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Elan-City-Centre-Farmers-Branch
AcquisitionsMultifamilyTexas

HLC Equity Acquires 330-Unit Elan City Centre Apartments in Metro Dallas

by Taylor Williams

FARMERS BRANCH, TEXAS — Pittsburgh-based investment firm HLC Equity has acquired Elan City Centre, a 330-unit apartment community located in the northern Dallas suburb of Farmers Branch. Built in 2013, the property features one- and two-bedroom units with an average size of 771 square feet. Amenities include a pool, 24-hour fitness center, business center, entertainment lounge, dog park and outdoor grilling stations. Drew Kile, Joey Tumminello, Will Balthrope, Michael Ware, Taylor Hill and Asher Hall of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, MIG Real Estate, in the transaction. The team also procured HLC Equity, which will rebrand the property as Layers Galleria, as the buyer.

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GeorgiaLoansLumentMultifamilySoutheast

Lument Provides $17.5M Refinancing Loan for Multifamily Community in Midtown Atlanta

by Julia Sanders

ATLANTA — Lument has provided a $17.5 million proprietary bridge loan to refinance The Peach, a recently renovated, 68-unit high-rise apartment community in Midtown Atlanta. R.J. Guttroff of Lument led the transaction. The loan features a two-year term with two six-month extension options, along with a floating interest rate. The sponsor was not disclosed. Originally built in 1964 as an office building, The Peach underwent a renovation earlier this year to reposition the property to multifamily. The Peach offers one- and two-bedroom floor plans with a monthly rent range of $1,525 up to $6,500, according to Apartments.com. Unit features include luxury flooring, stainless steel appliances, wood cabinetry, in-unit washers/dryers and patio and balconies with views of Atlanta’s Midtown and Buckhead neighborhoods. Community amenities include a business center, conference rooms and a pet play area. Located at 1655 Peachtree St. NE, The Peach is located less than a half-mile from Savannah College of Art and Design (SCAD), 1.6 miles from the Georgia Tech campus and 3.2 miles from downtown Atlanta.

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AcquisitionsMultifamilyTexas

Newmark Brokers Sale of 277-Unit Walnut Park Apartments in Austin

by Taylor Williams

AUSTIN, TEXAS — Newmark has brokered the sale of Walnut Park, a 277-unit apartment community in Austin’s Silicon Hills neighborhood. Built on 18.3 acres in 2016, Walnut Park features one- and two-bedroom units with an average size of 978 square feet. Amenities include a pool with a sundeck, clubhouse with a full kitchen and bar area, 24-hour fitness center, indoor spa and event space with a media room. Patton Jones and Andrew Dickson of Newmark represented the seller, locally based developer Larry Peel Co., in the transaction. Matthew Steinberg represented the buyer, Los Angeles-based Langdon Street Capital, on an internal basis. The sales price was not disclosed. Walnut Park was 97.5 percent occupied at the time of sale.

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Hallmark-Mission-Ontario-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Arranges $28M Sale of Hallmark at Mission Apartments in Ontario, California

by Amy Works

ONTARIO, CALIF. — CBRE has arranged the sale of Hallmark at Mission, a multifamily property in Ontario. A private investor sold the asset to a private foreign investor for $28 million in an all-cash transaction. Located at 840 S. Magnolia Ave., the four-story property features 75 units in a mix of one- and two-bedroom layouts. Community amenities include a swimming pool, spa, clubhouse, fitness center and private attached garages. The property was constructed in 2019. Eric Chen of CBRE represented the seller and buyer in the deal.

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Studio-7-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Negotiates $15.8M Sale of Studio 7 Multifamily Building in Seattle

by Amy Works

SEATTLE — Kidder Mathews has arranged the sale of Studio 7, a multifamily building located at 4029 Seventh Ave. NE in Seattle. The property traded for $15.8 million. The names of the seller and buyer were not released. Built in 2017, Studio 7 features 75 studio apartments. At the time of sale, the property was nearly 60 percent vacant. Dylan Simon, Jerrid Anderson and Matt Laird of Kidder Mathews’ Simon and Anderson team represented the seller in the transaction.

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Carlsbad-Village-Plaza-Carlsbad-CA
AcquisitionsCaliforniaRetailWestern

Tooley Interests Buys Carlsbad Village Plaza in North San Diego County for $23.5M

by Amy Works

CARLSBAD, CALIF. — Santa Monica, Calif.-based Tooley Interests LLC has purchased Carlsbad Village Plaza, a grocery-anchored shopping center in Carlsbad. Balboa Retail Partners sold the asset for $23.5 million. Located 945-1065 Carlsbad Village Drive, Carlsbad Village Plaza features 58,735 square feet of retail space. Smart & Final Extra anchors the property, and there are 12 other tenants. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal.

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AcquisitionsArizonaIndustrialWestern

CIM Group Acquires 276,183 SF Industrial Facility in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — CIM Group has purchased Goodyear Airport 85, a recently completed industrial building adjacent to the Phoenix Goodyear Airport in Goodyear. Terms of the transaction were not released. Located at 1685 S. Litchfield Road, the 276,183-square-foot Goodyear Airport 85 is a rear-load industrial facility with 36-foot clear heights, 48 exterior dock doors and ample car, trailer and bicycle parking.

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Cross-Creek-Golf-Club-Temecula-CA
AcquisitionsCaliforniaRetailWestern

Progressive Real Estate Brokers $4.6M Sale of Cross Creek Golf Club in Temecula

by Amy Works

TEMECULA, CALIF. — Progressive Real Estate Partners has arranged the sale of Cross Creek Golf Club, located at 43860 Glen Meadows Road in Temecula. ANB Enterprises sold the asset, which includes the real estate and business, to Ken Tina LLC for $4.6 million. Brad Umansky and Greg Bedell of Progressive represented the seller, while Craig Way of Seaway Properties represented the buyer in the deal. Built in 2001, the Arthur Hill-designed, 18-hole Cross Creek Golf Club sits on 166 acres. The buyer plans to make significant investments to the upgrade the clubhouse, improve the condition of the golf course and potentially add new facilities for hosting weddings and special events. Touchstone Golf will manage the property.

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AC-Hotel-by-Marriott-Austin-Hill-Country
DevelopmentHospitalityTexas

LodgeCap Opens 135-Room AC Hotel by Marriott in West Austin

by Taylor Williams

AUSTIN, TEXAS — Metro Dallas-based developer LodgeCap has opened the 135-room AC Hotel Austin Hill Country, a Marriott-branded hotel located at 7415 Southwest Parkway on the west side of Austin. The hotel offers a pool, lobby bar, sky lounge bar and meeting/event space. Merriman Anderson Architects provided interior design services for the five-story building, while a local affiliate of the Dallas-based firm, Merriman Pitt Anderson, provided exterior design and construction administration services.

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AcquisitionsOfficeTexas

Colliers Arranges Sale of 75,601 SF Office Building in Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — Colliers has arranged the sale of Collins Commerce Center, a 75,601-square-foot office building located at 1651 N. Collins Road in the northeastern Dallas suburb of Richardson. Cody Payne and Michael Tran of Colliers represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

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