Development Boom Strengthens Commercial Real Estate Market

Houlihan Lawrence Commercial | May 07, 2019

For developers, brokers, landlords, and construction companies, it’s a wonderful time to be in Westchester. And even though rents are edging up, residential and commercial tenants are pleased to benefit from new site options and amenities that make this county the place to be. As our population shifts, our economy booms, and our neighbor to the south grows more expensive by the hour, Westchester enjoys a flourishing commercial real estate market. We looked at the four major segments of that market and found positive stories nearly everywhere.

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REAL ESTATE TECHNOLOGY

SitusAMC Expands European Servicing Business to Include Direct Debt

SitusAMC | August 10, 2021

SitusAMC, one of the largest independent, rated commercial real estate primary and special servicers in Europe, announced the expansion of the firm's servicing business in Europe to include corporate direct debt, infrastructure and social housing loans. SitusAMC currently services 67 billion euros in commercial real estate loans with assets located in 18 countries through Europe for banks, insurance companies, funds, and private equity firms. Alfonso Pagano has been hired as Director, reporting to SitusAMC's Executive Managing Director and Head of Europe, Lisa Williams, and will oversee the new business segment. In addition to loan servicing, SitusAMC also provides loan asset management, loan advisory and valuation services to its clients in Europe. With the expansion, SitusAMC will offer loan agency and loan administration services for corporate, infrastructure and social housing related loans. "Many of our European clients also provide corporate lending through direct lending platforms," said Williams. "As organisations look to streamline their operations with partners who can provide more comprehensive support, we saw an opportunity to leverage our proven experience in commercial real estate debt to provide a more efficient and effective way for to service a broader range of loans, including direct debt." Pagano, who joined the firm on July 29, brings more than 15 years of experience in servicing debt, including leadership roles at top global financial institutions such as BNP Paribas Securities Services, The Bank of New York Mellon and ABN AMRO. Most recently, Pagano worked as a commercial director in the capital markets services team at TMF Group. He has a master's degree in international economics and currency markets from Parthenope University in Italy. "This is a great opportunity to be a part of the expansion of SitusAMC's servicing business into corporate loan servicing. SitusAMC has a strong reputation in the market, a passionate team of experts, and a client list that includes some of the leading organisations in the region," stated Pagano. "I look forward to leading SitusAMC's entry into this new service offering and delivering value for everyone we proudly serve." About SitusAMC SitusAMC is the leading independent provider of technology, strategic outsourcing, talent and advisory solutions to the commercial and residential real estate finance industries. The company helps clients identify and capture opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness, and improve market agility across the entire lifecycle of their global real estate activity.

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REAL ESTATE INVESTMENT

Thompson Thrift Residential to Develop Luxury Apartment Community outside Tampa

Altura Capital | February 24, 2022

Thompson Thrift Residential, a wholly-owned affiliate of Thompson Thrift and one of the nation's leading multifamily developers, announced that construction has begun on Palm Grove Luxury Apartment Homes, a 320-unit, luxury multifamily community in the Tampa suburb of Ellenton. Thompson Thrift plans to welcome new residents starting in the second quarter of 2023. The development is a joint venture with Altura Capital. There is strong demand for luxury rental communities in this area and significant market growth that make this a compelling investment opportunity, The community's centralized location ensures future residents have convenient access to Sarasota, Tampa and St. Petersburg as well as nearby retail, dining and recreational opportunities." Josh Purvis, managing partner for Thompson Thrift Residential. Located on the northeast corner of the U.S. Highway 301 and Interstate 75 interchange, the 27-acre site will offer two-story buildings with detached garages. A mix of one-, two-, and three-bedroom layouts averaging 1,100 square feet will provide an array of in-demand finishes including elegant quartz countertops, stainless steel appliances, tile backsplashes, large walk-in closets, hardwood-style flooring, full-size washers and dryers, and more. The luxury living experience will extend throughout the community with a clubhouse featuring stylish spaces for entertaining, 24-hour fully equipped fitness centers, resort-style heated swimming pools, community-wide WiFi, dog park, and more. Residents will also benefit from being located within walking distance to the Ellenton Premium Outlets, which is home to 116 shops and restaurants. This area has seen some of its fastest community growth in recent years, and employment growth is expected to outpace the national average for the next six years, For-sale home values have increased 14% over the past year, and so we are excited that residents will have a top-quality new rental option to choose from when Palm Grove opens its doors next year." Brian Southworth, senior vice president of acquisitions, partner. Palm Grove will be the eighth multifamily community Thompson Thrift Residential has developed in Florida. They are also underway with The Sophia, a built-for-rent community in nearby Venice. Since 2008, Thompson Thrift made a name for itself by being one of the few developers to build Class A residential communities in markets across the country with a variety of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $3.15 billion and has become known as a trusted partner committed to developing high-quality, attractive communities. About Altura Capital Altura Capital is a real estate investment firm with offices in Arizona and Florida. The company focuses in opportunities that create value and maximize cash flow through ground-up development with best in class developers. The firm targets investments between $5-25 million of equity in a diverse group of residential and industrial projects. The location focus is primarily secondary markets with attractive fundamentals.

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REAL ESTATE TECHNOLOGY

Embrey Expands Footprint in Austin, TX with Acquisition of Arboretum Oaks

Embrey | May 18, 2022

Embrey, a diversified real estate investment company based in San Antonio, Texas, has acquired the Arboretum Oaks apartment community. Located in Austin, Texas, the 252-unit property built in 1984, marks the first acquisition, and 25th asset that Embrey has either developed, owned, or operated in the greater Austin area. Embrey's nationally recognized, award-winning Embrey Management Services will take over property management duties at the community. Located less than 15 minutes northwest of downtown Austin and five minutes west of The Domain, Arboretum Oaks offers numerous competitive advantages in terms of its accessibility, community amenities and walkable proximity to retail. Through the purchase of Arboretum Oaks, Embrey will be leveraging the explosive, pent-up demand for rental properties in a market that has added more than 80,000 jobs since 2016. Despite continued in-migration, low housing supply, and strong job creation, Austin's Arboretum area has seen only one apartment community developed since 2000. This is a beautiful community with great access to the Arboretum, The Domain, downtown Austin, and a number of highly sought-after employers such as Apple, Amazon, and Facebook, to name just a few. We plan to fully renovate the property to bring it up to current market standards and renter expectations. Combining the property's prime location and remarkable bones with the red-hot rental demand of Northwest Austin makes this a terrific investment for our company." Alex Sampson, Vice President of Acquisitions at Embrey Fueled by the nation's leading job and population growth, the Austin area has one of the hottest apartment markets in the country. Asking rents are now up roughly 25 percent since the start of the pandemic, well ahead of the national average. Most recently, as of the first quarter of 2022, occupancy in Austin increased three percent to 96.4 percent according to Witten Advisors. "This acquisition signifies another step in expanding Embrey's acquisition platform and capital base," says Sampson. "As a vertically integrated, diversified real estate investment company, we continue to seek acquisition opportunities like this to create value for our capital partners." Embrey partnered with Black Salmon Capital on this acquisition with debt being funded by an affiliate of Heitman LLC, a global real estate investment management firm. Embrey and its partners were assisted in this transaction by Walker & Dunlop investment sales brokers Matt Pohl and Spencer Roy, as well as debt brokers Patrick Short and Tom Toland. About Embrey  San Antonio-based Embrey is a diversified real estate investment company that owns, develops, builds, acquires and manages multifamily and commercial assets in targeted markets across the United States. Since 1974, Embrey has developed more than 44,000 apartments and over 6 million square feet of commercial property. Embrey is a leading developer in the multifamily sector, with more than 6,000 units under construction or in development.

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