CUPERTINO, CALIF. — Madison Marquette has completed the disposition of De Anza Plaza, a single-tenant office property located in Cupertino. Cantor Fitzgerald Income Trust acquired the asset for $64 million. Apple has occupied the two-building campus since 2016. Andy Zighelboim, Robert Gilley, Brad Idelman, Kevin Moul and Andrew Gibson of Colliers represented the seller in the deal.
LAS VEGAS — Harsch Investment Properties has broken ground on Sunset Airport Center II, a four-building industrial complex in Las Vegas’ airport submarket. Slated for completion in summer 2022, Sunset Airport Center II will be an addition to the 269,853-square-foot Sunset Airport Center property that Harsch purchased in 2016. Located on Sunset and Pecos roads, Buildings A and B combined will total 185,000 square feet and offer up to 19 tenant spaces that range from 6,000 square feet to 16,000 square feet. Each space features both dock-high and grade-level loading. The buildings range from 26-foot to 30-foot minimum warehouse clear heights, 160-foot minimum truck court, ESFR sprinklers and Sunset Road frontage. The project team includes R&O Construction, VLMK Engineering + Design and VTN Consulting Engineers. MDL’s Jarrad Katz and Galit Kimerling-Moreau are overseeing leasing of the property.
HOUSTON — Locally based firm Keener Investments has acquired Montelago Apartments, a 312-unit multifamily community located in Houston’s Bay Area neighborhood. Built in 2004, the property features one-, two- and three-bedroom units with built-in desks, breakfast bars, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, coffee bar, a newly remodeled clubhouse and outdoor grilling stations. Keener will implement a value-add program and will also manage the property. The seller and sales price were not disclosed.
MADISONVILLE, TEXAS — Marcus & Millichap has brokered the sale of D&J Storage, a 292-unit self-storage facility in Madisonville, about 100 miles north of Houston. The property spans 41,740 square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Jordan Farrer, Charles LeClaire and Adam Schlosser, also with Marcus & Millichap, represented the buyer, an individual/personal trust. Both parties requested anonymity.
AUSTIN, TEXAS — Alliant Credit Union has funded a $39 million acquisition loan for a newly built, 451-unit student housing tower located two blocks from the University of Texas at Austin’s campus. The 18-story building, the name of which was not disclosed, offers amenities such as a rooftop pool, fitness center and various study areas. Alliant provided the loan, which was structured with a period of interest-only payments and flexible exit options, to the borrower, Versity Investments. Josh Perew of Walker & Dunlop arranged the financing.
COLLEGE STATION, TEXAS — Berkadia has provided a $33.3 million construction loan for Midtown Station Apartments, a 264-unit multifamily project in College Station. Midtown Station will feature 178 one-bedroom, one-bathroom units and 86 two-bedroom, two-bathroom units. Amenities will include a clubhouse, pool and deck, dog parks, dog wash station and a mail kiosk. The borrower was a partnership between Cross Development and StoneCreek Real Estate Partners. Construction is slated for a spring 2023 completion.
KUTZTOWN, PA. — Marcus & Millichap has brokered the sale of a 546-unit self-storage portfolio in the Eastern Pennsylvania city of Kutztown. The portfolio consists of two existing facilities totaling 22,243 net rentable square feet across 131 climate- and non-climate-controlled units, as well as a development site for which 148 climate-controlled and 268 non-climate-controlled units have been proposed. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the buyer and seller, both of which were private investment groups based in Eastern Pennsylvania that requested anonymity, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.
PHILADELPHIA AND IRVINE, CALIF. — Independence Realty Trust Inc. (NYSE: IRT), a publicly traded apartment REIT based in Philadelphia, has agreed to acquire Irvine-based Steadfast Apartment REIT Inc. On a pro-forma basis, the combined company is expected to have a total enterprise value of approximately $7 billion and be equally owned by shareholders of both firms. Post-merger, the company will operate under the Independence Realty Trust banner and trade under the same stock symbol. The portfolio will total 131 apartment communities comprising approximately 38,000 units across 16 states. The combined company’s 10 largest markets by unit count would be Atlanta, Dallas-Fort Worth, Denver, Oklahoma City, Louisville, Columbus, Indianapolis, Raleigh-Durham, Houston and Memphis. According to an investor presentation, the portfolio averages $1,231 in effective rent per month and is 96.2 percent occupied. The combined company would rank at No. 26 on the National Multifamily Housing Council’s (NMHC) 2021 ranking of the top 50 apartment owners. Neither Independence Realty Trust nor Steadfast Apartment REIT is on the NMHC Top 50 Owners ranking for 2021. Both companies expect the transaction to close during the fourth quarter of 2021, subject to customary closing conditions, including approval of both companies’ stockholders. The boards of directors …
WATERVILLE, MAINE — General contractor Consigli Construction Co. has completed the Harold Alfond Athletics and Recreation Center, a 350,000-square-foot facility at Colby College, a private liberal arts college in Waterville, Maine. The facility features a 200-meter track, tennis courts, an ice arena, Olympic-sized pool, competition gym for basketball and volleyball, squash courts, a strength and fitness center, multi-purpose studios, locker rooms, sports medicine facilities and offices. Sasaki and Hopkins Architects led the design of the project.
FLORHAM PARK, N.J. — The STRO Cos., a New Jersey-based investment firm, has acquired a 141,000-square-foot office and data center that is situated on a 14.4-acre site in the Northern New Jersey community of Florham Park. The company purchased the asset from Bank of New York Mellon (BNY), which also occupies the building, for an undisclosed price. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn, J.B. Bruno, Jordan Avanzato and Michael Kavanaugh of JLL represented BNY in the transaction. Prudential Bank provided acquisition financing.
