“The Grandstand offers new ownership tremendous headroom given the significant rent spreads achieved by nearby, fully renovated communities,” says Shea Campbell, a senior vice president at CBRE.
“The storage industry generates a reported $38 billion in annual revenue, and within this sector, Clutter is carving a distinctive niche from a service perspective,” says Cushman & Wakefield's Andrew Stypa.
“I'm excited to be a part of a company that is focused investing in the affordable housing industry to help create quality homes for consumers,” says Monarch Private Capital's Brett Barringer.
Both New Jersey and Florida are undergoing rapid economic growth and expansion, as well as experiencing significant population gains, says John Williams, president of Avanath, leading to increased demand for affordable housing options across both states.
Keystone acquired the nine-story, approximately 400,000-square-foot class A office building in 2013, and has spent $25 million to redevelop the property.
"Luxury class A multifamily assets like Two Addison continue to elevate renters' expectations and attract high yield driven investors,” says JLL's Jim Sewell.
PTC Therapeutics specializes in genetic research focused on discovering and developing novel oral treatments for patients with serious and life-limiting disorders.
"We continue to see preservation groups show interest in acquiring and protecting high-quality land like this from development," says NAI Hanson's John J. Schilp.
As the line between work and play continues to blur, it's becoming even more important to provide opportunities to connect with other tenants and the surrounding neighborhood, says Zeller Realty's Mark Vollbrecht.
The completed property will consist of a nine-story building with 409 rental apartment units, 16,300 of ground floor retail, and an onsite parking garage.