Check out the latest deals and developments in commercial real estate for December 9, 2019:
- Kastle Systems Launches RealPage Integration to Enable the Most Efficient Access Control Management for Multifamily Properties: Kastle Systems International, the industry leader in advanced managed security systems and services, announced the release of Kastle’s direct access control software integration with the RealPage OneSite property management software platform. This new feature offers RealPage Onesite users the ability to reuse the initial RealPage data as the authoritative source for resident data across other critical community systems including access control and smart locks. What this Kastle integration provides to RealPage Onesite customers is simultaneous enrollment between the RealPage and the Kastle databases such that the data collected by the RealPage customer in the initial leasing process simultaneously feeds the Kastle database as well. Access privileges and credentials activate and deactivate automatically based on the information managed in OneSite. Kastle’s integration eliminates data inconsistencies, reduces tedious data entry of redundant resident records, and improves security by automatically revoking a renter’s property access the moment their lease is terminated the RealPage database.
- Swift Real Estate Partners Acquires San Diego Asset CPTwo as Second Fund III Purchase: Swift Real Estate Partners, a commercial real estate investment firm, has announced its successful acquisition of CPTwo, located on High Bluff Drive in San Diego, California. This is Swift’s second value-add acquisition for its recently raised $500 Million USD Fund III. CPTwo is comprised of two, four-story office buildings totaling approximately 119,000 square feet in the prime submarket of San Diego: Del Mar Heights. Historically, Del Mar Heights has been a top-performing submarket in the San Diego region, with leading rents of 33% above market averages. Swift’s upcoming planned capital improvements will draw new tenants searching for experiential office space and allow CPTwo to compete with neighboring Class A assets along the best commercial corridor in Del Mar. Swift will work to establish a strong consumer-focused brand and client experience that will come to life through hospitality oriented amenities, which include redesigned outdoor meeting spaces and indoor lobbies, new local coffee purveyor with food and beverage offerings and an activated fitness area with the latest wellness equipment and programming that will support the tenants’ Southern California lifestyle.
- JLL Income Property Trust Acquires Phoenix Industrial Distribution Center: JLL Income Property Trust, an institutionally managed daily NAV REIT has announced the acquisition of Chandler Distribution Center, a 211,000 square foot, Class A industrial asset located in the Southeast sub-market of Phoenix, AZ. The purchase price was $31 Million USD. The Phoenix metro area has experienced positive net absorption over the past ten years with demand consistently outpacing supply. Newly released Census Bureau data for city population growth highlights Phoenix as one of the fastest growing metros due to affordable housing, a highly educated workforce, and reasonable land prices and lease rates. This is the third year in a row that more people moved to Phoenix than any other city in the country. The area is often credited as the “Silicon Desert” as a result of major Silicon Valley tech companies expansion, further enabling continued strong warehouse demand.
- Hunt Real Estate Capital Provides a $7.5 Million Fannie Mae DUS Loan to Refinance a Multifamily Portfolio Located in Detroit, MI: Hunt Real Estate Capital announced today it provided a 10-year, fixed-rate Fannie Mae DUS conventional multifamily loan in the amount of $7.5 Million USD to refinance a multifamily property portfolio located in Detroit, MI. East Jefferson Portfolio is a 131-unit, mid-rise apartment portfolio that consists of three properties. Hibbard Tower is a nine-story building containing 44 units and a ground-floor commercial space; the Kean Building is a 15-story building with 49 units; and Trombley Lodge is a four-story building containing 38 units. The buildings were constructed between 1926 and 1931. The property has 97% of units specified at below 80% AMI and roughly 27% of units qualify below 50% AMI. The borrower will be implementing additional green initiatives to continue improving this property.
- Berkshire Hathaway HomeServices Announces Alliance with HomeKeepr: rkshire Hathaway HomeServices, part of the HSF Affiliates LLC family of real estate brokerage franchise networks, today announced a strategic alliance with HomeKeepr, the nation’s only online home services marketplace powered by a referral network of real estate agents, homeowners and home service professionals. HomeKeepr gathers and displays contractors and other home service pros based on more than six million word-of-mouth recommendations. Network agents receive a profile page and custom-branded mobile app on which they may add recommendations and refer home service pros to their clients. HomeKeepr’s referral platform is updated in real time so that only trusted home pros are available through the system. Berkshire Hathaway HomeServices’ alliance with HomeKeepr is called “FOREVER Connected by HomeKeepr,” as it fits with the network’s “FOREVER” Brand mission to serve and keep clients for life.
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