Silicon Valley's Office, R&D Markets Off to Slow Start in 2019

Cushman & Wakefield | April 23, 2019

Silicon Valley's Office, R&D Markets Off to Slow Start in 2019
According to Cushman & Wakefield's latest Silicon Valley's Office and R&D sector report, Silicon Valley's tech space is off to a sluggish start in 2019, after having combined for a robust 2.85 million square feet (msf) of occupancy growth in 2018 -- largely stemming from the office sector. While the office market did continue its growth trend reporting another 269,000 so of positive net absorption in the first quarter, the R&D sector finished with a negative 265,000 sf, leading to a virtual wash between the two sectors. Notably, both sectors maintain very healthy single-digit vacancies coupled with rent growth, while demand remains strong.

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INVESTMENTS

MultiVersity Housing Partners Acquires 308-Bed Student Housing Property Near The University Of South Carolina

MultiVersity Housing Partners | December 23, 2021

The latest, but not last acquisition of 2021 by MultiVersity Housing Partners ("MVHP") is the acquisition of The Orchard Columbia. The Orchard Columbia is an 84-unit, 308-bed student housing property located less than one mile from The University of South Carolina. The Orchard Columbia is a highly reputable asset within the submarket and is an exceptional addition to MVHP's student housing portfolio. MVHP's property management arm, MultiVersity Property Management ("MVPM"), will be overseeing the management and planned improvements at the subject property. The Orchard Columbia is comprised of 84 cottage-style units spread across 8.05 acres. The unit mix consists of 28 three-bedroom units and 56 four-bedroom units each suited with bed-bath parity. The Orchard Columbia was constructed in three phases between 2015 to 2018 and is outfitted with modern upscale features that include concrete and hardwood flooring, expansive kitchens, granite countertops, stainless steel appliances, and 48" screen TVs. Community amenities include a pool, clubhouse, fitness center, individual security systems, and private parking. The Orchard Columbia is seated in a prime location, 0.9 miles from campus and 0.6 miles from Williams-Brice Stadium. The competitive location, amenities, and cottage-style product has enabled the property to achieve full occupancy for the 2021-2022 lease term, and is now 100% preleased for the 2022-2023 school year. MultiVersity Property Management will bring their boutique-style approach and expertise in property management to operate this property more efficiently. MVPM will be adding an outdoor LED screen near the pool to display the latest Gamecock sporting events. Additionally, upgrades will be performed to the clubhouse, pool furniture, and fitness equipment. Furthermore, the cable and internet package will be enhanced along with improved security measures. These improvements will take place throughout the remaining school year and will be available to residents starting in August 2022. MultiVersity is excited to be back in the Columbia market with such an outstanding asset, Orchard Columbia is the only cottage style product within a mile from campus, setting it apart from the competition. MVPM's planned upgrades will further set Orchard apart from the competition making it the premier choice for USC students." Principal of MVHP, Anthony Magnelli MultiVersity Property Management ("MVPM") is the property management division of MultiVersity Housing Partners ("MVHP"). MVPM's mission is to become the recognized leader in its targeted markets for property management services. MVHP is seeking market-rate apartment, workforce housing, and purpose-built student housing acquisitions throughout the Mid-Atlantic, Midwest, and Southeastern U.S. The guiding principle of MVPM is to treat each property as its own individual business first and foremost. MVPM operates with a total focus on its portfolio of managed properties (both owned and third-party) and on its owners/customers. MVPM provides a number of services that fit the needs of today's conventional and student housing residents, while at the same time focusing on owner requirements and expectations. Christopher Feeley, CEO and Managing Member of both MVHP and MVPM, would like to thank the following for assisting in the closing of this acquisition: Dan Kearns of JLL, the Hunt Realty Team with special thanks to Steve Gordon, Milan Parekh and his team at EM 163, and the senior lender.

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Vincent Properties Collaborates With Berkshire Hathaway HomeServices Network

Berkshire Hathaway HomeServices Vincent Properties | July 27, 2020

Berkshire Hathaway HomeServices, part of the HSF Affiliates LLC family of real estate brokerage franchise networks, today announced that North Carolina-based Vincent Properties has joined its network. The independently owned company will add one office and ten agents to the global brokerage network and operate as Berkshire Hathaway HomeServices Vincent Properties. “Vincent Properties decided to franchise with Berkshire Hathaway HomeServices because we wanted to take our ‘Hometown’ approach to a larger global market and expand our tools with knowledge, technology and professional networks,” said Jay Vincent, Owner.

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Rocket Mortgage Introduces New Tech Platform to Empower Real Estate Agents

prnewswire | October 12, 2020

Rocket Companies today launched "Rocket Pro Insight", a new technology platform providing real estate agents real-time updates on the status of their clients' mortgages. Through both a website and mobile app, real estate professionals will have transparency into the loan experience. They are now able to see where each loan is in the process, the terms of their clients' loans, if additional documentation is needed and when it will close.

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Spotlight

Summer means formal season is in full bloom! From weddings to grad, this season's big trends are all about bling, bright, floral, 2-pieces and flowy hems. We love K. Barketti Clothing and Heaven's story at CF Promenade! Watch Natasha's story below and let us know in the comments what summer events you're attending.