PHOENIX — Akara Partners has completed the purchase of a development site at 355 N. Central Ave. in downtown Phoenix. The buyer plans to develop Kenect Phoenix, a mixed-use residential and retail property, on the site. Designed by Tempe, Ariz.-based RSP Architects and the Chicago office of Perkins + Will, the 23-story building will feature 320 residential apartments units and approximately 8,000 square feet of ground-floor retail space. The residential component will feature a mix of floor plans from studio to three-bedroom units. On-site community amenities will include integrated furnishings with food and beverage options throughout the building, social and co-working lounges, fitness center, and a rooftop deck with a swimming pool, grills and fire pits. The first apartments are slated for completion in fall 2019. Acquisition details were not released.
GLENDALE, ARIZ. — CBRE has arranged the sale of Westgate Entertainment District, a mixed-use development located near Loop 101 and Glendale Avenue in Glendale. YAM Westgate, a venture formed by Scottsdale-based YAM Properties, purchased the 46.6-acre entertainment, retail and office destination, including 30 acres of undeveloped land, from The New Westgate LLC, formed by iStar Properties. The price was $133 million. Philip Voorhees, Jimmy Slusher, Kirk Brummer, Sean Heitzler, Jesse Goldsmith, Steve Julius and Bryan Taute of CBRE represented the seller and buyer in the deal. Opened in 2016, the Westgate Entertainment District features more than 40 retailers and restaurants, including a 20-screen AMC Theatre, Dave & Busters and Yard House. Additionally, the property offers 159,026 square feet of Class A office space, as well as 76 multifamily lofts located on the upper floors.
VISTA, CALIF. — Pacific Urban Residential has acquired Monarch at Shadowridge, an institutional-quality residential community in Vista, for an undisclosed price. Built in 2005, Monarch at Shadowridge features 314 apartments spread across 29 buildings, a clubhouse and a saltwater pool on more than 21 acres. On-site amenities include a 19-seat movie theatre, outdoor barbecue areas, private cabanas, a community kitchen and dining room, coffee lounge, game room, fitness center and yoga room. Darcy Miramontes, Kip Malo, David Young, Jeff Price and John Cunningham of JLL represented the undisclosed seller in the deal.
HFF Arranges $53.2M Construction Financing for Multifamily Community in Miami’s Wynwood Neighborhood
MIAMI — HFF has arranged $53.2 million in construction financing for The Bradley, a 175-unit apartment community located at 51 N.W. 26th St. in Miami’s Wynwood neighborhood. Scott Wadler and Jesse Wright of HFF secured a $33.2 million construction loan from Santander Bank and $20 million in preferred equity from Greenstreet Real Estate Partners LP on behalf of the developer, a joint venture between The Related Group and Block Capital Group. Designed by Kravitz Design, The Bradley will include a mix of one- to three-bedroom floor plans ranging from 480 to 1,000 square feet. The project will also feature 32,000 square feet of ground-floor retail. A construction timeline was not disclosed.
DURHAM, N.C. — Phoenix Realty Group (PRG) has acquired Beech Lake Apartments, a 345-unit multifamily community located at 4800 University Drive in Durham, for $37.2 million. The name of the seller was not disclosed. Constructed in 1987, the property includes 30 three-story buildings and is situated on 37 acres. PRG will update and modernize the community, renaming it Alvista Durham. Planned unit upgrades include faux wood flooring in common areas, new laminate countertops, new kitchen cabinet doors and hardware and faux stainless steel appliances. Planned common area improvements include the addition of a dog park, dog wash station, outdoor kitchen and fire pit, upgrades to the pool area and the conversion of the lakeside trail to an outdoor fitness trail.
DALLAS — Greysteel has arranged the sale of Artisan Ridge, a 264-unit multifamily community in Dallas. Built in 2004 on 14.7 acres, the property offers amenities such as a pool, clubhouse with a business center, playground, fitness center and storage units. Ari Firoozabadi, Doug Banerjee, Boyan Radic, Andrew Mueller, John Marshall Doss and Andrew Hanson of Greysteel represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
KANSAS CITY, MO. — Flaherty & Collins Properties and Port KC have opened Union Berkley Riverfront, a $72 million mixed-use development along the Missouri River in Kansas City. Union consists of 407 luxury apartment units and 12,400 square feet of retail space. Indoor amenities include a first-floor bar and coffee shop, a library with co-working and private conference space and 24-hour package center access. A 1,600-square-foot fitness center will include a yoga studio and group cycling. Outdoor amenities include a saltwater pool, dog park, bike storage and courtyard space. TCF Bank provided financing for the 664,812-square-foot project. MW Builders was the general contractor for the project.
CINCINNATI — Columbia Pacific Advisors LLC has provided a $25 million bridge loan primarily for the acquisition of a nine-property, 435-unit multifamily portfolio in Cincinnati. Kentucky-based Blue Tide Partners was the borrower. A portion of the loan proceeds will be used to refinance existing debt on nine similar properties totaling 212 units in Cincinnati that Blue Tide acquired in 2014 and 2015. Together, the 18-property portfolio is 55 percent occupied.
PLANO, TEXAS — JLL Income Property Trust has acquired Villas at Legacy, a 328-unit multifamily community in Plano. The property is located within Legacy Business Park, a 2,665-acre master-planned community. Amenities include a pool, fitness center, business center, picnic areas and a coffee bar. This transaction, the seller in which was not disclosed, raises the size of the trust’s multifamily portfolio to more than 2,500 units.
HOUSTON — Chicago-based NXT Capital has provided a $10 million loan for the refinancing of a 133-unit apartment community in Houston. The Class A property is located near the Westchase and Galleria areas and offers amenities such as a pool, resident lounge and a fitness center. Additional terms of the transaction, the borrower and the property name were not disclosed.