SEABROOK, TEXAS — Southern California-based investment firm Brixton Capital has acquired Regatta Bay, a 240-unit apartment community located about 30 miles southeast of Houston in Seabrook. Built in 2003, the property consists of 15 two- and three-story residential buildings and a pool, fitness center, dog park and tenant lounge. The seller was not disclosed. Brixton plans to upgrade the unit interiors, including new appliances, flooring, countertops and cabinetry, as well as updated lighting and plumbing fixtures.
EAGLE PASS, TEXAS — Northmarq has arranged the sale of Holly Apartments, a 136-unit multifamily property in Eagle Pass, located near the Texas-Mexico border in Maverick County. Built in 1975 and renovated in 1996, the property offers a pool, outdoor grilling and picnic areas, playground and a basketball court. Zar Haro, Moses Siller, Phil Grafe and Bryan VanCura of Northmarq represented the undisclosed buyer in the deal. Cheryl Higley, also with Northmarq, arranged a nonrecourse, fixed-rate acquisition loan with a 10-year term and a 30-year amortization schedule.
HOUSTON — Quanex Building Products Corp. has signed a 16,545-square-foot office lease at 945 Bunker Hill Road in Houston’s Memorial City district. Brad MacDougall and Warren Alexander internally represented the landlord, MetroNational, in the lease negotiations. Andy Iversen, John Luck and Kaitlyn Duffie of Newmark represented the tenant, which plans to move into the 14-story building in September 2023.
CHARLOTTE, N.C. — Alliance Residential Co. has closed on the land purchase of 18.3 acres at 9741 Mount Holly Road in northwest Charlotte for the development of Prose Rhyne, a new 330-unit apartment community. The garden-style property, which will comprise 11 residential buildings and a clubhouse with a fitness center and pool, will welcome its first residents in fall 2023. Designed by architect Cline Design Associates, Prose Rhyne’s one- and two-bedroom apartments will average 996 square feet in size and feature granite countertops, stainless steel appliances, wood-style flooring, walk-in closets and washers and dryers in every unit. The community is one of five active projects in the Charlotte area for Alliance Residential and the second Prose-branded property in the market.
PUNTA GORDA, FLA. — Equus Capital Partners Ltd. has broken ground on a 378,000 square-foot speculative warehouse logistics facility in Punta Gorda, a southwest Florida city situated along I-75 near Fort Myers. The project, named Florida Gulf Coast 75 Logistics Center, is being constructed within the Enterprise Charlotte Airport Park. The property will feature 32-foot clear heights, a single-side loading configuration, 54 loading docks and 73 trailer storage spaces opposite the loading docks, as well as LED lighting, 7-inch concrete floors and an ESFR sprinkler system. Equus has tapped Dan Miller of Colliers to lease the facility, which has an anticipated completion of second-quarter 2023. Equus Development LP, Equus’ development operating arm, will oversee development and construction of the Punta Gorda project.
ORLANDO, FLA. — Berkadia has secured $16.4 million in equity financing for the construction of Encore Narcoossee, a new 249-unit apartment community underway at 7567 Narcoossee Road in Orlando’s Lake Nona master-planned community. The developer, Dallas-based Encore Multifamily, a division of Encore Enterprises, has also secured a construction loan from Synovus Bank for the project. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia’s JV Equity & Structured Capital team secured the unnamed institutional investment manager as the capital source. This is the third equity placement that Berkadia has structured for Encore Multifamily in the past two years. Upon completion, Encore Narcoossee will feature a mix of studio, one-, two- and three-bedroom apartments averaging 920 square feet, as well as a clubhouse, fitness center and a pool.
BASKING RIDGE, N.J. — Locally based investment and development firm Edgewood Properties has purchased Westgate, a 250,000-square-foot office building in the Northern New Jersey community of Basking Ridge. The building was constructed in 1991 to house the headquarters of Everest Reinsurance Co. That company relocated to Warren Corporate Center in summer 2019. Amenities include a full-service cafeteria, fitness center, outdoor terrace and landscaped gathering spaces and a conference room. Jose Cruz, Kevin O’Hearn, Sean Ryan, Steve Simonelli, Michael Oliver and Grace Braverman of JLL represented the undisclosed seller in the transaction.
NEW ROCHELLE, N.Y. — A partnership between two locally based firms, Simone Development Cos. and Stagg Group, has broken ground on West View Apartments, a 186-unit affordable housing project that will be located north of Manhattan in New Rochelle. The project represents the second phase of a larger mixed-use development, the first phase of which added 35,000 square feet of civic and office space to the local supply last summer. The studio, one- and two-bedroom units that will be housed within the 24-story residential building will be reserved for households earning 60 percent or less of the area median income. Completion of West View is slated for summer 2025.
BAY SHORE, N.Y. — Duro Dyne Corp., a manufacturer and distributor of sheet metal accessories and equipment for HVAC systems, has signed an 82,064-square-foot industrial lease at 158 Candlewood Road in the Long Island community of Bay Shore. The tenant is expanding from its adjacent location at 81 Spence St. Leslie Lanne, Doug Omstrom and Max Omstrom of JLL represented the landlord, Rockefeller Group, in the lease negotiations. Paul Leone and Phil Heilpern of CBRE represented Duro Dyne.
LOWELL, MASS. — Boutique brokerage firm Peak Real Estate Partners has negotiated the sale of a 62,000-square-foot office and lab building located at 75 Technology Drive in the northern Boston suburb of Lowell. Jumbo Capital sold the property to Boston-based Rhino Capital Advisors for an undisclosed price. Anthony Biette of Peak Real Estate brokered the deal on behalf of both parties. Northmarq arranged acquisition financing through Cambridge Savings Bank. The building was fully leased at the time of sale.