New Jersey News
Grand Opening of Hampshire Crossing Apartments in Lakewood
Lakewood, New Jersey (2/20/19) – TFE Properties is pleased to announce the grand opening of Hampshire Crossing, a brand new apartment community in the heart of Lakewood. Phase 1 of construction is now complete, and the first move-ins are scheduled for this month.
“We have received a very positive response so far from future tenants and from the Northern Ocean County community,” says Carey Tajfel, Co-President of TFE Properties. “Our pre-leasing period was busy, and we expect to fill all vacancies in the coming months. We are proud that our reputation for five-star quality and hands-on management has preceded us.”
The features of Hampshire Crossing most lauded by future tenants include the spacious layouts, the modern fixtures and finishes, the convenient key fob entry system, and the overall curb appeal. Future tenants say they love that everything is brand new and can’t wait for move-in day.
Hampshire Crossing apartments are comprised of six different layouts with one-bedroom and two-bedroom options. Nestled in a wooded area near the Garden State Parkway and conveniently adjacent to E-Z Self Storage Lakewood, the apartments greet residents with warm, neutral color tones, open floor plans, and all the comforts of high-end amenities.
Each unit includes a generous master bedroom with a walk-in closet, a balcony with sliding glass doors, a full-sized washer and dryer, and a spacious kitchen with rich espresso cabinets, quartz countertops, and stainless steel appliances, among other top attributes. The community is pet-friendly and also features a fully equipped fitness center.
Hampshire Crossing is centrally located between downtown Lakewood, Brick, and Toms River. Residents will have easy access to nearby shopping and entertainment including Ocean County Mall, Ocean County Park, Woodlake Country Club, and Point Pleasant Beach and Boardwalk.
Hampshire Crossing is located at 929 New Hampshire Avenue, Lakewood, NJ. Prospective tenants are invited to call (732) 664-0242 or email firstname.lastname@example.org for more information.
Rental Nation Annual Rent Guide Report
Nationwide, the average price for a one-bedroom apartment for rent jumped 4.2 percent from December 2017 to December 2018. Studio and two-bedroom rental rates also increased during this same time period.
One-bedroom rental prices in 2018 increased the most in the Northeast, largely due to the expensive cities in the region. The South had the lowest average rental prices in 2018 for one-bedroom apartments. Two-bedroom units in the South were generally the best bargain for renters.
The Apartment Guide 2019 Annual Rent Report highlights trends and price fluctuations that renters can expect to find in different places across the country. The report compares prices for studio, one-bedroom and two-bedroom apartments for rent to determine which areas of the country or cities are becoming more expensive or more affordable for renters.
Plus, we analyze a key few takeaways and insights from our findings – such as rental unit availability, a push for new and luxury apartment properties and regional population changes – to educate renters about the trends they will be experiencing when searching for a new place to call home.
Kiely Family of Companies Continues Growth, Announces New Office in Canonsburg, Pennsylvania
TINTON FALLS, N.J., -- The Kiely Family of Companies, an ENR 600 company located in Tinton Falls, New Jersey, announces its latest expansion with the opening of the firm's location in Canonsburg, Pennsylvania. The new office is located approximately 20 miles southwest of Pittsburgh, at 2400 Ansys Drive: Suite 102, Canonsburg, PA.
This is the third Pennsylvania location for the growing company, which employs more than 1200 team members throughout the United States and abroad. The new Canonsburg location will focus primarily on providing turn-key engineering, pipeline inspection, and integrity management solutions with increased responsiveness to new and existing design-build customers throughout Pennsylvania and the Midwest.
"As we continue to expand, we are always looking for strategic growth opportunities to better support our customers. Building our reach with an additional location in Pennsylvania is a natural next step in our journey," says John M. Kiely, President of the Kiely Family of Companies. "The Canonsburg location allows us to offer extensive resources, strict compliance, and innovative solutions to a new market."
The Kiely Family of Companies is committed to designing and building successful projects on time, on budget, and on expectation, and is expected to continue growth into 2019.
The Kiely Family of Companies established in 1952 specializes in design-build. Its three business units, civil, development, and equipment serve the engineering, construction, real estate and manufacturing industries. As an ENR 600 company, heavily concentrated in the Northeast, the Kiely Family of Companies employs more than 1200 team members throughout the United States and abroad.
For more information about the Kiely Family of Companies, visit kielybuilds.com.
Realogy executive receives NAGLREP's Pinnacle Award
MADISON, N.J. -- The National Association of Gay & Lesbian Real Estate Professionals (NAGLREP) announced Tanya Reu-Narvaez, Realogy senior vice president of Human Resources, as the recipient of its coveted Pinnacle Award during its 2018 national convention in Palm Springs, California.
The Pinnacle Award is NAGLREP's highest honor, presented annually to those who are devoted to the success of NAGLREP and supportive of the LGBT community. Reu-Narvaez, a long-time proponent of diversity within the real estate industry, was instrumental in helping NAGLREP launch its first national conference five years ago and continues that strong support today.
According to Jeff Berger, founder, president & CEO, NAGLREP "Tanya was a driving force in the growth and success of NAGLREP, including helping us launch our first national conference. She is one of the real estate industry's top proponents of diversity initiatives, and she played a major role in giving LGBT within the Realogy family a voice with the launch of its REAL Pride employee resource group."
"I am honored to receive this prestigious award from NAGLREP, and extremely proud to see the great strides made by NAGLREP in representing the LGBT community since its inception. Realogy understands the importance of inclusion and is a strong advocate for the LGBT community, whether they be employees, agents and brokers or homebuyers and sellers." said award recipient Reu-Narvaez.
Realogy announces support for Fair and Equal Housing Act bill
H.R. 1447 would amend the Fair Housing Act to add LGBT as protected classes
MADISON, N.J.-- Realogy Holdings Corp. (NYSE: RLGY), the largest full-service residential real estate services company in the United States, today announced its support for H.R. 1447, the Fair and Equal Housing Act of 2017, which if passed would amend the Fair Housing Act (FHA) under the Civil Rights Act of 1968 to add sexual orientation and gender identity as classes protected against discrimination in the sale, rental, or financing of housing. In its current form, the FHA prohibits discrimination based on race, color, national origin, religion, sex, familial status, and disability.
John Peyton, president and CEO of Realogy Franchise Group, affirmed the company's support for H.R. 1447 at the National Association of Gay & Lesbian Real Estate Professionals (NAGLREP) 2018 National Conference, where he also discussed "Looking Forward: Change, Diversity & the Housing Market in 2019 and Beyond," as a featured speaker at the event.
Highlights from Realogy's Statement:
Realogy fully supports the expansion of FHA legal protections as a matter of basic human dignity and as a good business practice.
Although 22 states and the District of Columbia currently prohibit housing discrimination on the bases of sexual orientation and gender identity, there is currently no federal law that explicitly protects LGBT people from housing discrimination.
Realogy and its brands – Century 21®, Coldwell Banker®, Coldwell Banker Commercial®, ERA®, Sotheby's International Realty®, Better Homes and Gardens® Real Estate, Corcoran®, Citi HabitatsSM and ZipRealty® -- already actively promote, and are committed to, creating and fostering an environment of diversity throughout their respective organizations/franchise systems, and view diversity as a critical component to the on-going success of their business operations.
Realogy began a journey more than 10 years ago to focus on external diversity marketplace efforts by forming partnerships with professional real estate associations whose ongoing missions are to improve the homeownership rates of various diverse groups including the LGBT community.
Realogy and its brands are partners of NAGLREP, which advocates fair housing for the LGBT+ community.
Civitas Capital Group Closes on TownePlace Suites in Clinton, Maryland
CLINTON, Md.-- Civitas Capital Group ("Civitas"), a leading independent specialty asset management and financial services firm, has closed on the acquisition of the 115-room TownePlace Suites in Clinton, Maryland.
This is the first closing within the Civitas Pretium Fund, LP, which seeks to acquire and reposition branded U.S. select and limited service hotels. The Fund targets attractive risk-adjusted returns through both current income and capital appreciation.
The TownePlace Suites Clinton at Joint Base Andrews is an extended-stay hotel that has benefitted from its excellent location and market since opening in 2008. Located approximately 10 miles from U.S. Capitol Building in Washington, D.C., the hotel is uniquely positioned in a secondary submarket with Top 25 market attributes and demand drivers. This includes adjacency to the home of Air Force One, Joint Base Andrews, itself in the middle of a $250 million upgrade to the hangar for the Air Force aircraft used by U.S. presidents.
The TownePlace Suites Clinton was renovated in 2015 and features 93 studios, 14 one-bedroom units, and eight two-bedroom units. Amenities such as a swimming pool and an expanded great room were added to accommodate extended-stay military guests, who average 55-night stays.
"With nearly 350 hotels, TownePlace Suites by Marriott is a trusted name in extended-stay hotels, and we're thrilled to continue working with this top-tier brand," said Caroline Perel, managing director for Civitas. Civitas last year purchased TownePlace Suites Waco in Central Texas. "The hotel's proximity to Joint Base Andrews, National Harbor, and the greater D.C. market made TownePlace Suites Clinton a perfect acquisition for Civitas."
Aimbridge Hospitality, the nation's largest independent hotel investment and management firm, will manage the property on behalf of Civitas.
Civitas's Lodging team has developed and renovated projects totaling over $1.5 billion, with an expertise that spans the breadth of industry sub-specialties, including the acquisition, development, financing, strategic positioning and branding, asset management, and disposition of hotels.
Security Properties Acquires Arbor Creek in Beaverton, OR
SEATTLE,-- On October 30, 2018, Security Properties purchased Arbor Creek, a 440-unit, Class-B garden-style community located in Beaverton, OR for $84,300,000. This is Security Properties' ninth asset in the Portland MSA.
Sitting 25 minutes west of downtown Portland, the area is best characterized by its suburban neighborhood feel and convenient access to the largest employers in the Portland MSA. Arbor Creek benefits from its accessibility off of SW Tualatin Valley Highway, the primary thoroughfare connecting Hillsboro and Beaverton. Within a 10 minute drive, residents have access to an array of grocers, Regal Cinemas, a MAX line, and the Tualatin Hills Nature Park. The park, sitting directly adjacent to the property, offers 5 miles of scenic wetland walking trails spread out over 222 acres.
Beaverton is renowned globally for being the home of Nike. Nike, whose world headquarters is located less than 10 minutes from the property, has been drastically expanding their campus. Nike's employment in Oregon has increased by almost 60% since 2007, bringing total employment in Beaverton to 8,500 and 56,500 worldwide. To accommodate the increased headcount, construction began on a $380 million, 3.2 million square foot expansion in January of 2015, and the project's anticipated completion is slated for the end of 2018. Additionally, the largest employer in Oregon, Intel, has four campuses within 15 minutes of the property. Ronler Acres, their most regarded campus, serves as their largest concentration of facilities and talent in the world.
The asset represents a heavy value-add investment. The units at Arbor Creek offer a mix of 1x1 and 2x2 floorplans. Current ownership has renovated approximately 80% of the units with upgraded cabinets, resurfaced counters, vinyl flooring, faux stainless steel appliances, and upgraded light fixtures. Security Properties will be improving the units by installing vinyl planks throughout, in addition to spraying the countertops. Security Properties will also be updating the clubhouse, revamping the pool deck and improving the outdoor common spaces.
Davis Vaughn, Senior Director of Investments at Security Properties says, "Arbor Creek was a target for our portfolio because of the clear value-add opportunity. Additionally, with a significant supply-demand imbalance due to the suburban Portland job creation, Arbor Creek is well positioned for future growth. We look forward to implementing our business plan and creating value for our investors"
The property will be managed by Security Properties-affiliate Security Properties Residential.
Acquisition and renovation of a multifamily property in Dallas, Texas
NEW YORK, -- Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a first mortgage bridge loan in the amount of $35 million to finance the acquisition and renovation of a multifamily property located in Dallas, Texas.
The sponsor is a joint-venture between Beverly Hills-based Concord Real Estate and New York-based Sun Equity Partners. Loan proceeds were used to finance the acquisition of the property and fund both interior and exterior capital improvements.
Park Ninety Six 90 is a 506-unit garden style multifamily community located approximately 16 miles northeast of the Dallas Central Business District. The property is situated on a 19-acre site and features 66, two‐story buildings, and one, three-story building for a total of 411,751 square feet. Park Ninety Six 90's unit mix is comprised of 44 studio apartments, 303 one-bedroom units, 151 two‐bedroom apartments and eight, three-bedroom units.
"This deal was unusual in that we needed to deliver firm committee approval in less than three weeks due to the borrower's tight timeline imposed by the seller," commented Ted Nasca, Managing Director at Hunt Real Estate Capital. "Once we received approval, we were then in a position to fund within four weeks of receiving the signed application."
With this acquisition, Concord Capital Partners now owns more than 2,000 units in the Dallas metroplex. The Company employs more than 70 people with a vertically integrated platform that strategically invests in value-add and development opportunities across all asset classes, throughout the United States. Concord's current portfolio is valued in excess of $1 billion.
Project amenities include three swimming pools, a clubhouse with a resident lounge, leasing office, fitness center, gated access, laundry facilities, playgrounds, dog parks, and grilling and picnic areas. The property also features an after‐school program.
"Park Ninety Six 90 was renovated between 2014‐2018, with just over $3.5 million spent on interior upgrades to 168 units, and updates to various amenities such as the swimming pools, fitness facility, and more," added Nasca. "Future renovations including the upgrade of the interiors of 338 units, and a variety of exterior upgrades is planned. We were pleased to partner with this repeat Hunt Real Estate Capital client on this quality value-add property and happy it came together so well despite the timing issues that needed to be accommodated."
Brixmor Property Group provides update on investment and capital markets activity
NEW YORK, -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today third quarter 2018 investment and capital markets activity and provided additional information on its expectations related to non-cash GAAP rental adjustments.
"During the third quarter, we successfully closed over $450 million of non-core asset sales at very attractive pricing. I am extremely pleased with the continued execution of the plan we highlighted at our Investor Day last December to raise attractively priced capital in the private market, strengthen our balance sheet, reposition and reinvest in our portfolio and enhance our long-term growth rate. We now expect to sell over $900 million of non-core assets in 2018, which will position us to be balanced as it relates to capital recycling activity in 2019 and beyond, and, combined with our continued progress in leasing and redevelopment, will drive long-term sustainable growth in cash flow for shareholders," commented James Taylor, Chief Executive Officer and President.
During the three months that ended September 30, 2018, the company generated approximately $453.5 million of gross proceeds on the disposition of 28 assets, including two partial properties, comprised of 3.5 million square feet.
Brixmore generated approximately $699.3 million of gross proceeds on the disposition of 44 assets, including two partial properties, comprised of 6.4 million square feet.
They currently expect totals of 2018 gross proceeds from dispositions of over $900.0 million.
Brixmore acquired a building adjacent to an existing center for $1.5 million, and acquired a building and land adjacent to existing centers and terminated a ground lease and acquired the associated building at an existing center for a combined purchase price of $8.8 million.
Brixmore repurchased 2.7 million shares of common stock under its share repurchase program at an average price per share of $17.77 for a total of approximately $48.6 million, excluding commissions. Since its inception of the share repurchase program in December 2017, the Company has repurchased 5.2 million shares of common stock at an average price per share of $16.78 for a total of approximately $87.7 million, excluding commissions.
For additional information, please visit www.brixmor.com
Prologis completes sale of $1.1 billion portfolio
SAN FRANCISCO-- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, today announced it has completed the sale of a high-quality portfolio of buildings and land in Europe and the United States to a major Asian property company for $1.1 billion.
The portfolio comprises 16.5 million square feet of buildings as well as 144 acres of land, including:
46 buildings totaling 9.9 million square feet principally in Poland, France, and Hungary
40 buildings totaling 6.6 million square feet primarily in Seattle, Dallas, and Chicago
The transaction included $934 million of assets from Prologis' co-investment ventures and $195 million in wholly owned assets. Prologis' share of the proceeds totaled approximately $610 million. The transaction was included in the company's 2018 guidance.
"This transaction effectively completes our efforts to align our portfolio with our long-term investment strategy," said Michael S. Curless, chief investment officer, Prologis. "Our portfolio realignment program began in 2011 and, upon completion in the fourth quarter of this year, will total approximately $14 billion of building sales on an owned and managed basis."
Summit Hotel Properties acquires Residence Inn by Marriott Boston Watertown
AUSTIN, Texas, -- Summit Hotel Properties, Inc. (NYSE: INN) (SHP) reported today that it has completed the acquisition of the 150-guestroom Residence Inn by Marriott Boston Watertown and the previously announced sale of the 148-guestroom Hyatt Place Fort Myers/at the Forum.
"We are thrilled with the acquisition of the Residence Inn by Marriott Boston Watertown, which represents a continuation of our capital allocation strategy by acquiring an exceptionally well-located hotel in a vibrant market," said Chairman, President, and Chief Executive Officer Daniel P. Hansen. "With the completion of the sale of the Hyatt Place Fort Myers, our capital recycling program has generated $107 million of gross proceeds year-to-date at a blended capitalization rate of 7.7%, including estimated capital expenditures. We have successfully redeployed a portion of these proceeds through this off-market transaction into a high-quality asset with a superior RevPAR, EBITDA margin and going-in yield than the hotels that were sold. This acquisition will further enhance our diversified portfolio of premium-branded hotels with efficient operating models and will lead the portfolio in absolute RevPAR and hotel EBITDA margin."
On September 12, 2018, SHP completed the acquisition of the 150-guestroom Residence Inn by Marriott Boston Watertown for a purchase price of $71.0 million, or approximately $473,000 per key. Opened in August 2016, the hotel will require very limited capital expenditures, and they estimate a capitalization rate of 8.1 percent based on management's current estimate of the hotel's forward twelve-month net operating income. SHP estimates that the hotel will contribute approximately $1.7 million of EBITDAre through the remainder of 2018.
Located in the emerging submarket of Watertown near Cambridge, along the Charles River in Boston and adjacent to the new mixed-use development known as "Arsenal Yards," the Residence Inn by Marriott Boston Watertown is uniquely positioned to capture business from a large and diverse demand base. Prestigious universities such as Harvard, MIT, Boston University, Boston College, and Tufts University are within a few miles of the hotel and Kendall Square, Boston's premier tech hub and home to tech giants Microsoft, Facebook, Google, and Amazon as well as small startups and biotech companies, are in close proximity as well. The hotel is across the street from the transformative redevelopment of Arsenal Yards, which will provide an additional 200,000 square feet of office space, 425 residences, and 250,000 square feet of retail, including a luxury movie theater, numerous restaurants and shops, and a grocery store. In addition, the hotel's location, approximately six miles from downtown Boston, will allow the hotel to garner demand from one of the nation's strongest convention markets.
On September 28, 2018, SHP completed the sale of the 148-guestroom Hyatt Place Fort Myers/at the Forum located in Fort Myers, FL for a total sales price of $16.5 million, or approximately $111,000 per key. The sales price, plus estimated foregone capital improvements, represents a capitalization rate of 7.5 percent based on the hotel's net operating income for the twelve months ended August 31, 2018. SHP included the sale of this hotel in its updated 2018 guidance provided on August 1, 2018 and estimates that the hotel would have contributed approximately $0.3 million of EBITDAre from the sale date through the remainder of 2018.
Xenia Hotels & Resorts acquires Fairmont Pittsburgh for $30 million
ORLANDO, Fla-- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced it has acquired Fairmont Pittsburgh, a 185-room luxury hotel located in Pittsburgh, Pennsylvania for a purchase price of $30 million, or approximately $162,000 per key.
The acquisition was funded with cash available on the Company's balance sheet. The purchase price represents an estimated 11.0x multiple on 2018 forecasted Hotel EBITDA. Xenia currently forecasts that the hotel will generate approximately $0.9 million of Hotel EBITDA during the remainder of 2018.
"We are excited to acquire Fairmont Pittsburgh, the leading luxury hotel and RevPAR market leader in Pittsburgh, a market that has become one of the most dynamic regional economies in the country," said Marcel Verbaas, Chairman and Chief Executive Officer of Xenia. "The acquisition of this unique asset, at a price per key significantly below replacement cost and an attractive EBITDA multiple, will contribute to the ongoing enhancement of the quality of our portfolio and further diversify our portfolio location and asset mix. While the hotel is in good physical condition, we believe we will be able to drive earnings growth as we integrate the hotel into our platform and further enhance the property's position as the premier luxury hotel in the market."