IRVING, TEXAS — Wells Fargo (NYSE: WFC) will open a 22-acre campus in Irving, a move that is expected to add about 650 new jobs and $455 million in total capital investment to the local economy. The San Francisco-based banking giant’s build-to-suit campus will comprise two 10-story, 400,000-square-foot buildings and a connecting parking garage, as well as various open green spaces. According to The Dallas Morning News, Wells Fargo expects to eventually employ about 3,000 people at the campus. A construction timeline was not disclosed. Mirasol Capital sold the land on which the campus will be developed.
DALLAS — Crescent Communities, a multifamily developer with nine offices around the country, has completed a 20-story apartment high-rise project in the Turtle Creek/Oak Lawn area of Dallas. NOVEL Turtle Creek features 206 units in one-, two- and three-bedroom formats, including penthouse units on the top two floors. The fifth floor houses an outdoor deck with a pool and kitchen space, and other amenities include a fitness center, resident lounge and guest suites for visiting families. WDG Architecture designed the building, and Rogers-O’Brien Construction served as the general contractor. Rents start at $2,900 per month for a one-bedroom unit.
HOUSTON — Locally based developer Lovett Industrial is underway on construction of Nexus North Logistics Park, a 567,140-square-foot project in North Houston. Building features will include 36-foot clear heights, 104 dock-high doors, 135-foot truck court depths and ample trailer parking. Completion is slated for May 2023. MORE Architecture Studio is designing the project, with Burton Construction and AJ Lindsey LLC respectively serving as the general contractor and civil engineer. Nashville-based Pinnacle Bank provided construction financing. Boyd Commercial has been tapped as the leasing agent.
LAKE MARY, FLA. — CBRE has negotiated the sale of The Helix at Lake Mary, a newly built, 300-unit apartment community located at 962 Bentstation Lane in the northern Orlando suburb of Lake Mary. Los Angeles-based IMT Capital purchased the property for $125.1 million. Chip Wooten and Jeff Gray of CBRE represented the sellers, Jim Heistand of Parkway Properties and Mark Walsh and Brett Bossung of Silverpeak, in the transaction. Built in 2021, The Helix is a multifamily component of Lake Mary Wellness and Technology Park, a 153-acre master-planned community that is anchored by Orlando Health. The apartment property features one-, two- and three-bedroom floor plans averaging 1,122 square feet in size. Community amenities include a saltwater pool with lounge seating, grills, fire pit, cabana with a full kitchen, 24/7 fitness center, game room, bocce ball court, package lockers, storage units and private day workspaces.
IRVING, TEXAS — A partnership between Eagle Property Capital and Belay Investment Group has sold Woodchase & Clarendon, a 266-unit multifamily property in Irving. Built in phases between 1977 and 1983, the property features one-, two- and three-bedroom units and amenities such as a pool and a fitness center. The partnership acquired the asset in 2016 and implemented a capital improvement program. Dallas-based Lion Real Estate Group purchased Woodchase & Clarendon for an undisclosed price.
BOCA RATON, FLA. — Colliers has brokered the $51 million sale of South City Plaza, a four-story, 179,837-square-foot office building located at 1515 S. Federal Highway in Boca Raton. Mark Rubin, Bastian Laggerbauer and Jake Stauber of the Colliers South Florida Investment Services team represented the seller, locally based Penn-Florida Cos., in the transaction. Maria Gomez of Powerful Real Estate represented the buyer, New York-based Renaissance Properties. The property is situated near another Penn-Florida project, Via Mizner, a $1.2 billion mixed-use development that features a Mandarin Oriental Hotel, luxury apartments, private condominium homes, retail space and a golf course spanning three towers that are all connected by a sky bridge.
SAN ANTONIO — Northmarq has arranged the sale of Villa de Oro, a 150-unit apartment complex located southwest of downtown San Antonio. The property offers one- and two-bedroom units and amenities such as a pool, playground, clubhouse, basketball court and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the seller, Austin-based Achieve Investment Group, in the transaction. The buyer, a locally based limited liability company, plans to implement a value-add program.
WILLIAMSBURG, VA. — Berkadia has arranged a $27.7 million joint venture equity placement to developer GW Real Estate Partners to build a new 265-unit, garden-style apartment community in Williamsburg. The $77 million property is dubbed Montage at Marquis Apartments and is slated for delivery in May 2024. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the equity partner, an unnamed fund manager that provided the equity behind $48.1 million in senior debt issued by Citizens Bank. GW Builders, a wholly owned subsidiary of GW Real Estate Partners, is the general contractor for the project, which will feature one-, two- and three-bedroom apartments averaging 942 square feet in size.
PROSPECT, KY. — Capital Square has purchased Lyric at Norton Commons, a 273-unit multifamily community located at 11210 Peppermint St. in Prospect, a suburb of Louisville. The Richmond-based investor purchased the property on behalf of CS1031 Lyric at Norton Commons Apartments DST, a Delaware statutory trust that seeks to raise $68 million in equity from accredited investors. The seller and sales price were not disclosed. Lyric at Norton Commons offers one-, two- and three-bedroom units averaging 956 square feet in size. Community amenities include a 24-hour fitness center, resort-style saltwater swimming pool with poolside cabanas, resident lounge with a complimentary gourmet coffee bar and business center, pet spa, indoor meditation space, movie room with stadium seating and multiple outdoor courtyards that feature lawn games and grills. The property is located within the 600-acre Norton Commons master-planned neighborhood, which features a 150-acre system of parks, squares, plazas, walking trails, recreational and civic amenities. The development is home to more than 90 businesses, including restaurants, shops, salons, a post office, three schools, YMCA and Saint Bernadette Church.
BOSTON — The East Boston Community Development Corp. (EBCDC) has acquired a portfolio of multifamily properties totaling 114 units in East Boston for $47 million. The units are spread across 36 buildings in the Jeffries Point, Eagle Hill and Orient Heights neighborhoods and primarily feature one- and two-bedroom floor plans. Kellie Coveney, Jacqueline Meagher, Madeline Joyce and James Burr of JLL represented the seller, a joint venture between The Grossman Cos. and Hodara Real Estate Group, in the transaction. The new ownership plans to convert the assets to affordable housing. Of the 114 units, 28 units will be restricted to households earning 50 percent or less of the area median income (AMI); 40 apartments will be reserved for renters earning 60 percent or less of AMI; 26 residences will be earmarked for families earning 80 percent or less of AMI; and the remaining 20 units will be restricted to renters making 100 percent or less of AMI.