ROCKWALL, TEXAS — Steadfast Apartment REIT has acquired Lake Ray Hubbard, a garden-style apartment community with 334 apartment homes in the Dallas suburb of Rockwall. Built in 2009, Lake Ray Hubbard is a 96 percent occupied apartment community with 42 apartment buildings housing one-, two-, three- and four-bedroom floorplans. The average unit size is 1,118 square feet and the average rent is $1,603. The Lake Ray Hubbard community is being renamed to Sixteen50 @ Lake Ray Hubbard. Each unit features a balcony or patio, ceiling fans, washer and dryer connections and a garage, with fireplaces and hardwood floors in select homes. Community amenities include a pool, hot tub, steam room and dry sauna, on-site spa, fitness center, sand volleyball court, community pond, dog park, central park and playground, barbecue and picnic area and a business center. Steadfast Apartment REIT plans a value enhancement strategy at the property.
BROWNSVILLE, TEXAS — Marcus & Millichap has brokered the sale of Calli Village, a 76-unit apartment property located at 2644 Old Port Isabel Road in Brownsville. The single-story development was completed in summer 2016 and features 62 two-bedroom and 14 three-bedroom apartment homes. The new owner-operator plans to construct an additional 40 units on the adjacent land. Mike Moffitt Jr. of Marcus & Millichap’s Austin office represented the seller, a limited liability company. Moffitt also secured the purchaser, a partnership.
LEE’S SUMMIT, MO. — Parrot Properties, in partnership with Block & Co., has received approval for its $225 million Village at View High development in Lee’s Summit from the city’s planning commission. The mixed-use project will feature multifamily space, 250,000 square feet of retail space and more than 100,000 square feet of office and medical space, as well as a proposed senior living facility. To be developed in three phrases, the project will feature 23 acres of land for 300 luxury apartments, 13 acres for a gated-community of senior living villas, townhomes and apartments, and 35 acres for retail, restaurant and office development. The project team includes Engineering Solutions, TransSystems, Hirst and Associates Architects, Bushyhead, and Humphrey, Farrington & McClain PC.
NEW YORK CITY — An affiliate of Rockpoint Group LLC has acquired two residential properties located at 63 and 67 Wall St. in Manhattan. An affiliate of DTH Capital sold the properties for an undisclosed sum. 63 Wall Street, known as the Crest and formerly The Wall and Hanover Building, was built in 1928 as the headquarters of Brown Brothers Harriman & Co. The 400,000-square-foot building was converted into 476 residential apartments in 2003 and 2004. 67 Wall Street was originally built in 1921 as headquarters for the Munson Shipping Co. In 2006, the building was converted into 331 residential units and a retail component. The properties have approximately 10,000 square feet of connected amenity space and 20,000 square feet of retail space. Carl Schwartz, Matthew Scoville and Katie Baranek of Hunton & Williams LLP advised DTH Capital on the sale.
OWINGS MILLS, MD. — Baltimore-based Continental Realty Corp. has acquired Riverstone at Owings Mills, a 324-unit garden-style apartment community located in Owings Mills, for $61.6 million. Continental purchased the community via its Continental Realty Fund IV LP, marking the third multifamily purchase for the fund. Located at 4700 Riverstone Drive, Riverstone at Owings Mills consists of one-, two- and three-bedroom apartment units featuring 9-foot ceiling heights, open-style layouts, split master options, individual full-sized washer and dryers, and balconies or patios. The asset was nearly 96 percent occupied at the time of the purchase. Constructed in 2002, the property’s community amenities include a clubhouse with a fitness center, business center and resident lounge, as well as an outdoor swimming pool, hot tub and a tennis court. Continental Realty plans to continue the on-going renovation program, which includes the installation of granite countertops and stainless steel appliances. CBRE represented the seller, CIM Group, in the transaction.
KATY, TEXAS — Trademark Property Co. has entered into an agreement with Westside Ventures to develop an 82-acre mixed-use development at the northwest corner of I-10 and Mason Road in Katy. Planning will continue in the coming months for the initial 60-acre phase, which will include retail, restaurant, residential, hotel and office space. The site, which is part of a larger 107-acre tract owned by Westside Ventures, will be developed in phases over several years. Phasing and a construction timeline will be scheduled following planning.
HOUSTON — Marcus & Millichap has arranged the sale of Colonial Oaks Apartments, an 80-unit apartment property located in Houston. Juan Cuevas and Lucas Fertitta of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Cuevas and Fertitta also secured and represented the buyer, a limited liability company. Colonial Oaks Apartments is located at 3940 South Shaver St.
NORWICH, CONN. — Chozick Realty Inc. has arranged the sale of Stonington Estates Apartments, located on Stonington Road in Norwich. Trion Holdings acquired the property from HPI Stonington LLC for $6.8 million, or $95,775 per unit. Constructed in 2005, the 71-unit property features two-bedroom units and a full amenity package, including tennis courts and a fitness center. Rick Chozick represented the seller and procured the buyer in the deal.
CHARLOTTE, N.C. — Inland Real Estate Acquisitions Inc. has facilitated the purchase of Vanguard Northlake, a newly built, 204-unit apartment community located at 11010 Northlake Landing in Charlotte. Matthew Tice of Inland Real Estate Acquisitions facilitated the transaction on behalf of an Inland affiliate. According to the Charlotte Business Journal, an affiliate of Covington Realty Partners sold the asset to Inland for $31.7 million. Vanguard Northlake’s unit interiors include granite countertops, 9-foot ceilings, walk-in closets, TVs built into the master bathroom mirrors, washer and dryer units and private balconies or patios. Community amenities include an outdoor saltwater pool, fitness center, outdoor grilling kitchen, fireside lounge, sundeck with cabanas, dog park, bicycle storage and a business center. The property was 95 percent occupied at the time of sale.
NORTH LAS VEGAS — The Bascom Group has purchased the 312-unit Trellis Park Crossroads Apartments in North Las Vegas for $35.3 million. The community is located at 3825 Craig Crossing Drive. Trellis Park was built in 2009. It is situated near the 95 and 215 freeways, less than 10 miles from the Las Vegas Strip. CBRE’s Brian Eisendrath and Annie Rice arranged a $31.5 million loan with Resource Real Estate Funding for the transaction. The firm’s Spence Ballif executed the sale.