OAKLAND, CA – CIM Group announced that it has bought a development parcel located at 1100 Clay Street from the City of Oakland, and will fulfill the city’s vision for the site to be developed into a prime residential property with community benefits. The site is fully-entitled for a 16-tale, 288-unit apartment building, with an adjoining publicly accessible pedestrian plaza. CIM bought the site with its joint venture partner, Strada Investment Group.

CIM and Strada bring a depth of experience in developing and operating residential and mixed-use commercial real estate to the project, and will commence construction immediately. The development of 1100 Clay is considered an integral piece of the evolving downtown fabric that will enhance the neighborhood with the introduction of new residences. Additionally, with approximately 4,000 square feet of street level retail and the adjacent landscaped plaza fronting 12th Street as a part of the project, the development provides pedestrian connectivity, which will make a more vibrant street-level experience.

1100 Clay is immediately adjacent to the 12th Street BART Station and the City Center parking garage, and is also convenient to the area’s major regional transportation corridors including I-80, I-580 and I-880 connecting to San Francisco and Berkeley. It is walkable to downtown Oakland’s many office properties.

The apartments at 1100 Clay will offer modern residences ranging from studio to three-bedroom floorplans, fitted with contemporary finishes and fixtures and large windows for abundant light and to capture city views. Residents will benefit from an array of building amenities such as co-working and meeting spaces, fitness center, bike storage, lounge, and public plaza including integrated retail and restaurant-ready space. A highlight of the building will be a spacious outdoor rooftop deck, providing residents with a lounge and entertainment area with views across the Bay. The building is anticipated to be complete within two years.

CIM is an active owner and operator in Oakland and the greater Bay Area. The company owns properties located on 12-acres of the nearby Jack London Square, a bay front mixed-use business and entertainment destination.

In 2007 CIM bought its first Oakland property, and in 2008 it bought a 1.7 million-square-foot portfolio of Class A office properties in the Lake Merritt and City Center districts. Most recently the firm bought Uptown Station, a redevelopment of a former department store to a 355,000 square-foot office building, with significant ground floor retail located in the Uptown district of downtown Oakland. Currently, CIM’s Oakland portfolio is comprised of approximately 3 million square feet that includes a variety of Class A commercial properties.

Powered by WPeMatico

KINGWOOD, TX – Keener Investments announced that it has bought Elm Grove, a 136-unit property, through a negotiated off-market transaction. The property is located in Kingwood, TX and will be managed by Keener Management. Keener Construction plans to renovate the unit interiors, upgrade amenities, and perform light exterior upgrades.

“Kingwood is a highly desirable place to live with very few options for working class professionals that rent-by-necessity. We hope to provide both a high-quality and affordable product to this segment of the market,” said Stephen A. Smith, Chief Executive Officer of Keener Investments. “Our upgrade package is designed around class “B” and “C” properties and this asset is positioned well for our platform,” said Mr. Smith.

The property is located within the Kingwood master-plotted community and sits next door to Elm Grove Elementary. The property is zoned to Humble ISD, which is a strong attraction for tenants. The area is family friendly and has access to parks and recreation, as Kingwood provides a 75+ mile greenbelt system with trails and wildlife preservation.

Kingwood is known as the “Livable Forest” and is the largest master-plotted community in Harris County. The property benefits from its proximity to major retail and employment and has quick access to US-59, the Grand Parkway, and the Beltway. The property is near the George Bush Intercontinental Airport (IAH), the Kingwood Medical Center, Deerbrook Mall, and the North Park Recreation Area.

Powered by WPeMatico

GREENSBORO, NC – Vesper Holdings, a privately-held real estate investment firm based in New York City, announced the acquisition of Campus Crossing located near the University of North Carolina at Greensboro. With this latest transaction, Vesper’s student housing portfolio now totals over 17,000 beds.  Inclusive of this acquisition, Vesper has bought 14 properties totaling approximately $400 million over the last 16 months. Campus Crossing is the fourth student housing community that Vesper has bought during the last 3 months alone.

Built in 4 phases between 1990 and 2008, Campus Crossing caters to students enrolled at UNC Greensboro. Campus Crossing contains 5 two- and three-tale residential buildings. The Property’s unit mix consists of two, three, and four-bedroom floor plans. Campus Crossing residents have access to a full range of amenities including a 12,000 square foot clubhouse, swimming pool, hot tub, fitness center with a rock wall, spin and yoga studios, computer lab, game room, movie theater, tanning beds, and volleyball court. 

The prior owner completed a $1.6 million renovation of Campus Crossing last year. Vesper intends to invest an additional half-million in capital expenditures toward enhancements to the property’s exteriors and substantial technology upgrades throughout the community.

Vesper bought Campus Crossing at a discounted price in an off-market transaction. Campus Crossing is Vesper’s second acquisition in the UNC Greensboro market. Vesper also owns Sherwood Forest, a 790-bed student housing property that it bought in April 2017.  

“Our acquisition of Campus Crossing is part of a strategy to buy well-located properties that offer our investors superior risk-adjusted returns,” commented Isaac Sitt, Co-founder, and Principal of Vesper Holdings. We are pleased to expand our footprint in North Carolina and incorporate this property into our rapidly growing student housing portfolio.”

Vesper’s student housing portfolio is the 8th largest in the United States. Vesper’s portfolio, including Campus Crossing, is managed by Vesper’s in-house property management company – Campus Life & Style (CLS). 

Powered by WPeMatico