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Real Estate Bisnow Real Estate Bisnow
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January 12, 2012  
 
 
Revenge of the '80s

 
We’ve noticed '70s fashion is coming back in style (have you seen some of those printed blouses at Target recently?), but in the world of multifamily investment sales, it’s all about the '80s.
 
Pat Jones
Apartment Realty Advisors founding principal Pat Jones tells us he’s filling his days selling value-add communities built in the '80s. Does that mean they all have arcade versions of Galaga?) He has eight such deals in various stages of marketing and closing now, a big jump from about two this time last year. And each asset is attracting a great deal of attention, usually over 10 offers per deal including numerous out-of-state investors. These deals are typically going to private investors seeking yield, and they’re averaging a 6.5% cap rate. He tells us his most recent '80s sale was Shadow Valley, a 250-unit property just west of the San Antonio Medical Center. ARA repped seller Venterra; it received 20 offers before closing to MC Cos. Wanna hear more? Register now for Bisnow’s Multifamily Summit Jan. 24. Pat and other experts will spill their guts on the multifamily market today; you don’t want to miss it!

Bisnow
LYND GETS HOSPITALITY
 
No, these are not your local ESPN anchormen. Clyde Johnson and Brandon Raney have partnered with Lynd Company to form BC Lynd, a division focused on hospitality acquisitions, development, and management. We chatted with Brandon, who will serve as BC Lynd’s CEO. He tells us Lynd was passing on hospitality opportunities because it lacked experience. Lynd and BC have been partnering on office assets since 2010, so the groups decided to merge to capitalize on BC’s contacts and knowledge and Lynd’s management platform. Brandon tells us non-performing hospitality assets and notes (a focus for BC Lynd) are finally coming to market, and he expects demand to increase. That leads to great upside opportunity.
David Lynd
Brandon and David Lynd (pictured with his kids Liberty and Locke) have the benefit of knowing each other a long time: They went to SMU together. BC Lynd’s primary focus will be acquisitions in Texas and the Sunbelt states; it has several deals in underwriting now. (Look for an announcement in a couple weeks!) Brandon tells us he hopes to average six to 10 hospitality acquisitions per year over the next few years. The firm will hold the assets to build a management portfolio. It’s also eyeing a few development projects now, although most likely none will launch in 2012.

Bisnow
111,000 ON I-35
 
Peter French
Some 110,000 cars a day and 75% of the NAFTA truck traffic driving through Austin on I-35 can be both a blessing and a curse, says Plum Creek director of operations Peter French. (Can you tell which one is him above? If you guessed the baby, you're wrong.) He tells us the heavily trafficked corridor creates tremendous opportunities as a connector for San Antonio and Austin as the cities grow tighter. But, living in San Antonio and making the commute to Austin a few times a week, he knows what happens when a tractor-trailer jackknifes (you get out of the car and fire up the grill, you'll be there awhile), there aren’t many alternative routes until 130 finds its way down to Seguin. The challenge and opportunity created by the traffic along the corridor is a primary driver for the creation of mixed-use developments where people can live, work, learn, and play in one place.
Traffic on I-35 in San Antonio
About 75% of freight coming from Mexico into the US and Canada is transported by truck on I-35, much of it coming from the Port of Laredo through San Antonio. By 2030, we could see 15,000 trucks per day passing through the corridor. “We wouldn’t want to send it away, but at the same time, it’s challenging,” Peter tells us. He’d like to see large employment and distribution centers built in the area so companies can take advantage of the I-35 Corridor to easily get products around the Texas Triangle. Adding to the problem: An estimated 10 million new Texans will call the San Antonio-Austin I-35 Corridor home by 2050. Planning and building to support this growth will continue to be a major challenge. Come hear more from Peter at the Bisnow’s Future of the I-35 Corridor event in Austin on January 17. Register now, and be sure to ask Peter about his photography and how he and his wife have the energy to chase three kiddos under the age of 8.
 
On this day in 1967, Dr. James Bedford was the first person to be cryonically preserved with intent of future resuscitation. What's up with you? Email Catie Brubaker, catie@bisnow.com.
 
 
 
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