OMAHA, NEB. — Colliers Mortgage has provided a $29.9 million Fannie Mae loan for the refinancing of Highline Apartments in Omaha. The 306-unit apartment complex consists of two buildings connected by a covered parking garage. Amenities include rooftop decks, basketball courts, a business center, fitness center, outdoor pool and clubhouse. Brett Olson and Jeff Witt of Colliers Mortgage originated the 10-year loan, which features interest-only payments for the full term.
SANDUSKY, OHIO — Cafaro Co. is nearing the lease-up of its Villas at Sandy Creek townhome rental community in Sandusky, about 60 miles west of Cleveland. The 126-unit property marks a pivot for Cafaro, which focused on the development of retail centers for 75 years. In 2022, Cafaro partnered with Crossroads Group LLC to transform 15 acres of Sandusky Mall into multifamily use. Villas at Sandy Creek offers two floor plans — two-bedroom ranch suites and two-story, two-bedroom townhouses. Both types offer private entrances and attached garages. Tenants have access to a community clubhouse. Monthly rents range from $1,575 to $1,645. Sandusky Mall opened in 1976 and totals more than 1 million square feet of retail space.
LAWRENCE, KAN. — Tailwind Group has acquired The Reserve on West 31st, a 192-unit student housing property located 1.5 miles from The University of Kansas in Lawrence. Built in 1999, the community features a mix of three- and four-bedroom floor plans. Amenities include a study lounge, pool, fitness center and picnic area. Ryan Lang, Jack Brett and Ben Harkrider of Newmark arranged a structured equity facility on behalf of Tailwind to finance student housing acquisitions nationwide. Tailwind leveraged the facility to complete the acquisition of The Reserve on West 31st and plans to make capital improvements to the property.
BRIGHTON, MICH. — Two new retail tenants are opening at Green Oak Village Place in Brighton, about 50 miles northwest of Detroit. Michigan Makers Marketplace offers a space for local craftsmen and artists to sell their work along with scheduled craft shows. The tenant opened a 4,920-square-foot store in June. StretchLab is a national tenant with nearly 400 studios in North America and 900 licensed locations globally that provides customized one-on-one stretching services. StretchLab is opening a 2,259-square-foot space later this summer. Green Oak Village Place, a retail lifestyle center, features more than 50 shopping and dining tenants.
VERNON HILLS, ILL. — Chicago-based Proper Title LLC, a full-service title insurance agency serving the residential and commercial real estate industries, has opened a new office in the Chicago suburb of Vernon Hills. Located at 175 E. Hawthorne Parkway, the office replaces Proper Title’s previous location in Libertyville. The company says it needed a larger space to accommodate increased business in the northwest suburbs. The new office totals 1,773 square feet and features three closing rooms, a large reception area and ample parking. Isabel Reyes, a senior escrow officer, will oversee the office along with additional staff as needed per closing.
GARDEN CITY, N.Y. — The Feil Organization has completed the renovation of Garden City Center, a 200,000-square-foot office building on Long Island. The building was originally constructed in 1990 and is leased to a mix of firms in the legal, insurance and professional services industries. Designed by MdeAS Architects, the project featured a full redevelopment of the common areas and entryways, as well as new landscaping, seating areas and art installations. Additional amenities include a fitness center, conference facility and a full-service restaurant.
BEACON FALLS, CONN. — New Jersey-based investment firm Devli Real Estate has acquired a 176,000-square-foot distribution center in Beacon Falls, a northwestern suburb of New Haven. The site spans 32 acres at 158 Pines Bridge Road. According to LoopNet Inc., the single-tenant facility was constructed in 1966 and renovated in 1992 and features a clear height of 16 feet, two dock-high loading doors and two grade-level doors. The property was fully leased at the time of sale. The seller and sales price were not disclosed.
NORTH BETHESDA, MD. — Fivesquares Development and Apartment Investment and Management Co. (Aimco) have opened two multifamily residential buildings in North Bethesda, roughly 13 miles outside downtown Washington, D.C. Dubbed Ravel and Royale, the properties are located at 10511 Strathmore Hall St., adjacent to the Strathmore Music Center, Rock Creek Park and a Washington Metropolitan Area Transit Authority (Metro) station. Ravel and Royale mark the first residential buildings to be delivered at Strathmore Square, a master-planned transit-oriented development that will total 2.2 million square feet upon completion. Ravel, named for French composer and pianist Maurice Ravel, comprises 49 units across nine stories, with two- and three-bedroom layouts. Amenities at the property include 24-hour concierge service. Royale spans 10 stories and features 171 units in one-, two- and three-bedroom layouts. Amenities at the building include workspaces, a fitness center, yoga studio, pool, rooftop deck and a pet spa. The two buildings are also connected by a central courtyard with lounge areas and a firepit. Residents will also have access to bike storage, commercial washers and dryers, high-speed elevators and an onsite property management team.
SAVANNAH, GA. — Peach Hill Capital and RK2 Property Group have acquired Georgetown Crossing, an apartment community located in Savannah, for $25.6 million. Built in 1994 at 1015 King George Blvd., the property features 168 units in one- and two-bedroom layouts across seven three-story buildings. Amenities at the community include a clubhouse, pool, picnic areas, barbecues and a dog park. Mark Boyce and Blake Coffey of Berkadia represented the undisclosed seller in the transaction.
ROSWELL, GA. — JLL Capital Markets has arranged the sale of Roswell Market Center, an 82,029-square-foot retail center located in the northern Atlanta suburb of Roswell. Tenants at the property, which was built in 1990, include AutoZone, Dollar Tree, Subway and AT&T. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller, Sterling Organization, in the transaction. The buyer and sales price were not disclosed.
