California firm buys almost 1,000 apartments in D-FW
https://www.dallasnews.com/business/real-estate/2022/11/03/california-firm-buys-almost-1000-apartments-in-d-fw/ Almost 1,000 apartments near Lake Highlands and Richardson have been sold to a California firm. Los Angeles-based Tides Equity purchased three apartment complexes from the Dallas-based ValCap Group totaling 966 units, all near the intersection of Interstate 635 and U.S. Highway 75, brokerage Institutional Property Advisors said Wednesday. The properties include: Belterra, 314 units built in 1984 Estancia, 220 units built in 1981 Solaris, 432 units built in 1983 All three properties were built in the ‘80s and have recently had renovations. The properties are near the ongoing expansion of I-635 east, which will widen the highway from U.S. 75 …
Increasing rents join home prices in pressuring local housing affordability
Don Fenley – March 27, 2022 Rising rents, affordable housing, and efforts – sometimes defeated by neighbors – to build new apartments get as much attention in the Tri-Cities these days as home sales. In many ways, they share the same opportunities and challenges as the rest of the housing economy. Rents in the Tri-Cities have increased as they have across the nation. Like home prices, they’re no longer squeezing housing budgets; they’re taking a big bite. It begs the question, how much can rents rise? In February, the U.S. median rental price hit a new high of $1,792, up …
The Davies Group at George Smith Partners successfully secures $42.5 million in construction financing for hotel-to-multifamily conversion in Colorado Springs
Yield Pro – March 3, 2022 Malcolm Davies and Zack Streit of The Davies Group at Los Angeles-based George Smith Partners, a premier commercial real estate capital advisory firm, arranged $42.5 million in construction financing for the conversion of a 496-key hotel to a market-rate multifamily complex in Southeast Colorado Springs. The financing was arranged on behalf of Shir Capital and the ValCap Group and provided by Parkview Financial. “We were particularly attracted to the Colorado Springs location and the property’s very extensive amenities and irreplaceable quality of its construction,” said Richard Fishman, President of the Valcap Group. “Colorado Springs is …
Colorado Springs hotel sold to Texas developers, will undergo transformation
By Wayne [email protected] Colorado Springs Gazette – January 3, 2022 A Texas developer has acquired the Hotel Elegante Conference & Event Center for $25 million as it looks to proceed with plans to turn Colorado Springs’ second-largest hotel into nearly 500 apartments targeted at entry-level workers. The 496-room hotel at 2886 S. Circle Drive is expected to remain open during the one-year conversion process, but the hotel’s restaurant has closed and meeting facilities will be phased out. Some of the rooms were already rented under the previous owner on a weekly or monthly basis and will be available unfurnished starting at $969 a …
