Hotel Conversion to Multifamily in Colorado Springs Brings Needed Affordable Housing
Redevelopment of the Year for Colorado Springs By Drew VorosCoStar Impact Awards – March 31, 2023 SHIR Capital identified the former Hotel Elegante in Colorado Springs, now ALTA Living, as a candidate for conversion to multifamily, an ambitious plan that earned it CoStar’s 2023 Impact Award for best redevelopment. A panel of local judges familiar with Colorado Springs’ real estate industry chose the project because of its purpose and large scale. Hotel Elegante had 496 hotel rooms and more than 60,000 square feet of amenity space, making it the third-largest hotel in the state during its heyday. Its transformation into apartments …
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 Heilmanwayneh@gazette.comThe 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 …
ValCap purchases Rolling Hills, Cantera Crossing
ValCap has acquired two multifamily properties from Rishon Portfolio: Rolling Hills, a 180-unit apartment community at 2010 Estrada Pkwy in Irving, and Cantera Crossing, a 230-unit community at 2727 W. Jefferson Blvd. in Dallas. The deal with Rishon, a California-based operator, was brokered by Investment Sales Group. D Magazine recently highlighted the transaction. …
ValCap sells Park West and Parliament bend
The ValCap Group has sold a contiguous, 565-unit multifamily portfolio, Park West and Parliament Bend, to a joint venture between Old Three Hundred Capital and Pearlmark Real Estate. Berkadia represented ValCap, while JLL Capital Markets worked on behalf of the buyers to arrange $11.5 million in preferred equity from Brasa Capital Management. The new ownership also assumed the outstanding balance of an existing CMBS loan. View the full article at MHN (Multi-Housing News): https://www.multihousingnews.com/post/old-three-hundred-pearlmark-buy-san-antonio-value-add-portfolio/ . …
ValCap sells 304-unit Trails at Lake Houston
Connect Texas Commercial Real Estate News March 12, 2020 ValCap Group sold Trails at Lake Houston, a 304-unit multifamily asset located in Lake Houston, TX. Raamco International acquired the property at 13922 Woodson Park Dr., in the northeast Houston submarket. The property, situated on 13 acres, delivered in 2017, and is adjacent to the 4,000-acre, master-planned Generation Park. Will Balthrope, Drew Kile, Jennifer Campbell and William Griffin with Marcus & Millichap’s Institutional Property Advisors (IPA) represented the seller and procured the buyer. “The Lake Houston neighborhood is one of Houston’s fastest-growing zip codes, and the city’s five-year projected population growth …
ValCap sells 216-unit Towers at Clear Lake; follows sale of Trails at Lake Houston
The following article appeared in Connect Texas Commercial Real Estate News on March 16, 2020 Within weeks of trading Trails at Lake Houston, seller ValCap Group is at it again. The Dallas-based owner-operator sold Towers at Clear Lake, a 216-unit multifamily property in Clear Lake, TX, in the southeast Houston metro. The buyer, Raamco International, also acquired Trails at Lake Houston. According to Will Balthrope with Marcus & Millichap’s Institutional Property Advisors (IPA), the deal doesn’t represent a major divestiture from ValCap. Balthrope partnered with IPA colleagues Drew Kile and Jennifer Campbell to represent the seller. “Formerly a combination of for-rent apartments …
