AUSTIN, TEXAS — Locally based firm Stratus Properties Inc. (NASDAQ: STRS) has entered into an agreement to sell Block 21, a mixed-use property that occupies a full city block in downtown Austin, to Nashville-based Ryman Hospitality Properties Inc. for $260 million. The two firms originally entered into a purchase agreement for Block 21 in December 2019 for a price of $275 million, including the assumption of $142 million in debt. The agreement was subsequently terminated in May 2020 due to concerns over COVID-19, resulting in Ryman forfeiting $15 million in earnest money. Stratus and Ryman are aiming to close this deal before the end of the year. Originally developed by Stratus in 2010, Block 21 houses the 251-room W Austin Hotel and the 2,750-seat Austin City Limits Live at the Moody Theater, as well as office and retail space.
MORRISVILLE, N.C. — Blue Heron Asset Management has sold Indigo Apartments, a 489-unit multifamily community in Morrisville, for $121.9 million. The firm sold the asset to an undisclosed buyer via its third fund, Blue Heron Real Estate Opportunity Fund III. NorthMarq represented the seller in the transaction. Built in 2005 about eight miles south of Durham, Indigo Apartments offers one- and two-bedroom floorplans with features such as stainless steel appliances, full-size washers and dryers, fireplaces, private patios and balconies and wood-inspired plank flooring. Community amenities include a dog park, charcoal and gas grills, Wi-Fi lounge, fitness center and a clubhouse. Blue Heron, a Raleigh-based private equity real estate investment management and development firm, acquired Indigo in December 2018. Shortly after taking ownership, the firm completed a community enhancement plan that included the renovation of apartment interiors and an expansion and upgrade of the amenity spaces.
SAN ANTONIO — Tampa-based multifamily investment firm American Landmark has acquired Palmetto Point Apartments, a 328-unit community in San Antonio’s Medical Center submarket. The site is located across from USAA’s corporate headquarters on the city’s northwest side. Built in 2020, the gated community features one- and two-bedroom units ranging in size from 653 to 1,451 square feet. Residences are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private patios/balconies. Communal amenities include a resort-style pool with cabanas and an outdoor fireplace, clubhouse with a fitness center, business center, internet café and an entertainment room with billiards and flatscreen TVs. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller and developer, locally based firm Koontz Corp.
FORT LAUDERDALE, FLA. — AvalonBay Communities has acquired CURV, a recently completed mixed-use project located at the corner of Federal Highway and Southeast 17th St. in downtown Fort Lauderdale. Built in 2020, CURV includes 243 apartments atop a 49,071-square-foot Whole Foods Market grocery store. The property includes a 668-space parking garage shared by shoppers and renters. The multifamily component of CURV offers a mix of studios, one-, two- and three-bedroom residences. Community amenities include a private tropical courtyard with a pool; package lockers with refrigerated and dry-cleaning units; a fitness center; and multiple business, work, meeting, gathering and entertainment spaces. The residential portion of the property was 97 percent occupied at the time of sale. Newmark represented the seller, affiliates of Ram Realty Partners IV LP, in the transaction. The sales price was not disclosed. In 2018, Ram acquired the 3.2-acre property, which formerly was used as a motel and restaurant. Roger Fry Architects designed CURV to meet National Green Building Standard certification.
ORLANDO, FLA. — CBRE has negotiated the sale of Shoreview at Baldwin Park, a 184-unit apartment complex in Orlando. Michael Regan, Francesco Carriera, Jeff Gray and Chip Wooten of CBRE represented both the buyer, an entity doing business as FP Baldwin Park LLC, and the sellers, NorthEnd Equities and Residential Management Inc., in the transaction. The sales price was not disclosed. Located at 1001 Shoreview Drive, Shoreview at Baldwin Park is a garden-style community featuring a mix of studio, one- and two-bedroom floorplans, as well as 28 loft/townhouse units averaging 783 square feet. At the time of sale, 174 units had received interior renovations, including new stainless steel appliances, cabinets, resurfaced counters, vinyl flooring and paint. All of the units feature walk-in closets, breakfast bars, nine-foot ceilings and private patios or balconies. Community amenities include a pool, clubhouse, fitness center, dog park and a barbeque area. The property was 96 percent occupied at the time of sale. Shoreview at Baldwin Park is nearby to many retailers and restaurants along East Colonial Drive, as well as The Cady Way Trail, a paved biking, jogging and walking path with a 2.5-mile trail loop around Lake Baldwin.
PASADENA, TEXAS — Locally based development and brokerage firm NewQuest Properties has arranged the sale of Kroger Junction, an 80,748-square-foot shopping center in the eastern Houston suburb of Pasadena that was built in 1987. The center’s namesake tenant operates a store that spans 45,528 square feet and also offers a fueling station. David Luther, Austen Baldridge and Dakota Workman of NewQuest represented the seller, an entity doing business as 2619 Realty Holding LLC, in the transaction. NewQuest also represented the buyer, Houston-based Farah Investments LLC.
CHARLOTTE, N.C. — Franklin Street has arranged the sale of Riverbend Village, a 31,721-square-foot retail property in northwest Charlotte. Bryan Belk and John Tennant of Franklin Street represented the sellers, Simpson Commercial and Landmark Development, in the transaction. CenterSquare Investment Management, a Philadelphia-based real estate investment manager, was the buyer. The sales price was not disclosed. Built in 2019, Riverbend Village features tenants including AT&T, Chicken Salad Chick, Great Clips, Heartland Dental, Jersey Mike’s Subs and Red Wing Shoes. The property has eight end caps that provide patio seating for the restaurant tenants. Located at 9515 Riverbend Village, the property shares a site with several outparcels, including Chick-fil-A, Freddy’s Frozen Custard & Steakburgers, Taco Bell and Dunkin’. The property is also situated adjacent to a Walmart Supercenter. The Riverbend Village shopping center is part of a large-scale mixed-use development that includes 200,000 square feet of retail and is anchored by a Harris Teeter grocery store. Upon completion, the Riverbend project will include 105 townhomes, 266 apartments and a 120-room Courtyard Marriott, along with office, medical and additional retail space.
BOSTON — CBRE has arranged the $175 million sale of the Partners Industrial Portfolio, a collection of six buildings totaling 802,194 square feet in various suburban submarkets of Massachusetts. Specifically, the properties are located in Franklin, Andover, Wilmington, Tewksbury, Hopkinton and Auburn. Scott Dragos, Doug Jacoby, Chris Skeffington, Anthony Hayes, Roy Sandeman, Tim Mulhall and Dan Hines of CBRE represented the seller, AEW Capital Management, in the transaction. The buyer was New York City-based Link Logistics Real Estate. At the time of sale, the portfolio was 100 percent leased to eight tenants with a weighted average remaining lease term of 6.3 years.
BOSTON — RLJ Lodging Trust, a Maryland-based hospitality REIT, has acquired the 205-room AC Hotel by Marriott Boston Downtown for $89 million, or roughly $434,000 per room. The hotel opened in 2018 within the Ink Block, a mixed-use development located at the former site of the Boston Herald headquarters. Amenities include a fitness center, outdoor patios, 2,500 square feet of customizable meeting space and multiple food and beverage concepts. The seller was not disclosed.
LAS VEGAS — The Bascom Group has purchased ReNew at Decatur, a multifamily community in Las Vegas, for $49.6 million, or $229,630 per unit in an off-market transaction. Built in 1988, ReNew at Decatur features 216 apartments with private patios or balconies, with 78 percent of the floorplans two- or three-bedroom layouts. The community features a fitness center, resident clubhouse, business center, pool and barbecue area. Bascom plans to upgrade the property’s unrenovated units and enhance its exteriors and community amenities. Jamie Kline and Annie Rice of JLL Capital Markets sourced the acquisition loan from Bridge Investment Group for Bascom Group. Apartment Management Consultants will provide property management services for the asset and SD CAP will provide construction management.