OKLAHOMA CITY — New York-based development and investment firm Exact Capital has acquired Isola Bella Apartments, a 77-building affordable housing community located at 6303 NW 63rd St. in Oklahoma City, for $59 million. Isola Bella’s unit mix comprises 451 one-bedroom units, 280 two-bedroom apartments, 16 three-bedroom residences, 23 four-bedroom dwellings and a superintendent’s unit. According to Apartments.com, amenities include a pool, fitness center, business center, clubhouse and onsite laundry facilities. The new ownership will renovate and rebrand the property as Alora Apartments. Following the renovation and recapitalization of the property with Low-Income Housing Tax Credits, units will be reserved for renters earning up to 60 percent of the area median income.
EL PASO, TEXAS — A partnership between Boston-based Equity Industrial Partners and New York-based Raith Capital Partners will develop three speculative warehouses in the El Paso area that will total 304,303 square feet. The two buildings at 9577 Plaza Circle will total 215,444 square feet and are expected to be complete in the fourth quarter. The building at 455 Pan American Drive will span 88,859 square feet and is slated for a first-quarter 2023 delivery. All three buildings will feature 1,200-square-foot office suites, 28-foot clear heights and ESFR sprinkler systems. CBRE has been tapped to lease the buildings. The partnership has developed other spec industrial projects in El Paso that have since been sold.
AUSTIN, TEXAS — Canadian developer Ivanhoé Cambridge and South Carolina-based Greystar have broken ground on a 170,000-square-foot office project in downtown Austin. The seven-story building will be part of 1121 at Symphony Square, a mixed-use development at which The Waller, a 32-story residential tower, is currently under construction. The property will feature 5,000 square feet of retail and restaurant space, as well as a range of amenities that promote employee health and wellness, such as a pool, fitness center and turf lawn. Architecture firm R2L is designing the project, with interiors by Austin-based Page and landscape architecture by TBG Partners. Completion is slated for spring 2023.
SAGINAW, TEXAS — San Francisco-based mortgage banking firm Gantry has arranged a $19 million bridge loan for the acquisition of Ashton Apartment Homes, a 152-unit multifamily property located in the northern Fort Worth suburb of Saginaw. Built in 1984, the property consists of 14 two-story buildings on a 7.6-acre site. The undisclosed borrower plans to implement a value-add program focused on unit interiors that is a continuation of the previous owner’s renovations to common areas and amenity spaces.
WHITEHALL, PA. — Maryland-based investment firm 1788 Holdings LLC has sold Riverside Business Center, a 423,900-square-foot industrial facility located in the Lehigh Valley city of Whitehall. The property was originally built on 34 acres in 1910 and has been renovated numerous times over the years. Those renovations most recently included a $9 million capital improvement program in 2006 that converted the property from a single-use manufacturing facility to a multi-tenant warehouse. Michael Hines of CBRE represented 1788 Holdings in the transaction. The buyer, Buligo Capital Partners, purchased the asset for $34.6 million.
SHELTON, CONN. — New Jersey-based investment firm BDP Holdings has acquired 27 and 35 Waterview Drive, a 310,094-square-foot office complex in the southern coastal Connecticut city of Shelton. The waterfront complex includes warehouse and engineering space and was fully leased at the time of sale to global technology company Pitney Bowes. Amenities include a cafeteria, fitness center, outdoor amenity spaces and a medical clinic. Jon Mikula, Michael Klein and Ryan Carroll of JLL arranged a $31.3 million acquisition loan for the deal through Ladder Capital Finance on behalf of BDP Holdings. The loan carried a 10-year term and a fixed interest rate.
LYNBROOK, N.Y. — Breslin Realty Development Corp. will build The Langdon, a 201-unit multifamily project that will be located in the Long Island community of Lynbrook. Located at 47 Broadway, the new development will replace the former Mangrove Feather factory, which has been vacant for 15 years. The Langdon will consist of 55 studios, 111 one-bedroom units and 35 two-bedroom apartments, as well as 2,000 square feet of ground-floor retail space and onsite parking for 205 vehicles. Construction is expected to begin within 60 days and to be complete in summer 2023. Lee Spiegelman, Mark DeLillo, Marc Schulder and Felipe Marin of BlueGate Partners arranged construction financing for the project, which carries a total price tag of $109 million, according to the debt placement team.
FRANKLIN, IND. — MDH Partners has purchased Franklin Tech Park, an 808,505-square-foot industrial facility in the Indianapolis suburb of Franklin. The purchase price was undisclosed. Constructed in 2009, the property sits on 42 acres at 500 Bartram Parkway. The facility is LEED Gold-certified and features a clear height of 32 feet, 78 exterior dock doors and over 100 trailer parking spaces. The transaction marks the first acquisition in Indiana for Atlanta-based MDH. Upon acquisition, MDH executed a lease with Atlanta-based, third-party logistics provider Broadrange Logistics. Houston Hawley of MDH served as the acquisition lead for the company. JR Wright and John Gosnell of Strategic Real Estate Partners brokered the sale.
NEW YORK CITY — The Museum of Women will open a 25,000-square-foot venue at 480 Broadway in Manhattan’s SoHo neighborhood. The museum will offer 14 interactive exhibits, as well as a commissary and gift shop. The short-term lease agreement will expire in January 2023. Richard Skulnik, Lindsay Zegans and Ben Sabin of RIPCO Real Estate represented the landlord, KPG Funds, in the lease negotiations. Josh Berger of Norman Bobrow & Co. represented the tenant.
FAIRFIELD, OHIO — Brennan Investment Group has acquired 34 acres at the intersection of Seward and Symmes roads in Fairfield, a northern suburb of Cincinnati. The firm plans to build two speculative industrial buildings totaling 445,000 square feet. One building will span 282,000 square feet, while the other will total 163,000 square feet. The site is near I-75, I-275 and the Cincinnati-Northern Kentucky International Airport. The seller and sales price were not released.