Property Type

Prime Finance Provides $47.3M Acquisition Loan for 312-Unit Multifamily Property in San Antonio

by Taylor Williams July 11, 2022

SAN ANTONIO — Prime Finance has provided a $47.3 million acquisition loan for Lantower Alamo Heights, a 312-unit multifamily property in San Antonio. Built in 2015, Lantower Alamo Heights offers one-, two- and three-bedroom units and was 93 percent occupied at the time of sale. The amenity package consists of a pool, conference room, courtyard, dog park, pet wash station, fire pit, fitness center, a game room and outdoor grilling areas. Marko Kazanjian, Chris McColpin, Max Herzog and Andrew Cohen of JLL arranged the floating-rate loan, as well as a preferred equity investment with Connecticut-based Sound Mark Partners, on behalf of the borrower, Austin-based Old Three Hundred Capital.

July 11, 2022

Loans Multifamily Texas

Colliers Mortgage Provides $25.4M HUD-Insured Construction Loan for Metro Dallas Multifamily Project

by Taylor Williams July 11, 2022

GARLAND, TEXAS — Colliers Mortgage has provided a $25.4 million HUD-insured construction loan for The Draper, a 155-unit multifamily project that will be located in the northeastern Dallas suburb of Garland. The Draper will offer a mix of one- and two-bedroom, market-rate units. Colliers arranged the loan, which carries a 40-year term and amortization schedule, through HUD’s 221(d)(4) program. The borrower was an entity doing business as GFNT Opportunity II LP.

July 11, 2022

Build-to-Rent Development Single-Family Rental Texas

AHV Communities to Develop 157-Unit Single-Family Rental Project in McKinney, Texas

by Taylor Williams July 11, 2022

MCKINNEY, TEXAS — AHV Communities will develop a 157-unit single-family rental project in the northern Dallas suburb of McKinney. The development will sit on a 38-acre site along U.S. Highway 380 and will house three- and four-bedroom homes with private backyards and two-car garages. The community will offer several amenities, including a pool, fitness center, dog park, grilling and picnic areas, clubhouse and a bocce ball/game court. Construction is scheduled to begin in early 2023.

July 11, 2022

Acquisitions New Jersey Northeast Office

Regal Ventures Sells Five Metro Philadelphia Office Buildings for $51M

by Taylor Williams July 11, 2022

MOUNT LAUREL, N.J. — Philadelphia-based investment firm Regal Ventures has sold a quintet of office buildings totaling 398,460 square feet in Mount Laurel, about 20 miles east of Philadelphia. California-based Top Terraces Inc. purchased the portfolio for $51 million. Each of the buildings totals 79,692 square feet, with four of the buildings currently occupied by affiliates of defense contractor Lockheed Martin and one currently vacant. Illinois-based brokerage firm The Boulder Group negotiated the deal. Regal Ventures originally purchased the properties in September 2021 for $35 million.

July 11, 2022

Development Massachusetts Multifamily Northeast

Trammell Crow Residential Opens 282-Unit Apartment Community in Kingston, Massachusetts

by Taylor Williams July 11, 2022

KINGSTON, MASS. — Trammell Crow Residential has opened Alexan Kingston, a 282-unit apartment community in Kingston, about 35 miles south of Boston. The property features one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, private workspaces, conference rooms, an event room, outdoor grilling areas and Amazon package lockers. Syracuse-based Pyramid Management Group is managing the property. The first move-ins began in June. Rents start at $2,350 per month for a one-bedroom unit.

July 11, 2022

Acquisitions Industrial Northeast Pennsylvania

Ares Investment Buys 105,000 SF Cold Storage Facility in Philadelphia

by Taylor Williams July 11, 2022

PHILADELPHIA — A fund managed by Ares Investment has purchased a 105,000-square-foot cold storage facility in Philadelphia. The property, which is currently leased to FreezPak Logistics, is located at 1801 N. 5th St., in between the Norris Square and Olde Kensington neighborhoods. Bob Yoshimura of Lee & Associates represented the seller, locally based investment and development firm BG Capital, and the buyer in the transaction. BG Capital originally purchased the facility as a part of a four-property portfolio deal in 2018.

July 11, 2022

Development Industrial Midwest Wisconsin

Ashley Capital Breaks Ground on Two Spec Industrial Buildings at Enterprise Business Park in Wisconsin

by Kristin Harlow July 11, 2022

STURTEVANT, WIS. — Ashley Capital has broken ground on two new speculative industrial buildings at Enterprise Business Park in Sturtevant, a southern suburb of Milwaukee. Buildings V and VI will each span 390,000 square feet and are slated for completion in the first quarter of 2023. Ashley is also renovating Building IV and expects to have it available for occupancy by the end of this summer. Upon full buildout, Enterprise Business Park will comprise six buildings totaling more than 2.1 million square feet. Current tenants include CNH, Fresenius, Andis and Ryder Logistics. Terence McMahon and Cody Ziegler of Cushman & Wakefield/Boerke Co., along with John Sharpe and Tom Boyle of Lee & Associates, are the leasing agents for the business park.

July 11, 2022

Development Healthcare Midwest Wisconsin

Hicks Ventures Begins Development of $28M Inpatient Rehabilitation Facility in Wisconsin

by Kristin Harlow July 11, 2022

WAUSAU, WIS. — Hicks Ventures, a Houston-based privately held development company, has broken ground on a $28 million inpatient rehabilitation facility in central Wisconsin’s Wausau. The 42-bed, 53,000-square-foot project will rise two stories. In addition to rehabilitation services, the facility will also feature an inpatient dialysis suite. The project marks the first in a $100 million joint venture between Hicks and an institutional real estate investment manager formed in January to develop inpatient rehabilitation facilities and behavioral health hospitals.

July 11, 2022

Development Hospitality Nevada Restaurant Retail Western

Shopoff, Contour Break Ground on 531-Room Dream Las Vegas Hotel Casino

by Amy Works July 11, 2022

LAS VEGAS — Shopoff Realty Investments and Contour, in partnership with Dream Hotel Group, have broken ground on Dream Las Vegas, a 20-story lifestyle hotel and casino at the south end of the Las Vegas Strip. Designed by DLR Group within interiors by AvroKo, Rockwell Group and DLR Interior, the $550 million development will feature 531 guest rooms, seven experiential dining and nightlife venues, 12,000 square feet of meeting and event space and a 20,000-square-foot casino. Additional amenities will include a third-level resort pool and day club, two bar and lounge concepts on the gaming floor, a lobby bar, craft coffee café and gelateria on the street level, as well as a sporting club, boutique nightclub, signature restaurant and 24-hour diner on the third floor. The hotel portion’s event and meeting space will include a 5,000-square-foot ballroom, 90-seat live entertainment theatre, a fitness center by TechnoGym and onsite parking. Peninsula Pacific Entertainment will operate the casino and gaming components of the property. The property, located at 5051 S. Las Vegas Blvd., is slated for completion in late 2024. McCarthy Building Cos. is the design-build contractor for the project.

July 11, 2022

Illinois Industrial Leasing Activity Midwest

Elgin Recycling Signs 63,800 SF Industrial Lease in West Dundee, Illinois

by Kristin Harlow July 11, 2022

WEST DUNDEE, ILL. — Elgin Recycling has signed a 63,800-square-foot industrial lease at 1101 Wesemann Drive in West Dundee, a far northwest suburb of Chicago. The newly built facility is located less than two miles from Elgin Recycling’s headquarters at 46 East End Drive in Gilberts. The new property will be utilized for the company’s electronics division, which disassembles and recycles a wide variety of computer equipment. Dan Brown and Collin Tyrrell of Brown Commercial Group represented the tenant in the lease. The landlord was not disclosed.

July 11, 2022

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