REAL ESTATE INVESTMENT
Taconic Capital Advisors | May 23, 2022
Taconic Capital Advisors, a global institutional investment firm, announced that it has closed its third real estate fund, Taconic CRE Dislocation Onshore Fund lll (TCREDF III), with $500 million in capital commitments. The fund comprises investments from a diverse group of existing and new investors with flexibility to tap into an overflow vehicle for more concentrated transactions.
One year into its investment period, TCREDF III has already committed or closed on $300 million of investments across 15 distinct transactions. Taconic believes the COVID pandemic accelerated pre-existing trends and distress in the CRE market. A combination of aggressive pre-COVID financing and transaction assumptions, oversupply in specific markets and COVID-related societal and demographic shifts should continue to apply significant pressure on the CRE market providing ample investment opportunities. Taconic anticipates that hotel and office assets will comprise the majority of the fund’s investments.
We are pleased to build on the performance of Funds l and ll with the close of our third real estate fund, TCREDF III. Our team has a proven ability to identify inefficiencies and dislocated investment opportunities across a host of market sectors, positioning our funds to maximize value for new and existing investors."
James Jordan, principal and portfolio manager of Taconic Capital Advisors’ CRE investments
About Taconic Capital Advisors
Taconic Capital Advisors is a global institutional investment firm that pursues an event-driven, multi-strategy investment approach designed to generate strong, risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The company has roughly $8 billion of total assets under management with offices in New York, London, and Hong Kong, and more than 100 employees worldwide.
Taconic’s full-service commercial real estate platform invests in all asset classes and across the capital structure in both public and private markets. The strategy’s broad mandate offers flexibility to capitalize on shifting market opportunities, creating uncorrelated risk-adjusted return profiles for investors. Rooted in distressed and opportunistic investing, the team applies high-touch asset management capabilities to drive strong asset-level performance and capital market executions. Well-established relationships drive Taconic’s unique and diverse transaction sourcing channels which including local operating partners, investor partners and a broad network of lenders, CMBS special servicers, trading desks and brokerage houses. Taconic’s series of closed-ended real estate funds are fully discretionary and have received over $1 billion in capital commitments. Investments to date across all Taconic funds total over $3 billion of gross asset value across roughly 165 distinct transactions.
REAL ESTATE INVESTMENT
FCPT | May 19, 2022
Four Corners Property Trust, a real estate investment trust primarily engaged in the ownership and acquisition of high-quality, net-leased restaurant and retail properties, is pleased to announce the acquisition of a NextCare Primary Care property for $1.8 million. The property is located in a strong retail corridor in Arizona and is corporate-operated under a net lease with approximately 7 years of term remaining. The transaction was priced at a 6.4% going-in cash capitalization rate, exclusive of transaction costs.
FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.
REAL ESTATE TECHNOLOGY
Walker & Dunlop, Inc. | June 02, 2022
Walker & Dunlop, Inc. announced that it completed the sale of Parc at Champion Forest, a 232-unit, garden-style apartment property located in Houston, Texas. Built in 2000, the community provides the buyer with an excellent opportunity to implement a greater value-add program by renovating units, in addition to the 95 recently upgraded by the seller.
Ryan Epstein and Jennifer Ray of Walker & Dunlop Investment Sales represented the seller, Commerce Capital Partners, while Paul House and Larry Perez of Walker & Dunlop's Capital Markets group secured the financing for the buyer, Lone Star Capital Group. The teams worked to coordinate with several parties on behalf of their clients, including agencies and local government entities, to ensure compliance with the property's existing Land Use Restrictive Agreement (LURA), which is set to expire in May 2023.
With steady population growth and employment growth, Lone Star Capital remains bullish on Houston multifamily, particularly workforce housing such as Parc at Champion Forest. We are excited to build from the seller's successful renovations at Parc at Champion Forest, which is well-poised to benefit from strong demand and limited new supply in the submarket. Parc's suburban setting coupled with its convenience to jobs and retail make it a dynamic investment for either short term value-add or longer-term yield."
Rob Beardsley,Lone Star Capital's
"With the extreme demand for affordable housing, Parc at Champions Forest will continue to service the community it is has for years as upgrades are completed," commented Mr. Epstein. "The community is also an excellent investment opportunity, given its high-visibility location in Houston, strong value-add potential, and LURA expiring in less than two years. Walker & Dunlop's Houston Multifamily Investment Sales Team exclusively listed the property for our client and helped to find the perfect buyer looking for long-term stability, future rent growth, and value appreciation."
Parc at Champion Forest is a three-story multifamily community, comprised of 112 one-bedroom units, 108 two-bedroom units, and 12 three-bedroom units, situated along Bammel North Houston Road in the Champions area. Bammel North Houston Road, which experiences traffic of nearly 50,000 cars per day, allows residents to easily locate nearby retail, including Willowbrook Mall, Willow Center, North Oaks Shopping Center, and Kroger.
Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 2020. The firm was also the third largest provider of capital to the U.S. multifamily market, originating $49 billion in transactions and lending over $42 billion for multifamily properties in 2021. For information about multifamily properties available for sale via Walker & Dunlop's investment sales platform, visit our website.
About Walker & Dunlop
Walker & Dunlop is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
REAL ESTATE TECHNOLOGY
Thompson Thrift | May 25, 2022
Thompson Thrift Residential, a wholly-owned affiliate of Indianapolis-based Thompson Thrift and one of the nation's leading multifamily developers, announced today the development of Drift, a luxury multifamily community in Daytona Beach. Thompson Thrift plans to welcome new residents beginning in the summer of 2023.
Drift's central location provides residents with easy access to Daytona Beach and other large cities along Florida's eastern coast. The Daytona market has witnessed high demand for multifamily communities over the past 10 years and we are pleased to be bringing one of our distinctive luxury communities to this growing community."
Josh Purvis, managing partner for Thompson Thrift Residential
Located off Williamson Boulevard near the southwest corner of Interstate 95 and Granada Boulevard, the 29.5-acre site will offer 300 one-, two-, and three-bedroom apartment homes averaging 1,000 square feet. Residents will be able to choose from a variety of layouts in three-story garden style buildings with a host of in-demand finishes including stainless steel appliances, quartz countertops, tile backsplashes, walk-in closets, and full-size washers and dryers.
The luxury living experience will extend throughout the community with a clubhouse featuring stylish entertainment spaces, a 24-hour fitness center, resort-style swimming pool, dog park, community gardens, community-wide WiFi, and more.
Residents will be conveniently close to a wide variety of retailers, restaurants and day-to-day services, and just a few miles from Daytona's Main Street Pier and the Daytona International Speedway. The 327-bed Advent Health Daytona is located directly across the street.
Daytona Beach is known as the "World's Most Famous Beach", earning its name back in the 1920s as the sandy beaches once used for racing gave way to development of the famous Daytona International Speedway, which now brings over 100,000 people to the Daytona 500 each year. In recent years, the healthcare sector has driven much of the economic growth with approximately 40,000 people working in the healthcare and education sectors.
Thompson Thrift has 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 range of conventional, luxury leased villa and townhome-style communities. Throughout its history, the company has invested more than $3.7 billion and has become known as a trusted partner committed to developing high-quality, attractive communities. The company recently earned the distinction of being named one of GlobeSt. Real Estate Forum's Influencers of Multifamily Real Estate for 2021.
About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana, Houston and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, industrial and commercial projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve.