Property Type

Three New Tenants Sign Leases Totaling Nearly 67,000 SF at JAG Logistics Center Industrial Park in Aurora, Colorado

by Madison Pettway August 10, 2021

AURORA, COLO. — JAG Logistics Center @ Den, a 265-acre industrial park being developed south of Denver International Airport in Aurora, has added three new tenants to the recently completed Trade 2 building. The 188,000-square-foot asset is owned, managed and developed by JAGreen Development. The warehouse space features mezzanine level office space, on-site trailer parking and cross dock design. MAI Mechanical, a mechanical and plumbing subtractor, leased 16,390 square feet of space at the Trade 2 building. TruTeam, an installer of insulation and building products, leased 24,830 square feet. General Logistics Systems US Inc., a logistics and delivery company, leased 25,480 square feet. Cushman & Wakefield’s Aaron Valdez, Alec Rhodes and Tyler Smith represented the landlord in each transaction. Trade 1, also totaling 188,000 square feet, is already 100 percent leased.

August 10, 2021

Acquisitions Industrial Self-Storage Texas

Chatham Lodging Trust Acquires Two Marriott-Branded Hotels in Austin for $71.2M

by Taylor Williams August 10, 2021

AUSTIN, TEXAS — Chatham Lodging Trust (NYSE: CDLT) has acquired two Marriott-branded hotels totaling 269 rooms near The Domain in North Austin for $71.2 million, or approximately $265,000 per room. The purchased hotels include the 132-room Residence Inn Austin Domain that opened in July 2016 and the 137-room TownePlace Suites by Marriott that opened in June 2021. Island Hospitality Management will manage the hotels. The seller(s) was not disclosed.

August 10, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Negotiates Sale of 609-Unit CubeSmart Self-Storage Facility in Irving

by Taylor Williams August 10, 2021

IRVING, TEXAS — Bellomy & Co. has negotiated the sale of a 609-unit self-storage facility in Irving that is operated by Pennsylvania-based REIT CubeSmart. The property features 66,698 net rentable square feet and was 97 percent occupied at the time of sale. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a locally based entity doing business as 3450 Willow Creek LLC, and procured the buyer, New York-based Andover Properties.

August 10, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 597-Unit Self-Storage Facility in Metro Houston

by Taylor Williams August 10, 2021

TOMBALL, TEXAS — Marcus & Millichap has brokered the sale of a 597-unit facility located in the northern Houston suburb of Tomball. The property was built on 5.5 acres in 1998, consists of 70,100 net rentable square feet and features a relatively even mix of climate- and non-climate-controlled space. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a family trust, in the transaction. A California-based corporation purchased the asset for an undisclosed price.

August 10, 2021

Acquisitions Hospitality Southeast Virginia

Apple Hospitality REIT Sells National Portfolio of Select-Service Hotels for $211M

by Julia Sanders August 10, 2021

RICHMOND, VA. — Apple Hospitality REIT, a publicly traded hotel REIT based in Richmond, has sold 20 select-service hotels for $211 million. The portfolio includes 11 Marriott-branded hotels and nine Hilton-branded hotels. The buyer is a joint venture between San Francisco-based Flynn Properties Inc. and Minneapolis-based Värde Partners. The 20 hotel properties are located throughout the Sun Belt, Northeast, Pacific Northwest and Midwest. Flynn Properties will assume property management duties and oversee capital improvements at the hotel over the next few years. With this acquisition, Flynn Properties’ select-service hotel portfolio increases to 26 properties. Flynn Properties, a division of Flynn Holdings, recently bought six Marriott Courtyards and four luxury resorts. Värde Partners is a global alternative investment firm whose investments span corporate and traded credit, real estate and mortgages, private equity and direct lending.

August 10, 2021

Loans Multifamily North Carolina Southeast

CBRE Secures Refinancing for Village at Commonwealth Apartments in Charlotte

by Julia Sanders August 10, 2021

CHARLOTTE, N.C. — CBRE has arranged a loan for the refinancing of The Village at Commonwealth, an 823-unit multifamily complex in Charlotte. Nate Sittema, Kristen Reilley, Grant Harris and Elliott Voreis of CBRE arranged the loan on behalf of the owner, Northwood Ravin. Manhattan-based KKR provided the five-year permanent loan. The loan amount was not disclosed. Located at 1308 Lorna St., the Village at Commonwealth is situated within Charlotte’s Plaza Midwood neighborhood near Veterans Memorial Park. Built in 2015, the property includes studio, one-, two- and three-bedroom units and townhomes and has ample parking and detached garages. Community amenities include a fitness center, sauna, spa, pool, bike storage, beer garden, barista bar, walking and biking trails, gameroom, pet care, conference room and a clubhouse and business center. Northwood Ravin is a Charlotte-based, full-service development, construction and property management firm.

August 10, 2021

Loans Multifamily Texas

Greystone Provides $41.2M Acquisition Loan for Austin Apartment Community

by Taylor Williams August 10, 2021

AUSTIN, TEXAS — Greystone has provided a $41.2 million bridge loan for the acquisition of Legends at Lake Creek, a 250-unit apartment community in the Anderson Mill area of Austin. Built in 2001, the value-add property offers one-, two- and three-bedroom units and amenities such as a pool, resident clubhouse, coffee bar, dog park, fitness center and a playground. Steven Vainer of Greystone originated the loan, which carried a 36-month term with two one-year extension options, on behalf of the borrower, San Antonio-based LYND Co.

August 10, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $62.2M Sale of Multifamily Property in Metro Atlanta

by Julia Sanders August 10, 2021

STONE MOUNTAIN, GA. — Berkadia has arranged the $62.2 million sale of Lakeview I and II, a 540-unit apartment property in the Atlanta suburb of Stone Mountain. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, California-based Praxis Capital, in the transaction. Bethesda, Md.-based Acento Real Estate Partners was the buyer. Lakeview previously operated as two properties and is now combined into one property. Located at 200 Summit Lake Drive, Lakeview I and II has one-, two- and three-bedroom floor plans. The property features fully equipped kitchens and patios or balconies. Praxis Capital previously renovated 32 of the units so the transaction represents a value-add opportunity for Acento. Community amenities include two swimming pools, two playgrounds, an outdoor area with grilling stations and a laundry facility. The property is located about 1.5 miles from Stone Mountain Industrial Park and is also situated close to the Atlanta Media Campus, Amazon’s new robotic distribution facility and Assembly Yards.

August 10, 2021

Acquisitions Multifamily Texas

Korman Communities, Verde Capital Buy 226-Unit Multifamily Property in North Austin

by Taylor Williams August 10, 2021

AUSTIN, TEXAS — A partnership between real estate development and management firm Korman Communities and private equity group Verde Capital has purchased AVE Austin, a 226-unit multifamily property in North Austin. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, rooftop lounge, flexible workspace and private meeting rooms. The seller and sales price were not disclosed.

August 10, 2021

Alabama Loans Multifamily Southeast

Parkview Financial Provides $25.5M Construction Loan for Multifamily Adaptive Reuse Project in Birmingham

by Julia Sanders August 10, 2021

BIRMINGHAM, ALA. — Parkview Financial has provided a $25.5 million construction loan to Orchestra Partners Development for the redevelopment of the historic Frank Nelson Building in Birmingham. The overall financing for the property included $9 million in state and federal Historic Tax Credits, opportunity zone investors and a mezzanine loan, according to Parkview Financial. Built in 1903 as the First National Bank Building, the Frank Nelson Building is located at 205 20th St. N. The 10-story, 79,000-square-foot office building will be converted into a 180-unit apartment community and will include four commercial units on the ground floor totaling 9,000 square feet of retail space. Construction is slated for completion in late 2022. The residential units will include 135 studios with averaging 398 square feet and 45 one-bedroom units averaging 532 square feet. The units will feature stainless steel appliances, washer/dryers and custom cabinets. Community amenities will include a dog park and run, fitness center, pool table, outdoor deck, conference rooms and basement storage areas. The retail portion is preleased to The UPS Store in a 3,125-square-foot space and Trattoria ZaZa in a 1,441-square-foot space. The other retail units are available for lease. The property is located less than one mile …

August 10, 2021

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