Property Type

The Harrison at Braselton

BUFORD, GA. — Passco Cos. has acquired The Harrison at Braselton, a 248-unit apartment community in Buford, for $69 million. Claret Communities and The Ardent Cos. were the sellers. Transwestern Real Estate Services was the broker. Built in 2019, The Harrison at Braselton offers one-, two- and three-bedroom units that feature granite countertops, stainless steel appliances, open-style floor plans, kitchen islands with bar seating, wood-style plank flooring and built-in desks topped with granite. The property was 97.9 percent occupied at the time of sale. Community amenities include a clubhouse, resident lounge, fitness center, outdoor lounge with fireplace and TV, pool, sundeck, two poolside grilling stations, package lockers, 24-hour emergency maintenance and a bark park and dog wash station. The property was fully leased at the time of sale. Located at 1500 Noble Vines Drive, the apartment property is situated about 42.1 miles north from downtown Atlanta and approximately 20.2 miles from Duluth. These properties include the Mill at New Holland, a 284-unit community in Gainesville, Ga.; The PARQ at Chesterfield, a 345-unit community in Chesterfield, Mo.; The Fitzroy at Chenal, a 294-unit community in Little Rock, Ark.; Altis Promenade, a 338-unit community in Tampa, Fla.; and The Collins, a 272-unit …

FacebookTwitterLinkedinEmail
6501 Weston Parkway

CARY, N.C. — JLL Capital Markets has brokered the $24 million sale of 6501 Weston Parkway, a 93,582-square-foot office property in Cary. Chris Lingerfelt, Ryan Clutter and Ryan Eklund of JLL represented the seller, Albany Road Real Estate Partners. NAI Tri Properties represented the buyer, an entity doing business as 6501 Weston LLC. 6501 Weston Parkway is a three-story office building that was fully leased at the time of sale to a diverse tenant roster including Time Warner Cable, Zift Solutions and Aerotek. The property is located on an 8.5-acre site close to Interstates 40 and 540 and about five miles south of Raleigh-Durham International Airport. Built in 1996, the property was renovated in 2016 with renovations to the the lobby, corridors and restroom with showers on the first floor.

FacebookTwitterLinkedinEmail
Tapestry at Hollingsworth Park

GREENVILLE, S.C. — Investors Management Group Inc. (IMG) has purchased the Tapestry at Hollingsworth Park, a 242-unit apartment property located at 201 Rocky Slope Road in Greenville. Raia Properties sold the community for an undisclosed price. Andrea Howard of NorthMarq represented both the buyer and seller in the transaction. NorthMarq also provided a Freddie Mac acquisition loan to IMG. Built in 2013, Tapestry at Hollingsworth Park includes 19 buildings with one-, two- and three-bedroom units averaging 1,105 square feet. The property is located within Verdae, a master planned urban community. Tapestry’s community amenities include a clubhouse with cyber cafe, coffee bar, library, outdoor kitchen and dining terrace, fitness studio, pool with cabana and a car care center. IMG plans to improve the apartment community through upgrades to unit interiors and community amenities. IMG is a California-based real estate investment and property management firm that has acquired more than $340 million in apartment properties since the start of the pandemic.

FacebookTwitterLinkedinEmail

CHARLOTTE, N.C. — Tower Capital has arranged $19.1 million in acquisition financing for 99 build-for-rent townhomes in Indian Trail, a suburb of Charlotte. The property includes two-story, three-bedroom townhomes with attached garages. An undisclosed investor based in Phoenix received the two-year financing that features a floating interest rate 400 basis points above LIBOR and a six-month extension option. Including the property in Indian Trail, Tower Capital has arranged nearly $108 million in combined financing for several single-family and build-for-rent developments. These transactions include three assets in Arizona: Village at Paseo de Luces in Tolleson, Village at The BLVD in Avondale and Arise North PHX in metro Phoenix. Tower Capital has closed more than $400 million in financing transactions for build-for-rent properties and has another $1 billion of projects in the pipeline that spans multiple states including Arizona, Texas, Alabama, Georgia and Florida.

FacebookTwitterLinkedinEmail
Meadowbrook Apartments

FOLEY, ALA. — Arch Cos. has sold Meadowbrook Apartments, a 60-unit multifamily property located in Foley, for $6.8 million. Andrew Brown of Cushman & Wakefield represented Arch Cos. in the transaction. The buyer was not disclosed. Located at 701 S. Juniper St., Meadowbrook Apartments is situated 11.6 miles from Gulf Shores Beach. The multifamily property offers two- and three-bedroom apartments. Community amenities include a laundry center, balconies and patios, washer and dryer connections in select units and a playground. Arch Cos. acquired the apartment community in April 2018 and has maintained an occupancy rate above 95 percent throughout its ownership. Arch Cos. is a New York-based real estate owner, operator and developer with a portfolio of more than 3.4 million square feet across the country. So far this year, Arch Cos. has acquired over 1,700 units in garden-style properties throughout the Southeast.

FacebookTwitterLinkedinEmail
The-Star-Office-Building-Frisco

FRISCO, TEXAS — A partnership between Blue Star Land Co. and Dallas-based Lincoln Property Co. will develop a 313,000-square-foot office building at The Star, the Dallas Cowboys’ headquarters facility in Frisco. Designed by HKS Partners, the 11-story building will feature an 8,000-square-foot amenity deck and a 100-seat conference room. Construction is scheduled to begin before the end of the month and to be complete in the first quarter of 2023. Accounting firm Cain Watters & Associates has signed a lease as the building’s first tenant. Lincoln Property Co. is also handling leasing of the building.

FacebookTwitterLinkedinEmail
Vecina-Apartment-Villas-San-Antonio

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vecina Apartment Villas, a 297-unit multifamily community located in north San Antonio. LIV Development completed the property in 2020. Amenities include a 10,000-square-foot clubhouse with private workspaces and a coffee bar, a 24-hour convenience mart, fitness center, pool and an outdoor sports lawn. Will Balthrope and Drew Garza of IPA represented the seller and procured the buyer, California-based Passco Cos., in the transaction.

FacebookTwitterLinkedinEmail

MANOR, TEXAS — Barings has provided a $43.5 million permanent loan for Yager Flats, a 300-unit affordable housing community in Manor, an eastern suburb of Austin. The $73 million development will offer one-, two-, three- and four-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Amenities will include a clubhouse, community room, fitness center, pool and a playground, and residents will also have access to adult education, workforce training, afterschool programming and health and wellness services. The borrower, Elmington Capital Group, is developing the property in partnership with Red Stone Equity Partners, which contributed $29.3 million in tax credit equity. Dallas-based Humphreys & Partners Architects is designing the project. Bank of America provided the original $40 million construction loan. A tentative completion date was not disclosed.

FacebookTwitterLinkedinEmail

ALVIN, TEXAS — Capstone has brokered the sale of Sun Meadows Mobile Home Community, a 288-site manufactured housing community in Alvin, about 25 miles southeast of Houston. According to Apartments.com, the property was built in 1998 and includes a pool. Capstone’s Ian Hilpl, Kevan Enger, Brian Hummell and Hunter LaRocca represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Sun Meadows was 96 percent occupied at the time of sale.

FacebookTwitterLinkedinEmail

GRAND PRAIRIE, TEXAS — Third-party logistics and supply chain management firm Morrison Express Corp. has signed a 73,962-square-foot industrial lease at GSW Distribution Center in Grand Prairie, located roughly midway between Dallas and Fort Worth. Blake Anderson of Newmark represented the tenant in the lease negotiations. CBRE represented the landlord, Morris Truman Associates LLC.

FacebookTwitterLinkedinEmail