Property Type

Hillcrest Acquisitions Purchases Student Housing Community Near Arkansas State University for Multifamily Conversion

by John Nelson April 10, 2024

JONESBORO, ARK. — Hillcrest Acquisitions has acquired Wolf Creek, a 192-unit student housing community located at 500 N. Caraway Road near the Arkansas State University campus in Jonesboro. The seller and sales price were not disclosed. The community is set to undergo $4.4 million in renovations and will be converted into conventional multifamily. Marc Tropp of Eastern Union secured $12.1 million in acquisition financing through Bay Vanguard on behalf of Hillcrest. The five-year loan features interest-only payments for 24 months during renovations and lease-up. Once the property is stabilized, the mortgage will convert to principal and interest payments based on an amortization period of 25 years. The transaction carries a 65 percent loan-to-cost ratio. Built in 2008, Wolf Creek offers two- and three-bedroom units on a 13-acre parcel.

April 10, 2024

Acquisitions Georgia Multifamily Southeast

RangeWater, Nippon Steel Kowa Buy Apartment Community in Suwanee, Georgia

by John Nelson April 10, 2024

SUWANEE, GA. — RangeWater Real Estate and Nippon Steel Kowa Real Estate have purchased Provenza at Old Peachtree, a garden-style apartment community located at 1460 Distribution Drive in Suwanee. Situated northeast of Atlanta in Gwinnett County, the property will be rebranded as Echo Ridge Suwanee. Amenities include a pool with poolside grilling stations, outdoor patio with a fireplace, fitness center, clubroom, catering kitchen, car care center, business center with a private meeting space and a community pond with walking trails. RangeWater and Nippon Steel Kowa are contemplating adding a dog park and pet spa to round out the property’s amenity offerings, as well as updating unit interiors. The seller, sales price and unit count of Provenza at Old Peachtree were not disclosed.

April 10, 2024

Acquisitions Mississippi Multifamily Southeast

Marcus & Millichap Arranges Sale of 130-Unit Apartment Community in Tupelo, Mississippi

by John Nelson April 10, 2024

TUPELO, MISS. — Marcus & Millichap has arranged the sale of Feemster Lake Roads Apartments, a 130-unit apartment community located at 1537 Feemster Lake Road in Tupelo. Locally based Prosper Management Group purchased the property for an undisclosed price. Built in 1992 adjacent to Itawamba Community College, Feemster Lake Roads Apartments features one- and two-bedroom apartments ranging in size from 500 to 1,000 square feet. Preston Cooper, Wallace Schmuck and Matt Smith of Marcus & Millichap’s Birmingham office represented the undisclosed seller in the transaction. Mickey Davis served as Marcus & Millichap’s broker of record in Mississippi for the deal.

April 10, 2024

Development Multifamily Texas

High Street, Daiwa House Top Out 12-Story Apartment Building in Houston

by Taylor Williams April 10, 2024

HOUSTON — A partnership between High Street Residential and Japanese homebuilder Daiwa House has topped out Rone Residences, a 12-story apartment building in Houston’s River Oaks/Upper Kirby area. Designed by Zeigler Cooper Architects and built by Hoar Construction, Rone Residences offers 209 units in one-, two- and three-bedroom floor plans with an average size of roughly 1,400 square feet. Amenities include multiple pools, a fitness center, game lounge, coworking and private conference spaces, a pet park and tenant storage spaces. Rone Residences will also house 2,900 square feet of retail space. The first units are expected to be available for occupancy in early 2025.

April 10, 2024

Acquisitions Multifamily Texas

SPI Advisory Sells 192-Unit Parker Apartments in Tyler, Texas

by Taylor Williams April 10, 2024

TYLER, TEXAS — Texas-based private equity firm SPI Advisory has sold Parker Apartments, a 192-unit multifamily complex located about 100 miles east of Dallas in Tyler. According to Apartments.com, the property was built in 1974 and offers studio, one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse, business center and tennis courts. SPI Advisory acquired the property in 2018 in partnership with CR Capital and implemented a value-add program during its ownership period. The buyer was not disclosed.

April 10, 2024

Development Retail Texas

MYCON Breaks Ground on 47,434 SF Retail Project in Little Elm, Texas, for Parkwood Collision

by Taylor Williams April 10, 2024

LITTLE ELM, TEXAS — Dallas-based MYCON General Contractors has broken ground on a 47,434-square-foot retail project that will be located on a six-acre site in Little Elm, a northern suburb of Dallas. The project, which is a build-to-suit for automotive repair retailer Parkwood Collision, will consist of 32,250-square-foot body shop and an adjacent 15,184-square-foot store. Completion is slated for March 2025. The owner of the site is an entity doing business as Buckman Partnership Ltd.

April 10, 2024

Industrial Leasing Activity Texas

Newmark Arranges 24,787 SF Industrial Lease Renewal in El Paso

by Taylor Williams April 10, 2024

EL PASO, TEXAS — Newmark has arranged a 24,787-square-foot lease renewal at Vista Del Sol Industrial Park in El Paso. According to LoopNet Inc., the building at 12135 Esther Lama Drive was built in 1994 and totals 189,025 square feet. Reid Blynn, Blake Anderson, Nick Pickard, Thomas McDugall, Jim Belcher, Stephen Cook and Mike Spaeder of Newmark represented the tenant, packaging company SupplyOne Tucson, in the lease negotiations. PIRES International represented the undisclosed landlord.

April 10, 2024

Acquisitions Healthcare Texas

Partners Real Estate Brokers Sale of 14,000 SF Ambulatory Surgery Center in Sugar Land, Texas

by Taylor Williams April 10, 2024

SUGAR LAND, TEXAS — Partners Real Estate has brokered the sale of a 14,000-square-foot ambulatory surgery center in the southwestern Houston suburb of Sugar Land. According to LoopNet Inc., the building 2121 Williams Trace Blvd was constructed on roughly two acres in 1995 and was renovated in 2007. Ryan McCullough and Davis Amanyisye of Partners represented the seller, an entity doing business as SNA Medical Center LLC, in the transaction. The buyer and sales price were not disclosed.

April 10, 2024

Loans New York Northeast Office

Williams Equities Receives $155M CMBS Loan for Refinancing of Manhattan Mixed-Use Property

by Taylor Williams April 10, 2024

NEW YORK CITY — Locally based investment firm Williams Equities has received a $155 million CMBS loan for the refinancing of 28-40 West 23rd Street, a 578,105-square-foot mixed-use property in Manhattan. The two-building complex, which originally housed the Ladies Mile department store, is located between Fifth and Sixth avenues in the Flatiron District. Home Depot serves as the property’s longtime retail anchor tenant and recently signed a renewal. Office tenants include digital credit card company Ramp and Estee Lauder brand Aramis. Citi Real Estate Funding provided the five-year loan, and Williams Equities will use a portion of the proceeds to fund capital improvements.

April 10, 2024

Acquisitions California Retail Western

Primestor Development Buys 357,000 SF Esplanade Shopping Center in Oxnard, California for $90M

by Amy Works April 10, 2024

OXNARD, CALIF. — Los Angeles-based Primestor Development has acquired Esplanade Shopping Center, a grocery-anchored retail center in Oxnard, for $90 million. The 357,000-square-foot center was 94 percent leased at the time of sale. Current tenants include Home Depot, Nordstrom Rack, Staples, Dick’s Sporting Goods, TJ Maxx, Walmart Neighborhood Market, Cost Plus World Market, Tilly’s, Boot Barn, In-N-Out Burger and BJ’s Brewery and Restaurant.

April 10, 2024

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