RICHARDSON, TEXAS — A joint venture between Midloch Investment Partners, a private equity firm with offices in the Midwest, and Dallas-based WindMass Capital has purchased a 176-unit apartment complex in the northeastern Dallas suburb of Richardson. Riverwalk Apartments was originally built in 1981 and offers one- and two-bedroom units. Amenities include a pool, fitness center, outdoor kitchen, package handling service and landscaped outdoor spaces. The seller and sales price were not disclosed.
TAMPA, FLA. — Nestle will relocate its Tampa headquarters to Midtown West, a 152,000-square-foot office building located within the 23-acre Midtown Tampa mixed-use development. The Switzerland-based company plans to open its new sales office later this year. Bill Reeves of Colliers represented Nestle in the lease negotiations. Lauren Coup and Brad Heeter of Highwoods Properties Inc. represented the landlord, Highwoods and Bromley Cos. The square footage of Nestle’s lease was not disclosed. Other tenants at Midtown West include RHI Magnesita, Savills, Randstad, Prudential, Primo Water and Greystar. Bromley and Highwoods have also broken ground on Midtown East, a new office building at Midtown Tampa. Upon completion, Midtown East will total 430,000 square feet across 18 floors, 143,000 square feet of which will be jointly owned by Bromley and Highwoods.
HOUSTON — Community Health Choice Texas, a nonprofit health insurance agency, has signed a 82,706-square-foot office lease at Loop Central, a three-building complex in Houston. The campus, which was renovated in 2020, offers a fitness center, café/deli, tenant lounge, conference facility with kitchen and multiple indoor and outdoor seating areas. Kelli Gault, Jack Scharnberg, Doug Little and David Baker of Transwestern represented the landlord, Griffin Partners, in the lease negotiations. David Boyd of Boyd Commercial, along with Lucian Bukowski of CBRE, represented the tenant.
FOUNTAIN HILLS, ARIZ. — Private Portfolio Group has acquired the 147-unit Havenly Fountain Hills for $68.3 million. The build-to-rent community is located at 16550 East Avenue of the Fountains in Fountain Hills, a suburb of north Scottsdale. Each rental home features 10-foot ceilings, fully fenced private backyards, front porches, high-end interior finishes, quartz countertops, stainless steel appliances and full-size washers and dryers. Mark Forrester of Berkadia represented the sellers, Arizona-based Keystone Homes and Lexin Capital, while Scott Holland of Berkadia Scottsdale secured life company acquisition financing on behalf of the buyer.
MENIFEE, CALIF. — Patrinely Group has purchased Scott Road Commerce Center’s Phase II, a large-scale, fully entitled, 33.8-acre development site in Menifee, for $61 million. The site is entitled for 544,115 square feet of Class A industrial product. Phase II will feature Buildings 3, 4 and 5 at 33520, 33580 and 33540 Zeiders Road. Part of an expansive five-building development totaling 701,262 square feet, Phase II is situated just north of the Murrieta and Temecula submarkets, immediately off the Scott Road and I-215 interchange. The project is the city’s first Class A industrial development since 2018, according to the buyer. The sales team included Michael Kendall, Gian Bruno and Kenny Patricia of Colliers’ Western Region Industrial Capital Markets Group; fellow Colliers industrial experts Joey Jones and Tucker Hohenstein; and Lee & Associates’ Gordon Mize. Kendall also exclusively listed the property and represented the seller, Jupiter Holdings, in the transaction.
IRVINE, CALIF. — Harbert South Bay Partners has released plans for The James, a 350-unit, eight-story seniors housing community in the Orange County city of Irvine. The site is walkable to Irvine-Tustin’s vibrant shopping area, The District at Tustin Legacy. The leasing office for The James is scheduled to open early 2024, with occupancy planned for summer 2025. The James will feature 210 independent living, 110 assisted living and 30 memory care units. Momentum Senior Living, which is based in Orange County, will be the operator.
PHOENIX — Hamilton Zanze has purchased the 296-unit Springs at Deer Valley apartment community in Phoenix for an undisclosed sum. This purchase marks the firm’s seventh Arizona property within its current portfolio. The community will be rebranded as Ironwood at Happy Valley apartments. Built in 2021, Ironwood at Happy Valley is located at 24025 N. 23rd Ave., about 20 minutes from downtown Phoenix. The property is also close to the $12 billion Taiwan Semiconductor Manufacturing Co. manufacturing campus. Hamilton Zanze will execute a capital improvements campaign that includes building, amenity and green improvements. Management of the property has been transitioned to HZ affiliate Mission Rock Residential. Dan Woodward, David Potarf, Matt Barnett and Jake Young led the Walker & Dunlop investment sales team that marketed the property.
Greystone Provides $20.3M in Fannie Mae Financing for Patriot Pointe Apartments in North Ogden, Utah
NORTH OGDEN, UTAH — Greystone has provided $20.3 million Fannie Mae Delegated Underwriting & Servicing (DUS) Green Rewards loan to refinance Patriot Pointe Apartments, an 87-unit multifamily property in North Ogden. Patriot Pointe Apartments was built in 2020 and features one- to three-bedroom units. The nonrecourse, fixed-rate financing carries a 10-year term and 30-year amortization, with full-term interest-only payments. The property achieved a Fannie Mae Green Globes certification for its energy upgrades. Loan proceeds enabled the borrower to monetize a portion of the equity in the property.
FORT WORTH, TEXAS — SRS Real Estate Partners has arranged the $6.1 million sale of a 13,426-square-foot, single-tenant retail property in Fort Worth that is net leased to CVS. The property was built on 2.3 acres in 2020. Matt McNeill of SRS represented the buyer, a California-based private investor, in the transaction. Thomas Co. represented the undisclosed seller.
ARLINGTON, TEXAS — Holt Lunsford Commercial has negotiated a 10,865-square-foot industrial lease renewal in Arlington. According to LoopNet Inc., the property at 3411 Avenue D was built in 1969 and totals 45,368 square feet. Canon Shoults, Maddy Canty and Walker Floyd of Holt Lunsford represented the landlord, Taurus, in the lease negotiations. Adam Brown with NAI Robert Lynn represented the tenant, HVAC supplies vendor Barsco.