REAL ESTATE ADVICE
Sklar Kirsh | June 29, 2022
Los Angeles-based law boutique Sklar Kirsh LLP announced that it has bolstered its real estate practice with the addition of Amit S. Patel, who joins the firm as a Partner.
Patel represents owners, developers, and investors in the acquisition, sale, lease, development, and financing of retail, office, commercial, industrial and residential real estate. His recent work includes oversight over the fifth largest multifamily sale in the history of U.S. real estate, worth approximately $1.85 billion and consisting of 13,243 apartments at 36 properties, 21 loan defeasances and 11 loan assumptions. An expert in portfolio transactions on behalf of industrial owners, he recently handled approximately $850 million over two sales of 26 properties.
Joining the highly successful practice chaired by firm Co-Founder Andrew T. Kirsh, Patel brings the total number of attorneys working under the firm's real estate arm to 18.
We've been expanding steadily as a firm, but our goal hasn't been to add attorneys for the sake of it - we're cultivating talent that will add value to our clients for years to come. Between Amit's thriving practice and his tireless dedication to his practice, we couldn't be happier to add him to the team."
Andrew T. Kirsh,Co-Founder
Patel additionally counsels clients in operating and tenants-in-common agreements, restructuring and buy/sell agreements and property management agreements.
Patel praised the quality and versatility of Sklar Kirsh's real estate team, which he attributed as a primary motivator for joining the team.
"I've always taken a comprehensive approach to representation, guiding clients from start to finish while looking out for them from every angle," said Patel. "It's refreshing to be practicing with a team of professionals who shares and complements that mindset."
Sklar Kirsh LLP is a boutique law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy, and entertainment law as well as commercial, real estate and entertainment litigation.
REAL ESTATE TECHNOLOGY
Institutional Property Advisors | May 18, 2022
Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Hudson on Farmer, a 171-unit boutique apartment asset in Downtown Tempe, Arizona. The property traded for $96 million, which represents $561,404 per unit.
Hudson on Farmer is supported by a highly educated population of over 620,700 working professionals throughout 16 major employment corridors within a 10-mile radius. Tempe’s outstanding demographics include average and median annual household incomes of $85,200 and $61,500, respectively.”
Steve Gebing, IPA executive managing director
Gebing and IPA executive managing director Cliff David represented the seller, 8th & Farmer Owner LLC, and procured the buyer, Ideal Capital Group. “Tempe is one of the best suburbs in Arizona for young professionals and this ambitious demographic has long been a key source of the city’s success,” added David.
Hudson on Farmer’s Mill Avenue District location places it in the geographical center of Greater Phoenix, close to ASU and steps from the city’s only Whole Foods Market. Downtown Tempe has a mix of treelined walkways and large office developments, including 20-acre, 2-million-square-foot Marina Heights, and Hayden’s Ferry Lakeside, a master-planned mixed-use development with 1.6 million square feet of office, retail and residential space. Major employers near Hudson on Farmer include State Farm, ADP, Silicon Valley Bank, and Microsoft. There is 18.5 million square feet of lifestyle amenities in close proximity, namely Tempe Marketplace, Mesa Riverview, and Sloan Park, the spring training home of the Chicago Cubs.
Completed in 2021, six-story Hudson on Farmer has open-concept apartment homes with full-size front-load washers and dryers, walk-in showers, and private balconies. The exclusive sixth floor has distinctive cabinetry with undermount lighting, premium closets, and reserved parking. The property’s common area accommodations include a resort-inspired, heated swimming pool and spa and second-story resident lounge with social space, a conference room, and workspaces accented by modern art and natural wood décor. The landscaped courtyard, with a covered outdoor dining area, barbecue grills, firepit, desert vegetation and misting system gives residents an added venue for entertaining. Additional community amenities include a fitness center, bike parking room and electric vehicle charging stations.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap, a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion.
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.
REAL ESTATE ADVICE
Urban Land Institute | June 28, 2022
A new report from the Urban Land Institute (ULI) investigates how the real estate community is working to address the homelessness crisis in the United States. The report explores how to support people experiencing homelessness through creative housing solutions and collaboration with community organizations, with the ultimate goal of providing abundant, affordable, and high-quality housing for affected and at-risk populations.
According to the U.S. Department of Housing and Urban Development, 2020 marked the fourth consecutive annual increase in people experiencing homelessness. Homelessness is a systemic challenge that necessitates the involvement and collaboration of the government, the private sector, philanthropic organizations, health and social services, faith communities, and the public.
The ULI report, Homeless to Housed, offers housing case studies, universally applicable lessons, and a blueprint for how to replicate best practices in other communities to show how the development community can be an active partner in addressing homelessness.
More than ever before, homelessness is being driven by rapidly increasing housing costs, and the public and private sectors must work together both to meet the needs of the unhoused and to prevent more households from falling into homelessness. This report offers creative models and examples of how the real estate community is effectively leveraging its housing development, management, investment, and financing expertise to enable cities to overcome the growing challenge of homelessness."
Christopher Ptomey, Executive Director of the ULI Terwilliger Center for Housing
Key takeaways from the new report include:
Housing is important, but social services are essential: Housing is an essential first step in addressing homelessness, but it is not a solution in and of itself. Comprehensive social services are a critical second component. Delivering one without the other offers little chance of successfully tackling the crisis.
Novel, creative solutions are needed: Nowhere is the need for innovation more evident than in seeking to address homelessness. Two areas of focus are cost-effective construction methods and non-governmental funding sources. Private companies -- both in real estate and in other sectors -- have a vital role to play in the latter.
All segments of the community must play a role: Homelessness affects real estate, health care, social services, education, economic development, and more. Community collaboration is essential, particularly among the private and public sectors. The real estate sector is obligated to provide cost-effective housing, and it is incumbent on governments to pursue bold policies that allow for more housing for people of all income levels.
Homelessness is a multifaceted issue, but in many cases links back to economics: Whether because of a lack of affordable housing, low wages, unexpected expenses, loss of employment, illness, lack of insurance, or a domestic issue, homelessness can be a result of economic stress.
The report includes seven case studies that feature creative solutions for addressing homelessness that could serve as models for investors and developers alike:
New Orleans: City of New Orleans Shelter and Engagement Center provides a 24-hour shelter to 100 homeless individuals and provides services to help guests secure permanent housing.
Mountain View, Calif: LifeMoves is a supportive interim housing community that provides intensive case management services to help clients overcome homelessness and return to sustainable housing.
Long Beach, Calif: Former Best Western Motel Conversion was the recipient of funds from Project Homekey, California's innovative $600 million program to purchase and rehabilitate housing. The former motels now provide temporary housing for residents 65 and older with pre-existing conditions that put them at greater risk of contracting COVID-19.
San Antonio: Haven For Hope is the largest mixed-use development in the United States that provides housing for people experiencing homelessness, as well as job training, education, medical care, identification recovery, case management, and animal care services.
Sharon Crossing, N.C.: The Lotus Campaign is a non-profit organization that increases the availability of housing for people experiencing homelessness by engaging with the private, for-profit real estate and investment communities. Recognizing that neither the public nor private sector can solve homelessness alone, the Lotus Campaign strives to bridge that gap while minimizing risks for vulnerable renters.
San Francisco: The Bryant Street Project provides 145 apartments of permanent supportive housing near public transit, grocery stores, and community parks to ensure that residents have access to neighborhood amenities and services.
Washington: John and Jill Kerr Conway Residence provides housing constructed with sustainable materials as well as health and social services to veterans experiencing homelessness in collaboration with the U.S Department of Veterans Affairs.
Berkeley, Calif.: The project at 2012 Berkeley Way is a redevelopment of a surface parking lot in downtown Berkeley that will create three distinct projects – an 89-unit affordable family housing development; a 53-unit permanent supportive housing development; and a homeless shelter plus transitional housing – in one unified building.
The full Homeless to Housed report is available on ULI's Knowledge Finder platform.
About the Urban Land Institute
The Urban Land Institute is a non-profit education and research institute supported by its members. Its mission is to shape the future of the built environment for transformative impact in communities worldwide. Established in 1936, the institute has more than 45,000 members worldwide representing all aspects of land use and development disciplines.