Property Type

Magma Equities, Prudent Growth Buy Metro Charlotte Apartment Community for $17.8M

by John Nelson July 12, 2022

LINCOLNTON, N.C. — A joint venture between Magma Equities and Prudent Growth Partners has purchased The Oaks Apartment Homes, a 111-unit multifamily community located in the Charlotte suburb of Lincolnton. The duo purchased the property from the undisclosed seller in an off-market transaction for $17.8 million. Built in 2002, The Oaks comprises one-, two- and three-bedroom apartments located on an 11.7-acre site. Community amenities include a fitness center, basketball court, grilling area, playground and a dog park. The community was 97 percent occupied at the time of sale.

July 12, 2022

Acquisitions Office Texas

JLL Negotiates Sale of 403,151 SF Office Building in Irving’s Las Colinas District

by Taylor Williams July 12, 2022

IRVING, TEXAS — JLL has negotiated the sale of 1925 West John Carpenter, a 403,151-square-foot office building located within Irving’s Las Colinas district. The six-story, recently renovated building sits on 30 acres and includes a 1,200-space parking garage. The property was fully leased at the time of sale to Vista Energy, which houses its corporate headquarters within the building. JLL represented the seller, JP Realty Partners Ltd., in the transaction. The buyer and sales price were not disclosed.

July 12, 2022

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 372-Unit Life at Spring Estates Apartments in Houston

by Taylor Williams July 12, 2022

HOUSTON — Berkadia has brokered the sale of The Life at Spring Estates, a 372-unit apartment community in Houston’s North View neighborhood. The Life at Spring Estates features one-, two- and three-bedroom units ranging from 1,017 to 1,332 square feet. Amenities include a pool, fitness center, business center, clubhouse, bark park, picnic areas and parcel lockers. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Todd Marix and Chris Curry of Berkadia represented the seller, New York City-based Olive Tree Holdings, in the transaction. The buyer, Nashville-based Inman Equities, purchased the asset for an undisclosed price.

July 12, 2022

Acquisitions Multifamily Texas

Fogelman Properties Acquires 201-Unit Moorings Apartments in Metro Houston

by Taylor Williams July 12, 2022

LEAGUE CITY, TEXAS — Memphis-based investment firm Fogelman Properties has acquired The Moorings, a 201-unit apartment complex in League City, a southeastern suburb of Houston. The Moorings, which was 95 percent occupied at the time of sale, offers recently upgraded units in one- and two-bedroom floor plans. Amenities include a pool, fitness center, game room, outdoor lounge areas and Amazon package lockers. The seller and sales price were not disclosed.

July 12, 2022

Loans Multifamily Northmarq Oklahoma Texas

Northmarq Arranges $9.2M Acquisition Loan for Multifamily Property in Moore, Oklahoma

by Taylor Williams July 12, 2022

MOORE, OKLA. — Northmarq has arranged a $9.2 million bridge loan for the acquisition of Mansions South Apartments, a 146-unit multifamily property in Moore, a southern suburb of Oklahoma City. Built in 1972, the property comprises 12 two-story buildings that house one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse, volleyball and basketball courts and a playground. Bob Harrington of Northmarq arranged the loan, which features two years of interest-only payments. The borrower and direct lender were not disclosed.

July 12, 2022

Acquisitions Michigan Midwest Multifamily

Syndicated Equities Sells Luxury Apartment Complex Near Grand Rapids for $71.5M

by Kristin Harlow July 12, 2022

ADA, MICH. — Syndicated Equities has sold Stone Falls of Ada, a 210-unit luxury apartment complex in Ada, about 10 miles east of Grand Rapids. The sales price was $71.5 million. Syndicated acquired the property with Highgate Capital Group LLC in 2018 for $45.8 million. Built in 2008, the property at 330 Stone Falls Drive is comprised of 21 two-story buildings. Syndicated and Highgate invested $1.5 million in renovations, including upgrades to the unit interiors and clubhouse amenities. Village Green was the property manager. The seller was undisclosed.

July 12, 2022

Development Industrial Midwest Missouri

Contegra Nears Completion of 1 MSF Distribution Center in Liberty, Missouri

by Kristin Harlow July 12, 2022

LIBERTY, MO. — Contegra Construction Co. is nearing completion of a 1 million-square-foot distribution center at Liberty Commerce Center in Liberty, a northeast suburb of Kansas City. Dubbed Project Luna, the facility will feature a clear height of 40 feet, 112 dock doors, two drive-through doors and 20,000 square feet of office space. Completion is slated for this fall. NorthPoint Development is the developer. Upon full buildout, Liberty Commerce Center will comprise 3.4 million square feet of industrial space.

July 12, 2022

Development Midwest Multifamily Ohio

Metropolitan Holdings to Build 298-Unit Luxury Multifamily Project in Green, Ohio

by Kristin Harlow July 12, 2022

GREEN, OHIO — Metropolitan Holdings has received approval from the Green City Council to build a 298-unit luxury multifamily project. The 49-building property will include amenities such as a heated pool, outdoor area and fitness center. The average monthly rent is expected to be $1,700, while the average for premium units will be $2,495. Metropolitan plans to break ground later this year. A timeline for completion was not provided. Green is located about 13 miles south of Akron.

July 12, 2022

Acquisitions Retail Texas

Partners Capital Sells 40,094 SF Royal Montreal Plaza Retail Center in Metro Houston

by Taylor Williams July 12, 2022

KATY, TEXAS — Partners Capital, an affiliate of Partners Real Estate Co., has sold Royal Montreal Plaza, a 40,094-square-foot shopping center located in the western Houston suburb of Katy. Josh Lass-Sughrue and Davis Amanyisye of NAI Partners, the real estate services arm of Partners Real Estate, represented the seller in the transaction. The buyer was not disclosed. Partners Capital originally acquired the asset in August 2018.

July 12, 2022

Loans Midwest Minnesota Multifamily Northmarq

Northmarq Arranges $40M Loan for Refinancing of Minnesota Apartment Community

by Kristin Harlow July 12, 2022

CHAMPLIN, MINN. — Northmarq has arranged a $40 million loan for the refinancing of The Bowline at Mississippi Crossings in Champlin, a northern suburb of Minneapolis. The 212-unit luxury apartment community is located at 220 E. River Parkway. The property features views of the Mississippi River along with a pool, theater, coworking lounge, coffee bar and fitness studio. The Bowline is part of the larger master-planned development known as Mississippi Crossings. Monthly rents at The Bowline, which opened this year, average $1,905, according to Apartments.com. Patrick Minea of Northmarq arranged the fixed-rate, seven-year loan. A life insurance company provided the loan for the borrower, Minneapolis-based Greco.

July 12, 2022

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