HOUSTON — Locally based developer Avenue Community Development Corp. has completed an affordable housing project in northwest Houston. Avenue on 34th offers 56 units that are reserved for renters earning up to 30, 50, 60 and 80 percent of the area median income, as well as some market-rate units. Support services for residents include an afterschool program, exercise classes, arts-and-crafts classes and onsite social events. Los Angeles-based Hunt Capital Partners contributed $3 million in Low-Income Housing Tax Credit (LIHTC) equity for the project, which carried a total price tag of $18.3 million. Amegy Bank provided a $9 million tax-exempt construction loan and $5.7 million in permanent financing as part of the capital stack.
EDINBURG, TEXAS — Marcus & Millichap has brokered the sale of Concord Plaza, a 44,850-square-foot retail center located in the Rio Grande Valley city of Edinburg. The property was built in 2018 and was 99 percent leased at the time of sale. Coleman Solomon, Joseph Blanga and Wes Peacock of Marcus & Millichap represented the seller, a developer, and procured the buyer, a private investor, in the transaction. Both parties requested anonymity, and additional terms of sale were not disclosed.
DALLAS — Refreshing USA, a provider of food-and-beverage vending products and services, has purchased a 35,000-square-foot industrial property located at 2709 Electronic Lane in Dallas. According to LoopNet Inc., the property was built in 1979. Alex Wilson of Lee & Associates represented Refreshing USA, which also plans to occupy the facility, in the transaction. The name and representative of the seller were not disclosed.
WHITE PLAINS, N.Y. — San Francisco-based Friedkin Property Group has acquired Windsor at the Gramercy, a 260-unit multifamily property located north of New York City in White Plains, for $113 million. Built in 2003, the property features one- and two-bedroom units that are furnished with stainless steel appliances, built-in workstations, breakfast bars, walk-in closets, full-sized washers and dryers and private balconies/patios. Amenities include a pool, fitness center, theater, clubhouse, billiards room and a dog park. Jeff Dunne, Eric Apfel, Jeremy Neuer, Stuart MacKenzie and Zach McHale of CBRE represented the seller, institutional investment firm GID, in the transaction.
STONECREST, GA. — Stonecrest Resorts LLC, developer of the Sears adaptive reuse project at The Mall at Stonecrest in metro Atlanta, has announced 12 new tenants coming to the development. Phase I of the redevelopment project, called Priví, was the arrival of the SeaQuest Interactive Aquarium that opened in November 2021. The second phase of the project is set to open this fall and include Hand & Stone Massage and Facial Spa; Baldwin’s Literary Social Bookstore & Coffee Bar; 3 Degrees Infrared Sauna Suites; The Lions Cage MMA Fight & Fitness Gym; Garden Life Juice Bar & Café; The Original Hot Dog Factory; Picasso’s Splat Room; Naturally Gifted Treasures & Finds; and Bricks 4 Kidz. In addition to the new shops and restaurants, Phase II will include 6,000 square feet of event space, a coworking space, studios and a fine art gallery. Construction of Phase III and the development of Phase IV will continue this winter, with a planned opening of an upper-level food hall in summer 2023 and the TRYP by Wyndham hotel coming on line in 2024. Once fully developed, Priví will be a family entertainment and lifestyle destination featuring over 200,000 square feet of eateries, shops, services, …
PTM Partners, IDI Near Completion of 318-Unit Viridium Apartment Development in Woodbridge, Virginia
WOODBRIDGE, VA. — Co-developers PTM Partners and The IDI Group Cos. have launched leasing at Viridium, a 318-unit, waterfront apartment development located at 1000 Annapolis Way in Woodbridge. The developers began construction in second-quarter 2021, and the first phase is scheduled to be completed and available for move-ins this November. Designed by Heffner Architects, the community’s amenities will include a rooftop terrace, outdoor pool with a sundeck, health and fitness center, business lounge, conference room, theater, dog park and pet grooming facility, electric vehicle charging stations and a putting green and cornhole. Viridium is part of a two-phase project with its sister property Rivergate North, an adjacent 402-unit property that IDI completed in May 2018.
NASHVILLE, TENN. — Capstone Land Sales has arranged the sale of an affordable housing development site located at 3720 Clarksville Pike in Nashville’s Bordeaux neighborhood. The buyer, a local development partnership led by Woodbine Community Organization, will build a mixed-used development at the site that will be anchored by 250 mixed-income apartments. The construction timeline for the apartment development was not disclosed. The parcel sits within a half-mile of the Cumberland River Greenway on the other side of the Cumberland River and the Whites Creek Greenway, which connects Hartman Park and Joseph Brown Mullins Park.
ORLANDO, FLA. — Boca Raton, Fla.-based multifamily developer Waypoint Residential has sold Luma Headwaters, a 328-unit garden-style apartment community located in Orlando. Houston-based Venterra Realty purchased the asset for an undisclosed price. Luma Headwaters was more than 94 percent occupied at the time of the sale. Rental rates at the property had increased by approximately 22 percent over the prior 12 months, according to Waypoint Residential.
ORANGE PARK, FLA. — Matthews Real Estate Investment Services has brokered the sale of Blanding Square, a 40,376-square-foot retail center located at 110 Blanding Blvd. in Orange Park. The value-add property was stabilized at the time of sale to tenants paying below-market rents, according to Matthews. Johnny Blue Craig and Tripp Brown of Matthews represented the undisclosed seller, a private investor, in the transaction. The unnamed, South Florida-based buyer has the option to expand the shopping center by adding an outparcel at the corner of Blanding Boulevard and Jefferson Avenue. Additional land behind the center with frontage on Jefferson Avenue is also available for further development and expansion.
NEW YORK CITY — Financial services and investment management firm Franklin Templeton has signed a 347,474-square-foot lease at One Madison Avenue, an office building in Midtown Manhattan that is currently under construction. One Madison Avenue, which is scheduled for a November 2023 completion, is now 55 percent preleased. Other tenants include IBM (328,000 square feet) and Chelsea Piers Fitness (56,000 square feet). Rob Lowe, Jeff Cushman and John Cushman of Cushman & Wakefield represented the tenant in the lease negotiations. Paul Glickman, Alex Chudnoff, Diana Biasotti and Ben Bass of JLL represented the landlord, SL Green.