REAL ESTATE INVESTMENT
Shopoff Realty Investments | April 28, 2022
Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced the company has sold Iron Horse Shopping Center, a 185,890-square-foot neighborhood center, located in Sparks, Nevada for $18 million.
When Shopoff purchased Iron Horse Shopping Center, the property was in very poor condition having been foreclosed on by the lender and under the management of a receiver for several years. Through our team's efforts, the property made a major transformation, with the addition of many new tenants, the reworking of leases with existing tenants, extensive improvements, and the addition of a new retail pad. The asset is now a positive resource for the surrounding community, rather than a blight."
William Shopoff, Shopoff Realty Investments president and chief executive officer
When Shopoff purchased the property, it was a distressed, lender-owned asset and only 33% occupied, with a former Target store space representing over 100,000-square-feet of vacant space. Shopoff was able to make significant capital improvements to the center, including new paint and column architectural features, enhanced signage, landscaping, repairing and replacing of the asphalt in the parking lots. Additionally, a new 7,151-square-foot pad was also constructed on the property. Ultimately, the Shopoff team was able to increase the occupancy of the center to 75%, signing several key long-term leases.
In addition to the main center, there are two retail pads on the property that are being sold separately. One of the pads is 3,008-square-feet, and currently houses a Jack-in-the-Box fast food restaurant, and the other is the aforementioned 7,151-square-foot pad constructed by Shopoff, which has several tenants including Starbucks, Super Chix, Roberto's and Freeway Insurance.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 30-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses.
REAL ESTATE INVESTMENT
Mill Creek Residential | December 18, 2021
Mill Creek Residential, a leading developer and operator specializing in premier rental communities across the U.S., today announced the start of preleasing at Modera River Trail, a contemporary mixed-use apartment community located in the thriving Seattle suburb of Redmond.
The community, which features 233 apartment homes and 4,700 square feet of ground-floor retail, sits approximately 15 miles northeast of Downtown Seattle and will provide residents with prime access to popular Marymoor Park and Lake Sammamish. Built with a modern industrial architectural theme, Modera River Trail will also offer high-quality home finishes, a unique array of common-area attractions and panoramic views of the Puget Sound region. Move-ins will begin in late January.
Redmond has fast become one of the most desirable areas in the Seattle metro, and we are excited to commence preleasing for Modera River Trail, We believe the community will be a unique offering in the area and will serve as the perfect destination for residents to enjoy a work-life balance with a variety of neighborhood attractions within reach. We look forward to offering a best-in-class living experience for our residents."
Steve Yoon, managing director of development in Seattle for Mill Creek Residential
Situated at 15881 NE 85th Street and a short drive north of Redmond Town Center and Marymoor Park, the community is located in a vibrant, emerging downtown area possessing a superb Walk Score of 88 and Bike Score of 91. An abundance of retail, dining and entertainment options are contained within the Redmond Town Center, which is also home to three hotels, several healthcare outlets and a variety of fitness centers. Residents are also within a short walk of the Redmond Transit Center and within close proximity of State Route 520, which connects with Interstates 495 and 5, the gateways to the greater Seattle area and its thriving tech and healthcare employment centers.
Modera River Trail offers studio, one- and two-bedroom homes with loft and den layouts available. Community amenities include a courtyard with barbecue areas, a sixth-floor clubroom with full kitchen, sky lounge with conference room and an expansive rooftop deck. Additionally, a hotel-inspired, two-story lobby includes a self-playing piano, gas fireplace, coffee bar and grand staircase.
Residents will also have access to a HIIT-inspired fitness center with yoga room, pet wash and pet spa, karaoke/movie room, game room with poker and a large-screen TV, rentable storage spaces and Amazon HUB lockers with a large package overflow room.
Apartment interiors at the keyless-access community are equipped with large windows for an abundance of natural light, wood-plank vinyl flooring, Energy Star stainless-steel appliances, gas ranges, quartz countertops, tile backsplashes, two-tone custom cabinetry, in-home washers and dryers, tile shower surrounds and edge-lit bathroom mirrors. Select homes include moveable kitchen islands, custom closets, breakfast bars and green-space views. Residents will also have controlled-access parking and guest technology, electric vehicle charging stations and dedicated bike storage.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a national rental housing company focused on the development, acquisition and operation of rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable markets in Seattle, Portland, the San Francisco Bay area, Southern California, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of September 30, 2021, the company's portfolio is comprised of 111 communities representing over 30,500 rental homes that are operating and/or under construction.
REAL ESTATE INVESTMENT
Triumph Properties | April 08, 2022
Triumph Properties announced it has closed an $82.5mm total capitalization of a 287-unit multi-family development project, Aileron, located in the booming North Phoenix submarket. The land parcel of 9.87 acres was purchased from Moderne Capital Partners, who will be Triumph's development partner on the deal.
Triumph believes that Aileron's location will benefit from the continued growth of the north Phoenix market including notable job announcements like the Taiwan Semiconductor Manufacturing Company (TSMC), who announced plans to open a 1,129 acre $12 billion factory. Aileron is 1 mile south of the Deer Valley Airport where Cox communications and Honeywell Aerospace have strong employment centers. Other notable nearby employers are Discover, Safeway Corporate and Albertsons.
Aileron will feature a mix of studios, one-, and two-bedroom units averaging 842 square fee. Unit finishes will include vinyl plank and carpet flooring, quartz countertops, tile backsplashes, wood cabinets, stainless steel appliances, in unit laundry, air conditioning and more. Amenities will include, pool, spa, clubhouse, fitness center, BBQ area, secured access and package center.
"We are excited about this project and our partnership with Moderne. Each of Moderne's Partners brings tremendous experience and value to the table. We believe this will be the first of many projects together", said Steve Feder, Principal at Triumph Properties.
We are looking to make more strategic partnerships like we did on Aileron in the Southeast and Southwest as we expand our development pipeline. Suburban, garden-style apartments, surface parked or wrap product are what we are focused on."
Blake Brewer, Director of Acquisitions at Triumph Properties
Triumph Properties is a national full service commercial real estate investment, management, and development firm based out of Southern California. Triumph leverages decades of expertise and an innovative approach to maximize value for residents and investors.
REAL ESTATE TECHNOLOGY
The Menkiti Group | May 21, 2022
MG Residential, an arm of Brookland's The Menkiti Group, was joined by Whitecrest Real Estate, to celebrate the launch of The Heritage, a newly developed collection of modern condominiums starting in the mid $300's. The new development offers 1–2-bedroom units that range from 570 – 1050 square feet. The completion of this project marks a major milestone in the new development and momentum in Ward 5.
"The project was started late 2018 and took over 3 years to complete. Even through the chaos of COVID-19, we trooped through as we believed in the project," said the company's Director of Design, Maryam Kazmi. "We chose this project as we believed in the neighborhood and wanted to add value to this area and offer new modern living. This is an emerging neighborhood and we wanted to be part of its story."
The Heritage lies in the heart of Woodridge, a residential neighborhood located just north of the National Arboretum. The dynamic team of Whitecrest Real Estate always believed in the Woodridge neighborhood, but it was not until they began working in the area, that they realized its true potential.
We were one of the first very few developers who started to invest in the neighborhood, about a decade ago in 2013 with a boutique style building. While working in Woodridge, we realized that it is not only a conveniently located and easily accessible neighborhood to various hot spots of Washington DC, but also amongst one of the safest and most affordable areas in the city."
Reza Damani, Real Estate Investor and Chief of Operations for Whitecrest
The Heritage is conveniently located near a variety of the District's parks and amenities. Barnard Hill Park lies in the northwest corner of the neighborhood, providing 22 acres of open green space for walking or picnics. Also, near the neighborhood, the Dwight A. Mosley Playground and Taft Recreation Center have a large playground, several sports fields, a tennis court, and a basketball court. Although Woodridge lies in a residential area, its proximity to the city's main attractions is what gives this neighborhood its unique flexibility and advantage.
Whitecrest and MG Residential were joined by many Ward 5 residents and local businesses, resulting in a successful community event. Joe Dawson of Mission Mortgage and Lawrence Elliot of Prime Title sponsored the event and were also in attendance.
"We appreciate everyone who attended the official Grand Opening for The Heritage," says MG Residential's VP of Sales and top 1% of realtors nationwide, Lashika Mason. "We are truly overwhelmed by the constant outpouring of support from the community and look forward to seeing The Heritage's impact in Ward 5."
The Heritage is on one of the main arteries of the neighborhood, that runs into Washington, DC. The luxurious finishes combined with the extra effort that was taken to preserve the 100-year-old bank façade makes this beautiful building stand out. The Heritage is a well-built, high-end, and eco-friendly mixed-use condo building in a calm and inviting neighborhood that's a rare find in Washington, DC. The units are well-designed, efficiently built, and are offered at the most competitive prices available in the marketplace for brand-new condominiums.
"This is an exciting partnership with MG Residential and Whitecrest Development," says top producing realtor and Managing Director at MG Residential, Anthony Mason. "We are proud to be a part of this project and are looking forward to seeing the impact on the community as we strive to continue to fulfill our mission of transforming lives, careers, and communities through real estate."
About Whitecrest Real estate
Whitecrest is a dynamic team of real estate investors composed of four key players:
Farid Khan serves as the President for Whitecrest Real Estate Company. His primary role is developing a vision for White crest real estate. He also Analyzes budgets and financial reports regularly, reviews and advises on contracts, and leads the company towards success.
Reza Damani serves as the Chief of Operation for Whitecrest Real Estate, providing executive management and overseeing all areas of a project from acquisition of raw land to design and development of all the company's construction projects. Mr. Damani is a licensed Class A builder in the Washington DC area with 20 plus years and over 150,000 total developed square feet in the Washington DC metro area. From site selection, through acquisition and construction, to occupancy, he offers comprehensive ground-up and build-to-suit development services for the region.
Syed Ali serves as the Chief financial Officer for Whitecrest Real estate and is responsible for tracking cash flow, financial planning, analyzing the company's financial strengths and weaknesses and proposing strategic direction. He is also responsible for maintaining relationships with bankers and investors.
Maryam Kazmi serves as the Director of Design for Whitecrest Real Estate. She oversees all design decisions and aesthetics of the project from the floor plans to the finishes. Her responsibilities include making all indoor and outdoor spaces functional, safe, and beautiful by determining space requirements and selecting essential and decorative items, such as colors, lighting, and materials to ensure a well-designed and cohesive look to the whole project.
About MG Residential
MG Residential is a premier sales team based in Washington, DC, with expertise providing residential and commercial real estate services to buyers, sellers, investors, and developers across Washington DC, Maryland, and Virginia. Over the past 15+ years, MG Residential has had the privilege of serving over 3,000 families in the greater DMV region and has consistently been ranked within the top 100 teams nationally for Keller Williams.
Founded with the mission of transforming lives, careers, and communities through real estate, MG Residential is anchored by Bo and Kymber Menkiti and Anthony and Lashika Mason. Their goal is to close the gap on homeownership and create intergenerational wealth in the District of Columbia and throughout the greater DMV region.