Undervalued Markets You Should Be Watching

Big Red Flags & Bold Buys

May 10, 2025

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Santa Clara is set to transform a 45-acre industrial area near Levi’s Stadium into a vibrant urban village known as the Clara District. This ambitious project aims to tackle the city's housing shortage while fostering a sustainable community lifestyle. Here’s what to expect:

• Housing Boom: At least 7,500 homes will be developed, including two major apartment towers with over 1,000 units.
• Accessibility Focus: The district will prioritize public transport with financing from $400 million in infrastructure upgrades.
• Mixed-Use Spaces: Expect a blend of residential, retail, and commercial areas to create a lively neighborhood.
• Affordable Housing Initiatives: Related California is investing $12 million to ensure affordable living options are available.
• Transit-Friendly Design: Efforts include the VTA's SmartPass program, promoting public transit use among residents.

Set against Silicon Valley's tech boom backdrop, this development aims to redefine urban living while setting a benchmark for future sustainable growth.

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Levav Properties, a major player in Chicago’s South Side rental market, faced suspension from the city’s Section 8 program due to failed housing inspections. Here are some key takeaways:

• Brooklyn-based Shaya Wurzberger's firm spent around $100 million on 1,000 apartment units over three years.
• The suspension stemmed from four of Levav's 40 units failing inspections, forcing the firm into a year-long hiatus from new leases.
• During the suspension, Levav managed to achieve significant rental success with unsubsidized tenants.
• The company was reinstated in February 2025 and has since completed 50 to 100 deals with subsidized tenants.

Despite the setback, Wurzberger described the experience as a learning opportunity, emphasizing a strengthened partnership with the Chicago Housing Authority. The authority indicates that suspensions are uncommon, highlighting Levav’s situation as an outlier in landlord compliance.

Amazon has made waves in the real estate market by acquiring the iconic 522 Fifth Avenue from RFR for a cool $350 million. Here are some key highlights:

• Strategic Purchase: The deal includes both retail and office components, solidifying Amazon's presence in the heart of Manhattan.
• RFR's Background: RFR invested a total of $425 million in the property, having purchased the office from Morgan Stanley in 2020 and the retail condo recently from Deka Immobilien for $85 million.
• Financial Maneuvers: Reports suggest the actual purchase price may be closer to $456 million, although this remains unverified.
• Building's Journey: The property faced challenges, including a foreclosure notice due to unpaid debts, but RFR’s strategic decisions ultimately paved the way for this high-profile sale.

This acquisition marks a significant chapter in the evolving landscape of New York's commercial real estate!

A Dallas-based developer, Alamo Manhattan Cos., has unveiled ambitious plans to build a multifamily apartment tower in the heart of Uptown, responding to the area's soaring demand for residential spaces.

### Highlights of the Project:
• Location: 3400 Carlisle St., Uptown Dallas, at the intersection with Lemmon Avenue.
• Scale: A stepped tower housing 400 apartments with heights ranging from 16 to 24 stories.
• Retail Space: Includes 7,500 square feet dedicated to two street-level restaurants.
• Amenities: Rooftop dog park for pet owners and a commitment to preserving 32 mature trees for green space.
• Vision: Matt Segrest, President of Alamo Manhattan, describes the development as “transformational” for an underutilized urban site.

With vibrant new office projects nearby, the area is poised for a residential boom, expected to kick off construction by early 2027! This project is set to elevate Uptown's dynamic skyline.