FORT WORTH, TEXAS — Hillwood has acquired 600 acres of contiguous land within its 26,000-acre AllianceTexas master-planned community in Fort Worth for additional industrial expansion. The land is positioned along FM 156 between Fort Worth Alliance Airport and the BNSF Railway Alliance Intermodal facility. The acquisition raises the capacity for Hillwood’s total development potential in Tarrant and Denton counties to more than 36 million square feet. The seller(s) was not disclosed.
SUGAR LAND, TEXAS — Denver-based investment firm Northstar Commercial Partners has purchased 77 Sugar Creek Center Boulevard, a 143,000-square-foot office building located in the southwestern Houston suburb of Sugar Land. The sales price was $27.4 million. The Class A, six-story property was built in 1999 and is leased to a diverse mix of more than 35 tenants representing the energy and technology sectors. The seller was not disclosed.
SAN ANTONIO — Berkadia has brokered the sale of Brix at Terrell Hills, a 141-unit apartment property located in northeast San Antonio. Built in 1966 on 4.4 acres, Brix at Terrell Hills offers studio, one- and two-bedroom apartments averaging 800 square feet and amenities such as a pool, outdoor grilling area, business center and onsite laundry facilities. Will Caruth, Chris Ross and Cody Courtney of Berkadia represented the undisclosed seller in the transaction. The buyer was Austin-based Old Three Hundred Capital.
DALLAS — A joint venture between Realty Capital Partners (RCP) and Matteo Realty Partners has acquired the former Silverado Memory Care of Turtle Creek in Dallas. The property features 35 units housing 42 beds and is the only standalone memory care community in a six-mile radius, according to the buyers. The new ownership plans to remodel and reposition the asset over the next six months. The community was rebranded as Iris Memory Care of Turtle Creek, as Iris Senior Living is taking over management.
WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell five of its retail properties for $485 million, plus an additional three power centers, as part of a strategic move to increase its investment in the multifamily sector. The buyers are two undisclosed institutional investors. The first sale agreement includes five retail properties totaling 800,000 square feet. Those assets include Gateway Overlook in Columbia, Md.; Wheaton Park in Wheaton, Md.; Olney Village Center in Olney, Md.; and Bradlee Shopping Center and Shoppes of Foxchase in Alexandria, Va. The second transaction includes three Maryland properties spanning 850,000 square feet. The properties are Centre at Hagerstown in Hagerstown, and Frederick Crossing and Frederick County Square in Frederick. WashREIT said it will disclose the sales price of the second transaction after the deal’s closure, which is expected to occur in late July. Simultaneously, WashREIT has agreed to acquire an urban-infill, value-add multifamily community for $70 million. Details about the property were not disclosed at this time. Earlier this year, WashREIT announced that it would acquire a portfolio of seven multifamily properties in the Washington, D.C. area for $461 million, thereby increasing its multifamily portfolio from 28 percent to 45 percent based on net …
TYSONS, VA. — Park Hotels & Resorts Inc. has sold three assets for a total of $166 million, or $151,000 per room. The sold hotels include the 507-room Hilton Atlanta Airport; the 317-room Hilton New Orleans Airport; and the 274-room Embassy Suites Parsippany in Parsippany, N.J. The three properties had a combined $109 million RevPAR in 2018, which was 37 percent less than Tysons-based Park Hotels’ 2018 portfolio average. The buyer(s) was not disclosed.
AUSTELL, GA. — Castle Lanterra Properties (CLP) has acquired Premier Apartments, a 280-unit multifamily community in Austell. Built in 1972, Premier Apartments offers one-, two- and three-bedroom floor plans across 24 buildings. Communal amenities include tennis courts, a community lake, swimming pool and playgrounds. Premier Apartments is situated on 24 acres at 7200 Premier Lane, 11 miles west of downtown Atlanta. The seller and sales prices were not disclosed.
PHILADELPHIA — An affiliate Philadelphia-based Equus Capital Partners has acquired a five-property industrial portfolio and 500 acres of developable land in Virginia’s Hampton Roads region. The five buildings total nearly 1.8 million square feet. Three of the buildings, 1006, 1010 and 1020 CenterPoint Drive in Suffolk, were developed between 2011 and 2017 as build-to-suits. The buildings are fully leased and the original tenants remain. The portfolio also includes 3516 S. Military Highway in Suffolk, which was built in 2007, and 375 Kenyon Road in Chesapeake, which was built in 2008. A third-party logistics provider occupies the buildings, both of which service the Port of Virginia. The 500 acres of land is located near CenterPoint Drive and can support up to 5 million square feet of industrial space. A sales price and seller(s) were not disclosed.
DALLAS — Berkadia has negotiated the sale of the 160-room Doubletree Dallas-Farmers Branch hotel. The property, which offers amenities such as a pool, fitness center and a business center, recently underwent an $8 million renovation program. The buyer was an undisclosed 1031 exchange investor. This was the first sale from the 15-property portfolio Berkadia exclusively listed throughout the West and Southwest. The entire portfolio could fetch a sales price of $375 million.
EL PASO, TEXAS — Greysteel has brokered the sale of La Privada and Terrace Hill, two multifamily communities totaling 550 units in El Paso. La Privada is a 240-unit property that features one- and two-bedroom units with an average size of 703 square feet. Terrace Hill spans 310 units in studio, one- and two-bedroom formats, with an average unit size of 752 square feet. Jack Stone, Doug Banerjee and Andrew Hanson of Greysteel represented the seller, a private investment firm, and procured the buyer, both of which requested anonymity.