MADISON AND SHEBOYGAN, WIS. — Midloch Investment Partners and its joint-venture partners have acquired three apartment properties in Wisconsin for $71 million. Country Meadows is a 466-unit garden-style community in Madison. Mendocino Village and The Estates are both located in Sheboygan and total 186 units. Michloch plans to make energy-efficiency improvements to the properties. The seller was undisclosed.
ROCKFORD, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has brokered the sale of Valkommen Plaza in Rockford for $21.1 million. The 171-unit affordable seniors housing property is fully covered by a Housing Assistance Payments (HAP) contract. The nine-story building features commercial spaces on the first floor and is situated near the site of a new casino development. The property recently received a number of upgrades, including a roof replacement, new elevator machines and central air handles. Some of the unit kitchens and baths have also been upgraded. Kyle Shoemaker of AHIB represented the seller, a private investor, and the buyer, Envolve Communities.
INDIANAPOLIS — Greystone has provided a $15.7 million Freddie Mac loan for the acquisition of Trails at Lakeside in Indianapolis. Constructed in 1989, the 208-unit multifamily property is a garden-style community with six buildings. Miryan Reinitz-Kops of Greystone originated the fixed-rate loan, which features a 12-year term, 30-year amortization schedule and three years of interest-only payments. Loan proceeds enable the borrower to make improvements in addition to the acquisition. Capodagli Property Co. was the borrower.
INDIANAPOLIS — Argus Self Storage Advisors has arranged the sale of a Keystone Self Storage property in Indianapolis for $9.5 million. Located at 5000 N. Keystone Ave., the self-storage facility totals 541 units and 69,700 square feet. Rob Schick of Argus represented the undisclosed seller. Public Storage was the buyer. The asset was 94 percent leased at the time of sale.
LANDOVER, MD. — Colliers has arranged a 110,000-square-foot warehouse lease at 3341 75th Ave. in Landover, about 10 miles east of Washington, D.C. The tenant is ReadySpaces, a co-warehousing provider that recently launched three other East Coast locations in New Jersey and New York. Mike Davis and Mike McGugen of Colliers represented ReadySpaces in the lease negotiations. The landlord was not disclosed. The Landover deal brings ReadySpaces to 33 locations nationwide. The company provides flexible warehousing and office space ideally suited for small businesses. Each ReadySpaces location provides users with Wi-Fi, loading docks, forklifts, a shared conference room and kitchen and lounge areas, as well as a monthly pricing model.
DALLAS — Stonelake Capital Partners, a private equity firm with offices in Texas and Atlanta, will develop 2626 McKinney, a 180,000-square-foot office building in Uptown Dallas. The site is adjacent to a Whole Foods Market. The building will rise 17 stories and will offer amenities such as a lounge with a coffee and cocktail bar, communal kitchen, conference center, fitness center and a landscaped terrace. Cushman & Wakefield is marketing the development for lease. Completion is slated for summer 2025.
MANOR, TEXAS — The Manor Independent School District is underway on construction of a 116,000-square-foot elementary and middle school campus in the state capital’s northwestern suburb. The project is part of larger $174 million academic development initiative that also includes an 85,000-square-foot high school building. The campus, which will be able to support about 800 students in grades K through 8, will feature a media center, two art rooms, three maker spaces, performing arts classrooms and competition-level athletic fields. Birmingham-based HPM is providing project management, quality control and preconstruction services for the project.
MESQUITE, TEXAS — Locally based investment firm SPI Advisory has sold The Ventura Apartments, a 111-unit multifamily property located in the eastern Dallas suburb of Mesquite. Built in 2003, the property features one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, clubhouse and onsite laundry facilities. SPI Advisory acquired the asset in March 2021 and implemented a value-add program that upgraded the unit interiors, common areas and building exteriors. The buyer was not disclosed.
PHOENIX — Holualoa Cos. and LaPour Partners have completed the disposition of the AC Hotel Phoenix Biltmore by Marriott in Phoenix. Nella Invest bought the asset for $67.8 million, or $423,750 per room. Located at 2811 E. Camelback Road, the five-story hotel features 160 rooms in a mix of traditional rooms and suites. Amenities include AC Kitchen & Lounge, a fitness center, business center, outdoor pool, sundry shop, guest laundry and more than 5,000 square feet of meeting space. The hotel was developed as part of a mixed-use project along with the Camelback Collective Office Building, which sold in July 2022. Co-developers Holualoa and LaPour Partners purchased the site in October 2016. Melvin Chu, John Strauss and Ben Geelan of JLL Hotels & Hospitality represented the seller, with Halo Hospitality and DCA Partners as advisors to the buyer. Azul Hospitality Group operates the hotel.
MOAB, UTAH — Sonneblick-Eichner Co. has secured $50 million in construction financing for Phase I of Lionsback Resort, a 175-acre development in Moab. Situated adjacent to Canyonlands and Arches national parks, Lionsback’s $350 million, five-year development plans includes 188 single-family residences and a resort hotel. Proceeds from the fixed-rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single-family homes, as well as the horizontal infrastructure of Phase II. Moab is located in the eastern portion of Utah, near the Colorado border, Colorado River and Arches National Park.
