DALLAS — Next Wave Investors, a private equity firm based in Southern California, has purchased Casa Luna Apartments, a 232-unit multifamily community in East Dallas. The property was built in 1969 and features one-, two- and three-bedroom units and amenities such as a playground, clubhouse, lounge, courtyard and onsite laundry facilities. Next Wave plans to implement a value-add program to enhance unit interiors, building exteriors, utility systems and landscaping. The seller and sales price were not disclosed.
CHAMPIONSGATE, FLA. — Grandbridge Real Estate Capital has negotiated the sale of Merrill Gardens at ChampionsGate, a 223-unit seniors living campus in ChampionsGate, approximately 25 miles southwest of downtown Orlando. David Kliewer and Jay Jordan of Charlotte-based Grandbridge facilitated the $45 million sale to funds managed by Fortress Investment Group, which has tapped Watermark Retirement Communities to manage the property. The new owner also changed the property’s name to The Glades at ChampionsGate. Built in 2017, the community offers 114 independent living, 73 assisted living and 36 memory care units. Following challenges in meeting the operating covenants of the bond structure, in July 2021 a court order appointed William King of WK Financial as receiver.
SHORELINE, WASH. — CBRE has secured an $85.5 million construction loan for the development of Ion, a 252-unit apartment community in Shoreline. Bill Chiles, Scott Peterson and Morgon Fraser of CBRE’s Capital Markets Debt & Structured Finance team arranged the loan for AAA Management, the developer. Located at 345 NE 149th St., Ion will feature seven stories of residential space above three levels of subterranean parking with 241 parking spaces. Tenant amenities will include a fitness facility, rooftop deck and bike storage. Completion is slated for April 2024, with an opening scheduled for July 15, 2024.
NEW YORK CITY — New York City-based developer HAP Investments is nearing completion of a 112-unit multifamily project located at 225 W. 28th St. in Manhattan’s Chelsea neighborhood. The 20-story building’s one- and two-bedroom units and three penthouses feature custom white oak cabinetry and marble countertops, and amenities include a pool, fitness center with a sauna and steam room, children’s play area and a rooftop deck with grilling areas. HAP Investments has received a temporary certificate of occupancy (TCO), allowing the first move-ins to commence, and expects to receive a permanent certificate this fall. More than 60 percent of the units were preleased at the time of the TCO issuance.
BOURBONNAIS, ILL. — Maverick Commercial Mortgage Inc. has arranged $63.2 million in permanent financing for Tri-Star Estates, a mobile home park in Bourbonnais, about 50 miles south of Chicago. The property, which consists of 853 pad sites across 157 acres, was developed in three phases beginning in 1965. The current owner acquired Tri-Star in April 2012 when 380 homes were occupied. Today, 810 homes are occupied. Amenities include a basketball court, three playgrounds and a 7,500-square-foot clubhouse with a pool and fitness center. PGIM Real Estate provided the Freddie Mac loan. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, provided cash to the borrower and paid for closing costs.
Content PartnerFeaturesIndustrialLeasing ActivityLee & AssociatesMarket ReportsMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern
Lee & Associates’ First-Quarter 2022 Economic Rundown by Sector
Lee & Associates’ newly released Q1 2022 North America Market Report scrutinizes first-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This class-by-class review of commercial real estate trends for the first quarter of the year focuses on how real estate is adjusting to long-term post-COVID attitudes. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the overviews offered below provide sweeping looks at the overall health and obstacles for four major commercial real estate sectors. Industrial: Rents Pushed on Strong Demand Strong demand for industrial space throughout North America continued in the first quarter as vacancies fell to record lows and rent growth hit double digits. First quarter net absorption in the United States totaled 92.8 million square feet, which was up 25 percent year over year but down 35 percent from the 143-million-square feet average of the last three quarters of 2021. Annualized rents rose 10.1 percent in the U.S. and the average vacancy rate fell to 4.1 percent. Part of this trend was due to a pause in new construction starts early in the pandemic. However, …
DULUTH, GA. — FCP has purchased Villas at Duluth, a 164-unit apartment community in the Atlanta suburb of Duluth, for $37.7 million. The Chevy Chase, Md.-based investor partnered with Atlanta-based Zevulon Capital for the deal. Berkadia represented the undisclosed seller in the transaction. Villas at Duluth offers three- and four-bedroom floorplans with a unit size range of 1,344 to 1,550 square feet, according to Apartments.com. Unit features include in-unit washers and dryers, walk-in closets and balconies. Community amenities include a pool, clubhouse, fitness center, playground and a dog park. Built in 1991, the property was 98 percent occupied at the time of sale. Located at 1470 Boggs Road, the property is situated 25.7 miles from downtown Atlanta and 16.2 miles from the Georgia State University’s Dunwoody campus.
COLUMBUS, IND. — Flaherty & Collins Properties is scheduled to break ground this Thursday on The Taylor, a $41 million luxury apartment project in Columbus, about 45 miles south of Indianapolis. The Taylor will include 200 apartment units, space for a 10,000-square-foot grocery store and 400 parking spaces. Amenities will include a community lounge, tech lounge, fitness center, bike station, dog spa, bark park, pool and pickleball court. Flaherty & Collins Construction will serve as general contractor and American Structurepoint will serve as the architect and civil engineer. Lynch, Harrison & Brumleve is the structural engineer. Busey Bank is providing project financing. The first residents are slated to take occupancy in summer 2023, with full completion estimated for fall 2023.
SEATTLE — Kidder Mathews has brokered the sale of a portfolio of apartment properties located in the Junction neighborhood of West Seattle. The communities sold for a combined price of $58.3 million. The names of the seller and buyer were not released. The portfolio includes an 80-unit building that opened in 2016 and a 62-unit building that opened in 2020. The properties are located at Junction Flats at 4433 42nd Ave. SW and Junction Landing at 4417 42nd Ave. SW. Jerrid Anderson, Brandon Lawler and Dylan Simon of the Simon and Anderson Team at Kidder Mathews’ Seattle headquarters represented the seller and directly sourced the buyer in the transaction.
DALLAS — Comunidad Partners, an investment firm that specializes in affordable and workforce housing, has acquired Villas del Zocalo, a 437-unit affordable housing community in East Dallas. Taylor Snoddy of Northmarq brokered the deal. The seller and sales price were not disclosed. The new ownership plans to invest in capital improvements to preserve the property’s affordability status. Specific information on income restrictions was not disclosed.