DALLAS — Marcus & Millichap has brokered the sale of Polk Villas, a 165-unit apartment complex in South Dallas. The 16-building property was built in phases between 1960 and 1973. Al Silva and Ford Braly of Marcus & Millichap represented the undisclosed seller and procured the buyer, a partnership led by Henley Properties, in the transaction. The new ownership plans to implement a value-add program. Tyler Rentfro, Travis Headapohl and Diego Garcia of Marcus & Millichap Capital Corp. arranged $12.8 million in preferred equity and agency financing for the deal.
HOUSTON — Atlanta-based investment firm Formation Capital has acquired a 147,135-square-foot office building that sits on a 3.1-acre site at 16666 Northchase Drive in North Houston. The building rises six stories and was constructed in 1985. David Carter of Colliers represented the seller, Geosam Capital Group, in the transaction. The sales price was not disclosed.
LADY LAKE, FLA. — Thompson Thrift will begin development this month on Standard441, a 300-unit multifamily community to be located in the Orlando suburb of Lady Lake. Upon completion, the property will feature apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a fitness center, swimming pool and outdoor spa, pavilion with a built-in fireplace and grills, pickleball court, dog park and pet spa, 24-hour social hub, work-from-home suites and electric vehicle charging stations. Standard441 is scheduled to open in late 2024.
MADISON, ALA. — Doster Construction Co. has completed the construction of The Dempsey Apartments, a 290-unit multifamily community in Madison. In addition to studio, one- and two-bedroom apartments, the property features 483 surface parking spaces, 25 detached garages and 5,000 square feet of retail space. Amenities at the community include a swimming pool, coworking lounge, fitness center, dog park and a clubroom. Located at 375 Lime Quarry Road, Dempsey Apartments is adjacent to the 563-acre Town Madison mixed-use community. Doster completed the construction on behalf of the developer, Novare Group.
NEW YORK CITY — An affiliate of New Jersey-based financial intermediary Cronheim Mortgage has arranged a $120 million loan for the refinancing of the 341-room Renaissance Hotel in Manhattan’s Chelsea neighborhood. The hotel features a variety of rooms and suites, a fitness center, meeting space and an onsite restaurant and bar. Beau Williams of Cronheim Mortgage arranged the loan through an undisclosed life insurance company on behalf of the borrower, locally based developer LAM Generation.
OVIEDO, FLA. — LeCesse Development Corp. has sold Avila, a 269-unit apartment community located in Oviedo, about 18 miles northeast of Orlando. LeCesse completed construction on the property — which features one-, two- and three-bedroom units across three buildings — in June 2022. Humphreys & Partners Architects was the project architect, and Roger B. Kennedy Construction served as the general contractor. Florida Engineering Group was the civil engineer. Wells Fargo and Federal Capital Partners provided financing. Amenities at the community include a clubhouse, dog park, car wash, grilling stations, a putting green, fire pits and electric car charging stations. GAIA Real Estate acquired the property for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the buyer in the transaction.
KENNESAW, GA. — Two new tenants have signed leases at Boone Centre, a shopping center located in Kennesaw, roughly 30 miles northwest of Atlanta. Backsmith Chiropractic and Axe Throwing Therapy will open at the property, which is situated at 2680 Cobb Parkway. Max Albers of Stratus Property Group represented both tenants in the lease negotiations. The landlord was not disclosed.
PLYMOUTH, MASS. — Basis Industrial has delivered an 806-unit self-storage facility in Plymouth, located in southern Massachusetts at the base of Cape Cod. The three-story facility spans 111,000 gross square feet of climate-controlled space and was completed in phases, with construction beginning in March 2022. Basis Industrial has engaged Public Storage to operate the facility.
SOMERVILLE, MASS. — Locally based general contractor Nauset Construction has completed Union 346, a 94-unit multifamily project located outside of Boston in Somerville. Designed by ICON Architecture and developed by a partnership between John M. Corcoran & Co., Grossman Cos. and SMT Development, Union 346 rises four stories and houses studio and one-bedroom units, 18 of which are reserved as affordable housing. The property also features 2,000 square feet of retail space. Amenities include a fitness center, lounge with a kitchen and a rooftop deck. Information on starting rents was not disclosed.
HAVERSTRAW, N.Y. — Ginsburg Development has begun leasing a 58-unit multifamily project in Haverstraw, about 35 miles north of New York City, that represents Phase II of a larger development known as Admirals Cove. Units come in one-, two- and three-bedroom floor plans and are housed across two four-story buildings. Amenities include a pool, fitness center, Zen garden, outdoor grilling and dining stations and a playground. Rents start at $2,530 per month for a one-bedroom apartment. Phase I of Admirals Cove opened in June and is now 90 percent leased.