Property Type

Sueba USA Breaks Ground on 335-Unit Ivy Lofts Apartments in Metro Houston

by Taylor Williams December 6, 2022

PEARLAND, TEXAS — Locally based developer Sueba USA has broken ground on Ivy Lofts, a 335-unit apartment community that will be located in the southern Houston suburb of Pearland. The property will offer studio, one-, two- and three-bedroom floor plans ranging in size from 480 to 1,280 square feet. Residences will be furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities will include a pool, fitness center, coffee bar, multimedia center, catering kitchen and package lockers. Completion is slated for late 2023.

December 6, 2022

California Development Multifamily Student Housing Western

Valiance Capital Buys Development Site for 270-Bed Student Housing Community Near UC Berkeley

by Amy Works December 6, 2022

BERKELEY, CALIF. — Valiance Capital has acquired a development site at 2538 Durant Ave. near the University of California, Berkeley campus. The company plans to replace an existing 12-unit apartment building on the site with an eight-story community offering 270 beds across 83 units. The development is also set to include 5,000 square feet of ground-floor retail space. Jeffrey Eliason and Leland Ortega of Highland Realty Capital arranged $10.5 million in acquisition and pre-development funding on behalf of Valiance. Chris Hetzel of ACRES’ Philadelphia office originated the loan. “2538 Durant is going to help transform the Berkeley city skyline and provide an incredible opportunity to address a substantial housing need for students,” says Nhan Nguyen Le, principal and founder of Valiance Capital. Further details on the project, including a timeline for the development, were not announced.

December 6, 2022

Development Multifamily Nevada Western

Matter Real Estate Plans 352-Unit Vestra Apartments in Southwest Las Vegas

by Amy Works December 6, 2022

LAS VEGAS — Matter Real Estate Group is entering the residential real estate market with the planned development of Vestra, a multifamily property situated within its 40-acre UnCommons mixed-use community in southwest Las Vegas. Vestra will feature 352 apartments in a mix of studio, one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath layouts spread across three midrise towers. Each residence will offer quartz countertops, modern flat-panel cabinets, walk-in closets, washers/dryers and private lockers for a dry-cleaning service. Onsite amenities will include a pool house; resort-style pool with cabanas; fireplaces and barbecues; indoor/outdoor fitness center; lawn space; pet spa; coworking spaces; flex lounge; and media rooms. The property will also feature a 100 percent controlled access parking garage with electric vehicle charging stations. The community is slated to welcome residents early next year. EDI International designed the building with interiors by Jules Wilson Design Studio.

December 6, 2022

Acquisitions Industrial Texas

Griffin Partners, Pinto Realty Sell 282,190 SF Industrial Facility in North Houston

by Taylor Williams December 6, 2022

HOUSTON — A partnership between two locally based developers, Griffin Partners and Pinto Realty Partners, has sold Pinto 23, a 282,190-square-foot industrial facility in North Houston. The partnership completed the cross-dock property, which is located within a larger 5.3 million-square-foot development, in October 2022. Building features include 36-foot clear heights, 76 dock doors, 112 trailer parking spaces that can be expanded by 44 additional spaces and 4,604 square feet of office space. Hines purchased the asset for an undisclosed amount and has tapped CBRE to oversee leasing efforts. Trent Agnew of JLL brokered the deal.

December 6, 2022

Acquisitions Build-to-Rent Multifamily Nevada Single-Family Rental Western

Banyan Residential Acquires Banyan Brighton Rental Townhomes in Las Vegas for $61M

by Amy Works December 6, 2022

LAS VEGAS — Los Angeles-based Banyan Residential has acquired its first property in the Las Vegas market with the purchase of Banyan Brighton, a build-to-rent townhome community currently under construction, for $61 million. Additional terms of the transaction were not released. Upon completion, Banyan Brighton will feature 133 two- and three-bedroom townhomes ranging from 1,396 to 1,479 square feet. Each residence will feature an attached two-car garage, first-class finishes and private outdoor living space. The property is located within the 1,000-acre Skye Canyon master-planned community, which offers a 10,000-square-foot indoor fitness facility, modern clubhouse, five-acre sports field, full-service coffee shop, outdoor lap pool and five parks, including green spaces, picnic areas, tennis courts and dog parks. Cushman & Wakefield is actively leasing the townhomes as they are completed. Final units are slated for delivery in third-quarter 2023.

December 6, 2022

Acquisitions Arizona Multifamily Western

Rise48 Equity Purchases 160-Unit La Serena Apartment Community in Tempe, Arizona

by Amy Works December 6, 2022

TEMPE, ARIZ. — Rise48 Equity has purchased La Serena, an apartment property located on seven acres in Tempe, from a private seller for an undisclosed price. Built in 1988 by Mark-Taylor, La Serena features 160 apartments spread across 20 residential buildings. The community features courtyards, a swimming pool and spa, fitness center, shaded barbecue grilling stations and covered parking. Apartments offer full-size washers/dryers, walk-in closets with mirrored doors and private patios or balconies with exterior storage space. Select two-bedroom units have fireplaces. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, and Darrell Moffitt and Paul Bay of Marcus & Millichap represented the seller and procured the buyer in the deal.

December 6, 2022

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 157,979 SF Industrial Lease in Carrollton, Texas

by Taylor Williams December 6, 2022

CARROLLTON, TEXAS — Lee & Associates has negotiated a 157,979-square-foot industrial lease at 1800 Kelly Blvd. in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the property was built in 1970 and totals 315,000 square feet. Ken Wesson and Phil Rosenfeld of Lee & Associates represented the landlord, Link Industrial Properties, in the lease negotiations. The representative of the tenant, paper distributor Western-BRW, was not disclosed.

December 6, 2022

Acquisitions Arizona Multifamily Western

Marcus & Millichap Brokers Sale of 52-Unit Multifamily Property in Phoenix

by Amy Works December 6, 2022

PHOENIX — A private investor has acquired Georgia, a 52-unit apartment community in Phoenix, from a private investor for $8.5 million. Paul Bay and Darrell Moffitt of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal. Located at 2534-2548 W. Georgia Ave., Georgia features 26 one-bedroom and 26 two-bedroom residences.

December 6, 2022

Leasing Activity Retail Texas

Baker Katz Arranges Three Retail Leases Totaling 144,260 SF in Houston Area for Fitness Concept

by Taylor Williams December 6, 2022

HOUSTON — Baker Katz has arranged three retail leases in the Houston area for EōS Fitness. The tenant has committed to 51,130 square feet in Sugar Land, 42,000 square feet in Atascocita and 51,130 square feet in Katy. The Sugar Land gym will open in 2024, and the Atascocita and Katy facilities will open in 2025. Jason Baker of Baker Katz represented EōS Fitness in all three sets of lease negotiations. Wendell Nault of Whitestone REIT, Jarrett Adame with First Hartford Realty and Clay McDaniel of Excel Commercial Real Estate respectively represented the landlords in each deal.

December 6, 2022

Acquisitions New Jersey Northeast Retail

IPA Negotiates $63M Sale of Coastal New Jersey Retail Center

by Taylor Williams December 6, 2022

WEST LONG BRANCH, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $63 million sale of Consumer Centre, a 293,087-square-foot shopping center located in West Long Branch. Paramount Realty Services acquired the center, which was built in 1993, from Site Centers Inc. Brad Nathanson of IPA brokered the deal. At the time of sale, Consumer Centre was 96 percent leased to tenants including The Home Depot, Dick’s Sporting Goods, Buy Buy Baby, Ulta Beauty, DSW, PetSmart and Five Below.

December 6, 2022

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