NORMAN, OKLA. — CBRE has arranged the sale of 2900 Apartments, a 556-bed student housing community located near the University of Oklahoma in Norman. Built in 1999, the property offers 156 units and is situated adjacent to the university’s golf course. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Matt Bukhshtaber of CBRE represented the undisclosed seller in the disposition of the property to Hamilton Point Investments. The sales price was also not disclosed.
ANNA, TEXAS — Palladium USA, a locally based affordable housing developer, has broken ground on East Foster Crossing, a $64 million mixed-income residential community in Anna, located north of Dallas in Collin County. East Foster Crossing will feature 239 units in one-, two- and three-bedroom formats and amenities such as a pool, fitness center, conference center, a children’s playroom, dog park and a clubroom. HEDK Architects is designing the project, and BBL Construction is the general contractor. Preleasing will begin next summer. Information on specific income restrictions was not disclosed.
DULUTH, MINN. — Colliers Mortgage has provided a $26.4 million HUD 221(d)(4) loan for the acquisition and rehabilitation of the historic Duluth Central High School in Minnesota. The 128-year-old building will be transformed into a 122-unit, mixed-income multifamily development known as Zenith. Amenities will include a gym, community lounge, game den, golf simulator, library, package room, patio and coworking area. The loan features a 40-year term and a 40-year amortization schedule. An entity doing business as Saturday Zenith LLC was the borrower.
ALTOONA, IOWA — Endeavor Development has broken ground on the first phase of its I-80 Distribution Center located at 451 9th St. in Altoona. Completion of the 300,000-square-foot building is slated for the first quarter of 2023. Upon full buildout of the three phases, the speculative project will span 900,000 square feet. JLL is leading the leasing efforts, and JLL’s David Berglund, Colin Ryan and Scott Loving arranged debt and equity. Endeavor is a Minneapolis-based developer, owner and manager.
CHICAGO — Interra Realty has arranged the sale of a pair of adjacent multifamily buildings totaling 42 units in Chicago’s Budlong Woods neighborhood for $6.7 million. All the units feature two bedrooms and one bath. Craig Martin of Interra represented the seller, Chicago-based Realty Resources, and the buyer, Chicago-based The Manderly Group. The new owner plans to upgrade units with new kitchens and baths to bring rents in line with the market.
MADISON, WIS. — Lee & Associates has brokered the sale of a 30,000-square-foot industrial building in Madison for $2.7 million. The property is located at 5601 Manufacturers Drive. Blake George of Lee & Associates represented the seller, an entity doing business as Pony Express LLC. The buyer was IA Manufacturers LLC.
BLOOMFIELD HILLS, MICH. — Monarch Behavioral Health PLLC has signed a 3,707-square-foot lease to open a new office in Bloomfield Hills. James Mitchell of Dominion Real Estate Advisors and Michele Rosenbloom of Lee & Associates represented the undisclosed landlord in the 63-month lease. Angela Thomas of Signature Associates represented the tenant. The property is located at 74 W. Long Lake Road.
HOUSTON — Berkadia has arranged the sale of Creekside Villas at Clear Lake, a 202-unit workforce housing community in Houston. The property was built in 1979 and offers one-, two- and three-bedroom apartments. Amenities include a lounge with a coffee bar, a resident kitchen, pool, fitness center, outdoor grilling areas and onsite laundry facilities. Joey Rippel, Chris Young, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, metro Dallas-based ClearWorth Capital, in the transaction. Cutt Ableson, also with Berkadia, arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, partnership between Utah-based Trinnium Equity Group and Dallas-based Starboard Equity.
PLANO, TEXAS — Forefront Living has begun construction of The Outlook at Windhaven, a seniors housing community in the northern Dallas suburb of Plano. Architectural firm three designed the 18-acre project. Plans call for 30 independent living cottage homes, 153 independent living apartments and a 56 units of assisted living and memory care in a 530,000-square-foot building. A timeline for completion was not released.
HOUSTON — Fort Worth-based investment firm Fort Capital has acquired Champions Commerce Park, a development in North Houston that consists of 16 light industrial and self-storage buildings totaling 161,753 square feet. The Class B portfolio had a total occupancy rate of 91 percent at the time of sale. The seller and sales price were not disclosed.