LUBBOCK, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of two apartment complexes totaling 280 units in Lubbock. Bentwood Apartments is a 216-unit complex that was built in 1983, and The Bend at Bentwood is a 64-unit complex that was completed in 2014. Both properties offer one- and two-bedroom units. The deal was executed via a 1031 exchange and assumption of an existing Fannie Mae loan. The buyer and seller were not disclosed.
HOUSTON — Florida-based real estate private equity firm Eastham Capital has sold Morgan Bay, a 268-unit apartment complex in North Houston. Morgan Bay offers one- and two-bedroom units that range in size from 561 to 1,042 square feet, as well as a pool. Eastham Capital acquired the property in 2019 via a joint venture with Mosaic Residential and implemented a value-add program. The buyer was not disclosed. Morgan Bay was approximately 95 percent occupied at the time of sale.
FARMERS BRANCH, TEXAS — Hanjung America Co., a division of South Korean automotive company Hanjung NCS, has signed a 12,978-square-foot lease at Westwood Business Park, an industrial flex property located in the northern Dallas metro of Farmers Branch. Kyle Espie of Bradford Commercial Real Estate Services represented the landlord in the lease negotiations. Eddie Yoo of Landmark Realty Group represented the tenant.
NEW YORK CITY — Local private equity firm The Carlyle Group, in partnership with operator Z+G Property Group, has purchased a 132-unit apartment building in Brooklyn for $105 million. The 13-story, newly constructed building is located at 130 Second St. in the borough’s Gowanus neighborhood and consists of 99 market-rate apartments and 33 affordable housing units. Amenities include a rooftop terrace with outdoor kitchens, a fitness center and coworking and media lounges, as well as 11,900 square feet of retail space. Ethan Stanton, Jeffrey Julien, Rob Hinckley, Steven Rutman, Brendan Maddigan and Mike Mazzara of JLL represented the seller, a joint venture between Joyland, Meral Property Group and The Loketch Group, in the transaction along with the buyer. Geoff Goldstein and Steven Klein, also with JLL, arranged an $80 million acquisition loan through Invesco Real Estate for the deal.
NEW YORK CITY — Brookstone Developers has begun leasing One Nine Rockwell, a 174-unit apartment complex in Brooklyn’s Fort Greene neighborhood. Designed by Daniel Goldner Architects, One Nine Rockwell offers studio, one- and two-bedroom units and amenities such as a library, coworking lounge, fitness center, sky lounge and outdoor grilling and dining stations. About 30 percent (53) of the units are reserved as affordable housing. MNS Real Estate is leasing the property. Rents start at $3,300 per month for a market-rate studio apartment.
NEW YORK CITY — Life Time (NYSE: LTH) will open an 85,000-square-foot health club in Brooklyn. The space is located within 175 Third Street, a 1.1 million-square-foot building that is under construction within the Gowanus Wharf development, and the club will feature both indoor and outdoor athletic and wellness facilities. Joe Mastromonaco and Colleen Morrissey of Atlantic Retail represented Life Time in the lease negotiations. A partnership between Charney Cos. and Tavros Capital owns the building.
FORT LAUDERDALE, FLA. — Berkadia has secured an $84 million construction bridge loan for the completion of Astor Park Flagler Village, a 252-unit luxury apartment community located at 333 N.E. 6th St. in Fort Lauderdale. Mitch Sinberg, Scott Wadler, Matt Robbins, Brad Williamson and Patrick Johnson of Berkadia arranged the loan through BridgeInvest on behalf of the developer, Midtown Capital Partners. The borrower will use the floating-rate loan to refinance the property’s existing construction financing and fund remaining completion costs for Astor Park Flagler Village, which topped out in October and is expected to deliver this summer. The 12-story development will offer floorplans ranging in size from 594-square-foot studios to 1,735-square-foot penthouses. Amenities will include a resort-style rooftop pool, bar and resident lounge, dog park, coworking space, 2,389 square feet of retail space on the ground level and a structured parking podium with 318 garage parking spaces.
GOODLETTSVILLE, TENN. — Constellation Real Estate Partners has purchased 39 acres at 2186 and 2220 Ted Dorris Road in Goodlettsville, about 14 miles north of Nashville via I-65. The Dallas-based developer recently broke ground on a two-building, 352,620-square-foot speculative industrial project on the site dubbed Constellation Goodlettsville 65. Constellation plans to deliver the properties by the end of the year. Jim Rodrigues and Chanley Ritter of Lee & Associates are leading the leasing efforts for the property, which will feature 32- and 36-foot clear heights, 300 car parking spaces, a 1.7-acre fenced and paved trailer storage yard that can accommodate 71 trailers and immediate access to the I-65/Bethel Road interchange.
OAKBROOK TERRACE, ILL. — JLL Capital Markets has arranged the sale and financing of Mid America Plaza, a two-building office complex in the Chicago suburb of Oakbrook Terrace. JLL represented the seller, Equus Capital Partners Ltd., in the sale of the property to Tryperion Holdings. JLL also worked on behalf of the buyer to secure an acquisition loan through an insurance company. Mid America Plaza consists of two 10-story office towers totaling 413,267 square feet. The Class A property was recently renovated with a redesigned lobby, updated atrium spaces with three Wi-Fi lounges, a conference center, outdoor terraces and a new fitness center with a golf simulator. Building improvements included elevator modernizations, HVAC upgrades, LED lighting and electric charging stations in the covered garage. The property is 87 percent leased to tenants such as Graycor Services, BCS Financial, Crowe and International Contractors. The asset is situated on 5.3 acres across the street from Oakbrook Center shopping mall. Sam DiFrancesca, Jaime Fink, Bruce Miller and Misha Katashevich of JLL represented the seller. Lucas Borges, Matt Maksymec and Ryan Planek of JLL arranged the financing.
WILDWOOD, MO. — St. Louis-based developer Mia Rose Holdings LLC, in partnership with Ed Kohn and Greenberg Development Co. LLC, has broken ground on Wildwood Luxury Living. The $57.5 million project will include 188 apartment units and roughly 7,000 square feet of commercial and retail space in Wildwood, a western suburb of St. Louis. The four-story building will total 215,000 square feet. Units will come in studios, one-, two- and three-bedroom floor plans, many with private balconies. Amenities will include green spaces, a pool, fire pits, a fitness center, clubhouse and rooftop terrace. The project site is steps away from Wildwood Town Center. Completion is slated for summer 2027.