Property Type

Aztec Group Arranges $247.5M Financing for Downtown 5th Apartment Community in Miami

by Julia Sanders December 22, 2021

MIAMI — Aztec Group has arranged $247.5 million in debt financing for Downtown 5th, an apartment community in downtown Miami spanning 1,042 rental apartments and 13,261 square feet of retail space. Peter Mekras of Aztec Group arranged the financing on behalf of the developer, Miami-based Melo Group. Berkadia’s Miami office acted as seller-servicer for the Freddie Mac loan. The 10-year loan features a fixed interest rate and is full-term interest only. Downtown 5th opened for occupancy in July of 2021 and almost every unit was leased in under seven months, or approximately 150 units per month. Downtown 5th offer one-, two- and three-bedroom floor plans that range in size from 650 and 1,200 square feet. Monthly rental rates range from approximately $1,700 to $4,000. The property is located at the corner of 5th Street and North Miami Avenue adjacent to the College North Metromover station.

December 22, 2021

Stonepost-at-Shadow-Creek-Ranch-Pearland

Acquisitions Multifamily Texas

Waterton Acquires 360-Unit Stonepost at Shadow Creek Ranch Apartments in Metro Houston

by Taylor Williams December 22, 2021

PEARLAND, TEXAS — Chicago-based investment firm Waterton has acquired Stonepost at Shadow Creek Ranch, a 360-unit apartment community located within the Shadow Creek master-planned community in the southern Houston suburb of Pearland. Built on 27.5 acres in 2010, the garden-style property offers one-, two- and three-bedroom units with an average size of 1,150 square feet. Amenities include a pool, fitness center, resident clubhouse, grilling area, billiards room, playground and a dog park. Waterton plans to upgrade the community’s unit interiors, mechanical systems, exterior landscaping and parking areas, as well as to rebrand the community as Sladestone at Shadow Creek Ranch. The seller and sales price were not disclosed.

December 22, 2021

Development Office Texas

Hillwood to Develop 135,000 SF Spec Office Building at Alliance Town Center in Fort Worth

by Taylor Williams December 22, 2021

FORT WORTH, TEXAS — Hillwood will develop a 135,000-square-foot speculative office building within the 900-acre Alliance Town Center development in Fort Worth. Hillwood Commons II is the first of two planned sister buildings and will be expandable to up to 270,000 square feet. The building will feature increased air filtration, bipolar ionization systems, touchless doors, electric vehicle charging stations and connectivity to the outdoors via the Alliance Town Center trail network and park system. Completion is slated for February 2023.

December 22, 2021

Acquisitions Development Industrial Southeast Virginia

Meridian Group Purchases 277-Acre Distribution Site in Winchester, Virginia

by Julia Sanders December 22, 2021

WINCHESTER, VA. — Bethesda, Md.-based Meridian Group has purchased One Logistics Park, a 277-acre distribution center campus in Winchester that will be built over multiple phases. The sales price was not disclosed. JGR Three, Hockman Investments and Governor’s Hill LLC were the sellers. The Meridian Group has selected Colliers to market the $150 million project once completed. Construction will break ground in the first quarter of 2022 with delivery of Phase I set for the second half of 2023. The first phase will span nearly 1.4 million square feet spread across two facilities: a 1 million-square-foot building and a 360,000-square-foot building. Meridian Group and co-developer Wickshire Industrial plan for One Logistics Park to feature 2.8 million square feet of distribution logistics space and over 100,000 square feet for gas service, quick-service restaurants and other retail options. One Logistics Park will be located along Interstate 81 and offer access to the Baltimore-Washington Corridor via Interstates 66 and 70, with close proximity to the Virginia Inland Port, which is also located in Winchester.

December 22, 2021

Development Office Southeast Virginia

CoStar Group Plans 1 MSF Corporate Campus Expansion in Richmond

by Julia Sanders December 22, 2021

RICHMOND, VA. — CoStar Group Inc., a Washington, D.C.-based provider of online real estate marketplaces, information and analytics, plans to expand its research and technology center in Richmond to exceed 1 million square feet campus. The new corporate campus is expected to bring together over 3,000 employees focused on next generation technology, research and development, marketing, sales and operations in support of the real estate industry. Over the next five to 10 years, the planned growth would make CoStar Group the largest technology company and one of the largest private employers in Richmond, according to the company. The planned corporate campus, situated on the James River, will comprise 750,000 square feet across two new planned buildings, combined with CoStar’s current building at 501 S. 5th St. The campus is expected to include a new 26-story LEED Platinum-certified office tower and a six-story, mass timber building to be used as a multipurpose campus hub for employee and community amenities. Amenities at the CoStar campus will include conference space, fitness and wellness amenities, an auditorium, 50,000 square feet of occupiable green roof terraces, shops and a variety of restaurants and dining options, as well as over 2.7 acres of outdoor green space. …

December 22, 2021

Development Multifamily Texas

Greystar Begins Leasing 190-Unit Active Adult Community Near Fort Worth

by Taylor Williams December 22, 2021

MANSFIELD, TEXAS — South Carolina-based developer Greystar has begun leasing Album Mansfield, a 190-unit active adult community located on the southern outskirts of Fort Worth. Units come in one- and two-bedroom formats and are reserved for renters age 55 and above. Amenities include a pool, outdoor activity terrace, dog park, coffee bar, game room, movie theater, fitness center and walking trails. Rents start at $1,300 per month for a one-bedroom unit.

December 22, 2021

Acquisitions Florida Multifamily Southeast

Carroll, PGIM Buy 12-Property Multifamily Portfolio Across Florida

by Julia Sanders December 22, 2021

ATLANTA AND NEWARK, N.J. — Atlanta-based Carroll, in partnership with Newark-based PGIM Real Estate, has bought 12 multifamily communities in Orlando, Sarasota, West Palm Beach and Fort Lauderdale totaling 3,976 units. All properties were acquired through Carroll’s latest institutional investment vehicle, Carroll Multifamily Venture VI LP. The sales price was not disclosed. Carroll will manage the properties, which include seven Orlando properties, three Sarasota-Bradenton communities, one West Palm Beach property and one Fort Lauderdale community. The properties will all be rebranded under the Arium name, including: • Arium Altamonte Springs (previously Ashford Altamonte Springs) • Arium Winter Park (Bishop Park) • Arium Springs Colony (Springs Colony) • Twelve Oaks at Windemere by Arium (Twelve Oaks at Windemere) • Arium Valencia Gardens (Verona at Valencia Park) • Arium Mission Bay (Mission Bay) • Arium Mariner’s Village (Valencia Plantation) • Arium Bristol Bay (Perico Apartments) • Arium Citrus Run (Mcintosh Apartments) • Arium Grove Walk (Heron’s Run) • Gardens East by Arium (Gardens East) and • Park Place at Turtle Run by Arium (Park Place at Turtle Run) Carroll currently manages 39 properties throughout Florida and more than 13,000 units, totaling $3.5 billion in assets under management. Between 2015 and 2021, Carroll …

December 22, 2021

Acquisitions Retail Texas

Disney Investment Group Arranges Sale of 111,211 SF Shopping Center in Coppell, Texas

by Taylor Williams December 22, 2021

COPPELL, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the sale of Valley Ranch Centre, a 111,211-square-foot retail property in Coppell, located in the northern-central part of the metroplex. Anchored by Club 4 Fitness and Dollar Tree, Valley Ranch Centre was built on 11.6 acres in 1989 and was roughly 75 percent leased at the time of sale. David Disney and Adam Crockett of DIG represented the seller, Dallas-based Centcom Realty Corp., and procured the out-of-state buyer in the transaction.

December 22, 2021

Acquisitions Retail Texas

Baceline Group Acquires Two Shopping Centers Totaling 78,311 SF in Dallas Area

by Taylor Williams December 22, 2021

DALLAS — Denver-based investment firm Baceline Group has acquired two shopping centers totaling 78,311 square feet in the Dallas area. The properties include the 53,948-square-foot Preston Lloyd Shopping Center, located at 19009 Preston Road in Dallas, and the 24,363-square-foot Orchid Centre, located at 4150 Eldorado Parkway in the northern Dallas suburb of McKinney. Baceline Group acquired the assets as part of a portfolio that included a 26,442-square-foot center in Montgomery, Ohio. The seller was not disclosed.

December 22, 2021

Acquisitions Multifamily Nevada Western

Bascom Group Buys Sun Chase Apartment Community in Las Vegas for $40.5M

by Amy Works December 22, 2021

LAS VEGAS — The Bascom Group has purchased Sun Chase, an apartment property in Las Vegas, in an off-market transaction for $40.5 million, or $202,500 per unit. The name of the seller was not released. Annie Rice and Jamie Kline of JLL Capital Markets sourced the acquisition loan from ACRE Credit for the purchase. Scott McClave and Tom Gilfillan of Bascom oversaw the acquisition for Bascom. Constructed in 1984/1985, Sun Chase features 200 apartments in a mix of one- and two-bedroom floor plans. Community amenities include a fitness center, resident clubhouse, pool, barbecue area and putting green. Bascom plans to modernize the fitness center, clubhouse and pool areas while repurposing the putting green into a central park with a play structure, barbecue station, seating areas and landscaping.

December 22, 2021

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