Nashville multifamily units to receive high-end interior renovations

331743Stamford, Conn. — This morning it was announced Spirit Bascom Ventures closed on a purchase of two multifamily assets, which total 838 units in Nashville, Tennessee.

This was the second transaction in three months for the $400 millionventure (“Venture II”).  The portfolio includes Bellevue West, a 560-unit community located at 100 Ridgelake Parkway, in Nashvilleand Highlands at the Lake, a 278 unit community located at 100 Arbor Lake Boulevard in Hermitage, Tennessee. Both properties were built in 1986 and have very little deferred maintenance, which will allow for a highly accretive strategy to move upmarket with a high end interior unit renovation program.

“We are excited to be participating in the dynamic growth of the Nashville market with these two assets poised for transformative repositionings,” said David Nachman, a principal of Spirit Bascom Ventures.

The upgraded interior unit spec will rival new luxury product that incorporates the use of vinyl wood flooring, and modern kitchens and bathrooms featuring a name brand stainless steel appliance package and contemporary cabinet lighting and plumbing fixtures. Bellevue West, located in the highly desirable Bellevue submarket, is less than 15 minutes from both downtown Nashville/West End and the established suburban employment center of Brentwood.  The local topography creates naturally high barriers to entry that has limited new supply.

Highlands at the Lake is located in the fast growing Hermitage submarket that benefits from its direct access to downtown Nashvilleand the airport corridor job center along Interstate 40.  The property offers direct waterfront access to popular recreation activities at Percy Priest Lake.

“As new development pushes pricing higher we continue to see attractive opportunities to redevelop Class B properties our markets,” said Scott Zwilling, of Spirit Bascom Ventures.

 


Oprah acquires Seamair farm for record $28.5 million

Oprah Winfrey buys Seamair Horse Farm at Auction, $28.85 MillionBozeman, Mont. — Alan Armstrong, a partner with Sage Auctions, today announced the sale of a Seamair farm in Bozeman, Mont., to Oprah Winfrey for a record price of $28.85 million. Even though Armstrong has worked with more than 1500 live and online auctions over his length career, “this was was one of the most amazing and fascinating properties to work with,” he says.

The Spencer T. Olin Trust, owners of the 23-acre Seamair farm, conducted an auction with Sage Auctions on November 18, 2015, and escrow was closed on February 5, 2016. According to the local Berkshire Hathaway Broker that Sage Auctions brought in to help with the auction in the local market, Dan Encell, the best a traditional sale would have been able to accomplish would be in the $20 million range. Sage heavily emphasized archotypology in marketing this type of high end property.

What made this property favorable was Sage True Value “positioning.” Oprah paid several personal visits to make sure it would meet the promises the positioning highlighted.

“Obviously, she really is a very smart buyer and knows what she’s doing. She had a number of experts inspect different aspects of the property and the extensive due diligence package we provided,” said Armstrong. The Sage auction process allowed the buyer to select an appropriate price, as there were no comparable properties in the area, and Oprah ended up as the event’s highest bidder. “Oprah’s team was very professional and a pleasure to deal with. We feel she will now have the opportunity to create her ‘dream’ vision for what Seamair Farm will become.”


World’s top real estate developers convening in Dallas

Washington, D.C., via PRNewsWire — Nearly 7,000 of the world’s foremost leaders in the real estate and land use industry will convene at the Urban Land Institute’s (ULI) 2016 Fall Meeting, set for Monday, October 24 through Thursday, October 27 at the Kay Bailey Hutchison Convention Center in Dallas. ULI is a global research and education institute dedicated to responsible land use and building thriving, sustainable communities.

Each day of the meeting will emphasize a separate area of focus, starting with the Monday debut, which will be dedicated to tours of the most innovative developments in North Texas. Tuesday, October 25, will emphasize leadership and innovation, offering lessons learned from experts in the real estate industry and beyond, including a high-profile session featuring Roger Staubach, executive of TSC and former Dallas Cowboys star quarterback, who forged a highly successful career in real estate following his retirement from the National Football League in 1980.

On Wednesday, October 26, the focus will shift to industry trends during the ULI Stan Ross Real Estate Trends Conference; and Thursday, October 27, has been designated as “real estate deal day,” with opportunities for attendees to explore and initiate development projects, as well as share best practices in the art of making deals.

Real estate session topics include challenges and opportunities presented by technology advancements, demographic shifts, urbanization, changing economic drivers, transportation and other infrastructure needs, and adaptation to climate change. The meeting will highlight successful business strategies used by rising stars and experienced professionals to thrive in the rapidly changing industry; and it will include programming specific to Dallas’s evolution as a highly livable, sustainable and globally competitive city. A prime example of the city’s accomplishments is Klyde Warren Park, a 5.2-acre deck park built over the recessed Woodall Rodgers Freeway in Dallas, which was selected as the 2014 winner of ULI’s prestigious Urban Open Space Award.

The 2016 Fall Meeting Steering Committee, which is responsible for providing input on programming and highlighting Dallas’sconsiderable assets, is being chaired by Mark D. Gibson, executive managing director of HFF in Dallas. Gibson is also a co-chairman of the Host Committee, along with Patricia L. Gibson,

“The Fall Meeting presents a unique opportunity for ULI members to share their expertise and insights to improve community building around the world. Dallas is the perfect backdrop for a gathering that offers such a fantastic mix of knowledge sharing and networking,” said Gibson. “Our city is demonstrating bold, innovative approaches to urban design and development that reflect the real estate trends we’ll be discussing at the meeting.”


Gallery: Veer Towers residences continue to wow

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Las Vegas, Nev. — The Veer Towers team is not selling “cookie cutter” condos at their exquisite condominium location, which sits in the heart of CityCenter in Las Vegas. If you haven’t seen Veer Towers before, you won’t recognize these spectacular units, which have been built for end-users — not investors — and look like one-of-a kind combo units.

Recent combo units listed include a 3 bedroom and 3 bathroom offering 1,918 square feet of living space that is fully furnished. An additional combo unit is 1,815 square feet of living space, 3 bedrooms, 2.5 bathrooms with views of the Bellagio Fountains, Aria hotel and the Las Vegas Strip.  These were made up of a combination of units that were previously being sold separately.

Just a few months ago, the highest priced unit sold at Veer was a combo unit.  The sales team was able to offer the buyer a larger, two-bedroom, three bathroom plus den unit that was created by combining a two bedroom unit with a studio. It offered 270 degrees of Las Vegas views and closed for $2 million.

A  sales gallery at Veer Towers is offered daily, at 3726 Las Vegas Blvd. South. Below is a gallery showing some of the location’s luxury condominiums.

 


Robert DeNiro asks for $25.5 million for old village penthouse

Even Hollywood stars face the mundane problems of selling real estate, according to reports about the status of actor Robert DeNiro’s penthouse. DeNiro, who’s appeared in more than 90 films since his acting debut back in the 1960’s, recently slashed the price of his old village penthouse — again. This time, he’s set the bar at $25.5 million, which is considerably down from his original asking price of $39.8 million.

The sprawling Manhattan home has five bedrooms, four bathrooms and a seven-car garage, according to blueprints, but has struggled to find an interested buyer since being listed in May 2015. From Curbed:

The 11,000-square-foot penthouse at 165 Perry Street, once occupied (for a short period of time) by Robert DeNiro, has had a tough go of it since first hitting the market last April. It was initially listed for $39.8 million, but go tpricechopped by $10 million just three months later. Now, six months after that, a tipster points out that it’s gotten yet another cut and is asking $25.5 million. The so-called “mansion in the sky” has plenty of lovely things going for it—several gorgeous landscaped terraces, a library equipped with a wood-burning fireplace, double-height windows, an enormous garage—but all of that hasn’t been enough to attract a deep-pocketed buyer yet. But perhaps the latest discount will do the trick.…

 


Luxury boutique represents new era in Ft. Lauderdale

Related-Auberge-01-PH-Dining-03A new venture in Ft. Lauderdale is the the latest, greatest destination for luxury real estate and resort living.

Auberge Hotels — the boutique luxury hotel company known for destinations in Napa Valley, Telluride and Los Cabos, Mexico — has never dived into private residences before now,  but is producing one of the most expensive penthouses to be built in Fort Lauderdale. That said, what is low for the world is not all that low for Ft. Lauderdale. While the penthouse at Auberge represents one of the highest price points in the area, at just under $10 million, it’s reasonably affordable compared to the neighboring Miami.

This event also marks a new emergence for boutique hotels continuing to expand into private residences: Four Seasons is also building in the area, but represents a larger brand, outside of the boutique offering. Boasting 360-degree panoramic views of the Atlantic coastline and epitomizing the relaxed luxury lifestyle that Auberge is known for, the penthouse is the most attractive offerings in the market and is being offered at one of the highest price points per-square-foot in the city.

 


Remodeled French townhouse to sell at upcoming auction

Villa la Ponche, Saint Tropez, France - Concierge AuctionsSaint Tropez, Fra. – In the 11th country in which the firm is now holding auctions, Industry leader Concierge Auctions presents its newest opportunity: Welcome to the South of France, where a restored and remodeled traditional townhouse, located on a quiet cobblestone street overlooking the breathtaking Mediterranean coastline in picturesque and celebrity-studded Saint Tropez, will sell at auction next month.

Located within the Old Village along the stunning French Riviera, Villa La Ponche will sell at auction on Thursday, February 18, in cooperation with Gina McIntosh of McIntosh International Prestige Property Sales. Last listed for €3.25 million, the property will sell at or above the reserve of €2.1 million.

“Villa La Ponche offers the type of luxury living that can only be experienced in the South of France. Located on a quiet street in the Old Village, just steps from world famous shopping, dining and more, this one-of-a-kind home provides privacy and views along the world-renowned French Riviera, which is as picturesque as it is luxurious,” said McIntosh. “When it comes to beauty and a home that speaks to its lifestyle, moments from world famous ‘A-List’ retreat the Byblos Hotel, you really can’t ask for anything more.”

Constructed in the 1500s, Villa La Ponche is the tallest building located within the remote fishing village, yielding unobstructed views of the crystal blue Mediterranean Sea. Easily accessible by boat or by car, the property features impeccable design details that exude the traditional splendor of Saint Tropez. Also known as 2-4 Rue De Pecheurs, Villa La Ponche is a four-story townhouse offering three bedrooms with en-suite baths and approximately 1,700 square feet (142± square meters). Recently restored and remodeled to exemplify simplicity and luxury, its unique layout offers ample open kitchen, dining, and living spaces and air conditioning, iPod Bose speakers and Wi-Fi throughout.

“When I set foot on the rooftop terrace, I fell in love with Villa La Ponche. The 360-degree unobstructed views, peacefulness and beauty are just awe-inspiring,” said the seller, Rob Hourmont, founder and CEO of marketing consultant firm Stealth Marketing LLC. “It’s an incomparable feeling looking over the French Riviera in a location that is a stone’s throw to everything and more a person could imagine. Now that our family has relocated to the United States after 10 wonderful years in Saint Tropez, sadly, it’s time to part ways. I’m confident the auction process will find the right new owner who will enjoy the property as much as my family and I have.”


Gallery: West LA boom continues with Osaka Residences

11322_Interior 5The boom of a West Los Angeles neighborhood, “Sawtelle Japantown,” continues with the recent launch of the luxe Osaka Residences, which also marks one of the first residential developments to be completed in the fresh, urban location.

LA developers are building up, not out, and the design of Osaka Residences points to a new lifestyle of urban living, as the city moves toward an increase in multi-story housing. Overall, Sawtelle Boulevard has been showing signs of a facelift in the works for the last several months, with a total of nine projects in various stages of development. These new, impressive projects are dwarfing older homes and changing the entire character of the area for the better.

Below is a gallery of the Osaka Residences, which are priced from $2,125,000 to $2,195,000; offer about 2,700 square feet of luxury living; and include three bedrooms and an office, as well as three and a half bathrooms.


Paradise Valley developer wins approval to build in Arizona

FINAL Ritz PV - Pool Rendering_email sizeScottsdale, Ariz. – In a vote recently by the Paradise Valley Town Council, Five Star Development received approval to build The Ritz-Carlton, Paradise Valley, setting the stage for one of the largest undertakings of a new master-planned community to feature a Ritz-Carlton hotel and residences as its centerpiece in close to a decade.

The project, owned and developed by Scottsdale-based Five Star Development, includes a 200-room, 352,000 square-foot Ritz-Carlton hotel that will be surrounded by 94 single-level villas ranging in size from 1,700 to 3,000 square-feet and 45 single-family homes from 3,000 to 6,000 square-feet, which will be Ritz-Carlton branded with the services from the hotel including a dedicated concierge, priority access to hotel guest accommodations and amenities, and a host of a la carte services such as in-residence dining and housekeeping.

Spread out over 20 acres, the resort will boast North America’s longest pool at just over 400 feet, a 20,000 square-foot world-class spa with indoor and outdoor treatment areas, a state-of-the-art health and fitness center, indoor and outdoor meeting and event space, a citrus orchard, a garden that will have seasonal produce harvested by on-site restaurants, lush walking paths and a grand lawn with stunning views of iconic Camelback Mountain. Forty percent of the hotel rooms are suites, which is nearly double the standard amount, and rooms are 35 percent larger than at other resorts.

Five Star Development also plans to build non Ritz-Carlton branded luxury townhomes, a retail component and underground parking as part of the 105-acre project. When valued with the land, construction and sales, the total project value is estimated to total approximately $2 billion.

“We are thrilled to finally bring the world’s best hotel brand to Paradise Valley and to create a luxury real estate offering that will be among the most sophisticated and sought-after in North America,” said Jerry Ayoub, president of Five Star Development. “Hotel guests and owners of The Ritz-Carlton Residences will enjoy the legendary services and amenities for which The Ritz-Carlton is known. This is a new generation of luxury resorts combining a luxury hotel with exceptional, fully-serviced homes and high-end shopping, all in one destination. When we’re finished, this will be one of the most premier destinations in the world and will be truly one-of-a-kind.”


Architects predict 10 residential design trends for next decade

Washington, D.C.  For the tenth anniversary of the American Institute of Architects (AIA) Home Design Trends Survey, a panel of more than 500 residential architects were asked what they thought would be the most significant home design elements over the next ten years.

“Historically, the dominant factors in home design have been economic and demographic shifts. Residential architects are seeing these forces at play in their vision for the next decade as well,” said AIA Chief Economist, Kermit Baker, Hon. AIA, PhD.  “Homeowners have indicated a strong preference for functionality, accessibility, and sustainability over the last ten years and architects expect that to accelerate, with increasing demand for healthy building materials and furnishings, along with designs that provide measures of resistance to weather related calamities.”

Top 10 residential design trends for the next 10 years:

  • Technological integration becoming more prevalent,  with both dedicated support for personal devices, along with automated controls for temperature, security and lighting
  • Increased consumer awareness about environmental health issues leading to more widespread use of low or no volatile organic compounds for paint and composite wood, natural fiber upholstery, carpets without polyvinyl chloride backing and air purification systems
  • Growing demand for design strategies that strengthen homes against natural disasters including elevating residences, windows with impact glazing, dedicated safe rooms and backup power generation
  • Increasing use of energy-efficient and other sustainable design elements and products such as solar panels, water reclamation systems and tankless water heaters
  • Aging-in-place and universal design elements to accommodate an aging population including wider hallways, added handrails and one-level living spaces
  • Kitchens serving as focal point of the home highlighted by open design concepts
  • Heavy emphasis and investment in outdoor living spaces
  • Need for space devoted to home offices reflecting changing work patterns
  • Infill development promoting smaller, better designed homes
  • Strong preference for urban lifestyle characteristics resulting in higher-density development that provide additional amenities to residents

For more details and analysis on the drivers of these trends, see an accompanying article, The Coming Decade for Residential Design.