DALLAS AND CARROLLTON, TEXAS — Locally based investment firm S2 Capital has acquired two garden-style apartment communities totaling 676 units in the Dallas area in a single transaction. Lake Highlands is a 356-unit property located on the city’s east side that was built on 12 acres in 1979. Carrollton Oaks is a 320-unit community that was constructed in 1981. Both properties offer one- and two-bedroom units. S2 Capital plans to invest about $5 million over the next two years in capital improvements to both assets. Renovations will include upgrades of unit interiors, building exteriors and landscaping, as well as amenity spaces such as the pools, clubhouses and leasing offices. Taylor Snoddy of Northmarq represented the undisclosed seller in the deal. Lauren Bresky and Lauren Heikenfeld of Northmarq arranged acquisition financing on behalf of S2 Capital.
WESLACO, TEXAS — NAI Partners has brokered the sale of a 44,304-square-foot warehouse located at 818 E. Expressway 83 in the Rio Grande Valley city of Weslaco. NAI Partners’ Carlos Marquez represented the buyer, Western Industries Corp., in the transaction. Charles Marina of First American Realty represented the seller, Fidelity Bonded Warehouse of Texas.
IRVING, TEXAS — Lee & Associates has arranged the sale of a 31,217-square-foot industrial building located at 3402 Century Circle in Irving. Alex Wilson and Nathan Denton of Lee & Associates represented the buyer, locally based investment and development firm CanTex Capital, in the transaction. Blue Fish Sushi DFW, which operates six Japanese restaurants across the metroplex, sold the property for an undisclosed price.
DALLAS — SRS Real Estate Partners, a full-service commercial real estate services firm based in Dallas, has launched an industrial division. Brant Landry, formerly of Landry Commercial Real Estate Services, will lead the Dallas-based SRS Industrial team comprising Joseph Cooper, Shannon Johnston, Dennis Sims, Lance Woodward and Stephanie Martin. Cooper, Johnston and Martin also join SRS from Landry Commercial. Sims was most recently with Mohr Partners Inc., while Woodward comes from Henry S. Miller Brokerage. SRS Industrial is also in the process of building teams in Los Angeles, Chicago, Atlanta and New York.
CLEARWATER, FLA. — CBRE has secured $71.3 million in acquisition financing for Genesis Apartments, a 372-unit multifamily property in Clearwater. Eric Fixler and Chandler Kaye of CBRE arranged the loan on behalf of the borrower, a private investor. The senior loan includes layered mezzanine financing representing a 87 percent loan-to-cost ratio. Built in 1972, Genesis Apartments is a 22-building property featuring one-, two-, and three-bedroom units averaging 920 square feet. Community amenities include a pool, fitness center, car care center, tennis court and a clubhouse with a café. Located at 530 Fairwood Ave., the property is 18.7 miles from St. Petersburg and 18.4 miles from Tampa.
ATLANTA — Jamestown has begun construction on the expansion of Ponce City Market by more than 700,000 square feet in the adaptive reuse project’s next phase of development. The addition will include a four-story office building, 405-room hospitality building and a 163-unit multifamily property. The office and hospitality components are expected to open in 2024, and the multifamily component is slated for completion by the end of 2023. At the corner of Ponce de Leon Avenue and Glen Iris Drive, 619 Ponce will be an office building that will feature 90,000 square feet of office space and 23,000 square feet of ground-level retail space. Additionally, the 21-story hospitality building will be located at the corner of Glen Iris Drive and Glen Iris Way and will offer fully furnished units with flexible short-term and long-term stays, including by-the-night stays and one-year terms. The property will also include 12,000 square feet of retail space. Located directly adjacent to the Atlanta BeltLine at North Avenue, Signal House will be a 21-story, 163-unit multifamily building with 3,300 square feet of retail space. The property will be designed for active adults and the 55-plus community. The floorplans will range in size from one- to three-bedrooms. …
QUINCY, MASS. — Citizens Bank has provided a $128.7 million construction loan for Ashlar Park, a 465-unit multifamily project located on the southern outskirts of Boston in Quincy. Ashlar Park will feature an outdoor terrace overlooking a pool with cabanas and lounge areas; a 3,200-square-foot fitness center with outdoor yoga space; a multi-level club room/resident lounge; coworking space; a library; and a conference room. Construction of the four-building community, which is located at the site of the former Quincy Medical Center, will be carried out in phases. Initial occupancy is slated for April 2023, with full completion scheduled for April 2024. Jeff Black, Bryan Koop and Sean Burke of Colliers arranged the loan on behalf of the borrower, locally based developer FoxRock Properties.
GASTON, S.C. — Columbia, S.C.-based Red Rock Developments has broken ground on a 497,952 square-foot facility in Gaston. Construction is slated for completion by the second quarter of 2023. The cross-dock property will be the first spec facility within Sandy Run Industrial Park, a 761-acre park that will ultimately span 5.9 million square feet, according to Red Rock. The first building will feature 36-foot clear heights and will be expandable to 663,836 square feet. Chuck Salley, Dave Matthews, Thomas Beard and John Peebles of Colliers will oversee leasing at the property. Located along Interstate 26, Sandy Run Industrial Park is situated near the Port of Charleston, an Amazon distribution center and Columbia Metropolitan Airport.
CONCORD, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of The Lakes Apartments, a multifamily property located at 1818, 1819 and 1850 Laguna St. in Concord. An undisclosed seller sold the asset to a private investor for $31.5 million. Constructed in 1967 on 4.2 acres, The Lakes features 102 one- and two-bedroom floor plans, secure vehicle and pedestrian entrances, onsite laundry, a swimming pool and private balconies and patios. Adam Levin and Robert Johnston of Levin Johnston represented the seller and procured the buyer in the deal.
LUNENBERG, MASS. — A joint venture between The Brennan Group, John M. Corcoran & Co. and Berkeley Partners has broken ground on Lunenberg Central, a 372,000-square-foot warehouse and distribution center in the northern central part of Massachusetts. The site offers proximity to Interstates 190 and 495. Building features will include a clear height of 36 feet, 71 dock doors, 402 car parking spots, 94 trailer parking stalls (expandable to 120) and build-to-suit office space. GMA Architects is designing the project, and ARCO National Construction is serving as the general contractor. Construction is slated to be complete in the first quarter of next year. CBRE arranged construction financing on behalf of the joint venture through Cambridge Savings Bank. Newmark will lease the facility.