Property Type

Berkadia Institutional Solutions Arranges $132.5M Sale of Multifamily Portfolio in West Palm Beach

by Julia Sanders November 3, 2021

WEST PALM BEACH, FLA. — Berkadia Institutional Solutions, a partnership between Berkadia and the apartment brokerage of Moran & Co., has arranged the sale of three multifamily properties in West Palm Beach: Windward at the Villages, The Royal St. George and Village Place. The three properties have a combined 622 units and were sold for a total of $132.5 million. Jaret Turkell, Roberto Pesant, Omar Morales and Jose Mota of Berkadia’s Miami office completed the sale on behalf of the seller, Massachusetts-based Northland Investment Corp. Pennsylvania-based Morgan Properties was the buyer. T.J. Piper of Berkadia’s Philadelphia office secured a bridge loan for the three properties. Located at 1441 Brandywine Road, Windward at the Villages is a 196-unit property that offers one- and two-bedroom floorplans. The units feature private balconies and in-unit washers and dryers. Community amenities include a swimming pool, fitness center, tennis court and a playground. The Royal St. George is a 224-unit property located at 1651 Brandywine Road. The property features one-, two- and three-bedroom floorplans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a swimming pool, fitness center, picnic area and a dog park. Lastly, Village Place is a 202-unit …

November 3, 2021

Acquisitions Georgia Retail Southeast

Halpern Enterprises Acquires 80,773 SF Retail Property in Metro Atlanta

by Julia Sanders November 3, 2021

MCDONOUGH, GA. — Halpern Enterprises Inc. has acquired McDonough West, an 80,773-square-foot shopping center in McDonough. Harbour Retail Partners was the seller. The sales price was not disclosed. Built in 2000, McDonough West was 92 percent leased at the time of sale and anchored by a 30,000-square-foot Goodwill Store and Donation Center. The neighborhood retail center includes tenants such as Planet Fitness, Dollar Tree, Subway and Cato, along with a Delta Community Credit Union located on an outparcel at the front of the property. Located at 250 Jonesboro Road, McDonough West is situated at the intersection of Jonesboro Road and McDonough Parkway, adjacent to Kroger-anchored McDonough Crossing Shopping Center.

November 3, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 280-Unit Cordevalle Apartments in Metro Austin

by Taylor Williams November 3, 2021

ROUND ROCK, TEXAS — Newmark has brokered the sale of Cordevalle, a 280-unit apartment community located in the northern Austin suburb of Round Rock. Built in 2014, the property offers a mix of one- and two-bedroom units averaging 789 square feet. Amenities include a pool, fitness center, business center, clubhouse, outdoor kitchen with grilling areas and a dog park. Patton Jones and Andrew Dickson of Newmark represented the seller, Internacional, in the transaction. The buyer and sales price were not disclosed.

November 3, 2021

Acquisitions Georgia Multifamily Southeast

Grubb Properties Sells Apartment Community in Savannah for $29M

by Julia Sanders November 3, 2021

SAVANNAH, GA. — Charlotte-based Grubb Properties has sold Sterling Bluff, a 216-unit garden-style apartment community in Savannah, to Miami-based PIA Residential for $29 million. Nelson Abels and Mike Kemether of Cushman & Wakefield represented the seller in the transaction. Brian Kochan and John Westby-Gibson of Newmark originated a $20 million Fannie Mae acquisition loan for PIA Residential. The loan has a 10 year term. Located at 201 West Montgomery Cross Road on 11.3 acres, Sterling Bluff is a two-story complex that was 99 percent occupied at the time of sale. Built in 1977, the property offers one-, two- and three-bedroom floorplans with a range of 1,045 square feet up to 1,336 square feet. Community amenities include a swimming pool, BBQ grilling stations, fitness center, pet park and play area, playground and a poolside lounging area. The property is located about 6.5 miles from downtown Savannah, 2.8 miles from a Publix and right next to Hunter Golf Club. In addition, Savannah features employers such as Gulfstream Aerospace, International Paper Mitsubishi-Hitachi Power Systems, the Port of Savannah and the Army Corps of Engineers. PIA Residential plans to invest approximately $1.4 million into upgrading the apartment community, including putting in new appliances, countertops, …

November 3, 2021

Acquisitions Multifamily Texas

Castle Lanterra Buys 255-Unit Broadstone McKinney Apartments in Metro Dallas

by Taylor Williams November 3, 2021

MCKINNEY, TEXAS — New York-based investment firm Castle Lanterra Properties has purchased Broadstone McKinney, a 255-unit multifamily community located on the northern outskirts of Dallas. Units at the newly constructed property feature stainless steel appliances, granite countertops, custom cabinetry and full-size washers and dryers. Amenities include a pool, fitness center, business center, outdoor kitchen, dog park and package lockers. Arizona-based developer Alliance Residential sold the property to Castle Lanterra for an undisclosed price.

November 3, 2021

Acquisitions Development Multifamily Southeast Tennessee

RangeWater Purchases Land in Nashville, Plans Apartment Development

by Julia Sanders November 3, 2021

NASHVILLE, TENN. — RangeWater Real Estate has purchased a 2.7-acre site in Marathon Village, a neighborhood near downtown Nashville. The Atlanta-based firm plans to develop a 320-unit apartment community on the site, which is located at 806 16th Ave. The Marathon Village project is situated next to Marathon Music Works, the headquarters for Nelson’s Green Brier Distillery. The project is also located near the Watkins Park Pump Track, a skatepark, and Foundry Events, an event venue. The development will include a mix of studio, one- and two-bedroom apartments, as well as community amenities such as a podcast lounge, flexible workspaces, pool deck and yoga lawn. Groundbreaking is scheduled to begin this month with completion expected by the summer of 2023.

November 3, 2021

Acquisitions Multifamily Texas

Constellation Group Acquires 220-Unit Multifamily Property in San Antonio’s River Walk District

by Taylor Williams November 3, 2021

SAN ANTONIO — Miami-based investment firm Constellation Group has acquired 120 Ninth Street, a 220-unit multifamily property in San Antonio’s River Walk District. Units at the newly built property come in one- and two-bedroom floor plans, and amenities include a pool, fitness center and a dog park, as well as an outdoor courtyard with grilling stations, a lounge and a fire pit. Spencer Roy of Walker & Dunlop brokered the transaction. The seller was not disclosed. Scott Wadler, Michael Basinski and Matthew Nihan of Berkadia arranged acquisition financing through CrossHarbor Capital Partners on behalf of Constellation Group.

November 3, 2021

Alabama Development Leasing Activity Office Southeast

Tech Company Shipshape Signs Office Lease at 2222 Arlington Project in Birmingham

by Julia Sanders November 3, 2021

BIRMINGHAM, ALA. — Shipshape, an Austin-based smart home software tech company, has signed a lease at the 2222 Arlington Ave. office building in Birmingham, which is slated to break ground this month. New York-based D&A Cos. is the developer for the restoration project. The building has 55,000 square feet of office space. Shipshape is joining Atlas Senior Living as anchor tenants in the office project. Shipshape will house its Network Operations Center on the top floor, including signage rights for the building. The company is taking 6,000 square feet of space with an option to expand to 12,000 square feet after one year. The property is currently vacant, but is 50 percent preleased. Previously, the property was the headquarters for Bayer Properties. 2222 Arlington Ave. will offer covered parking, secure building access, a double-height lobby atrium with coffee bar and potential for food service. D&A Cos. plans to install floor-to-ceiling windows, as well as a new east lobby with a grand atrium and exterior reflecting pool. Construction for 2222 Arlington Ave. is slated to complete and be open for occupancy in late 2022. D&A Cos. partnered with The FiveStone Group, a Birmingham-based commercial real estate firm, on the redevelopment project. …

November 3, 2021

Acquisitions Retail Texas

JLL Negotiates Sale of 93,377 SF Westside Market Shopping Center in Frisco

by Taylor Williams November 3, 2021

FRISCO, TEXAS — JLL has negotiated the sale of Westside Market, a 93,377-square-foot shopping center located in the northern Dallas suburb of Frisco. Built in 2017 and anchored by a Tom Thumb grocery store with a fueling station, the property was fully leased at the time of sale. Other tenants include Subway, Great Clips, Pure Barre, Today’s Vision, Aqua-Tots Swim School and Ideal Smile & Orthodontics. Chris Gerard and Ryan Shore of JLL represented the undisclosed seller in the transaction. Locally based investment firm Tabani Group purchased the asset for an undisclosed price.

November 3, 2021

Development Multifamily New York Northeast

JDS Development Group Tops Out 93-Story Brooklyn Tower Residential Building

by Taylor Williams November 3, 2021

NEW YORK CITY — Locally based firm JDS Development Group has topped out The Brooklyn Tower, a 93-story residential tower that connects to the historic Dime Bank Savings Building in the borough’s downtown area. Designed by SHoP Architects and rising 1,066 feet, Brooklyn Tower will house 150 residences for sale and 400 units for rent, as well as approximately 100,000 square feet of ground-floor retail space. Thirty percent of the rentals will be designated as affordable housing. Sales are scheduled to begin in early 2022, and leasing is slated to begin in mid-2022. The development team expects the first units to be available for occupancy in late 2022.

November 3, 2021

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