ORANGE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Foxborough Apartments, a multifamily property in Orange. Irvine-based Advanced Real Estate acquired the asset, which will be rebranded as Grove House, for an undisclosed price. Built in 1964, the 23-building property features 90 garden-style apartments with garage parking, two swimming pools, a fitness center, storage space and a grilling area. The 1,200-square-foot apartments have wood-burning fireplaces, dishwashers, washers and dryers. Advanced plans to renovate the asset by the addition of central air conditioning, new windows, new cabinetry, flooring, appliances, large fenced-in patios, upgraded landscaping, a modern paint scheme, signage and pool enhancements. Kevin Green, Joseph Grabiec and Greg Harris of IPA represented the undisclosed seller and procured the buyer in the deal.
SAN DIEGO — Cushman & Wakefield has facilitated the sale of Loma Starr, a two-building office and medical office property at 3051-3055 Rosecrans St. and 3065 Rosecrans Place in San Diego’s Midway District. Loma Starr LLC, a private investor group, sold the asset to Crown Point Systems for $7.4 million. Totaling 28,630 square feet, the recently renovated property was 91.7 percent leased at the time of sale. The buyer plans to occupy space at the property for its own offices. Peter Curry, Brooks Campbell and Kevin Cuff of Cushman & Wakefield’s Private Capital Group in San Diego represented the seller, while Bret Morriss of Cast Capital represented the buyer in the transaction.
PALM SPRINGS, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Sunnyview Villa Apartments, a garden-style multifamily community in Palm Springs. A California-based affordable housing investor acquired the property from California- and Utah-based private investor sellers for $11.2 million. Situated on 3.6 acres at 2900 N. Indian Canyon Drive, the property’s 44 two- and three-bedroom apartments are spread across seven two-story walk-up residential buildings. The affordable housing community is less than three miles from shopping, dining and entertainment opportunities in downtown Palm Springs. Otto Ozen of TMG represented the sellers in the deal.
LAYTON, UTAH — A local investment and development group has completed the disposition of Storage General – Layton, an 86,105-square-foot self-storage facility located on Antelope Drive in Layton. A REIT acquired the asset for an undisclosed price. Jordan Farrer and Adam Schlosser of Marcus & Millichap represented the seller and procured the buyer in the transaction. Storage General – Layton features 11 single-story buildings offering interior, drive-up, climate-controlled and traditional self-storage units with roll-up doors. The property has cinderblock front dividers with all metal interior walls, slightly pitched standing seam metal roofs, roll-up doors and driveways.
AUSTIN, TEXAS — Colorado-based developer McWhinney is nearing completion of the Hyatt Centric Congress Avenue Austin, a 31-story hotel that will be located at 721 Congress Ave. in downtown Austin. Designed by Nelsen Partners with interiors by UCO Studio, the hotel will comprise 246 rooms, including five suites, as well as 2,560 square feet of meeting and event space. Lastly, the hotel will house multiple food-and-beverage concepts, including a restaurant from chef Steve McHugh. The official opening is scheduled for Feb. 1, 2023.
ROSHARON, TEXAS — JLL has negotiated the sale of Savannah HWY6 Storage, a 678-unit facility located south of Houston in Rosharon. The newly built facility comprises six single-story storage buildings on a 6.1-acre site that primarily house climate-controlled units, as well as 900 square feet of office space. Steve Mellon, Brian Somoza, Adam Roossien and Matthew Wheeler of JLL represented the seller, Quintet Capital Group, in the transaction. Dallas-based Montfort Capital Partners purchased the asset for an undisclosed price.
SAN ANTONIO — Capital advisory firm David B. Norton Inc. has arranged $56 million in construction debt and joint venture equity for a 350-unit multifamily project that will be located roughly 17 miles northwest of downtown San Antonio. The property will comprise 17 buildings that will house an array of floor plans and Class A amenities. A regional bank provided the loan. The borrower was a joint venture between a locally based developer and an institutional investment firm with offices in New York and Florida. All of these parties requested anonymity.
ARLINGTON, TEXAS — National multifamily advisory firm GREA has brokered the sale of Blakely Apartment Homes, a 192-unit multifamily complex in Arlington. According to Apartments.com, the property was built in 1981, features one- and two-bedroom units ranging in size from 575 to 950 square feet and offers amenities such as a pool, fitness center and onsite laundry facilities. Mark Allen of GREA represented the seller, Ashland Greene Capital, in the transaction and procured the undisclosed, locally based buyer.
NEW YORK CITY — The New York City Council has approved Innovation QNS, a $2 billion mixed-use project that will be located in the Astoria neighborhood of Queens, according to reports from multiple news outlets such as Crain’s New York Business and Patch. A partnership between BedRock Real Estate Partners, Kaufman Astoria Studios and Silverstein Properties is developing Innovation QNS, which will span five city blocks and will be an expansion of the Kaufman Arts District. The various reports differ on the exact size of the multifamily component, but the project page on the website of Silverstein Properties states that plans call for approximately 2,700 units, about 700 of which will be affordable. In addition, Innovation QNS will feature 200,000 square feet of retail, restaurant and entertainment space, as well as 250,000 square feet of office space, a grammar school that can support 600 students, health and wellness facilities and two acres of programmable outdoor space.
FRISCO, TEXAS — A partnership between The Corinth Land Co. and locally based investment firm Prattco Creekway Industrial has acquired a 50,000-square-foot property located north of Dallas in Frisco. The facility at 6300 Flyers Way was built on five acres in 2018 and is leased to the Frisco Flyers national volleyball organization. The seller and sales price were not disclosed.