FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Copper Creek, a 274-unit apartment community located on the east side of Fort Worth. The property was built in 1986 and comprises 17 buildings, as well as a pool, soccer field, playground and onsite laundry facilities. An undisclosed, California-based private investment firm sold Copper Creek to California-based Tides Equities. Al Silva and Ford Braly of Marcus & Millichap brokered the deal.
MIAMI BEACH, FLA. — SHVO, a New York City-based development and investment firm, plans to develop a 250,000-square-foot office building in Miami Beach. The firm, along with finance partner Deutsche Finance America, recently acquired an assemblage at 1656-1680 Alton Road and 1677 West Ave. near Lincoln Road for $39.3 million. Designed by Foster + Partners, the new office building will be branded The Alton and will feature 300 feet of frontage on Alton Road, terraced outdoor rooms and large windows offering panoramic views. SHVO and Foster + Partners recently collaborated on Transamerica Pyramid Center, a luxury office redevelopment in San Francisco. The design team for The Alton also includes locally based Kobi Karp Architects. No construction timeline was disclosed.
COVINGTON, GA. — Landmark Properties and ACRE have delivered The Cove at Covington Town Center, a 350-unit apartment community within the 131-acre Covington Town Center master-planned development. The property manager, Charleston-based Greystar, has begun leasing the metro Atlanta community for rents ranging between $1,285 and $3,035 per month, according to the property website. Situated at 12301 Town Center Blvd. in Covington, The Cove features a mix of one-, two- and three-bedroom floor plans ranging between 620 and 1,945 square feet. Amenities include a clubhouse, resort-style pool, coworking spaces, fitness center, linear park, dog park and a pet spa. Each unit includes washers and dryers, modern lighting fixtures and quartz countertops.
ARDEN, N.C. — Capital Square has acquired Retreat at Arden Farms, a 312-unit apartment community located at 539 Long Shoals Road in the Asheville suburb of Arden. The Richmond-based firm purchased the property for an undisclosed price through CS1031 Retreat at Arden Farms Apartments DST, a Delaware statutory trust investment offering that seeks to raise $68 million in equity. The seller was not disclosed. Situated on 28 acres in the Blue Ridge Mountains off I-26, Retreat at Arden Farms offers one-, two- and three-bedroom units averaging 957 square feet with tile backsplashes, stainless steel appliances, nine-foot ceilings, walk-in closets and balconies or patios. Amenities include a clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 fitness center, wellness studio, poolside grilling area, dog park, electric car charging stations and private garages and storage units.
HOUSTON — Los Angeles-based Thorofare Capital has provided a $48 million acquisition loan for an undisclosed, 246-unit multifamily property in Houston. Built in 2017 in the city’s Tanglewood neighborhood, the property features an average unit size of 1,427 square feet and was 92 percent occupied at the time of sale. The loan was structured with a fixed interest rate, a seven-year initial term and four years of interest-only payments. The borrower was also not disclosed.
DALLAS — Merit Brass, a manufacturer of steel, brass and aluminum pipe nipples, has signed a 68,736-square-foot industrial lease at 10614-10676 King William Drive in northwest Dallas. According to LoopNet Inc., the property sits on 5.2 acres and spans 133,979 square feet. Reed Parker of Lee & Associates represented the tenant in the lease negotiations. Ken Wesson and Adam Graham, also with Lee & Associates, represented the landlord, EastGroup Properties.
CHESAPEAKE, VA. — S.L. Nusbaum Realty Co. has arranged the sale of a 151,669-square-foot distribution center located at 101 Dexter St. W in Chesapeake, a Hampton Roads city situated near the Port of Virginia and the Norfolk Naval Shipping Yard. On Trading Corp. sold the asset to an entity doing business as Chesapeake Dexter St West LLC for $10.3 million. Sam Rapoport of S.L. Nusbaum represented the seller in the transaction. Situated on nearly 14 acres, the distribution center was fully leased at the time of sale to two tenants: The Empire Co. and Taylor Freezer Co.
HOUSTON — NAI Partners has negotiated a 23,652-square-foot office lease at 945 Bunker Hill Road in West Houston. The property is located within the 300-acre Memorial City mixed-use development. Griff Bandy of NAI Partners represented the tenant, locally based oil and gas firm BW Energy USA Management, in the lease negotiations. Brad MacDougall and Warren Alexander of MetroNational represented the landlord on an internal basis.
PENSACOLA, FLA. — Marcus & Millichap has brokered the $2.9 million sale of a store located at 5048 Bayou Blvd. in Pensacola leased to MedMen, a national medical marijuana retailer. The single-tenant, triple-net-leased property in Northwest Florida opened in 2019 and was the fifth medical marijuana dispensary in Escambia County at the time. The MedMen store is an outparcel to Cordova Mall, which is within walking distance of Pensacola State College. Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Wolfe-Lipsky team, which has brokered the sale of 22 medical marijuana dispensaries in the past 18 months, represented the seller in the transaction. The buyer was not disclosed.
PHILADELPHIA — GMH Communities has completed Anova uCity Square, a 462-unit apartment community in Philadelphia’s University City area. The six-story, 330,000-square-foot building will be the first of four Anova-branded multifamily developments that will open in the life sciences district by 2025. Anova uCity Square includes 10,000 square feet of retail space and a 157-space parking garage. Units come in studio, one-, two- and three-bedroom formats and feature stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include a pool, coworking space, pet care facilities and a package locker system. Construction began in March 2020. Rents start at $1,645 per month for a studio apartment.
