urban core in 2020.

Located at 175 S.E. 25th Road, Oko Group purchased the 1-acre site for $48 million in 2015. The property will include two penthouses with units ranging in size from 1,100 to 4,786 square feet. Prices will start at $2 million.

Amenities at Una Residences will include several pools, a fitness center, a spa, yoga studio and a marina. Residents will also have access to the Grand Bay Club along the beach in Key Biscayne. The project is slated to be completed by early 2023.

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Tags: Development

Broward Senior Living Facility Trades for a Discounted $56M

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May 14, 2020

Parkland FL Senior Housing Propco, an affiliate of Kayne Anderson Real Estate Advisors, has acquired Aston Gardens at Parkland Commons, a 325-unit senior living facility in Parkland. The sales price was $55.7 million.

The seller was a subsidiary of Welltower, which had acquired the property for $78.6 million in 2015. The Toledo, Ohio-based REIT has recently felt pressure on its national senior living portfolio as the Covid-19 pandemic has made it difficult to secure new residents. Occupancy rates have recently declined.

Built in 2002, the 349,250-square-foot facility was constructed in 2002 and has independent living, assisted living and memory care units.

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Tags: Senior Housing

Suburban Nashville Apartments Land $30M Loan

Preston Run Apartments

Michelson Org. has received a $30.3 million financing package for Preston Run Apartments, a 238-unit community in Goodlettsville, Tenn. Walker & Dunlop originated the Fannie Mae note, according to public records. The Class A asset last changed hands in 2007, when the borrower acquired it for $24.1 million from King Management Solutions, Yardi Matrix shows.

Located on 18 acres at 333 Northcreek Blvd., the community’s nine buildings delivered in 2004. The property has one- to three-bedroom floorplans. Amenities include a pool, fitness center, media room, business center and dog park. The community is within 1 mile of Interstate 65 and 14 miles north of downtown Nashville. The Long Hollow Pike retail corridor is 1 mile north, home to a variety of shopping and dining establishments as well as several hotels.

Nashville’s multifamily market started the year on a strong footing, both in terms of investment and loan origination volume. While activity has now slowed as a result of the coronavirus pandemic, some $520 million in deals closed in the first quarter.

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KBS Sells 453-Unit Salt Lake City Community

Hardware Apartments. Image courtesy of KBS

Oakmont Properties has acquired Hardware Apartments, a 453-unit luxury community in Salt Lake City, Utah, from KBS Real Estate Investment Trust III. The recently completed property, located at 455 W. 200 N., changed hands for an undisclosed amount in an off-market deal.

The sale took place despite severe economic uncertainties over the last couple of months. Rod Richerson, KBS’s regional president for the Western United States, noted in a statement that Oakmont Properties lost its lender at the last moment, so KBS provided short-term market rate seller financing to help complete the deal.

Private equity real estate firm KBS partnered with local developer Salt Development on the project, starting construction on the 267-unit first phase, Hardware West, in mid-2016 and wrapping up in June 2018. Hardware East, the 186-unit Phase II, was completed shortly before the sale. The property forms part of the Hardware Village development near downtown Salt Lake City, adjacent to the Salt Lake Hardware Building, a KBS-owned warehouse building that has been converted for office use.

The community features a variety of penthouses, lofts, studios, one- and two-bedroom apartments, townhomes and brownstone row houses, along with a high-end amenity package that include a fitness center and rooftop lounge with an infinity pool. The 4.3-acre site is located steps away from the North Temple Station of the TRAX light rail system as well as Trolley Square and Liberty Park.

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BiggerPockets Podcast 382: No Money Down BRRRR Investing with Josiah Smelser (Part 1, Recorded Pre-Coronavirus)

Tucker Merrihew discusses how to flip, wholesale, and buy rentals in a tough economy. More than qualified to tackle this subject, he launched his real estate business right before the Great Recession. Learn which properties to avoid, price ranges to target, and why renovating old homes is risky r…

Brandon and David host a panel discussion with three seasoned investors that touches on topics such as exact scripts for communicating with non-paying residents, strategies for connecting tenants to government resources, an explanation of “deferment” vs. “forbearance,” and much more.

There are plenty of opinions about where the real estate market is headed. But what about the numbers? Dave Meyer—real estate investor and BiggerPockets’ VP of Growth and Analytics—shares findings from BPInsights, new data-focused content and tools surrounding rental market updates, national pric…

With a recession underway, we turn to an investor with 30 years’ experience, 3,000+ multifamily units, and one of the sharpest minds in real estate. Brian Burke offers his interpretation of current events and guides us through how to invest passively without violating Warren Buffett’s “Never Lose…

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Southeast Jacksonville Community Gets $75M Loan

Bentley Green. Image via Google Maps

Starwood Capital Group has received a $74.8 million Freddie Mac loan for the 820-unit Bentley Green in Jacksonville, Fla., according to Yardi Matrix information. Newmark Knight Frank originated the 10-year financing, which will retire existing debt. The owner purchased the asset in 2017 as part of a $2.8 billion, 11-property portfolio from The Milestone Group.

Located at 8214 Princeton Square Blvd. E. within walking distance of dining and retail options, the community is less than a mile from Interstate 95, some 11 miles southeast of downtown Jacksonville. Completed in 1984, the community comprises one-, two- and three-bedroom apartments in 63 two-story buildings spread across a roughly 48-acre site. Units range in size from 500 to 1,100 square feet, and common-area amenities include four pools, two fitness centers, a tennis court, a dog park and a playground.

Starwood has been active this year, with several high-profile acquisitions in the South. The investor’s $140 million purchase of the 994-unit Nashboro Village was Nashville, Tenn.’s largest transaction of the first quarter.

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D.C.’s Stay-at-Home Order Extended to June 8

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May 14, 2020

Washington, D.C. Mayor Muriel Bowser extended the District of Columbia’s stay-at-home order through June 8, while noting that she could lift it earlier if conditions warrant doing so. The previous order, issued last month, was due to expire on May 15.

“The continued sacrifices by residents and businesses are saving lives and helping us get to the other side of this incredibly difficult time for our city,” said Bowser. “Together, by staying home a little longer, soon we will be able to reopen D.C. safely and sustainably.”

Bowser on Wednesday outlined several criteria based on federal guidance that the District must meet before beginning phased reopening. These include a 14-day sustained decrease in community spread of COVID-19, improved testing capacity, a seven-day period of the District’s hospitals running at less than 80% of capacity, and improved contract tracing capacity.