RICHMOND, TEXAS — JLL has negotiated the sale of The Shops of Bella Terra, a 271,157-square-foot regional power center in the southwestern Houston suburb of Richmond. Built in phases between 2008 and 2013, the property was 93 percent leased at the time of sale to tenants such as 24 Hour Fitness, Total Wine & More, Best Buy, Five Below, Ulta Beauty, Chick-fil-A and Whataburger. Barry Brown, Adam Howells, George Cushing, Wendy Vandeventer, Ethan Goldberg and Erin Lazarus of JLL represented the undisclosed seller in the transaction. Colby Mueck, James Brolan and Stuart Hepler of JLL arranged a 10-year, fixed-rate acquisition loan through Morgan Stanley on behalf of the buyer, Fidelis Realty Partners.
LARGO, FLA. — Berkadia has arranged the sale of Mystic Bay Apartments, a 228-unit garden-style multifamily property in Largo. Jason Stanton, Cole Whitaker, David Etchison, Mary Beale, Lauren Gassie, Greg Rainey of Berkadia represented the seller, New York-based Ashcroft Capital, in the transaction. Indiana-based The Sterling Group purchased the property for $42.1 million. Mystic Bay Apartments features one-, two- and three-bedroom floor plans. The units include features such as walk-in closets, granite countertops and balconies. Community amenities include a pool, fitness center, tennis court and a business center. Located at 600 Starkey Road, the property is located 1.3 miles from the Largo Central Park Nature Preserve, a park with a lookout tower, pond, trails, butterfly garden and kayak launch. Mystic Bay Apartments is 5.1 miles from the St. Pete-Clearwater International Airport, 21.3 miles from Tampa and 5.8 miles from Clearwater.
FORT WORTH, TEXAS — Dallas-based global investment management firm Civitas Capital Group has acquired Rocco Apartments, a 312-unit community located on the east side of Fort Worth. Built in 1984, the property offers one- and two-bedroom units that are furnished with stainless steel appliances and faux granite or quartz countertops, with individual washers and dryers and private balconies/patios available in select units. Communal amenities include a pool, fitness center, dog park, business center, clubhouse and a playground. The seller and sales price were not disclosed.
BOERNE, TEXAS — California-based investment firm Brixton Capital has purchased Carrington Place, a 172-unit apartment community in the San Antonino suburb of Boerne that was built in 2003. Colton Burch of Rowan Multifamily Advisors represented Brixton Capital in the transaction, while Robert Arzola of JLL represented the seller, Dallas-based MHP Capital Partners. Brixton Capital plans to rebrand the property and upgrade building exteriors, amenity spaces and unit interiors.
REVERE, MASS. — JLL has negotiated the $84.3 million sale of Eliot on Ocean, a 194-unit apartment community in the eastern Boston suburb of Revere. Built in 2016, Eliot on Ocean offers one-, two- and three-bedroom units averaging 738 square feet. Residences feature stainless steel appliances, quartz countertops and walk-in closets. Amenities include a fitness center with a yoga studio, sun deck, wine room, game room, clubhouse and a dog grooming station. Scott Aiese, Alex Staikos, Jackie Meagher and Hugh Doherty of JLL represented the seller, Westbrook Partners, in the transaction. Chris Phaneuf, Adam Dunn and Scott DiSciullo of JLL arranged $60.9 million in acquisition financing through Barings on behalf of the buyer, Invictus Real Estate Partners. The loan was structured with a three-year term and a floating interest rate.
GLEN ELLYN, ILL. — JLL Capital Markets has brokered the sale of Market Plaza in the Chicago suburb of Glen Ellyn for $30.2 million. Jewel-Osco anchors the 166,572-square-foot retail center. Built in 1965 and renovated in 2009, Market Plaza is home to tenants such as Ross Dress for Less, Dollar Tree, Staples, Sherwin-Williams, Sweet Basil, H&R Block, Royal Nail and Spa and Goldfish Swim School. The property sits on 12 acres along Roosevelt Road. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, RPT Realty. North American Real Estate Group was the buyer.
INDIANA — The Glick Housing Foundation has purchased seven affordable housing properties, including six purchased from Community Reinvestment Foundation. The purchase price was undisclosed. The newly acquired assets are located in New Albany, Bedford, Shelbyville, Bloomington, Lebanon and Indianapolis. Each property is designated as affordable housing under Section 8, a federally funded rental assistance program, or another recognized program. Glick Philanthropies will commit additional funds as part of the transaction to ensure that the properties are well maintained. Glick will employ a service coordinator at each property who will assist residents in navigating community services. According to Glick, the acquisition is the largest in the history of the foundation and one of the largest in the state of Indiana for 2021. Glick’s portfolio now includes 42 not-for-profit affordable housing properties with nearly 7,000 units, including more than 3,700 units in Indiana.
EVANSTON, ILL. — Interra Realty has arranged the sale of 828 Lofts in Evanston for $17.1 million. The property, located at 828 Noyes St. near Northwestern University, consists of 44 apartment units and one retail space that is occupied by local restaurant Stacked & Folded. Residents have access to a dog wash, bicycle storage and covered parking. The building was fully leased at the time of sale. Colin O’Malley of Interra represented the private buyer. Paul Waterloo and Patrick Kennelly of Interra represented the seller, Evanston-based GDS Development, which built the property in 2018.
DALLAS — A joint venture between Eagle Property Capital Investments, a multifamily investment firm focused on the Florida and Texas markets, and Mexico City-based private equity firm Promecap have acquired two apartment communities in Dallas totaling 958 units. The 466-unit Enclave at Prestonwood was built in 1978 and is located on the city’s north side, and the 492-unit Residences at Mesa Ridge was built in 1983-1984 and is located on the northeast side. Enclave at Prestonwood features one- and two-bedroom units ranging in size from 480 to 944 square feet, and Residences at Mesa Ridge offers one-, two- and three-bedroom apartments ranging in size from 500 to 1,186 square feet. Both properties have amenity packages that include pools and clubhouses. Enclave at Prestonwood also offers a fitness center, dog park and a children’s play area, while Residences at Mesa Ridge has a tennis court. The new ownership plans to implement value-add programs at both properties. Taylor Hill, Joey Tumminello, Will Balthrope, Michael Ware, Drew Kile and Asher Hall of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Exponential Property Group, in the transaction and procured the joint venture as the buyer.
HOUSTON — Miami-based investment firm Elandis has acquired Hudson & Crosby at Westchase, two adjacent multifamily communities totaling 569 units in Houston that were marketed under a shared brand name. Hudson & Crosby at Westchase feature one-, two- and three-bedroom units and shared amenities including a pool, clubhouse, business center and a fitness center. Elandis, which acquired the assets in a joint venture with international investment firm Libra Group and London-based M&G Investments, plans to implement value-add programs at both properties. The seller was not disclosed.