Property Type

SAM Residential Group Buys Multifamily Community Near Phoenix for $36M

by Amy Works March 1, 2022

AVONDALE, ARIZ. — Los Angeles-based SAM Residential Group has acquired 1408 Casitas at Palm Valley, a value-add apartment property located at 1408 N. Central Ave. in Avondale. Chicago-based 29th Street Capital sold the asset for $36 million. Built in 1984, 1408 Casitas at Palm Valley features 168 apartments in a mix of one-, two- and three-bedroom layouts with an average unit size of 929 square feet. Units feature open-concept floor plans, large private patios and yards, faux hardwood flooring, full-size washers/dryers, outdoor storage and skylights in every unit. Community amenities include a fitness center, cornhole/bocce ball, a fire pit, swimming pool, bark park with agility course and dog washing stations, community playground, barbecue grilling stations, and an outdoor resident lounge with cabanas and sunning deck. Brett Polacheck, Chris Canter, Brad Goff of Newmark represented the seller in the transaction. Kevin Mignogna, Charlie Haggard and Peter Griesinger of Newmark’s Debt and Structured Finance team helped secure acquisition financing for the buyer.

March 1, 2022

Acquisitions Retail Utah Western

Brixton Capital Acquires 206,240 SF Dillard’s Building in Provo, Utah

by Amy Works March 1, 2022

PROVO, UTAH — Brixton Capital has purchased the Dillard’s building and parcel at Brixton’s Provo Towne Center in Provo for an undisclosed price. Little Rock, Ark.-based Dillard’s sold the two-story, 206,240-square-foot building, which sits on 12.5 acres. The company is relocating the department store. Brixton Capital is in advanced negotiations to re-lease most of the property to a prominent national retailer and expects the new store to open within the next two years, once renovation of the building is complete. The addition of this retailer will complement the ongoing plans Brixton Capital has for Provo Towne Center, including the addition of multifamily housing and other uses to improve livability, shopping and community within Provo’s East Bay neighborhood. Brixton has owned Provo Towne Center since 2016. Renovation of the Dillard’s building is scheduled to commence this summer.

March 1, 2022

Acquisitions Colorado Industrial Loans Western

Essex Arranges $7.9M Acquisition Loan for Industrial Property in Louisville, Colorado

by Amy Works March 1, 2022

LOUISVILLE, COLO. — Essex Financial Group has secured $7.9 million in financing for the acquisition of 1850 Dogwood, an industrial warehouse/production facility within Colorado Tech Center in Louisville. Ivy Realty is the borrower and buyer. Alternative Foods, a wholly owned subsidiary of Savencia Fromage & Dairy, fully occupies the 58,901-square-foot property. The company uses the property as a processing facility for plant-based foods. The facility features 20-foot clear heights, dock-high and drive-in doors, and infrastructure for the tenant’s food production and processing lines. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex arranged the five-year, fixed-rate loan for the borrower.

March 1, 2022

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Brokers $3.1M Sale of Wilson Studios Apartment Building in Tempe

by Amy Works March 1, 2022

TEMPE, ARIZ. — Taylor Street Advisors has arranged the sale of Wilson Studios, a multifamily property located at 110-114 S. Wilson St. in Tempe. A private, out-of-state investor acquired the property from a local private capital firm for $3.1 million, or $192,500 per unit. The buyer plans to renovate the 16-unit property, which is located less than a mile from Arizona State University. Brian Tranetzki and Anton Laakso of Taylor Street Advisors handled the transaction.

March 1, 2022

Development Multifamily Texas

ZOM Living Completes 378-Unit Mezzo Dallas Apartments

by Taylor Williams March 1, 2022

DALLAS — Orlando-based developer ZOM Living has completed Mezzo Dallas, a 378-unit multifamily project located on the city’s north side. The 15-acre garden-style community features 13 buildings that house, one-, two- and three-bedroom units that range in size from 700 to 1,560 square feet. Residences are furnished with stainless steel appliances, quartz countertops, walk-in closets and private yards in select units. Amenities include a pool, lounge, coworking office space, outdoor kitchen and dining area, game room, fitness center with a yoga studio, dog park and a pet spa. JHP Architecture designed the project, and Stanford Construction served as the general contractor. Synovus Bank provided construction financing. ZRS Management will oversee daily operations of the property. Rents start at $1,380 per month for a one-bedroom unit.

March 1, 2022

Doerr-Lane-Logistics-Center-Schertz-Texas

Development Industrial Texas

Ackerman & Co. Breaks Ground on 307,000 SF Industrial Project Near San Antonio

by Taylor Williams March 1, 2022

SCHERTZ, TEXAS — Atlanta-based developer Ackerman & Co. has broken ground on Doerr Lane Logistics Center, a 307,000-square-foot industrial project in Schertz, a northeastern suburb of San Antonio. The Class A distribution center will feature 32-foot clear heights, 318 automobile parking spaces, 96 trailer parking spaces, an ESFR sprinkler system and two undeveloped acres for additional storage usage. Completion is slated for February 2023. NAI Partners has been tapped to lease the development.

March 1, 2022

Tiffany-Square-Apartent-HoustoTiffany-Square-Apartments-Houston

Acquisitions Multifamily Texas

TMG Negotiates Sale of 83-Unit Apartment Complex in Houston

by Taylor Williams March 1, 2022

HOUSTON — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Tiffany Square, an 83-unit apartment complex in Houston. Tiffany Square was built in 1973 on a two-acre site, and its units have an average size of 874 square feet. Greg Miller of TMG represented the seller in the deal while Bryce Smith of TMG procured the buyer. Both parties requested anonymity.

March 1, 2022

Leasing Activity Retail Texas

Floor & Décor to Open 80,000 SF Store in Metro San Antonio on March 7

by Taylor Williams March 1, 2022

LIVE OAK, TEXAS — Floor & Décor will open an 80,000-square-foot store in Live Oak, a northeastern suburb of San Antonio, on Monday, March 7. The store, which will employ about 50 full-time and part-time associates, will be the Atlanta-based home improvement retailer’s third in the San Antonio area and will include a design center.

March 1, 2022

Acquisitions Multifamily Oklahoma Seniors Housing Texas

SLIB Arranges Sale of 20-Unit Seniors Housing Community in Tulsa

by Taylor Williams March 1, 2022

TULSA, OKLA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Arbors, a 20-unit assisted living community in Tulsa. The 15,688-square-foot property was built in 1997 on approximately two acres of land. The seller is a regional owner based in Tulsa. The buyer is an Oklahoma-based private owner. Jason Punzel and Nick Cacciabando of SLIB handled the transaction. Both parties requested anonymity.

March 1, 2022

Acquisitions Development Mixed-Use Southeast Tennessee

Monarch Alternative, GBT Realty Acquire Development Site in Midtown Nashville for $110M

by Julia Sanders March 1, 2022

NASHVILLE, TENN. — Monarch Alternative Capital LP has acquired an eight-acre development site in Nashville’s Midtown district for $110 million in partnership with locally based GBT Realty Corp. The site is currently zoned for 1.8 million square feet of mixed-use real estate. Currently home to Beaman Toyota and directly west of Interstates 40 and 65, the site provides immediate access to the Gulch, Music Row, Vanderbilt University and downtown Nashville. The site’s zoning allows for the possible development of residential, retail, hospitality and office use. Construction plans are still in the works and haven’t been released yet.

March 1, 2022

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