ATLANTA — Jamestown plans to begin leasing units at Signal House, a 21-story active adult community underway at Ponce City Market in Atlanta’s Old Fourth Ward, in first-quarter 2023. The Atlanta-based mixed-use owner and developer expects the apartments to be “move-in ready” by fall 2023. Located directly adjacent to the Atlanta BeltLine at North Avenue, the 162-unit Signal House will feature one-, two- and three-bedroom layouts. Residents will have access to a property app that will allow them to book a suite of services, including housekeeping, plant watering, dry cleaning, food delivery and dining reservations and massage and personal trainer appointments. Amenities will include a pool terrace with a shaded grotto lounge and outdoor shower, a multipurpose fitness room with connected outdoor fitness space, 3,300 square feet of retail space fronting the BeltLine, coworking space, wellness rooms for personal treatments, a clubhouse lounge, onsite lifestyle director and a dining room with a full commercial chef’s kitchen and connected outdoor seating. Other common spaces at Signal House will include a rooftop terrace with outdoor grilling, dining and lounging spaces, as well as community garden plots.
Property Type
Bank OZK, ACORE Provide $80.5M Construction Financing for Industrial Project in Winchester, Virginia
by John Nelson
WINCHESTER, VA. — Bank OZK and ACORE Capital have provided $80.5 million in construction financing for One Logistics Park’s building 2, a 1 million-square-foot warehouse in Winchester, about 75 miles west of Washington, D.C. Robert Carey and Drake Greer of JLL arranged the financing on behalf of the borrower, The Meridian Group. Located on 76.6 acres at 1486 Millwood Pike, building 2 will be the first asset delivered within One Logistics Park, a 280-acre business park that is expected to house six or seven industrial buildings totaling 2.7 million square feet and 45,000 square feet of retail space. Once completed, the facility will offer 40-foot clear heights, 100 dock doors, 78 additional knockouts, four drive-in doors, 50- by 56-foot column spacing with 65-foot speed bays, a 190-foot truck court, 770 car parking spaces and additional trailer storage space.
Monday Properties, Glenmont Capital Break Ground on 338-Unit Willow Apartments in North Charleston
by John Nelson
NORTH CHARLESTON, S.C. — Monday Properties, a multifamily developer with offices in New York City and Arlington, Va., and partner Glenmont Capital Management have broken ground on The Willow, a 338-unit apartment community located at 7562 Plantation Road in North Charleston. Monday Properties purchased the site in November 2021 and secured $48 million in construction financing from Sandy Spring Bank. The Class A multifamily community is expected to deliver in late first-quarter 2024. Amenities will include a zero-entry, saltwater pool, grilling cabana, pickleball court, outdoor fitness area, courtyards, 24-hour fitness center and yoga studio, a lounge and game room and a covered patio overlooking the pool, as well as coworking and conference spaces and a community room. The pet-friendly community will also feature a half-acre dog park.
DALLAS — Gold 3PL, a Texas-based third-party logistics firm, has signed a 50,575-square-foot industrial lease at 1602 Terre Colony Court in West Dallas. According to LoopNet Inc., the property totals 131,412 square feet and sits on a 5.7-acre lot. Mark Graybill and Adam Graham of Lee & Associates represented the landlord, Chicago-based First Industrial Realty Trust, in the lease negotiations. The representative of the tenant was not disclosed.
Gantry Secures $14.3M Construction Loan for Office-to-Multifamily Conversion in Monterey, California
by Amy Works
MONTEREY, CALIF. — Gantry has secured $14.3 million of construction financing for the adaptive reuse of an office property into workforce multifamily housing. The borrower is an undisclosed local developer. Located at 2300 Garden Road, the property will feature 64 one- and two-bedroom market-rate apartments on a 7.23-acre site. Robert Slatt, Jeff Wilcox and Andrew Ferguson arranged the financing for the borrower. Gantry’s secured the three-year construction loan through one of its correspondent life company lenders.
GRAND PRAIRIE, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Bella Capri, a 20-unit complex located in the central metroplex city of Grand Prairie. According to Apartments.com, the property was built in 1969. Jon Krebbs of TMG represented the seller in the transaction, and Nasir Pooran of TMG procured a 1031 exchange investor as the buyer. Both parties requested anonymity.
Dwight Capital Provides $21.4M HUD Loan for Paxton 365 Apartment Complex in Salt Lake City
by Amy Works
SALT LAKE CITY — Dwight Capital has provided a $21.4 million HUD 223(f) loan for Paxton 365, a mixed-use multifamily property in Salt Lake City. The refinancing benefitted from a Green Mortgage Insurance Premium Reduction, as Paxton 365 is Energy Star certified. The asset features a five-story building with 121 residential units and three commercial spaces, including Paxton Pub. Community amenities include a dog park, courtyard with fire pit, fitness center, roof terrace, community lounge, grill areas and electric vehicle charging stations.
Stepp Commercial Negotiates $9.3M Sale of Multifamily Building in Signal Hill, California
by Amy Works
SIGNAL HILL, CALIF. — Stepp Commercial has arranged the sale of a residential property located at 1867 Temple Ave. in Signal Hill, near Long Beach. Los Angeles-based VMG Properties sold the asset to a Long Beach-based family office for $9.3 million, or $338,543 per unit. Built in 1964, the two-story hilltop property overlooks Long Beach and sits on a 13,849-square-foot lot. The community offers 13 one-bedroom units and 11 two-bedroom units, as well as 24 subterranean parking spaces. Community amenities include a pool, elevator and close proximity to Hillbrook Park. Robert Stepp and Michael Toveg of Stepp Commercial represented the seller, while Robert Stepp also represented the buyer in the deal.
DAUM Commercial Arranges Sale 60,104 SF Industrial Development Site in Rancho Dominguez, California
by Amy Works
RANCHO DOMINGUEZ, CALIF. — DAUM Commercial Real Estate Services has brokered the sale of a 60,104-square-foot, industrial-zoned land parcel at 1957-2021 E. Del Amo Blvd. in Rancho Dominguez. Private sellers sold the asset to Captiva Partners for an undisclosed price. The property features a freestanding, 9,484-square-foot office and industrial building. Anthony Bergeman, Krishna Shegran and Michael Chase of DAUM Commercial Real Estate Services represented one of the private sellers and the buyer in the deal.
Matthews Brokers $7.7M Sale of Sunbelt Rentals-Occupied Retail Facility in Salt Lake City
by Amy Works
SALT LAKE CITY — Matthews Real Estate Investment Services has arranged the all-cash sale of a retail property located at 1545-1555 W. 2100 South in Salt Lake City. The property traded for $7.7 million, or $462.24 per square feet. Sunbelt Rentals, an equipment and tool rental company, occupies the 16,658-square-foot facility. Ahstead Group owns Sunbelt, which is the second largest equipment rental company in the United States and has more than 1,150 locations nationwide. Isaac Wulff and Alexander Harrold of Matthews represented the seller in the transaction. The names of the seller and buyer were not released.