Greystar | February 07, 2022
Pre-leasing is underway at 525 Olive, a nearly 300,000-square-foot luxury apartment community in Bankers Hill being developed by global real estate leader Greystar in conjunction with St. Paul's Episcopal Cathedral. Offering panoramic views of San Diego's famed Balboa Park, the more than $100.2 million project is slated for completion in April 2022, with move-ins to begin in April.
According to Raul Tamez, director of development for Greystar, the 20-story luxury community is San Diego's answer to New York's Central Park living – providing easy access to the city's urban playground, Balboa Park, which features over 1,200 acres of natural outdoor space.
With its elevated Bankers Hill location, 525 Olive is now the highest residential address in San Diego, offering sweeping city, bay and park views. This is an extraordinary opportunity to live in one of San Diego's most walkable and bikeable neighborhoods, offering close proximity to not only Balboa Park, but also dozens of nearby shops and restaurants, and other vibrant areas such as Downtown, Little Italy, Hillcrest and Mission Hills."
Greystar – a leading residential real estate manager and developer – acquired the .59-acre parcel of land from St. Paul's in 2019 and construction commenced shortly thereafter. As part of the transaction, the church will occupy 10,000 square feet on 525 Olive's first floor and 8,500 square feet on the bottom level as well as use of the underground parking garage. The 204 total residences will include studio, one-, two-, three-bedroom floor plans, plus penthouse suites, with homes spanning 533 to 1,625 square feet.
Designed to condominium standards, 525 Olive homes are outfitted with modern wide wood plank style flooring, private patios or balconies and state of the art touches, such as auto shades, WiFi enabled LG thermostats, keyless entry doors and much more. Kitchens are equipped with top-of-the-line Fisher & Paykel appliances, sturdy quartz countertops and stylish herringbone tile backsplash. Twelve penthouse residences span the top two floors and range from 1,280 to 1,625 square feet with upgraded finishes, more expansive floor plans and unobstructed city views. Furthering the homes' sophisticated motif, all interiors were artfully designed to reflect the building's lush setting, with clean lines and a neutral color palette connecting to the surrounding trees, sky and water, and floor-to-ceiling glass windows to maximize city and park panoramas.
While 525 Olive is contemporary in style, elements of the building have been carefully designed to complement the neighboring church – a neo-gothic style structure built in 1951 – as well as the nearby park and the surrounding neighborhood. The striking ground floor lobby area – with bold modern accents, organic fine touches and an understated color palette – also encompasses a soon-to-be named retail venue, plus the community's leasing office, mail area, multiple courtyards and the outdoor dog run. Dramatic amenity spaces include the Level 20 SkyClub, a rooftop retreat that spans the entire top floor and includes a clubroom with kitchen and TVs, the Park Lounge social area with a food bar, and the Sun Club with a sparkling rooftop swimming pool and lounge. Rounding out the amenity line up: an expansive indoor/outdoor fitness studio, courtyards with plenty of outdoor seating, a dog run and pet spa with grooming services and work lounge with Zoom conference rooms. Residents also have access to concierge services, 24-hour package reception, reservable bikes as well as a 15,000 square foot community park.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates approximately $230 billion of real estate in 215 markets globally including offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 754,000 units/beds, and has a robust institutional investment management platform with more than $49.9 billion of assets under management, including $22.6 billion of development assets. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business.
REAL ESTATE TECHNOLOGY
Green Courte Partners, LLC | March 10, 2022
Green Courte Partners, LLC, a private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, announced that it has hired C.R. Russell as Managing Director of Development. In this role, Mr. Russell will oversee all development and construction activities for Green Courte's investments in Windward Communities, True Connection Communities, and The Parking Spot, Green Courte's land-lease community, senior housing, and near-airport parking companies, respectively. Mr. Russell is replacing John Lyons, who retired in February after being with Green Courte and The Parking Spot since 2010.
Prior to joining Green Courte, Mr. Russell was a Senior Vice President of Development and Construction at A.J. Capital Partners, a vertically integrated developer with $3.6 billion in real estate investments across 45 markets. In that role, Mr. Russell oversaw the planning and development efforts of $1.2 billion of high-profile hospitality and mixed-use developments comprising nearly 2.6 million square feet of space. Earlier in his career, Mr. Russell held several management roles at Vail Resorts Development Company on behalf of Vail Resorts, Inc., the largest owner and operator of mountain resort properties. At Vail, Mr. Russell was responsible for the company's mountain development team as well as expansion efforts across its entire portfolio of properties.
Mr. Russell holds a Bachelor of Arts in Environmental Policy from Rollins College and a Master of Business Administration from Northwestern University's J.L. Kellogg Graduate School of Management.
We are thrilled to welcome C.R. to our team, and we look forward to leveraging his diverse skillset and expertise to further expand and improve Green Courte's development efforts across our three active platforms."
David B. Lentz, Green Courte's Chief Executive Officer
About Green Courte Partners, LLC
Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm focused on building industry-leading companies within niche real estate sectors, including active adult/independent senior living properties, land-lease communities, and near-airport parking facilities. The firm combines focused investment strategies with a disciplined approach to transaction execution, operations, and asset management. Green Courte's goal is to invest in high-quality real estate assets that will generate attractive risk-adjusted returns over a long-term holding period.
Embrey | January 31, 2022
Morgan Stanley and Embrey will relocate their current offices in San Antonio, Texas, to Embrey's premier mixed-use development, 7600 Broadway, bringing the office building to 100 percent occupancy.
Morgan Stanley will occupy 28,000 square feet while Embrey will move its corporate headquarters into the remaining 25,000 square feet. Tenant buildout has begun immediately with occupancy expected in the summer of 2022.
Embrey has designed a unique living and working experience at 7600 Broadway with the highest quality of design and attention to detail, Embrey is proud to make 7600 Broadway our corporate home and pleased to have a company like Morgan Stanley as our neighbor and tenant."
Trey Embrey, President and CEO of Embrey.
A professionally equipped fitness studio with showers, co-working study and private conference room, a full-featured lounge for entertainment and recreation, elevated pool deck and outdoor terrace, piano bar, and underground parking, highlight a number of luxury amenities thoughtfully curated specifically to create a premier living and working experience.
Property management services will be provided by Stream Realty Partners.
JLL's Office Leasing team of Mark Krenger and Meredith Howard represented Embrey. Jeff Miller and John Worthen with JLL's Corporate Advisory Group represented Morgan Stanley.
We endeavor to align ourselves with the highest quality projects in the marketplace that attract great tenants. 7600 Broadway is truly representative of this. This amazing space will provide the Embrey and Morgan Stanley teams a place where they can achieve their best ambitions, 7600 Broadway is a signature property for Embrey and JLL is proud to partner with them. The highly amenitized and walkable project, at the corner of Broadway and Nacogdoches, stands as a gateway to the Alamo Heights community and is leading the redefinition and revitalization of the historic boulevard."
Mark Krenger, Managing Director and Co-Market Lead, JLL.
Residential leasing for the development is expected to begin in 2022 with management provided by Embrey Management Services, nationally recognized for its award-winning approach to service.
This project represents the highest calling of our profession in terms of concept, detail, innovation and vision, 7600 improves the streetscape at an iconic intersection that creates a more walkable neighborhood and a first-class experience in the heart of San Antonio."
John Kirk, Managing Director and Executive Vice President for Development for Embrey.
San Antonio-based Embrey Partners LLC is a diversified real estate investment company that owns, develops, builds, acquires, and manages multifamily residential communities and commercial assets in targeted markets across the United States. Since 1974, Embrey has developed nearly 43,000 apartments and more than 6 million square feet of commercial property. Embrey is a leading developer in the multifamily sector with more than 4,000 units under construction.
REAL ESTATE TECHNOLOGY
Broadmark Realty Capital | April 26, 2022
Broadmark Realty Capital Inc., an internally managed secured real estate finance company, announced that it is strengthening its Board of Directors with the addition of a new independent director, Pinkie D. Mayfield, effective today. Ms. Mayfield’s addition increases the size of the Board of Directors to eight members, including six independent directors.
We are very pleased to expand and further strengthen our Board of Directors. We welcome Pinkie and look forward to benefitting from her extensive experience in public relations, corporate affairs and investor relations. Pinkie will complement our already strong group of directors as we look to expand our business, execute our strategy to provide capital solutions for our customers, and maintain our commitment to our communities and the Company's stakeholders.”
Dan Hirsch, Chairman of Broadmark’s Nominating and Corporate Governance Committee
Ms. Mayfield has been Chief Communications Officer and Vice President of Corporate Affairs at Graham Holdings Company (formerly The Washington Post Company), a diversified conglomerate whose principal operations include education and media. In her current role since 2018, Ms. Mayfield is responsible for corporate affairs, public relations, communications and strategic initiatives. Since joining Graham Holdings in 1998, she has held a number of executive leadership positions.
Prior to joining Graham Holdings, Ms. Mayfield was a Vice President and Trust Officer at NationsBank (now Bank of America) in the Investment Services Division. A director of Founders Bank, a Washington D.C.-based community bank, she has chaired the audit committee since joining the board in 2020. Ms. Mayfield also serves as treasurer of the board of directors of the District of Columbia College Access Program and a trustee of the Philip L. Graham Fund. Ms. Mayfield graduated magna cum laude with a BA in business administration from Trinity Washington University and earned an MBA from the University of Maryland University College.
About Broadmark Realty Capital
Broadmark Realty Capital Inc. is a specialty real estate finance company, providing financing solutions generally in the $2 to $50 million range across the entire debt capital stack for commercial and residential real estate opportunities throughout the United States. Broadmark is particularly well equipped to address complex financing requirements that require rapid response, investing across a variety of market conditions and economic cycles.