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.
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.
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.
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.
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.
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 …
CHARLOTTE, N.C. — Legal Aid of North Carolina Inc., a nonprofit law firm, is redeveloping a 40,000-square-foot, single-story office building located at 5525 Albemarle Road in east Charlotte. MPV Properties represented Legal Aid on the purchase of the building and is marketing the remaining 23,000 square feet of vacant space for lease. The seller and sales price were not disclosed. In partnership with Lakemont Property Investors LLC, Legal Aid has recently completed demolition of the interior of the building. The firm expects to finish the full interior renovation in the next couple months and plans to occupy approximately 40 percent of the building once complete. A separate non-profit legal organization, Charlotte Center for Legal Advocacy, also has plans to renovate and occupy an adjacent two-story office building located at 5535 Albemarle Road. MPV Properties is a Charlotte-based commercial real estate firm that offers landlord and tenant representation. Legal Aid of North Carolina is a Raleigh-based law firm that provides free legal services in civil matters to low-income clients.
NEW YORK CITY AND CHICAGO — Global coworking provider WeWork has entered into a strategic partnership with Cushman & Wakefield to provide flexible workspace solutions by leveraging WeWork’s proprietary platform with the Chicago-based real estate giant’s asset and facilities services network. In addition, Cushman & Wakefield, WeWork and special purpose acquisition company BowX Acquisition Corp. are in discussions regarding a potential transaction where Cushman & Wakefield would provide up to $150 million in a backstop equity facility to New York City-based WeWork. Earlier this year, BowX Acquisition Corp. agreed to acquire WeWork and take the company public in a deal that was valued at approximately $9 billion. The deal is scheduled to close in the current quarter. “Partnering with Cushman & Wakefield will create a solution that helps both landlords and businesses meet the demand for flexible workplaces to fit the changing needs of today’s workforce,” said Sandeep Mathrani, CEO of WeWork “With flexible workspaces being an important component of the hybrid workplace, we’re excited to partner with WeWork to demonstrate how global occupiers and investors will benefit from two global leaders providing unmatched accessibility to flexible offerings, best-in-class technology and a seamless tenant experience,” added Brett White, CEO and …
LANCASTER AND ELIZABETHTOWN, PA. — Dallas-based development and investment firm Dalfen Industrial has acquired a portfolio of two facilities in the Lehigh Valley area totaling 572,800 square feet. The newly built Lancaster property spans 252,800 square feet, and the Elizabethtown asset totals 320,000 square feet and was built in 2018. Both facilities offer high clear heights, ample parking spaces and modern office spaces to appeal to e-commerce users. Robert Yoshimura and Joseph Hill of Lee & Associates brokered the transaction. The seller was not disclosed.
HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of four adjacent commercial buildings that are located on the site of a future redevelopment project in Hackensack. The four buildings collectively total about 15,500 square feet. The buyer, Anderson Street Urban Renewal LLC, an affiliate of McGowan Builders, plans to raze the properties and develop a 224-unit multifamily development at the site that will include 4,000 square feet of ground-floor retail space. Anthony Cassano of NAI Hanson brokered the deal. The seller was not disclosed.