Property Type

Vesper Holdings Acquires 427-Bed Student Housing Community Near the University of North Texas

by Taylor Williams October 9, 2023

DENTON, TEXAS — Vesper Holdings has acquired 33 North, a 427-bed student housing community located near the University of North Texas in Denton. Built in 2013, the mid-rise property offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a pool, fitness center, study lounge, clubroom, gaming centers, package lockers and an outdoor kitchen. The property was acquired in an off-market transaction, the terms of which were not disclosed. Vesper plans to implement capital improvements to the community’s clubhouse, fitness center and pool area. Technological upgrades will also be implemented throughout the property, which will be managed by Vesper’s in-house management firm, Campus Life & Style.

October 9, 2023

Development Multifamily Texas

Resia Begins Leasing 336-Unit Apartment Community in West Dallas

by Taylor Williams October 9, 2023

DALLAS — Miami-based developer Resia, formerly known as AHS Residential, has begun leasing a 336-unit, garden-style apartment community in West Dallas. Resia Dallas West features one-, two- and three-bedroom units, including 17 affordable housing residences, across eight three-story buildings. All units feature private balconies or patios. Amenities include a pool, fitness center and a business center. Fifth Third Bank and Pealmark provided construction financing for the project. Rents start at $1,280 per month for a one-bedroom unit.

October 9, 2023

Acquisitions Multifamily Texas

Cushman & Wakefield Brokers Sale of 204-Unit Apartment Community in League City, Texas

by Taylor Williams October 9, 2023

LEAGUE CITY, TEXAS — Cushman & Wakefield has brokered the sale of Sorrento at Tuscan Lakes, a 204-unit apartment community located in the southeastern Houston suburb of League City. Built in 2008, the property offers one-, two- and three-bedroom units and amenities such as a pool, business center, coffee bar, fitness center, game room, multiple lounges and courtyards and a pet play area. John Carr, Jennifer Campbell, Ben Fuller, Josh Hoffman, Avery Klatt, Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, New York City-based Sachs Cos., in the transaction. The buyer and sales price were not disclosed.

October 9, 2023

Industrial Leasing Activity Texas

Lee & Associates Negotiates 21,000 SF Industrial Lease in Carrollton, Texas

by Taylor Williams October 9, 2023

CARROLLTON, TEXAS — Lee & Associates has negotiated a 21,000-square-fooot industrial lease in the northern Dallas metro of Carrollton. According to LoopNet Inc., the property at 1515 Monetary Lane was built in 1980 and totals 116,579 square feet. Adam Graham and Nathan Denton Lee & Associates represented the landlord, GID Industrial, in the lease negotiations. Rich Young Jr. of Rich Young Co. represented the tenant, Binford Supply Co.

October 9, 2023

Development Loans Multifamily New York Northeast

TD Bank Provides $72.5M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams October 9, 2023

NEW YORK CITY — TD Bank has provided a $72.5 million construction loan for a 133-unit multifamily project in the Gowanus area of Brooklyn. The property at 544 Carroll St. will be a 17-story building that will feature an average unit size of 973 square feet and amenities such as a rooftop lounge, fitness center and event space. A quarter of the units will be earmarked as affordable housing. Christopher Peck and Peter Rotchford of JLL arranged the loan on behalf of the borrower, a joint venture between Avery Hall, Declaration Partners and Bridge Investment Group. Delivery is slated for late 2025.

October 9, 2023

Acquisitions Multifamily New York Northeast Retail

Empire State Realty Trust Buys Two Commercial Buildings in Brooklyn for $26.4M

by Taylor Williams October 9, 2023

NEW YORK CITY — An affiliate of Empire State Realty Trust (ESRT) has purchased two adjacent commercial buildings in Brooklyn’s Williamsburg neighborhood for $26.4 million. The buildings total a combined 11,000 square feet across six market-rate apartments and 5,600 square feet of retail space. ESRT acquired the buildings, which were both fully occupied at the time of sale, via a 1031 exchange. The seller was not disclosed. Global law firm Fried Frank advised ESRT on the deal.

October 9, 2023

California Loans Multifamily Western

LaTerra Development Receives $143.5M in Financing for Two Multifamily Properties in Los Angeles

by Amy Works October 9, 2023

LOS ANGELES — LaTerra Development has received $143.5 million in combined floating-rate bridge loans for two multifamily communities in the greater Los Angeles area. PGIM Real Estate, on behalf of its core-plus debt strategy, provided the financing. Jace Bertges led the PGIM Real Estate team in the financing. The borrower will use the bridge financing to take out the existing construction loans as it leases up and stabilizes the properties. LaTerra, in joint partnership with Clarion Partners, received $90 million in financing for The Louise, a newly constructed apartment community along Hollywood Boulevard in the Los Feliz neighborhood of Los Angeles. The Louise features 246 apartments in a mix of studio, one-, two- and three-bedroom units, a coworking lounge, 24-hour fitness center, an indoor/outdoor clubhouse, collaborative and private office space, as well as 20,487 square feet of retail space. Rob Rubano, Brian Share, Max Schafer and Becca Tse of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in the refinancing transaction. PGIM also provided financing for The Charlie Santa Monica, a community with 99 units spread across three boutique-style buildings. The property offers 20,858 square feet of ground-floor retail space, open-air gathering spaces, fitness centers, resident clubhouses …

October 9, 2023

Leasing Activity New York Northeast Office

Regus Signs 37,031 SF Office Lease Renewal at 14 Wall Street in Manhattan

by Taylor Williams October 9, 2023

NEW YORK CITY — Regus, a provider of coworking and flexible workspace solutions, has signed a 37,031-square-foot office lease renewal at 14 Wall St. in Manhattan’s Financial District. Regus will continue to occupy the entire 20th floor of the 1.1 million-square-foot building, which was originally constructed in 1910 for the Bankers Trust Co. Bradley Gerla, Jon Cope, Mike Rizzo and Masha Dudelzak of CBRE represented the undisclosed landlord in the lease negotiations. Jon Pavone and Michael Cohen of Colliers represented Regus.

October 9, 2023

Acquisitions California Mixed-Use Multifamily Retail Western

Marcus & Millichap Brokers Sale of 17-Property Multifamily, Retail Portfolio in Beaumont, California

by Amy Works October 9, 2023

BEAUMONT, CALIF. — Marcus & Millichap has arranged the sale of 17-property multifamily and retail portfolio in the Inland Empire city of Beaumont. The assets traded for a total of $13.5 million. Doug McCauley, David Covarrubias and Steve Bogoyevac of Marcus & Millichap represented the undisclosed seller in the all-cash transaction. The portfolio features a mix of multifamily, mixed-use and retail space, as well as unoccupied land. The new owner plans to capitalize on the significant upside in rents that this portfolio has to offer.

October 9, 2023

Acquisitions Healthcare Northeast Pennsylvania

Blueprint Negotiates Sale of 12,500 SF Medical Office Building in Hanover, Pennsylvania

by Taylor Williams October 9, 2023

HANOVER, PA. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 12,500-square-foot medical office building in Hanover, located in the southern-central part of the Keystone State. According to LoopNet Inc., the two-story building at 100 Frederick St. was constructed in 1979. Conor Daly led the Blueprint team that represented the seller, a local owner-operator, in the transaction. Additional terms of sale were not disclosed.

October 9, 2023

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