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Treehouse-Apartments-Austin
AcquisitionsMultifamilyTexas

Newmark Brokers Sale of Multifamily Portfolio Totaling 673 Units in Texas

by Taylor Williams

AUSTIN, KATY AND STAFFORD, TEXAS — Newmark has brokered the sale of a portfolio of three multifamily properties totaling 673 units in the Austin and Houston metro areas. The portfolio consists of Treehouse, a 297-unit community that sits on a 12.4-acre site in Austin’s East Riverside area; the 208-unit Stonecreek in the western Houston suburb of Katy; and Waterstone Place, a 168-unit apartment complex located on the southwestern outskirts of Houston. All three properties offer value-add potential. Zach Springer, Jim Young and Carter Mizell of Newmark represented the seller, Houston-based investment firm Nitya Capital, in the transaction. The buyer was Houston-based Disrupt Equity.

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AcquisitionsMultifamilyTexas

Trion Properties Acquires 471-Unit Riverbend Apartments in Lancaster, Texas

by Taylor Williams

LANCASTER, TEXAS — Trion Properties, a private equity real estate firm with offices in Miami and Los Angeles, has acquired Riverbend Apartments, a 471-unit multifamily complex located in the southern Dallas suburb of Lancaster. Riverbend Apartments features 181 one-bedroom units and 290 two-bedroom units and amenities such as three pools and multiple play areas for children. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.

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AcquisitionsIndustrialSelf-StorageTexas

Versal Arranges Sale of 257-Unit Self-Storage Facility in Temple, Texas

by Taylor Williams

TEMPLE, TEXAS — Self-storage brokerage firm Versal has arranged the sale of a 257-unit facility in Temple, about 70 miles north of Austin. The facility spans 81,840 net rentable square feet and is located at the intersection of State Highway 36 and Moffat Road. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the buyer and seller, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

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Leasing ActivityOfficeTexas

Taylor Morrison Signs 29,000 SF Office Lease in Houston’s Westchase District

by Taylor Williams

HOUSTON — National homebuilder Taylor Morrison has signed a 29,000-square-foot office lease at Reserve at Westchase, a 194,919-square-foot building in Houston’s Westchase District. Jack Scharnberg and John Heard of Transwestern represented the undisclosed landlord in the lease negotiations. Jon Lee and Claire Douthit of CBRE represented the tenant, which is relocating from a nearby building at 2929 Briarpark Drive. Reserve at Westchase is currently undergoing a capital improvement program to upgrade the lobby and other common areas.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 19,791 SF Industrial Lease in Northwest Dallas

by Taylor Williams

DALLAS — Lee & Associates has negotiated a 19,791-square-foot industrial lease in northwest Dallas. According to LoopNet Inc., the property at 5145 Norwood Road was built in 1981, totals 43,040 square feet and features 22-foot clear heights, three drive-in bays and 156-foot truck court depths. Ally Tanghongs of Lee & Associates represented the Tenant, Xpress Foods, in the lease negotiations. Stephen Williamson and Matthew Johnson, also with Lee & Associates, represented the landlord, Stonelake Capital Partners.

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Avalon-Mamaroneck
AcquisitionsMultifamilyNew YorkNortheast

CBRE Brokers Sale of 229-Unit Apartment Community in Mamaroneck, New York

by Taylor Williams

MAMARONECK, N.Y. — CBRE has brokered the sale of Avalon Mamaroneck, a 229-unit multifamily community located about 25 miles north of Manhattan. Built in 1999 and renovated in 2018, Avalon Mamaroneck features one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling and dining areas and a resident lounge. Jeff Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the seller, AvalonBay Communities, in the transaction. The quartet also procured the buyer, a joint venture between Harbor Group International and Cantor Fitzgerald.

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LoansNew YorkNortheastRetail

IPA Arranges $22M Loan for Refinancing of Manhattan Retail Property

by Taylor Williams

NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $22 million loan for the refinancing of a retail property located at 521 W. 21st St. in Manhattan’s Chelsea neighborhood. According to commercialcafé.com, the property was built in 1931 and totals 34,600 square feet. Matt Polci, Justin Natalizio and Eric Anton of IPA arranged the financing through Citibank on behalf of the borrower, New York-based private investor Guy Roberts.

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AcquisitionsDelawareNortheastRetail

FNRP Acquires 119,446 SF Shopping Center in Wilmington, Delaware

by Taylor Williams

WILMINGTON, DEL. — New Jersey-based investment firm First National Realty Partners has acquired Christina Crossing, a 119,446-square-foot shopping center in Wilmington. A 70,000-square-foot ShopRite grocery store anchors the property, which was originally constructed in the late 2000s. Christopher Munley, Jim Galbally, Chris Angelone, Colin Behr, James Graf, Zach Nitsche, Patrick Higgins and Blaise Fletcher of JLL represented the seller, a partnership between DRA Advisors and KPR Centers, in the transaction. The sales price was not disclosed.

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IndustrialLeasing ActivityNew JerseyNortheast

Cushman & Wakefield Negotiates 60,435 SF Industrial Lease in Southern New Jersey

by Taylor Williams

WOOLWICH TOWNSHIP, N.J. — Cushman & Wakefield has negotiated a 60,435-square-foot, full-building industrial lease at 135 High Hill Road in Woolwich Township, located outside of Philadelphia in Southern New Jersey. The newly constructed building features a clear height of 32 feet and 49 car parking spaces. John Gartland, Jonas Skovdal and Chris Butera of Cushman & Wakefield represented the landlord, a partnership between regional developer Endurance Real Estate Group and Boston-based Cabot Properties, in the lease negotiations. Harry McKenna of Jackson Cross Partners represented the tenant, Valken Inc., a supplier of paintball, airsoft and defense protection products.

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Harmony-at-Hurley-Farms-Tolleson-AZ
ArizonaLoansMultifamilyWestern

Marcus & Millichap Arranges $19.3M Refinancing for Harmony at Hurley Farms Apartments in Tolleson, Arizona

by Amy Works

TOLLESON, ARIZ. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $19.3 million refinancing for Harmony at Hurley Farms, an apartment community in Tolleson, a western suburb of Phoenix. Tyler Waller of MMCC’s Phoenix office secured the financing. Terms of the loan include a five-year term, fixed rate of 6.41 percent, interest-only payments, loan-to-value ratio of 60 percent and 30-year amortization schedule. Located at 2929 S. 91st Ave., Harmony at Hurley Farms features 128 apartments and was 70 percent occupied at the time of financing.

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