AUSTIN, TX – CIM Group announced that construction of The Independent, a 58-tale, 363-unit condominium tower located in Downtown Austin is complete. At 685 feet, The Independent is the tallest building in Austin and with its glass-clad, stacked design it is an architecturally distinctive addition to the city skyline. CIM co-developed The Independent with Aspen Heights.

The Independent’s first residents have begun to go-in, occupying their sleek and modern homes. Floor-to-ceiling windows provide abundant light as well as sweeping, protected views to the State Capitol, Lady Bird Lake, Shoal Creek Greenbelt, Texas Hill Country, and downtown. The residences offer a diverse mix of floor plans ranging from one- to four-bedrooms and penthouses, all featuring premier interior finishes and 10-foot ceilings, and patios or balconies. The Independent provides home owners with more than 20,000 square feet of onsite amenities including a dog park/lounge, children’s playroom/playground, pool, fitness/yoga, club room, sky lounge, spa area, guest suites, theatre, business center with conference rooms, as well as immediate connectivity to Shoal Creek and the trail system.

“CIM Group utilized its expertise in owning and operating projects in developing The Independent and further enhanced the dynamic Seaholm neighborhood as well as elevating the residential options for Austin home owners,” said Avi Shemesh, Co-Founder and Principal of CIM Group.

Set on approximately 1.7 acres at the corner of West 3rd Street and West Avenue, The Independent has an exceptional position at the center of an expanding, walkable downtown Austin district. It is surrounded by premier shopping, dining and entertainment destinations and also is directly across the street from the Seaholm Power Plant redevelopment, another CIM Group project, which consisted of transforming the historic 1950-era decommissioned power plant and its surrounding five acres into a mix of office, a new residential condominium tower, retail space as well as 1.5 acres of green space and community plazas.

For more than 10 years, CIM has been an owner and operator of real assets in Austin with properties including the Seaholm Power Plant mixed-use redevelopment; Penn Field office campus where CIM recently commenced construction of a new 44,000-square foot creative office building; District at SoCo apartment community; Hartland Plaza office complex; and Eastside Village office building.

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NEW YORK, NY – Trepp, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, has released its June 2019 US CMBS Delinquency Report. 

The Trepp CMBS Delinquency Rate saw a rare increase in June, although the number comes with a footnote. The June reading increased 18 basis points to 2.84%. The spike represents only the fourth monthly increase over the last two years. The delinquency rate is down 111 basis points year over year.

“The Innkeepers portfolio loan behind the $754 million single-borrower CLNS 2017-IKPR deal showed up as a non-performing loan that was past its maturity,” said Trepp Senior Managing Director, Manus Clancy. “But, the loan has three embedded one-year extension options that servicer watchlist notes indicate that the borrower is exercising and we expect the loan to appear as current again next month. If the Innkeepers loan had been reported as current, the June delinquency rate would have been 2.68% – a two basis point increase month over month.”

The retail delinquency rate climbed 15 basis points to 4.44% and remains the worst performing major property type. The lodging delinquency reading jumped 99 basis points, as a result of the Innkeepers loan, to 2.41%. Multifamily delinquency rate declined five basis points to 2.11%, while office inched up four basis points to 3.02%.

The CMBS 2.0+ delinquency rate climbed 22 basis points to 0.96% in June, with the percentage of 2.0+ loans that are seriously delinquent up 20 basis points from May to 0.84%. CMBS 1.0 delinquency rate was 44.60% in May, an increase of 23 basis points. The percentage of 1.0 debt that is seriously delinquent was also 44.60%, as there were no legacy loans marked as exactly 30 days delinquent. 

The full report can be accessed at Trepp.com

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TAMPA, FL – TruAmerica Multifamily, in joint venture with RSE Capital Partners, has bought a two-property, 454-unit multifamily portfolio in the Tampa submarket of Pinellas County for $63.75 million.

The portfolio acquisition increases TruAmerica’s Florida portfolio to nearly 5,000 units, with 20 percent in the Tampa/St. Petersburg market, considered one of Florida’s most dynamic apartment markets, according to Co-Chief Investment Officer and Head of Acquisitions Matt Ferrari.

“The Tampa MSA continues to experience exceptional job growth and the employment mix is rapidly shifting toward high-wage occupations in the finance, business services, education, and healthcare industries,” Ferrari said. “The high barriers to entry have limited new supply, making tremendous demand for quality affordable rental housing.”

The acquisition is the first joint venture between TruAmerica and Washington D.C.-based RSE Capital Partners. 

“This partnership was fortified through a shared vision for these properties,” said Noah Hochman, Co-Chief Investment Officer and Head of Capital Markets for TruAmerica. “Working side-by-side with the RSE team was a fantastic experience and it’s our joint desire, to pursue other investments together in the near future.”

“We’re excited to kick off our first deal with TruAmerica, who we regard as one of the top owners nationwide,” said Max Kirschenbaum, Head of Business Development for RSE. “We look forward to working with their team to unlock the full potential of these fantastic assets.”

Twin Lakes and Runaway Bay are both 1980s vintage garden-style multifamily communities located 20 minutes apart along US Highway 19, the area’s main north-south thoroughfare. Each community features a mix of one- and two-bedroom floorplans situated in two-tale residential buildings in a low-density environment. 

TruAmerica and RSE will institute a significant capital improvement plot across the portfolio, renovating the interiors with higher end finishes to make a more modern look and feel. Plans also call for select exterior and common area upgrades that include new signage and paint, landscaping, a new outdoor kitchen and refreshing of the clubhouse, fitness center and pool areas to enhance the resident living experience.

Newmark Knight Frank Multifamily Vice Chairman Patrick Dufour and Director Ryan Crowley marketed the properties on behalf of the seller and the acquisition was leveraged with 10-year Agency financing arranged by Newmark Knight Frank Executive Managing Director Mitch Clarfield and Director Ryan Greer. 

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