FORT WORTH, TEXAS — Northmarq has brokered the sale of The Borough Apartments, a 208-unit multifamily property in Fort Worth that was built in 1981. According to Apartments.com, the property offers one- and two-bedroom units ranging in size from 500 to 1,280 square feet. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq brokered the deal on behalf of the seller. Kevin Leamy, Lauren Bresky, Daniel Stickane and Patrick Elliott, also with Northmarq, arranged a nonrecourse, floating-rate acquisition loan that carried three years of interest-only payments on behalf of the buyer. Both parties requested anonymity.
SPRING, TEXAS — Landmark Properties, a student housing and multifamily developer based in Athens, Ga., will develop The Everstead at Windrose, a 194-unit build-to-rent residential project in the northern Houston suburb of Spring. Landmark is developing the project in partnership with Principal Real Estate Investors. The development will offer townhouse- and cottage-style homes with private patios/backyards, and select residences will have attached garages. Communal amenities will include a pool, fitness center, coffee bar, dog park and grilling stations. Construction is slated to begin later this month and to be complete in 2024.
ATLANTA — Lincoln Property Co. has topped out 765 Echo, a four-story, 300,000-square-foot office building set within the 19-acre Echo Street West project in Atlanta’s West Midtown district. Upon completion, the mid-rise structure will feature 29,000 square feet of tenant balconies that can host outdoor conferences, fitness space and social gatherings. The mass timber building will also feature floor plates with 15- to 20-foot windows that offer unobstructed, 360-degree views. The office building will be located adjacent to a 3,500-square-foot amenity center that will provide office tenants with flexible meeting space, an outdoor patio and a full bar. Echo Street West’s first phase that includes 765 Echo, 25,000 square feet of retail space, the 292-unit Vibe apartments, Guardian Works, Guardian Studios and the Westside Motor Lounge is on target to be complete by spring 2023. Future phases will bring additional office, retail, residential and hotel components to the site. The project team includes capital partner Bridge Investment Group; general contractors DPR Construction, Juneau Construction Co. and Merit Construction; architects RIOS, Nelson Architects and Dwell Design Studio; and retail leasing brokerages SRS Real Estate Partners and Revel. Lincoln Property Co. manages the entire project and handles office leasing.
MIAMI — JLL has secured the $112 million refinancing of a 12-property industrial portfolio in South Florida’s Miami-Dade and Broward counties. Jim Cadranell, Gregory Nalbandian, Maxx Carney and Michael Lachs of JLL arranged the seven-year, fixed-rate loan through an unnamed life company on behalf of the borrower, Seagis Property Group LP, which acquired most of the properties in the portfolio in the past two years. The properties in the 895,958-square-foot portfolio include: • 255 NE 181st St. in Miami • 3075 NW 10th Ave. in Doral • 8850 NW 15th St. in Doral • 9700 NW 17th St. in Doral • 10100 NW 25th St. in Doral • 10005 NW 58th St. in Doral • 12800 NW 113th Court in Medley • 3501 Commerce Parkway in Miramar • 1919 NW 19th St. in Fort Lauderdale • 2765 SW 36th St. in Fort Lauderdale • 3400-3406 SW 26th Terrace in Fort Lauderdale • 280 NW 12th Ave. in Pompano Beach
NORTH HALEDON, N.J. — A partnership between two locally based firms, Tulfra Real Estate and The Hampshire Cos., has sold Molly Brook on Belmont, a 180-unit multifamily property in the Northern New Jersey community of North Haledon, for $89 million. Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch of Cushman & Wakefield represented the partnership and procured the buyer, JLL Income Property Trust, in the transaction. Amenities at the property include a pool, fitness center, dog park and a clubhouse. Molly Brook on Belmont was fully occupied at the time of sale. G.S. Wilcox & Co. arranged acquisition financing for the deal.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $40.6 million sale of a 142,500-square-foot multifamily development site in the Gowanus neighborhood of Brooklyn. The buyer, an entity doing business as Tankhouse LLC, did not disclose specific development plans, but the site carries a mandatory inclusionary zoning requirement. Sean Kelly and Stephen Vorvolakos of Ariel Property Advisors represented the seller, Pilot Real Estate Group, in the land deal.
NASHVILLE, TENN. — CBRE has arranged an undisclosed amount of financing for construction of The Crestmoor at Green Hills, a 12-story seniors housing community in Nashville’s Green Hills neighborhood. A joint venture between Bridgewood Property Co. and Harrison Street are developing the property, which will feature 117 independent living units, 45 assisted living units and 29 memory care units. Aron Will and Tim Root of CBRE National Senior Housing arranged the five-year construction loan through a regional bank. Bridgewood’s wholly owned management company, The Aspenwood Co., will operate the community upon completion.
WATERTOWN, MASS. — SRS Real Estate Partners has arranged the $16.1 million sale of a 14,400-square-foot retail property located in the western Boston suburb of Watertown. The property was built in 2016 and is leased to CVS on a triple-net basis. Kevin Held of SRS represented the seller, a West Coast-based family trust, in the transaction. Josh Kanter of Marcus & Millichap represented the buyer, a Massachusetts-based private investor that acquired the asset via a 1031 exchange.
SUMMERVILLE, S.C. — Blaze Capital Partners and Cross Lake Partners have sold Chamberlain Pines, a 132-unit single-family rental community in Summerville, a suburb of Charleston. The duo delivered the townhome-style property last year. The buyer and sales price were not disclosed. Chamberlain Pines features two-story townhomes averaging 1,685 square feet across three and four-bedroom rental units. All units feature attached garages, concrete backyard patios and private, fenced-in yards.
NEW YORK CITY — New York Life Insurance Co. has signed a 47,000-square-foot office sublease at One World Trade Center in Manhattan. The company is subleasing the entire 39th floor of the 104-story skyscraper for 10 years from Advance Magazine Publishers Inc. One World Trade Center was built in 2013 and offers amenities such as a café, conference center and a sky lounge. Peter Riguardi, Steven Rotter, Joseph Messina, Jessica Berkey, Brett Harvey and Andrew Coe of JLL represented Advance Magazine Publishers in the sublease negotiations. Matthew Astrachan, Nicole Tiger, George Gemelos and Kristen Morgan, also with JLL, represented New York Life. The Port Authority of New York/New Jersey owns the building in partnership with The Durst Organization, whose internal agent Eric Engelhardt also worked on the deal. New York Life plans to relocate from 120 Broadway to the new space in May 2023.