Brian Cullen

TRANSACTION NEWS: Harrison Street Asset Management (HSAM) has acquired acquisition of The Residence at Summer Street and The Residence at Selleck’s Woods, two senior housing communities located in Fairfield County, Conn. https://lnkd.in/e7sVJXQ2

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Affiliates of HGI have partnered with CBRE Investment Management for one of the largest multifamily transactions in New England this year.   The partnership closed on four of five properties as part of a $740 million portfolio acquisition spanning five communities and 2,719 units across the region.   With this milestone, HGI’s ownership and management now exceed 3,600 units in the Boston metro area, and the firm has completed approximately $2.2 billion in multifamily acquisitions year-to-date.

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📢 Sterling Organization Acquires Bristol Plaza from Federal Realty Investment Trust Sterling Organization has officially acquired Bristol Plaza, a premier 263,000-square-foot shopping center in Bristol, CT, for $44 million. The deal, sold by Federal Realty Investment Trust, marks a significant addition to Sterling’s growing portfolio. 📍 Property Highlights: * 263,000 square feet of prime retail space. * 93.1% occupancy rate. * High-performing Stop & Shop supermarket. * Home to T.J. Maxx, Burlington, Five Below, Dollar Tree, and Jersey Mike’s. * Situated on U.S. Route 6, serving over 107,000 residents within a 5-mile radius. 💼 Transaction Details: * Acquired through Sterling Value Add Partners IV, a $600 million institutional fund. * Federal Realty originally purchased the site in 1995 for $17.3M—showcasing the long-term value growth of this asset. 📈 Sterling’s Momentum: This acquisition brings Sterling's total portfolio to 82 assets spanning 14 million square feet. This follows a busy December, which included the $115M sale of Park North Shopping Center in San Antonio and the $65.2M sale of Pompano Citi Centre in Florida. https://lnkd.in/g5bYKisp

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🚨 NJ Multifamily News! 🚨 Hudson Atlantic Realty hits Deals. Leadership. Growth. • 38-unit, 55+ Netcong community sold off-market for $10.8M ($284K/unit) — first trade since 2002 • Deal Leaders: Adam Zweibel, President & Dante Fusaro, promoted to VP of Multifamily Sales — $40M+ closed across 250+ units since 2022 📖 Full story and insights in MAREJ’s latest issue: https://lnkd.in/em25PQC6 #NJCRE #MultifamilyRealEstate #HudsonAtlantic #KingsViewApartments #CRELeadership #ApartmentSales #MAREJ

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How New Jersey’s SuSI Program Strengthens Solar ROI for CRE Owners New Jersey continues to lead the commercial solar market because of one factor: predictable, long-term incentives through the SuSI Program. For CRE owners, this framework directly improves project bankability and accelerates ROI. Two incentives drive the value: ADI (Administratively Determined Incentive) - Fixed 15-year payments per MWh - Ideal for rooftops, parking canopies, and community solar - Creates SREC-II revenue that stabilizes cash flow and supports NOI CSI (Competitive Solar Incentive) - Bid-based structure for projects above 5 MW - 15-year performance-based awards - Suited for large CRE sites looking to monetize underutilized land or roof area Why this matters for CRE - Predictable revenue improves underwriting - Incentives stack with the ITC + MACRS - Reduced utility exposure and long-term asset value growth Plankton Energy develops and finances commercial solar across New Jersey, fully aligned with ADI and CSI structures—maximizing returns and reducing ownership risk. See how SuSI incentives can elevate your asset performance: https://lnkd.in/eQGVwEvb #CommercialRealEstate #SolarEnergy #CREInvesting #SolarFinance #SUSI #ADI #CSI #PlanktonEnergy

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📊 Philadelphia Multifamily Market - Fresh Insights from Yardi Matrix (August 2025) Philadelphia isn’t just keeping pace - it is continuing to perform strongly. 👷 Employment Growth: The metro added 45,400 net jobs over the past year, with Education & Health Services (+30,900) leading the way. Amazon’s planned $20B Pennsylvania investment (including a new data center in Falls Township) will add 1,250 more jobs. 🌆 Submarkets: City Center–West rents climbed 3.9% YoY to an average of $2,586, making it the leading submarket in urban Philly. In the suburbs, Exton–Malvern topped the list at $2,200. 💼 Occupancy Split: Renter-by-Necessity properties held strong at 95.8%, while Lifestyle occupancy registered 94.9%. Both segments continue to show healthy stability. 🏗️ Pipeline: Developers are working on 15,930 units under construction - yet new starts fell sharply compared to last year, a trend that strengthens fundamentals for existing assets. 💵 Transactions by Submarket: Center City–West led with $138M, followed by Conshohocken ($109M) and Northwest–East ($100M). With job growth fueling demand and new supply slowing, Philadelphia’s multifamily market remains one of the most compelling plays on the East Coast. 🔗 Full report: Yardi Matrix – Multifamily Research 👉 Anyone interested, feel free to DM me or comment below and I’ll share the full report. Gelfand Group GY Properties | Gelfund Real Estate Opportunities | GC Ventures

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Explore the forces shaping investor strategies and performance trends across the region in Newmark Philadelphia's 2Q25 Multifamily Market Overview. Access the full report here ➡️ https://lnkd.in/eGuR64WF #Newmark #CRE #NewmarkMultifamily #MultifamilyCapitalMarkets

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https://lnkd.in/eiRgHK6h Stuart A. Johnson, AIA, Principal of Minno & Wasko Architects and Planners shares his thoughts on current market conditions and trends in this piece by Real Estate NJ:

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Commercial real estate firm NAI James E. Hanson released its 2025 Industrial Report for the first quarter covering real estate trends in the northern and central New Jersey market. Hanson said the northern New Jersey industrial market appears to have entered a period of balance after several years of growth and despite the uncertainty regarding increased tariffs. Although properties with logistics and distribution tenants have more exposure to a drop in imports, these types of companies were significant drivers of demand in the first quarter:

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State of Rental Housing, takeaways from Q4 2025 Apartment REIT Earnings from AvalonBay Communities, Camden Property Trust, Equity Residential, Essex Property Trust, MAA, UDR - Opening Doors to your future and commentary from Blackstone Blackstone said on its Q4 call that the real estate cycle bottomed two years ago and private values have been slowly improving since. The firm deployed $138B in 2025 its highest in four years including eight REIT privatizations. Jon Gray is predicting increased deployment in 2026, calling it "tremendous momentum" for real estate. The smart money is moving. The REIT earnings data confirms the turn is underway - just don't expect a snapback. H2 2026 into 2027 is where the real inflection becomes visible. ✅ The market is turning slowly. After three years of heavy deliveries, concessions are pulling back. MAA posted four straight quarters of improving rent blends. The market likely bottomed around October. Spring leasing season is the real test. ✅ 2026 will be gradual, not a breakout. Most operators expect 2H to outpace 1H setting up a stronger 2027. Camden's CFO Alex Jessett: roughly 2% rent growth for the year, mostly in the back half. AvalonBay's COO Sean Breslin echoed the same second-half revenue growth should exceed the first, driven by better job growth and less supply. ✅ Uncertainty is the dominant overhang. Camden CEO Ric Campo opened his call saying "uncertainty" could not be more fitting for the sector. EQR CEO Mark Parrell attributed mid-2025 softness to policy and geopolitical uncertainty weighing on employer confidence. EQR also reported move-outs to home purchase hit a record low. ✅ Construction costs are down but starts don't pencil. Hard costs fell low-to-mid single digits, but land prices and soft rents keep deals tough. AvalonBay is cutting starts from $1.65B to ~$800M. Camden noted 5 - 8% cost reductions but said un trended yields only reach the mid-5s. ✅ San Francisco and New York are the clear winners. Tech hiring, AI, return-to-office, and minimal supply make these the standouts. EQR called them "notable bright spots." Camden is exiting California entirely - selling 11 communities for an expected $1.5 - 2B and redeploying into the Sun Belt. ✅ Sun Belt: soft, but green shoots are real. Atlanta and Dallas lead the recovery with occupancy pushing toward mid-96%. Austin lags. Camden CEO Campo made the bull case: the Sun Belt is going to grow, and when it turns, it's going to turn pretty strong and hard. MAA expects deliveries down 60%+ from peak in 2026. ✅ REITs are trading at big discounts to NAV. Apartment REITs trade at ~15x forward FFO vs historical 19 - 20x. Implied cap rates sit around 6s while private deals clear in the 4s - 5s. EQR repurchased $300M in 2025. AvalonBay bought back ~$490M.

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Ziegler is pleased to announce the successful closing of River’s Edge, the largest senior living tax-exempt bond transaction to date. River’s Edge is the first CCRC project in New York City and will be located on the campus of its Sponsor, RiverSpring Living, in the Riverdale section of the Bronx. River‘s Edge will be located on land leased from the Hebrew Home at Riverdale, and is expected to be an approximately 441,000-square-foot, 11-story building with 260 independent living apartment units. The Project will include luxurious one- and two-bedroom floor plans, showcasing breathtaking views of the Hudson River, the Palisades, the George Washington Bridge, and the Manhattan skyline and will be an Article 46 Lifecare CCRC regulated by the NYS Department of Health and the NYS Department of Financial Services. https://bit.ly/400JJzm

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Cushman & Wakefield: Two buyers acquired components of a North Jersey #multifamily portfolio with more than 500 units for $94M. https://lnkd.in/eStdkAEM Accordin

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