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Stoneleigh Cos., Realty Capital Management to Develop 85-Unit Apartment Complex in Glenwood Springs Nellie Day September 28, 2017GLENWOOD SPRINGS, COLO. — A joint venture between Stoneleigh Cos. And Realty Capital Management has acquired 3.8 acres of land to build The Lofts at Red Mountain Apartments, an 85-unit apartment community with ground-floor retail in Glenwood Springs. The land is situated at south of Wulfsohn Road, adjacent to the Glenwood Meadows Market Street and Shopping Center.The Lofts at Red Mountain has an on-site RFTA bus stop, situated next to the Glenwood Springs Community and Recreation Center. It is also adjacent to the Glenwood Springs trail system. The developers have already broken ground on Phase I, with completion scheduled for early 2019.RVC Construction is building the project, which KCB Architecture designed. SunGate Capital Funding 7 LLC, Stoneleigh Cos.
LLC and Realty Capital Partners provided equity financing. Stoneleigh Companies/Realty Capital Management Announce the Groundbreaking of The Lofts at Red Mountain Apartments(September 26, 2017) –Chicago-based Stoneleigh Companies, in partnership with Dallas-based Realty Capital Management, announce the acquisition 3.85 acres of land for the construction of The Lofts at Red Mountain Apartments located in Glenwood Springs, Colorado. Phase I has broken ground and will consist of 85 apartments and 5,300 square feet of retail shop space on 2.01 acres south of Wulfsohn Road, adjacent to the Glenwood Meadows Market Street and Shopping Center.“The beginning of construction marks a significant milestone for all of Glenwood Springs,” said Richard Myers, Managing Director for Realty Capital Management. “We have been working to bring new housing to the Roaring Fork Valley for quite some time and look forward to developing Class A apartments for area residents.”The Lofts at Red Mountain Apartments will feature 85 Class A luxury apartments consisting of studio, one, and two-bedroom units. Residences will range from 555 to 1,266 square feet offering high end finishes including quartz countertops, luxury vinyl hardwood-style floors, stainless-steel appliances, in-unit washer and dryer, and balconies with picturesque mountain and valley views. Community amenities include a resident clubroom with demonstration kitchen, tech lounge, fitness center and yoga studio, outdoor entertainment space with a grilling and dining pavilion and fire pit, bicycle storage, and private garage parking with electric car charging stations.The property is located just west of downtown Glenwood Springs, on Wulfsohn Road in the Glenwood Meadows retail development, the area’s largest shopping center. The Lofts will bring an urban lifestyle to the Glenwood Springs community and will offer units and amenities above and beyond what is currently available in the area.
In addition to its proximity to the Glenwood Meadows, the project has an on-site RFTA bus stop, is located next to the state-of-the-art Glenwood Springs Community and Recreation Center, and is adjacent to the Glenwood Springs trail system.The project has been designed by Keith Bennett, founder of KCB Architecture in Salt Lake City, UT. Local contractor Gould Construction will be performing the underground and utility work with RVC Construction out of Salt Lake City, UT working as the general contractor. Equity financing has been provided by Orlando-based SunGate Capital Funding 7, LLC, Stoneleigh Companies, LLC and Dallas-based Realty Capital Partners. The Lofts at Red Mountain is anticipated to open in early 2019.About Stoneleigh Companies, LLCBased in Chicago, Stoneleigh Companies is a private real estate investment company focused on acquisition and development of multifamily properties, with a track record of over 40,000 multi-family units in 35 cities and 18 states over the last 35 years.
The principals and officers of Stoneleigh are experienced in all aspects of commercial real estate development, investment, finance, and operations. For more information, visit www.waterfordresidential.com.About Realty Capital Management, LLCRealty Capital was founded in 1987 and over the past 30 years has developed over 3,500 residential units and more than one million square feet of commercial buildings. In 2011, Realty Capital became an employee-owned firm with Richard Myers, Jimmy Archie and Tim Coltart serving as Managing Directors. Realty Capital is currently partnered with industry leaders including Hillwood Communities, Stratford Land, Granite Land and Avanti Properties in development of mixed-use projects across the Southwest. For more information, visit www.realtycapital.com or contact Richard Myers at 817-313-5000.###. Illinois-based 25N Is Latest Player on DFW’s Coworking Scene Kevin Cushingberry September 22, 2017There’s another new player in the North Dallas coworking market. Illinois-based 25N Coworking has decided on Frisco as its first expansion outside the Chicago area.Founder and CEO Mara Hauser says 25N tapped Frisco as the home for its third location after auditioning dozens of cities around the country.
“To be able to have a workspace close to residents was something I was very excited about bringing to the community,” she says.According to Hauser, 25N hopes to draw membership primarily from Frisco residents when it opens next April. “We’re not a very large corporation,” Hauser says. “We’re personal.
We’re there to build a network of support.”25N differentiates itself by locating in suburban markets (its first two locations are outside Chicago) where coworking demand has been largely untapped. Work spaces are well suited for suburban residents who may otherwise work from a home office, according to 25N.Adding to its community focus, 25N will open 12,500 square feet on the ground floor of Waterford Market apartments, developed by Stoneleigh Cos. Waterford Market is located near Frisco and Main streets in Frisco’s $5 Billion Mile.25N’s new space will offer fully-furnished private offices, team suites, dedicated desks, shared flex space, meeting rooms, event space, and virtual office packages. Select residential amenities and additional spaces will be accessible to members through an add-on Premier Membership option. Memberships start at $25 per month, day passes start at $35, and dedicated desks start at $365 per month.“Frisco’s rapid development has resulted in an infrastructure that doesn’t necessarily provide the consistent technological amenities that its workforce requires,” Hauser says.
“So we intend to resolve the unmet needs of Frisco’s independent worker population.”25N will join LaunchPad City and Yeager Office Suites in Frisco and WeWork (which just announced its Fort Worth expansion) and Common Desk in nearby Plano. Hauser sees potential for 25N to expand elsewhere in Texas, specifically in North Texas. Combination of Multifamily, Office Space is Hot Concept in Texas, Say InterFace Panelists Taylor Williams September 15, 2017DALLAS — Say the words “mixed-use” in commercial real estate circles today and generally the first thought that comes to mind is a property featuring a combination of multifamily and retail space.But there’s no written rule that says what property classes can or can’t be included in mixed-use. As such, a number of multifamily developers in Texas are redefining the term’s scope and application by bringing together apartment living and an office component in newer projects.As part of the InterFace Multifamily Texas conference, a panel of real estate experts convened Sept. 13 at the Westin Galleria in Dallas to address this topic and other emerging trends in the apartment sector, most of which center on ways of improving amenity packages for tenants. Approximately 200 real estate professionals attended the event.The move toward developing apartment communities with office space — not business centers — stems from landlords’ need to differentiate their amenity packages from the competition. These new office elements within multifamily properties are taking a variety of forms in their infancy, ranging from large co-working spaces and conference rooms to individualized desks and cubicles.“Having amenities like a knockout pool and an awesome fitness center doesn’t really set you apart anymore,” said panelist Greg Coutant, director of development at StreetLights Residential.
We’re working to provide what we call ‘makers’ spaces,’ which are open spaces with desks where tenants can work. We’ve found that if you provide a cool working atmosphere with connectivity, people will work there.”Coutant noted that residents are drawn to the live/work/play environment that these office spaces provide, all under the same roof. His firm, which undertakes projects in metros with thriving office sectors, including Dallas and Austin, is even considering putting bars in some of these spaces to further heighten their appeal.Panelist Rick Cavenaugh, president of Illinois-based multifamily developer Stoneleigh Cos. Said that his firm has also seen tremendous success from the inclusion of office components at its properties, specifically co-working areas that allow employees from different companies to occupy the same workspace and develop synergies with one another.“Integrating co-working facilities into the living environment and making it part of the offering to tenants is different from what we’ve seen with the likes of WeWork,” said Cavenaugh. “We did this with a property in Chicago and it was a total hit. We have since leased 140 workspaces in five months, and it’s brought a ton of vibrancy, traffic and new tenancy to the building.”Cavenaugh stated that his firm sees the trend as particularly appealing to consumers in submarkets with steep office rents, such as Frisco and Plano.“In those submarkets, there’s just not that option for people to have an office for a few hours a day, three days a week, and then to be able to walk down the hall to their apartment,” he said.
“It’s a different working environment, but one that definitely promotes flexibility. We’ve seen that Millennials like that flexibility.”Panel moderator Drew Kile, director of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, noted that the trend also seems to have legs in Austin, where office rents have been rising for the past five-plus years.“There’s a growing percentage of people in urban Austin who work from home,” said Kile. “The more workspaces you put into a building, the more they get used. Not so much a business center, but a place where they can bring their own laptops and have their own meetings.”Tom Lamberth, regional partner of Dallas-based CF Real Estate Services and another conference panelist, sees as much monetary potential in these features as the other panelists see in their ability to generate positive word-of-mouth for the property.“We’re working on making the office component more than just an amenity, but something you can monetize,” said Lamberth. “We have a property in Atlanta where inside the amenities center we built about 12 office cubicles that people can rent for a few hundred dollars a month. And we’ve had demand for these spaces from people who don’t even live in the building.”While StreetLights, Stoneleigh and CF Real Estate have yet to iron out all the kinks of developing and leasing these office spaces in their multifamily projects, they have little doubt as to their ability to heighten the appeal of the property and cater to the preferences of tenants. Coworking Grows in 2017 Amanda Schneider July 24, 20172017 saw continued growth of the flexible office industry and a broader range of offerings.
While “Serviced Offices” have been around for decades (30+ years), the term “coworking” has been the media standard term for the last 10 years, and is likely here to stay according to the Global Workspace Association (GWA), a platform helping shared space operators, corporate real estate professionals, real estate investors, and service providers stay connected, current, and competitive.The GWA is releasing results from their 2017 Industry Financial Survey, which is sent to hundreds of shared workspace operators, including association members and non-members. The survey gives us unique insight in that it covers specific P&L data from operators, with the goal to create industry benchmark data. But it goes beyond there. We can learn a lot about the future of workspace by studying spaces where people pay for workplace.
Here are a few of the key takeaways:1. Private Businesses and Landlords are getting into the flexible workspace game.This year we’re seeing flexible options from landlords and private businesses grow faster than anyone expected. According to a recent Liquidspace report, 36% of the transactions on their platform are through private businesses or landlords offering extra space directly to consumers. Jamie Russo, Executive Director of the GWA, says, “The Commercial Real Estate industry may not have historically described itself as ‘nimble and innovative,’ but that may just be the behavior that we’re starting to see. This growth in transactions from landlords suggests demand for coworking, particularly from corporations, is growing.
Landlords are increasingly seeking creative relationships with shared workspace operators in order to effectively activate their flexible offerings.”The predominant approach is still the operator leasing the space, with 72% of respondents following that model. 19% of the respondents own their space, 3% reported a joint venture between the operator and the landlord, and 1% reported a management contract between the operator and the building owner. GWA research anticipates seeing less leasing and more operator/owner relationships in the next five years. As rent rates increase, the typical model is facing new challenges to remain profitable.
Russo continues, “Growth of flexible office space offered by landlords will be an interesting evolution to watch over the next few years. I predict we will see an increased focus on the level of hospitality and community activation across flexible offerings, particularly in the context of a landlord offering a diverse portfolio of spaces. As corporations look to increase employee productivity with tools like flexibility, reduced commutes and compelling work environments, landlords will look to market their buildings by meeting that criteria and offering a variety of amenities, workspace configurations and managed communities to keep users engaged. Landlords may choose to partner with experienced coworking operators to deliver on hospitality and community activation.2. There is an increasing focus on the user experience.Two of the hottest buzzwords in the workspace industry right now are “consumerization” and “user-centered.” Everyone from landlords to corporate real estate departments to temperature control start-ups are focused on serving the “HDTV” consumer that expects a high level of design and hospitality at the corporate office, what we in the industry call their “third space.” Russo says, “What we are seeing is real estate evolving to be thought of not just as ‘buildings’ but as organic ecosystems that flex as their users’ needs change.
As corporations start to look at off-campus options for employees, we see landlords pulling out all stops to attract users and taking really innovative approaches to amenities, workspace options and services.”Highlights from the first half of 2017 that illustrate the user-focused industry trends: Convene raises $68M to fund expansion. Tishman and Speyer launches “Zo,” a high-amenity concept that aims to make its portfolio highly desirable and competitive. Banks—some of the most conservative, slow-moving, security-fearing companies—are using flexible office options as they grow teams in ancillary markets. Investments continue to flow into the coworking sector, indicating a bullish outlook for the continued growth of the consumerization of workspace: The Wing raises $8M, The Yard raises $15M in debt financing, WeWork added $300M to its balance sheet from Softbank, Industrious raised another $25M, and Asian companies added a long list of funded shared workspaces.
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Asset owners like Granite Properties and Stoneleigh Companies start installing coworking brands into their buildings (Common Desk and 25N Coworking respectively).3. Open plan ≠ Coworking. Users are looking for productivity, not just a place to network.Today 80% of coworking spaces offer private offices. While private spaces for individuals or teams make startup-costs higher for the operator, the demand seems to be growing for them.Russo explains, “There is a big myth that coworking means open workspace. When the industry started to emerge in 2006, layouts were primarily open space and the hosts were focused around the simple idea of bringing people together to work. That approach worked for a period of time, but today the makeup of users and their space requirements is evolving.”No longer are programmers and freelance designers the core membership.
The GWA data shows that makeup of audiences today is 20% freelancers, 47% small business, and 12% mobile corporate users.Steve King, partner at Emergent Research – a consulting firm focused on the small business sector of the US and global economy – shares some additional insight in the coworking audience evolution, “When coworking started, it was a movement predominantly around freelancers. Then around 2009 startups found coworking because they realized that signing a long-term lease didn’t make sense, and coworking fit right in. (Particularly in tech towns such as San Francisco, Boston, New York, and Austin.) What the GWA survey is showing is how the definition of flexible workspace is evolving. Much of the recent growth has been in corporate mobile users, and five years from now, I’d be surprised if they didn’t make up 35% of the coworking population. Small businesses (non-tech) are starting to move that way, but at a much slower pace.”Freelancers are the individuals that are mostly doing computer work, so when coworking started it was focused there and open plan made sense.
However, the demand for flexible office space is increasing through the sharing economy and is creating a shift in demand as corporate and small businesses users are on the rise. As the makeup of users shifts, the needs for layout in coworking spaces shifts, too. GWA data shows us the importance of variety in spaces in order to create the environment that makes coworking communities thrive. In fact, today’s data tells us that conference rooms and private offices are the most frequently offered spaces across all flexible workplace types.
The supply side is reacting to that demand and creating more private spaces.In many markets, the demand is higher for offices and team spaces, making them easier to fill. While some coworking purists idealize the open-plan for its community-building simplicity, this often comes without practical consideration for the type of work that gets done in shared workspaces.
Russo says, “We see people saying they want a professional experience and a variety of usable spaces. The data suggest the market is starting to supply that in increasingly creative ways. People are expecting well-designed spaces that are also professional, and they are willing to pay for an experience that they can’t get from a home office or even a corporate campus. This is the consumerization of the work place.”Data from members of shared workspaces indicates that the number two reason that people use shared workspaces is productivity. Some may lump networking under the productivity umbrellas (i.e. Productively chasing new business under one roof), but it more likely means getting work done. For many, getting focused work done is simply easier to do in an area with four walls where you can control the stimuli (chatter, people walking by, Skype calls, etc.) Still, productivity looks different for different audiences, and that is changing the face of these spaces.Russo closes with this thought: “The future is about flexibility, and a lot of corporations are still trying to figure out what that looks like for them and how to logistically manage it.
The trend is moving toward choice, but the biggest shifts will come from gathering data that helps us measure and improve future offerings. What we have discovered with coworking is that professionals need other brains. You simply can’t do great knowledge work alone.”. Metro Can’t Build Multifamily Fast Enough Lisa Brown April 17, 2017CARROLLTON, TX—With the constant roar of commercial projects and subsequent job creation, the metro can’t seem to build enough multifamily units to meet demand.
A prime example is the 234-unit Switchyard Apartments which are underway at the northeast corner of IH 35 and Belt Line Road, located at 1199 North Broadway St., adjacent to a DART rail station.Chicago-based Stoneleigh Companies LLC, in partnership with Realty Capital Management, teamed up to celebrate the groundbreaking of the luxury apartments earlier this month. Switchyard Apartments will feature luxury apartments consisting of studio, one- and two-bedroom units.Residences will range from 525 to 1,262 square feet offering granite countertops, hardwood floors and stainless steel appliances. The four-story building will include a courtyard with swimming pool and outdoor entertainment space, fourth floor terrace deck and resident lounges, juice/java bar, fitness center and a tech lounge.Josh Matthews, regional asset manager of Waterford Residential; Ryan Swingruber, development manager of Stoneleigh Companies LLC; Richard Myers, managing partner of Realty Capital Management and Doug Hrbacek, mayor pro tem of Carrollton, were on hand to commemorate the festivities. The project is already creating buzz among the single crowd, couples and empty nesters.“The one-bedroom units are attracting singles aged 24 to 35 who work in a variety of industries such as medical, retail, business, etc.,” Matthews tells GlobeSt.com. “The two-bedroom units are being targeted by roommates and singles also aged 24 to 35 in the same industries.
The two-bedroom units are also getting noticed by young couples and some empty nesters.”. Stoneleigh, Realty Capital Break Ground on 234-Unit Apartment Complex in Carrollton Taylor Williams April 12, 2017CARROLLTON, TEXAS — Chicago-based developer Stoneleigh Cos.
And partner Realty Capital Management have broken ground on Switchyard Apartments, a 234-unit apartment complex located at 1199 N. In Carrollton. The four-story building, which will be located next to a Dallas Area Rapid Transit (DART) station, will feature a resort-style pool, fitness center and a juice bar. Units will range from 525 square feet to 1,262 square feet. New $85 Million Luxury Tower is a Skyline Changer: Plush Living Reaches New Heights in Dallas Josie Washburn March 9, 2017Dallas’ skyline just gained a glitzy addition with the unveiling of a brand new upscale apartment building. Luxury high-rise residential tower One Uptown officially opened its doors recently, bringing a new sky-high living option to the city.The 20-story, $85-million tower, appropriately dubbed “a walker’s paradise,” aims to offer a first-class living experience on McKinney Avenue in the heart of Uptown. It’s also within walking distance of some of Dallas’ best outdoor fixtures including Klyde Warren Park and the Katy Trail, a Whole Foods, and other hot restaurant and nightlife spots.One Uptown makes its mark with amenities like a rooftop pool, and a massive sky deck and lounge with impressive views of Dallas.
If the sky-high looks weren’t enticing enough, the building also houses Southern Brazilian steakhouse Fogo de Chao, and will soon welcome five star European restaurant Circo.The curved-glass apartment tower, designed by architect Phil Shepard, boasts 196 tower residences and penthouse suites that range from a 571-square-foot studio apartment to a 1,993-square-foot penthouse. Rents range from $1,650 a month for the studio to nearly $10,000 a month for the largest penthouse.On Thursday, April 20, two installations by Dallas-based artists will be revealed at One Uptown. The first is Brad Oldham‘s “Sunlight Prism,” a 17-foot-tall piece accompanied by a digital video loop, set to be located in the lobby.Shane Pennington designed the second, “Uptown Moment,” a mirror-finish sculpture standing at 16 feet tall. The stainless steel monument will be on view outside, on the corner of McKinney and Routh Street. Deals Day: Dallas investors make big trades Candace Carlisle February 24, 2017With a hot Dallas-Fort Worth real estate market under its belt, Stoneleigh Cos.
LLC — the development firm behind the newly completed One Uptown in Dallas— has sold two of its apartment communities in Keller.The two communities, Dominion Town Center and Lakes of Stone Glen, were acquired four years ago in February 2013, with the principals of Stoneleigh Cos. Being the original developers of the apartment communities.Both communities sold on Feb.
Stoneleigh Opens High-Rise Apartment Tower in Dallas Taylor Williams February 24, 2017Stoneleigh Cos. Has opened One Uptown, a 20-story, 196-unit high-rise apartment building on McKinney Avenue in Uptown Dallas. With more than 18,835 square feet of retail space, the complex currently houses Brazilian steakhouse Fogo de Chao and will lease space to Circo, a five-star European restaurant, this summer. OneUptown’s amenities include a rooftop pool, private fitness studio, entertainment room, lounge, and a demonstration kitchen. Move-ins began on February 18. Want to Win a Grammy One Day?
These Apartments Come with Music Studios Beckie Strum February 12, 2017It took Grammy-nominated band The Chainsmokers 30 minutes in a recording session to come up with the beat to double-platinum hit “Closer.”An expert jury will decide just how brilliant the electronic-dance music duo’s quick work is on Sunday night at the 59th Annual Grammy Awards, where The Chainsmokers are up for their first Grammy, for best new artist. 25N Coworking opens in Arlington Heights January 27, 201725N Coworking has completed work on an 11,000 square-foot space located on the first floor of One Arlington, 3400 W. Stonegate Blvd.It becomes the newest amenity for the mixed-use development Arlington Downs, located at the corner of Route 53 and Euclid Avenue in Arlington Heights.Reservations for desks and private offices are currently taken on a first-come, first-choice basis. To celebrate the opening, any member who signs up for a year of flex or dedicated space will receive an annual virtual mail package valued at $300.25N Coworking spaces are designed to spark collaboration and productivity in a collaborative environment as an alternate to working from a standard office, the home, coffee shop, or public space.
With diverse meeting and team space available for 2-200, the location is also a suitable alternative for off-site meetings for larger corporations. For community groups looking for meeting or event space, the Hub, which can accommodate up to 80 is also available to rent.Mara Hauser, founder and CEO, calls this new location a “rock-n-roll version” of the 25N brand.“The goals for each space are to carry our brand, but pick up the vibe of each local community,” she explained. “Our location at One Arlington rocks with concrete, steel, glass and 18-foot ceilings. We’ve planned for every amenity a worker would desire, and put them together in an exciting way.”The space is staffed with community managers whose responsibilities include fostering an amazing community of members who serendipitously connect. They are there to greet guests, provide catering and concierge services for any member or guest needs, and they make sure the good (really good) coffee is always hot. 25N Coworking offers workspace services 24/7.his is the second location for 25N Coworking. They started operations in 2013, with its first co-working location in West suburban Geneva, Ill.
Designed to be the flagship and prototype for future locations, 25N Coworking in Geneva sold out of private office spaces within one month after opening their doors in February 2015. Only 18 months later, they relocated to accommodate continued demand.For more information, visit the 25N Coworking website. To schedule a tour of the facility, contact Community Manager Sarah Randle or Hauser via email at [email protected] or call (847) 600-4284.A ribbon cutting and grand opening celebration is being planned for early March.
Luxurious studio apartment for rent in Business Bay, DubaiBusiness Bay is considered one of the most promising areas in Dubai. The town is certainly booming with a number of businesses and retail outlets launching their trade. It is also posed to be a business central hub, housing a number of large companies and corporations.
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