Blog
Stay up to date on the latest real estate trends by reading my blogs below.
About Emily Let’s Connect
Stay up to date on the latest real estate trends by reading my blogs below.
About Emily Let’s Connect
The Waiting is The Hardest Part RIP Tom Petty!
What will your buyer remember?
We had a very busy October (see below) and November doesn't show too many signs of slowing down.
It's also a reminder of how many wonderful people are wanting to help.
Work from home is a big part of that consideration, so sunlight and outdoor spaces are still top selling points.
December is always a fast month, as people are rushing to get things done before the new year.
Residential
Denholtz Properties, a leading real estate development and investment company, announces the acquisition of Solo at North Bergen, a 214-unit, luxury multifamily community located at 4828 Tonnelle Avenue in North Bergen, N.J. Completed in 2023, Solo at North Bergen is among Hudson County’s premier residential communities. Currently, 98% leased, the community spans three, three-story buildings with 138 units and one, five-story elevatored building with 76 units. In addition, residents enjoy access to a full resort-style amenities package including a 5,000-square-foot clubhouse with billiards and gaming tables, a state-of-the-art fitness center, an outdoor swimming pool with grilling stations and an outdoor sauna, a community dog run and a full-service package room. Solo at North Bergen provides easy access to New York City, Jersey City, Newark and Hoboken via nearby Routes 1&9 and 3 as well as Interstates 78, 95 and 495. The community is also steps away from the Tonnelle Avenue Light Rail Station and an NJ Transit bus stop with direct access to New York City. In addition, the nearby Port Imperial/Weehawken ferry terminal provides easy connections to several locations within Manhattan. “North Bergen’s growing population and unparalleled access to many of the region’s largest employment and entertainment hubs makes it a highly desirable location,” said Stephen Cassidy, President of Denholtz Properties. “This acquisition speaks to our commitment to expanding our multifamily portfolio through an intelligent and strategic approach to growth. We look forward to deploying our time-tested residential management platform at the property to create one of northern New Jersey’s premier residential communities.” Solo at North Bergen is the latest to join Denholtz Properties’ growing list of recently completed or under construction residential communities that includes The Rail at Red Bank, the company’s visionary 57-unit mixed-use community adjacent to the Red Bank Train Station, and The Rail at Bound Brook, an under-construction 143-unit Class-A multifamily community located across from the Bound Brook train station that broke ground in May of 2023. In addition to its expanding residential portfolio in New Jersey, Denholtz Properties has also bolstered its multifamily portfolio over the last several years through several strategic acquisitions including Overall Creek, a 384-unit, Class-A multifamily community in Murfreesboro, Tenn., as well as Vida Apartments, a 289-unit luxury multifamily community in Kannapolis, N.C. The post Denholtz Properties Acquires 214-Unit, Luxury Community in Hudson County, N.J. appeared first on Real Estate Weekly.
Residential
Multifamily owner‐operator and investment manager Pacific Urban Investors acquired La Scala, a 354‐unit apartment community in the La Jolla / University Town Center (UTC) submarket of San Diego, CA, on July 14, 2023. The property was renamed Veranda La Jolla (the “Property”) and marks Pacific’s 22nd acquisition in the San Diego Market. Veranda is Pacific’s second investment in UTC in recent months, following the company’s purchase of the 400‐unit Allina La Jolla earlier in the year. Veranda La Jolla is a 100% market rate property built in 1989. La Jolla / UTC is a highly regarded regional employment driver in multiple bioscience and technology fields due to its close relationship with the University of California at San Diego (UCSD) businessand research ecosystem. Proximity to job nodes along both the I‐5/I‐15 corridors, downtown La Jolla, and some of southern California’s most well‐known beaches make La Jolla / UTC a coveted neighborhood for residents offering easy coastal access andshort commute times. The Property offers semi‐urban, walkable living 10 minutes from the ocean, a job‐dense micro location with plentiful neighboring retail, and extensive amenities. Community features on the 4‐story mid‐rise asset were thoughtfullyconstructed by the Seller and include two individual landscaped courtyards with water features surrounding a central courtyard containing a resort‐style pool and spa, bar‐be‐que area, and expansive single‐story amenity suite complete with well‐appointedclubhouse / business center and leading‐edge fitness center. All units offer outdoor space via balcony or patio and top floor apartments feature vaulted ceilings with clerestory windows for added natural light. Similar to Allina La Jolla, Pacific Urban Investors is dedicated to maintaining the unique personality and distinctiveness of Veranda La Jolla while launching new programs designed to further enrich the resident experience. The company plans to invest in increasing utility of the community’s amenities, including upgrading communal areas for residents to connect and engage, and enhancing resident unit interiors. “As a follow‐on acquisition to its sister property next door, Veranda La Jolla gives Pacific the opportunity to acquire additional share in one of the most highly sought‐after investment submarkets in Southern California. Proximate to a density of jobs rarelyencountered, La Jolla’s world‐renowned beaches, and innumerable retail options, Veranda La Jolla offers residents convenient access to work and play in a contemporary building with all the desired amenities. The Property’s premium positioning along Nobel, unit outdoor spaces, and high quality of construction are all competitive advantages in a highly occupied submarket” said Grant Geisen, Senior Vice President of Investments at Pacific. Pacific’s President Rory Gardner commented “Allina La Jolla is off to a strong start, and we are thrilled to have added Veranda La Jolla next door, growing our Southern California portfolio by 754 total units. We remain excited about the long‐term economic drivers in the region and are actively seeking additional investments across all our strategies; including both direct acquisitions, as well as joint venture and preferred equity opportunities.” The post Pacific Urban Investors Expands Southern California Portfolio with Acquisition of La ScalaStrengthening Presence in Highly Desirable San Diego Submarket appeared first on Real Estate Weekly.
Residential
KeyBank Community Development Lending and Investment (CDLI) provided $20.2 million for the construction of new affordable housing in Anchorage, AK. CDLI provided $9 million in Low-Income Housing Tax Credit (LIHTC) equity, a $10 construction loan and a $1.3 million permanent loan to finance the new construction of Ch’bala Corners II, a 38-unit, family project developed and managed by Cook Inlet Housing Authority (CIHA). (Ch’bala is the Upper Cook Inlet Dena’ina word for spruce.) KeyBanc Capital Markets (KBCM) also sold $10 million of tax- exempt bonds through a public offering, the proceeds of which will be used to support the financing of the project. Ch’bala Corners II consists of three 8-plex buildings, three 4-plex buildings and one duplex. Of the 38 units, 23 units will be restricted at 50% area median income (AMI) and 15 units will be restricted at 60% AMI. Eight units will be set aside for disabled households, and eight units will be set aside for homeless households. Ch’bala Corners will proudly house eligible Alaska Native/Native America families. Ch’bala Corners II also received local support and engagement including soft financing from the following: US Department of Housing and Urban Development Indian Housing Block Grant funds State of Alaska Supplemental Grants Program (SGP) funds Federal Home Loan Bank of Des Moines Affordable Housing Program (FHLB AHP) grant funds Municipality of Anchorage HOME Investment Partnerships Program grant funds Municipality of Anchorage American Rescue Plan Act (ARPA) grant funds State of Alaska Community Development Block Grant Program (CDBG) disaster relief funds. Residents at Ch’bala Corners II will have access to a variety of programs and services, provided by CIHA Resident Services and local partners, that support health, wellness, community engagement and financial self-sufficiency. “We are grateful for the financial support of KeyBank Community Development Lending and Investment and KeyBanc Capital Markets in the development of Ch’bala Corners II. Affordable housing financing is complex and multifaceted,” said Gabe Layman, President/CEO, Cook Inlet Housing Authority. “We appreciate the professionals at KeyBank CDLI and KBCM for thoughtfully navigating this process with us, allowing for the addition of 38 units of much needed affordable housing in our community. Affordable housing is the foundation that helps families stabilize and thrive.” “We are excited to work with Cook Inlet Housing Authority to invest in Ch’bala Corners II because it is community-based and serves the needs of our most vulnerable neighbors,” said Kortney Brown, senior relationship manager with KeyBank CDLI. “Cook Inlet Housing Authority’s ability to partner and collaborate with other agencies and providers is representative of how complex affordable housing projects can be successfully completed.” Kortney Brown and Brett Sheehan of KeyBank CDLI structured the financing. Ila Afsharipour of KeyBanc Capital Markets Public Finance Group provided the bond underwriting. The post KeyBank Secures $20.3 Million of Financing for Multifamily Housing Property in Anchorage, AK. appeared first on Real Estate Weekly.
Residential
JLL Capital Markets announced the $7.7 million sale of 515 West 47th St., a five-story, mixed-use apartment building with one ground-floor retail space leased to The Jolly Goat Coffee Bar. JLL was retained by Corigin on an exclusive basis to arrange the sale. RockSolid Ventures, acquired the building. Situated on the north side of West 47th Street, between 10th and 11th avenues, the 10,675-square-foot building was fully gut-renovated in 2014 and was well maintained by ownership. 515 West 47th St. is currently configured with one one-bedroom, 10 two-bedrooms, one three-bedroom and three four-bedroom units. The ground-floor rear apartments feature private outdoor spaces, and units on the 5th floor have private roof terraces. Each unit features a stacked washer-dryer and high-end finishes. The property is located a short walk from the Theatre District and countless restaurants, bars and entertainment along 8th, 9th and 10th avenues. There are also several Times Square transportation hubs within close walking distance, offering access to multiple subway lines to any area of the city. The JLL team representing the seller was led by Managing Directors Jonathan Hageman and Hall Oster, along with Vice President Teddy Galligan, Associates Braedon Gait and Jake Russell and Bob Knakal, head of JLL’s New York Private Capital Group. “The property’s proximity to cultural offerings in Manhattan’s famed Theatre District and convenient access to Midtown and Hudson Yards positions it as a powerful investment within one of the city’s most central neighborhoods,” said Hageman. “As a market-rate property, it will also provide immense value amid surging rental growth for newly renovated units with desirable layouts.” The post Hell’s Kitchen multi-housing property sold to RockSolid Ventures appeared first on Real Estate Weekly.
Residential
Josh Goldflam, Co-founder & Principal of Manhattan based Investment Sales firm Highcap Group, has announced the exclusive listing for the sale of the property package located at 95 Green Street and 58 St. James Street in Kingston New York’s Hudson Valley’s region. The properties have 31 units total and are located 6 blocks from each other in Prime downtown Kingston which has become a mecca of city vacationers and covid transplants from New York’s urban areas. 95 Green Street building is a 3 story 14 unit building that is 100% occupied and very well maintained with mostly renovated apartments. It has a small rear parking lot and a few units with terraces. The super for both buildings’ lives in one of the units at Green Street and is a native of Kingston. 58 St. James Street is a 17 unit property consisting a 14 unit main building and a 3 unit rear carriage house with small parking lot and potential to convert the vacant garage into one additional residential unit. The buildingis also 100% occupied and well maintained with a couple of terraces as well. Both buildings come with low-rate assuming mortgages saving a potential buyer closing costs and financing charges. The asking price of $4,000,000 for the package requires a buyer to have $1,953,000 cash over the mortgages if they want to assume the existing financing. This will yield an 8.1% cash on cash return at the asking price. The asking price equates to a 7.25% CAP Rate and 8.9 times gross rent roll. Please contact Josh at [email protected] for additional information. The post 2 Building Multi Family Package in Kingston NY Hits the Market with Highcap Group appeared first on Real Estate Weekly.
Residential
Today, BGI Companies together with Blue Road Group announced the groundbreaking of Alba Palm Beach with an expected completion in 2025. As West Palm Beach’s newest coveted waterfront address, Alba Palm Beach, located at 4714 N. Flagler Drive in West Palm, will deliver a collection of 55 boutique luxury residences, including a limited collection of four unique two- and three-story townhomes, each with unobstructed views of the serene Intracoastal Waterway and their own private plunge pools. Currently, Alba Palm Beach is 40 percent sold with buyers flocking from the Northeast, Texas, Chicago, and the West Coast. Recently, Alba sold units for the highest price per square foot in the neighborhood at over $2,000 per square foot. In attendance at the groundbreaking was Kenneth Baboun, principal developer of Alba Palm Beach, Keith A. James, Mayor of the City of West Palm Beach, Cathleen Ward, District 1 Commissioner, Keith Spina and Tammy O’Rourke of Spina O’Rourke + Partners and Jon Schmidt of Schmidt Nichols. “It’s a monumental day, not only for myself and partners that brought this moment into reality, but also our residents who will call Alba home,” said Kenneth Baboun, principal developer. “Our vision for this rare piece of land and we believe it was the catalyst for the neighborhood’s healthy condo market we see today. We look forward to welcoming our owners home very soon.” “Alba Palm Beach is truly an example of what a team effort can look like between a developer and the surrounding community,” said Cathleen Ward, District 1 Commissioner. From the start, Alba representatives wanted to make sure the residents knew what was being proposed, and the opportunities this world class development brings to the north end of our City. I’m looking forward to welcoming the new residents which will call this lovely piece of paradise home.” As the only new development directly on the water in West Palm Beach, Alba’s residences are centered around its coveted location with every unit featuring graciously appointed layouts with floor-to-ceiling hurricane impact windows and sliding doors, oversized glass-framed terraces with summer kitchens to highlight the incredible panoramic views. There are a limited number of residences per floor, with private elevators and vestibules offering privacy and seclusion. Additional highlights of each residence includes Italian-designed kitchens by Italkraft, stainless steel appliances by SubZero® and Wolf®, and spa-like baths with designer fixtures and finishes. Alba Palm Beach’s amenities only elevate its waterfront lifestyle for residents; from its day dock with slips available for residents to its sunrise and sunset pool decks and expansive water views from the Technogym® fitness room that includes a yoga studio and Pilates reformer. Spanning more than 25,000 square feet of total amenity space there will also be a state-of-the-art conference space with audio-visual functionality, several private workspaces, a multi-sport simulator room and theater, and an elegant private dining room with climate-controlled wine storage. As a unique buyer’s gift, Alba Palm Beach owners receive an exclusive one-year complimentary membership to the Palm Beach Yacht Club allowing access to the prestigious club’s dining room and exceptional hospitality along with access to its global reciprocal clubs. Recently, Alba and Magellan Jets announced a partnership that gives owners access to exclusive usage and perks with its fleet of jets. The development’s sleek and modern design is by West Palm Beach-based Spina O’Rourke + Partners. A free-form ground level with design accents that blend into the landscape welcomes residents, who will enjoy access to an elevated amenity deck, with unobstructed sunrise, sunset, and water views. There are a limited number of residences per floor, with private elevators and vestibules. Schmidt Nichols, an award-winning urban development firm specializing in site development and planning, and landscape architectural planning is the landscape architect for the development. Ortega Construction Company has been selected as the general contractor for the project. Northwood in West Palm Beach is quickly becoming the city’s most sought-after neighborhood with an eclectic mix of dining, shopping, art galleries and more. This enclave is in proximity to pristine beaches, Worth Avenue, The Square, Atlantic Ocean boating, as well as a host of upscale culinary spots, theatrical performances, and more. Alba Palm Beach’s Sales Gallery & Showroom, located at 250 North Olive Avenue in downtown West Palm, is open Tuesdays to Fridays from 10 a.m. to 5 p.m., Saturdays 11 a.m. to 4 p.m. and Sunday and Monday by appointment only. To learn more about Alba Palm Beach, please contact its sales executives at 561-944-3290 or e-mail [email protected]. The post Alba Palm Beach Breaks Ground As West Palm Beach’s Newest Waterfront Luxury Boutique Residences appeared first on Real Estate Weekly.
Listening is a key ingredient in Emily's formula for success as a real estate broker. It sounds obvious, but anyone who has been through the process of buying or selling knows that not every agent can do it. It's by listening that Emily has learned how to improve her skills with every transaction.
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