PORTLAND, ORE. — Gramor Development and LRS Architects have completed Happy Valley Crossroads East, a six-building retail center in Portland. The open-air property features 39 commercial spaces in a variety of sizes and layout. The asset is situated within walking distance of nearby residential neighborhoods.
CHARLOTTE, N.C. — JLL has arranged a combined $132.9 million in construction financing for 2125 N Davidson, a 389-unit midrise multifamily development underway in Charlotte’s Mill District. Travis Anderson, Cory Fowler, Warren Johnson, Ryan Pride and Naoki Hasegawa of JLL arranged a $34.5 million equity placement with two institutional investors based in Japan on behalf of the developer, Space Craft. JLL also arranged a $98.4 million construction loan through an undisclosed direct lender. Set for completion in summer 2026, 2125 N Davidson will feature studio, one-, two- and three-bedroom apartments averaging 762 square feet in size. Amenities will include a rooftop patio with views of Uptown Charlotte, courtyard with native planting, fitness room in each building, coworking space with a coffee/breakfast nook and electric car share and e-bike share dedicated for resident use. The property will also include 13,751 square feet of street-facing retail space that Space Craft plans to lease to boutique retailers, coffee purveyors and local and neighborhood service retailers. The developer has tapped Swinerton to construct the development. The companies also recently built The Joinery, an $80 million multifamily development in Charlotte’s nearby Optimist Park neighborhood.
BELLEVUE, WASH. — Great Expectations LLC has purchased Sagebrook, a seniors assisted living and memory care community on 2.3 acres in the Seattle suburb of Bellevue, for $16.5 million. The buyer plans to convert the property into a 108-unit apartment community. The new property, which will be rebranded, will offer housing for residents earning 60 percent to 80 percent of area median income. The community is located at 15750 NE 15th St. Dan Chhan, Tim McKay, Sam Wayne and Matt Kemper of Cushman & Wakefield represented the undisclosed seller in the deal.
SANTA FE SPRINGS, CALIF. — JLL Capital Markets has arranged the sale of a warehouse and distribution facility, located at 10329 Painter Ave. in Santa Fe Springs, a suburb southeast of Los Angeles. An affiliate of Zurich Alternative Asset Management sold the asset to Sterling Investors LP for $11.2 million. The 42,725-square-foot property features 30-foot clear heights, six dock-high doors, one grade-level door and an 82-foot truck court. At the time of sale, the building was fully leased to a single tenant. Mark Detmer, Chad Solomon, Makenna Peter, Cameron Driscoll and Luke McDaniel of JLL Capital Markets represented the seller and procured the buyer in the deal.
CAVE CREEK, ARIZ. — Marcus & Millichap has arranged the sale of a net-leased retail property located at 4868 E. Carefree Highway in Cave Creek, a suburb north of Phoenix. A limited liability company sold the asset to an undisclosed buyer for $4.3 million. Harbor Freight Tools occupies the 15,300 square feet of retail space. The sale included a lease with 10 years remaining and 10 percent rental increase every five years with multiple renewal options. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller in the deal.
LOS ANGELES — Los Angeles-based PCCP LLC has provided a $102 million acquisition loan to Stoltz Real Estate Partners, a real estate fund manager based in Bala Cynwyd, Pa., for a five-property industrial portfolio in the Southeastern United States. John Alascio, Alex Hernandez, Chris Meloni, T.J. Sullivan and Mitch Rothstein of Cushman & Wakefield arranged the financing on behalf of Stoltz. The 1.6 million-square-foot portfolio is located within the Atlanta, Charleston, Charlotte, Louisville and Nashville MSAs. The properties were fully leased at the time of financing to seven tenants that had a weighted average lease term (WALT) remaining of 4.6 years. All five properties were developed between 2018 and 2023 and range in size from 157,000 to 636,000 square feet. The seller and sales price were not disclosed.
MEMPHIS, TENN. — A public-private partnership between The Annex Group and the University of Memphis has announced plans to develop a 540-bed residence hall on the university’s campus in Tennessee. The community will offer a mix of studio, two- and four-bedroom units alongside 300 parking spaces. The property will target occupation by student athletes. Shared amenities will include study space, social gathering areas, outdoor living space and grab-and-go dining options. The community will be part of the university’s Park Avenue Campus development, which will include Tiger Park, an academic and athletic facilities complex that will be developed in phases over the next 10 years. “Living in the vicinity of where [our student-athletes] practice, compete and train will significantly enhance their experience, and a development like this sets our university apart when it comes to recruitment,” says Brooks Monaghan, the university’s head women’s soccer coach. The residence hall is expected for completion in fall 2026. The development team for the project includes architectural firm LRK.
LEISURE CITY, FLA. — Housing Trust Group (HTG) has begun construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami. The $44 million project is a collaborative effort between HTG and Miami Lakes, Fla.-based Elite Equity Development. The eight-story property will feature 120 units (91 one-bedroom, 29 two-bedroom) reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in the spring of 2025. The building will total 117,000 square feet and the developers will seek National Green Building Standard certification. Funding sources for Phase I include $26 million in 9 percent Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a construction loan of $26.2 million provided by TD Bank, a permanent Freddie Mac loan of $9 million through Berkadia, a Florida Housing Finance Corp. Viability Loan of $4.3 million and a $3 million loan from the Miami-Dade County Affordable Housing Surtax Program. The design-build team includes architect ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior designer Builders Design and landscape …
DENISON, TEXAS — Craig International, a locally based developer that is perhaps best known for the $5 billion Craig Ranch project in McKinney, has closed on 3,114 acres in Denison for the development of Preston Harbor, a $6 billion master-planned community. The site on Lake Texoma is located about 75 miles north of Dallas. Preliminary plans for Preston Harbor call for approximately 7,500 residential units, a resort hotel, retail, restaurants and a marina. The residential component will include single-family, active adult and multifamily uses. Plano-based Aimbridge Hospitality will develop the $100 million hotel, which will be operated under the Margaritaville brand. Steve Cook of Steve Cook & Co. and Jim Meara of Jim Meara Co. represented the sellers, entities doing business as Preston Harbor LP and Preston Harbor Homeplace LP, in the disposition of the land. Both entities are part of the estate of George Schulte, the developer who originally amassed and assembled the site. John Auletta and Kaitlyn Sogga of JTA CR Group represented Craig International. Other project partners include The Choctaw Nation of Oklahoma, Horizon Capital Partners and N9 Capital Partners. The development team is currently finalizing plans and engineering work and expects to break ground before the end …
DETROIT AND MILWAUKEE — Walker & Dunlop has arranged the sales of four Section 8 affordable housing communities in Detroit and Milwaukee. Sales prices were not provided. The Detroit properties total 81 units and include Aaron Apartments, Field Place Apartments and West Boston Apartments. All three communities underwent significant rehabilitation in 2007 facilitated by 9 percent Low-Income Housing Tax Credits (LIHTCs). In Milwaukee, Boulevard Apartments features 235 units. The property boasts a 100 percent LIHTC allocation and is further supported by 15 percent Section 811 Project Rental Assistance. Aaron Hargrove and Eric Taylor of Walker & Dunlop represented the undisclosed buyers and sellers in all four deals.
