SAN MARCOS, TEXAS — BWE has arranged undisclosed amounts of construction debt and preferred equity for Riley’s Pointe, a 360-unit multifamily project in the Central Texas city of San Marcos. Specific information about floor plans and amenities was not disclosed, but the residences will have an average size of 914 square feet. Adam Bieber and Alec Jenkins of BWE arranged the debt through an undisclosed regional bank and the equity contribution from an unnamed partner. The sponsor is South Carolina-based Woodfield Development. The first units are expected to be available for occupancy by the third quarter of next year.
SAGINAW, TEXAS — Dallas-based Alpine Start Development has broken ground on Range West Saginaw, a 261-unit multifamily project that will be situated on an 11-acre site on the northern outskirts of Fort Worth. The development will house one-, two- and three-bedroom units that will range in size from 637 to 1,349 square feet. Amenities will include a pool, pickleball courts, fitness center, dog park and outdoor grilling stations. The first units are expected to be available for occupancy in late 2024.
SAN ANTONIO — Austin-based developer Urban Moment is nearing completion of YardHomes Juniper Pointe, a 248-unit multifamily project in San Antonio. The development will feature one-, two- and three-bedroom floor plans, with each unit having 250 square feet of private outdoor space. Amenities will include a pool, fitness center, outdoor grilling and dining stations and an outdoor event lawn, as well as multiple pocket parks throughout. A grand opening ceremony will be held in November, with the first move-ins scheduled to begin shortly thereafter.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Luna Vista, a 236-unit apartment complex in Fort Worth. The 32-building property was built in 1979 at the intersection of I-30 and Loop 820 on the city’s east side. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were locally based investment groups that requested anonymity, in the transaction. The new ownership plans to implement a value-add program.
LAS VEGAS — Brixton Capital has completed the disposition of Decatur 215, a grocery-anchored retail center in Las Vegas. Decatur Palm Plaza LLC acquired the asset for an undisclosed sum. Situated at the southeast corner of North Decatur Boulevard and West Tropical Parkway, the 126,678-square-foot property was fully leased at the time of sale. Current tenants include Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmers Market, Sleep Number and Blaze Pizza. During its five-year ownership, Brixton Capital repaved and restriped the parking areas. Brixton Capital was self-represented, while Lucescu Realty represented the buyer in the deal.
TWENTYNINE PALMS, CALIF. — PACE Loan Group has provided a $11.2 million C-PACE loan for the construction of Reset Hotel. The site is near the north entrance of Joshua Tree National Park in Twentynine Palms, a desert city approximately 150 miles east of Los Angeles. Qualifying C-PACE improvements include plumbing, HVAC, electrical, lighting, building envelope and seismic measures. The 30-year loan is combined with a $7.5 million first mortgage. Located at 7000 Split Rock Ave., the independent hotel will use modular construction to reduce construction time by nearly half with delivery slated for early 2025. Offering views of Joshua Tree National Park, the hotel will offer 65 guest rooms with private outdoor patios, an outdoor swimming pool overlooking the park, gift shop, poolside cocktail bar serving small bites, conference room and 65 surface parking spots. Built on 5.8 acres of 11.1 acres of land acquired in 2021, the asset is the only hotel in the area that is removed from the highway and completed adjacent to the national park. The developers own 170 acres of the surrounding land up to the park boundary and are currently leaving the area undeveloped to maintain views and privacy for guests. Sightline Hospitality will manage …
WACO, TEXAS — Houston-based investment and brokerage firm NewQuest Properties has arranged the sale of Center West, a 30,400-square-foot shopping center located at 4700 W. Waco Drive, southwest of the downtown area. The center was built in 1965 and is home to tenants such as cosmetics retailer RDA Pro-Mart, DreamMaker Bath & Kitchen and Studio Gallery. Dakota Workman of NewQuest brokered the all-cash, off-market transaction. The names of the locally based seller and North Carolina-based buyer were not disclosed.
ONTARIO, CALIF. — SRS Real Estate Partners has arranged the sale of a freestanding restaurant building located at 4423 Mills Circle in the Inland Empire city of Ontario. A Southern California-based developer sold the asset to Culichi Lounge Inc. for $4.6 million. Culichi Town, a Mexican restaurant, occupies the 5,535-square-foot single-tenant property, which was built in 2001 as an outparcel at Ontario Mills Mall. The location is a new prototype concept for the restaurant, which currently has 22 locations. Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller in the deal. Terrison Quinn and Zach Leffers of SRS arranged the lease with Culichi Town on behalf of the seller.
VISTA, CALIF. — Retail Insite has arranged the sale of a vacant retail building located at 940 S. Santa Fe Ave. in Vista, approximately 40 miles north of San Diego. Albertsons Inc. sold the asset to SK Vista LLC for $4.3 million. The buyer plans to open a specialty Indian grocery store at the 27,300-square-foot property, which was formerly a Vons supermarket. Mike Moser of Retail Insite represented the seller in the deal.
NEW YORK CITY — The Durst Organization has topped out 20 and 30 Halletts Point, a 647-unit multifamily project in the Astoria neighborhood of Queens. The complex consists of a 27-story building and a 32-story building that are part of the larger Halletts Point mixed-use development, which will eventually total more than 2,000 residential units. Residences will come in studio, one- and two-bedroom formats. Amenities will include a fitness center, rooftop terraces, resident lounges and a children’s play area, as well as ground-floor retail space and onsite parking. Urban Atelier Group is the general contractor for 20 and 30 Halletts Point, which are slated for 2025 deliveries.