HOUSTON — JLL Capital Markets has brokered the sale-leaseback of a 20,600-square-foot acute care rehabilitation center in Houston. Capital Square Acquisitions LLC bought the building for an undisclosed amount from Mentis Houston RE LLC, which will lease the property through April 2029. Rudy Hubbard, Kevin McConn and Rick Goings of JLL led the sales team. The acute rehabilitation center was built in 2008 and underwent an expansion in 2011 and 2012. The property is located near the Texas Medical Center
Multifamily
PALO ALTO, CALIF. – Pacific Urban Residential has received $31 million in acquisition financing for the 90-unit Park Towers apartment complex in Palo Alto. The community is located at 535 Everett. It is walking distance to University Avenue and Stanford University. The six-story apartment building was originally developed in 1964. Park Towers’ amenities include subterranean parking, pool and a fully equipped gym. The first-mortgage financing was provided by Mesa West Capital. Mesa West also provided a $20.4-million, first-mortgage loan to California Landmark Group for the acquisition and repositioning of the 80-unit Woodlark Apartments in Larkspur. The 11-building complex is located at 965 Magnolia Ave. It was built in 1962. The sponsor plans to utilize a portion of the loan proceeds on renovations and improvements. This will include new appliances, cabinets, laminate flooring, paint, stone countertops, and the installation of washers and dryers in each unit, as well as a new gym and leasing office.
DALLAS — Marcus & Millichap has arranged the sale of Mira Flores, a 304-unit apartment property in Dallas. Bard Hoover and Nick Fluellen with Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Stephen Crittenden, William Jarnagin and Michael Ware, also of Marcus & Millichap’s Dallas office, represented the buyer, an individual/personal trust. Mira Flores is located at 9901 Bruton Road in the East Dallas submarket between Loop 12/Buckner Boulevard and Interstate 635. Eighty-four percent of its units are either two or three bedrooms. The average size is 854 square feet.
SANDY SPRINGS, GA. — Brown Realty Advisors has arranged the $21 million sale of Ansley Place, a 219-unit apartment community located in Sandy Springs. Walter Miller of Brown Realty Advisors represented the seller, Aspen Square Management, in the transaction. Investor’s Management Group was the buyer. The property was built in two separate phases in 1985 and 2000.
ORLANDO, FLA. — Franklin Street Real Estate Services has brokered the $1.4 million sale of two lender-owned apartment communities totaling 70 units in Orlando — Old Cheney and Abby. The assets, located at 5599 and 6031 Old Cheney Highway, were fully vacant for four years prior to the sale. Kevin Kelleher, Darron Kattan, Robert Goldfinger and Zach Ames of Franklin Street represented the buyer, a local investor, and the seller, a lender based in California.
BROOKLYN, N.Y. — In partnership with Brickman, a real estate private equity firm, HK Organization in affiliation with Jo-Ann Obergfell, has purchased 275 Park Avenue located in Clinton Hill, Brooklyn for $68 million. Stratus Capital Advisors represented both the buyer and seller in the transaction. The property, known as The Chocolate Factory, consists of seven contiguous buildings and features 123 loft apartments, ground-floor retail and parking. Amenities include a doorman and roof deck with views of Brooklyn and the Manhattan skyline. Converted in 2002, the building offers different floor plans of versatile lofts. Additionally, the property includes more than 25,000 square feet of retail along Park, Washington, and Waverly Avenues, including the neighborhood's only organic market, and a luxury spa. The Parfitt Brothers designed the original Romanesque Revival building in the late 19th century. It was built for the Von Glahn Brothers, a wholesale grocer that received produce from Wallabout Market. Rockwood & Co. Chocolate soon thereafter purchased the property, which for decades served as a candy factory. After World War II, Rockwood closed, and Sweets Corp. of America purchased the factory until closing permanently in 1967. HK Organization is a Brooklyn-based real estate development firm. Local HK Organization developments …
NEW YORK CITY — Rosewood Realty Group has arranged the sale of 4750 Bedford Avenue, an apartment building located in Brooklyn’s Sheepshead Bay neighborhood. 4750 LLC purchased the 105,440-square-foot building from A4750 LLC for $20 million or 11 times the rent roll. Build in 1964, the eight-story, elevator building features 112 apartments and 24 parking spaces. The new owner plans to invest in building upgrades and increase rent roll. Aaron Jungreis of Rosewood Realty Group represented both the seller and buyer in the transaction.
ST. LOUIS — Holland Construction Services recently completed construction on Cortona at Forest Park, a new 5-story, all wood apartment community in St. Louis. Cortona is located within Balke Brown Transwestern’s 26-acre, The Highlands at Forest Park mixed-use development just off I-64/40. The complex consists of one- and two-bedroom luxury apartment units ranging in size from 575 square feet to 1299 square feet. Apartment units feature gourmet kitchens with full-size appliances, large windows, walk-in closets and nine to 10-foot ceilings. Amenities include private, reserved parking and a gated entrance, an interior courtyard with a three-tiered swimming pool (lap pool, tanning ledge, hot tub), multiple lounging areas and cabanas, grills and an outdoor kitchen. Residents also have access to a community clubhouse, which includes a fitness room, coffee bar, business center and gaming area. This is the second project Holland has worked on with Balke Brown Transwestern.
MINNEAPOLIS — Marcus & Millichap has arranged the $620,000 sale of an 11-unit apartment building in Minneapolis. The property is located at 3105 Pleasant Ave. S. Built in the 1960s, the property has had only two owners since development. Josh Talberg of Marcus & Millichap’s Minneapolis office represented the seller, a private investor, and the buyer, a limited liability company.
DENVER — Grandbridge Real Estate Capital has opened a new regional office in Denver. It will be managed by senior vice president John M. Stewart. Penny A. Newton has also joined the team as vice president. Grandbridge is a full-service commercial and multifamily finance provider. It is headquartered in Charlotte, N.C., where it finances all types of income-producing properties. Grandbridge is a subsidiary of Branch Banking and Trust Company (BB&T).