MIAMI, FL – Lloyd Jones, a multifamily investment firm based in Miami, has bought the luxury Pembroke Pines property, Ventura Pointe.

The 206-unit apartment community, built in 2018, has a state-of-the-art gym, clubhouse, pool, pet park, and outdoor recreation area. Furthermore, it is adjacent to the 301-bed Memorial Hospital Pembroke and has brilliant access to nearby retail and entertainment.

Christopher Finlay, CEO/Chairman of Lloyd Jones, says he is thrilled to expand the firm’s footprint in South Florida, a region that has seen explosive job and population growth in the past few years. 

“I am excited to grow our South Florida portfolio. We have seen tremendous growth in the area, and we are pleased to be able to offer a new, Class A property to support the growing population,” says Finlay.

Lloyd Jones is a real estate investment and development firm with 40 years in the industry under the continuous direction of Chairman/CEO, Christopher Finlay. Based in Miami, the firm has divisions in multifamily investment, development, management, and senior living. Its investment partners include institutions, private investors, and its own principals.

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RIVERSIDE, CA – University of California, Riverside (UCR) and American Campus Communities (NYSE: ACC) held an official groundbreaking ceremony for the first phase of North District, a new living-learning, mixed-use community.

As the second ACC development at UCR, North District is a multiphase redevelopment project of the former Canyon Crest Family Housing site that will provide up to 6,000 new student housing beds upon completion of the final phase of development.

The project is plotted on a 50-acre site on the northern part of the UCR campus, just north of Linden Street. By 2021, the first phase of this public-private partnership (P3) between UCR and American Campus Communities is expected to deliver 1,500 apartment-style beds for upper division undergraduate students, transfer students, and graduate students. Future phases will also provide residence hall housing for first-year students, new dining facilities, and mixed-use residential and athletic facilities.

The new community’s pricing for students will be consistent with similar, older on-campus accommodations. UCR Chancellor Kim Wilcox noted the importance of the housing development, given projected student enrollment of 35,000 by 2035.

“This project will help us prepare for this tremendous growth,” Wilcox said. “In partnering with ACC, it is exciting to see how this new student housing project brings fresh, affordable housing specifically designed to make a sense of place and belonging for students. Part of this vision includes residential life programs that will provide a balance of privacy while embracing community to enhance the overall academic experience for our students.”

The North District project will include new dining facilities, a NCAA Division I competition field, a Field House facility, functional open spaces, and multi-use spaces that can serve as classrooms, meeting spaces and study areas. More than 100,000 square feet will be dedicated to student support amenities provided by retail, commercial and University services. The university and contractor are targeting LEED Gold certification — a rating that spotlights a building’s “green” features — from the U.S. Green Building Council.

Architects from Solomon Cordwell Buenz (SCB) designed the community, which makes a new campus “gateway” on the north side of campus while providing pedestrian and bicycle connections to central campus.

“Public-private partnerships such as this one are vital when it comes to helping universities reach their goal for quality affordable student housing while still meeting the needs of the rising student population,” said James Wilhelm, executive vice-president of public-private transactions for American Campus Communities. “We are glad to continue this partnership with UCR to develop living spaces and resources in order for students to achieve academic success and individual well-being.”

American Campus Communities is also working with UCR on construction of Dundee Hall and Glasgow Dining Hall, scheduled to open fall 2020. North District marks the company’s seventh P3 development within The University of California system.

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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 September 2019 US CMBS Delinquency Report. 

The Trepp CMBS Delinquency Rate fell slightly in September, once again setting another new post-crisis low in the process. The September reading is 2.51%, a month-over-month drop of three basis points. The delinquency rate is down 90 basis points year over year. The delinquency rate started to fall after June 2017 when CMBS delinquencies totaled 5.75%. Since then, the rate has fallen in 23 of the last 27 months. Year-to-date, the rate is lower by 60 basis points. The all-time high of 10.34% was registered in July 2012.

“The CMBS market stands strong through times of global economic issues and fears of a recession, said Trepp Senior Managing Director, Manus Clancy. “September data showed that the CMBS market held steady: spreads saw some widening; lending and issuance continued at a healthy rate, and the delinquency rate continued on its downward trend.”

The largest rate drop among major property sectors in September belonged to the office space, with its delinquency reading dropping 22 basis points to 2.61%. The lodging delinquency rate also fell last month, by seven basis points, reaching 1.47%. Multifamily delinquencies inched up four basis points to 2.43%. The retail delinquency reading climbed eight basis points to 4.15% last month, continuing retail’s title as the worst-performing major property type. 

The overall CMBS 2.0+ delinquency rate fell two basis points in September to 0.87%, while the percentage of CMBS 2.0+ loans in serious delinquency also fell, down one basis point from August. The CMBS 1.0 delinquency rate jumped 184 basis points to 43.87% in September and the percentage of CMBS 1.0 debt that is seriously delinquent remains the same as there are no loans that are exactly 30 days delinquent.

The full report can be accessed at Trepp.com

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