DALLAS — Marcus & Millichap has arranged the sale of 6500 South, a 536-unit apartment community in southwest Dallas. According to Apartments.com, the property was built in 1985, houses one- and two-bedroom units and offers amenities such as a pool, fitness center, business center, clubhouse and a playground. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Intercapital Group, in the transaction and procured an undisclosed, locally based investment group as the buyer. The new ownership plans to implement a capital improvement program.
ROUND ROCK, TEXAS — A partnership between Orlando-based developer ZOM Living and New York City-based investment management firm CP Capital will develop Azola Avery Centre, a 359-unit multifamily project in metro Austin. The site is located within the 1,200-acre Avery Centre master-planned development in the northern suburb of Round Rock. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, outdoor kitchen, fitness center, dog park, coworking lounge and a game room. Construction is scheduled to begin in January and to be complete in 2025.
FRISCO, TEXAS — Lincoln Property Co. has acquired Star Commerce Center IIIB, a 177,510-square-foot warehouse in Frisco. The newly built, rear-load facility sits on 10.5 acres and was fully leased at the time of sale. Building features include 32-foot clear heights, 210-foot truck court depths, 210 parking spaces and roughly 50,000 square feet of office space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL represented the seller, Blue Star Land, in the transaction.
MINNEAPOLIS — LS Black Development recently broke ground on the $71 million Canvas Apartments affordable housing development in Northeast Minneapolis. The property’s 160 units will all be reserved for residents earning between 30 to 80 percent of the area median income (AMI). The project will feature one-, two- and three-bedroom units, as well as 23,000 square feet of production space, which encompasses both commercial and industrial uses. Completion is slated for spring 2024. The Minneapolis Public Housing Authority is providing 11 project-based Section 8 vouchers for the project. Canvas Apartments is LS Black’s first development project since adding a housing division. The St. Paul, Minn.-based company was formed in April 2020 to build, acquire and own affordable and workforce housing properties. It is a subsidiary of LS Black Constructors, a Minnesota-based construction and development services provider.
ST. LOUIS — MMG Real Estate Advisors has arranged the sale of Gateway at City Park, a 769-unit apartment complex in St. Louis that was formerly known as Cityview. Located in the city’s downtown west neighborhood, the property was built in 1960 and renovated in 2013. Amenities include a CityHive coworking space, covered parking garage, media room, rooftop terrace and two fitness centers. Daniel Wiele and Tom Maloney of MMG represented the seller, Mills Properties, which completed more than $28 million in upgrades. Blue Magma Residential was the buyer.
TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the $8.7 million sale of an unnamed, vacant seniors housing property in Texas. The seller and the location of the facility were not disclosed. Developer Mainstreet originally constructed the 70-unit property as a transitional care facility but did not fully complete construction prior to being foreclosed upon. A Texas-based investor acquired the property and plans to lease it to an East Coast-based skilled nursing operator.
ARLINGTON, TEXAS — Dental supply company Henry Schein Inc. has signed a 12,488-square-foot lease renewal at Randol Mill Service Center, a 96,124-square-foot industrial flex property in Arlington. Michael Spain of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Patrick Reis of Property Advisers Realty represented the landlord, an entity doing business as PHP RMSC Venture LP.
HYANNIS, MASS. — Linchris Hotel Corp., a Massachusetts-based hospitality owner-operator, has acquired the 266-room Cape Codder Resort & Spa in Hyannis. The resort houses four food-and-beverage concepts, a waterpark, fitness center, indoor and outdoor pools, a pickleball court and 18,000 square feet of meeting and event space. Alan Suzuki and Matthew Enright of JLL represented the seller, Catania Hospitality Group, in the transaction. Greg LaBine and Amy Lousararian, also with JLL, arranged acquisition financing through HarborOne Bank on behalf of the buyer.
GADSDEN, ALA. — An affiliate of Phoenix Investors has purchased an approximately 3 million-square-foot industrial campus located at 1000 Goodyear Ave. in Gadsden, which is roughly midway between Birmingham and Chattanooga along I-59. Global tire manufacturer Goodyear was the former occupant of the property, which is currently vacant. Adam Wolinetz of CBRE arranged an undisclosed amount of acquisition financing through International Bank of Commerce on behalf of Phoenix Investors. The seller and sales price were not disclosed. Renovated in 2015, the 156-acre park features 30 dock doors and clear heights of up to 30 feet, as well as ample car and trailer parking, rail access and proximity to I-759 and I-59. Phoenix Investors plans to make numerous capital and cosmetic improvements to repurpose the park and boost tenancy. The Milwaukee-based owner says the available space is easily divisible for multi-tenant occupancy and will be marketed in the near future for lease.
MYRTLE BEACH, S.C. — Cushman & Wakefield has arranged the $78.4 million sale of two adjacent multifamily communities in Myrtle Beach’s Little River submarket. The assets include The Banks at Bridgewater, a new 252-unit multifamily community, and Stepping Stone at Bridgewater, a 44-unit build-to-rent community. Tai Cohen, John Phoenix and Louis Smart of Cushman & Wakefield represented the seller, Wakefield Residential, in the transaction. PassiveInvesting.com, a private equity real estate investment firm based in the Carolinas, was the buyer. Craig Davis Properties developed Banks at Bridgewater earlier this year. The property’s amenities include a coffee bar, on-demand yoga, saltwater pool, walking trails and units featuring built-in workspaces. Built in 2020, Stepping Stone at Bridgewater comprises two-bedroom/two-bath duplexes with attached garages in a neighborhood, cul-de-sac-style setting.