MIDDLEBURG, FLA. — Housing Trust Group (HTG) has completed the development of the Apartments at Bryce Landing, a $21.9 million affordable housing project in Middleburg, roughly 30 miles outside of Jacksonville. Located at 1914 Bryce Landing Way, the community features one-, two- and three-bedroom apartments across four buildings. Apartments range from 717 to 1,191 square feet, and amenities include a fitness center, media center, swimming pool, playground, picnic pavilion and a 15,000-square-foot park. Units will be reserved for residents earning at or below 30 and 60 percent of the area median income (AMI), and residents will have access to literacy training, financial assistance and employment assistance services. JPMorgan Chase provided a $16.5 million construction loan and a $6.3 million permanent loan for the project. Funding also included $1.7 million in annual low-income housing tax credits (LIHTC) provided by Florida Housing Finance Corp. through Raymond James Tax Credit Funds. Kellogg & Kimsey was the general contractor for the development, and Fugleberg Koch was the architect. Landscape architect Wood and Partners and engineering firm CHW Consultants were also part of the project team.
Property Type
Cushman & Wakefield Brokers Sale of 250-Unit Fitzroy Grove Apartments in Rogers, Arkansas
by John Nelson
ROGERS, ARK. — Cushman & Wakefield has brokered the sale of The Fitzroy Grove, a 250-unit apartment community located in Rogers. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, Huffman & Co., in the transaction. Lurin Capital acquired the property for an undisclosed price. Built in 2021, Fitzroy Grove features studio, one-, two- and three-bedroom apartments. Community amenities include a 24-hour health club, bocce ball and pickleball courts, business center, coworking spaces, dog park, coffee bar, putting green and a resort-style swimming pool with cabanas, according to the property website.
Foundry Commercial Acquires 90-Unit White Springs Senior Living Community in Metro D.C.
by John Nelson
WARRENTON, VA. — Foundry Commercial has acquired White Springs Senior Living, a 90-unit seniors housing community located in Warrenton, approximately 48 miles outside of Washington, D.C. White Springs, which opened in 2020, offers assisted living and memory care services. Ryan Weekes and Zach Strunk of Foundry arranged the transaction, with support from Spring Arbor Associates. Capital Funding Group (CFG) provided funding for the acquisition. The seller, sales price and loan amount were not disclosed.
BLACKSBURG, VA. — Marcus & Millichap has arranged the sale of a Holiday Inn Express & Suites hotel located in Blacksburg. Situated on 3.3 acres roughly one mile from Virginia Tech, the hotel totals 94 rooms. An undisclosed Virginia-based buyer acquired the property, which was built in 2000, for an undisclosed price. Chase Dewese, Jack Davis and Joce Messinger of Marcus & Millichap represented the undisclosed seller in the transaction. Brian Hosey assisted as Marcus & Millichap’s Virginia broker of record.
FORT WORTH, TEXAS — Newmark has arranged joint venture equity for Oak Creek Distribution Center, a 238,289-square-foot industrial facility in Fort Worth. Oak Creek Distribution Center will be situated on a 17.8-acre site and feature a rear-load configuration, 32-foot clear heights, 130-foot truck court depths, two ramps and 63 dock-high doors. Dustin Volz, Stephen Bailey, Dom Espinosa and Zach Riebe of Newmark worked on behalf of the sponsor, Dallas-based Falcon Commercial Development, to secure the equity placement from Diamond Realty Investments. Construction is scheduled to begin later this month and to be complete by spring 2024.
DENTON, TEXAS — Marcus & Millichap has brokered the sale of Affordable Self Storage, a 332-unit facility located in the North Texas city of Denton. The property was built in 1973 and totals 47,108 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a locally based private investor that has operated the property for three decades, in the transaction. The buyer was a Chicago-based investment firm. Both parties requested anonymity.
MANOR, TEXAS — The Independent School District of Manor, a northeastern suburb of Austin, has completed a 116,000-square-foot academic project. Manor Rise Academy will serve approximately 850 students from kindergarten to eighth grade. The 40-acre campus will house multiple gyms, a media center, two art rooms, three maker spaces, performing arts classrooms, student collaboration areas and flexible classrooms. The site also features competition-level athletic fields, outdoor learning spaces and playgrounds. Birmingham-based HPM served as program manager for the project, providing quality control and preconstruction services, as well as maintaining schedule and budget compliance during construction.
FORT WORTH, TEXAS — Stuart C. Irby Co., a provider of electrical parts and equipment, has signed a 51,600-square-foot industrial lease at West Fork Business Center in Fort Worth. Stuart Smith of Cushman & Wakefield represented the tenant in the lease negotiations. Trey Goodspeed and George Jennings of Holt Lunsford Commercial represented the landlord, Exline Capital.
RHOME, TEXAS — The Northwest Independent School District has acquired a 33,550-square-foot warehouse that is situated within 114 Industrial Park, a 174-acre development located about 25 miles north of Fort Worth in Rhome. Owned by Dallas-based Realty Capital, 114 Industrial Park currently offers 150,000 square feet of shallow-bay industrial space, with a 136,500-square-foot building also under construction. George Curry of JLL represented Northwest ISD in the transaction.
CARTERET, N.J. — Crow Holdings has completed Crow Holdings at Carteret, a 1.2 million-square-foot speculative industrial facility that is situated on a 126-acre site in Northern New Jersey. The development consists of three buildings ranging in size from 335,000 to 480,000 square feet that feature 40-foot clear heights, as well as a total of 174 dock doors, 140 trailer parking spaces and six drive-in ramps. Construction was completed in about 18 months. Cushman & Wakefield is the leasing agent.