HOUSTON AND ATLANTA — Asset Living, a Houston-based real estate property management firm, has acquired JMG Realty, an Atlanta-based real estate firm. The sales price was not disclosed. With the addition of JMG, Asset Living expands its management footprint into the Southeast by adding over 20,000 multifamily units and a new corporate office in Atlanta. With over 20 years of experience and approximately 575 employees, JMG Realty brings expertise in management, redevelopment, financial and investment services for multifamily, affordable and build-to-rent properties servicing both private and institutional owners. The company has both regional and divisional offices located throughout the Northeast, Mid-Atlantic, Southeast and Southwest. The transaction is the second acquisition for Asset Living this year, with the company acquiring Dallas-based City Gate Property Group in November. Last year, Asset Living acquired three organizations.
DURHAM, N.C. — New York-based Oxford Properties Group has acquired Research Commons, a life sciences campus within Research Triangle Park in Durham, as well as an adjacent parcel located at 78 TW Alexander Drive for a total of $158.6 million. By combining the two sites and building three new life sciences facilities totaling 510,000 square feet, Oxford plans to ultimately develop a 940,000-square-foot innovation campus that will house various life sciences firms. The construction timeline was not disclosed. Located at 79 TW Alexander Drive, Research Commons is a 430,000-square-foot, five-building campus with an additional 18 plus acres of developable land. The existing campus is well-leased to a diverse tenant roster across life sciences industries, and is anchored by Grifols, a Los Angeles-based global pharmaceutical manufacturer. At this site, Oxford plans to use the more than 18 acres of vacant land for the development of two dedicated life sciences buildings. Additionally, the firm plans to convert two existing buildings wholly to life sciences tenants as vacancies materialize. For 78 TW Alexander Drive, Oxford plans to build a 95,500-square-foot Current Good Manufacturing Practice (cGMP) facility to be developed on the 14.5-acre parcel of land adjacent to Research Commons.
ST. PETERSBURG, FLA. — Denver-based Avanti Residential has purchased Artistry, a 246-unit apartment community in downtown St. Petersburg, for $92 million. Patrick Dufour and Andrew Visnick of Newmark represented the seller and property developer, Indianapolis-based Milhaus Development, in the transaction. Charlie Williams of Newmark arranged an acquisition loan through Freddie Mac. Built in 2020, Artistry offers studio, one-, two- and three-bedroom floorplans. Units feature in-unit washers and dryers, walk-in closets and a tub and shower. Community amenities include a pool, fitness center, elevator, controlled access, grill, pet play area, pet washing station and 10,000 square feet of onsite retail space. The project was fully leased at the time of sale. Located at 1661 Central Ave., the property is situated close to the Imagine Museum, a glass art museum, as well as restaurants such as The Burg Bar & Grill, Half Baked Potato, Brooklyn South and Ferg’s Sports Bar & Grill. Additionally, the property is less than a half-mile from Tropicana Field, home ballpark of the Tampa Bay Rays.
STARKVILLE, MISS. — Colliers has arranged the sale of The Vista, a 309-unit, 820-bed student housing development located less than a mile from Mississippi State University in Starkville. Atlanta-based Student Quarters purchased the newly built property from Fenton, Mich.-based IMS Properties for an undisclosed price. Sean Baird and Jonathan Holt of Colliers facilitated the transaction. Developed by IMS Properties in 2020, The Vista offers one-, two-, three-, four- and five-bedroom floorplan options. Community amenities include a saltwater pool and poolside cabanas, 24-hour athletic club, dog park, yoga studio, game room, electric vehicle charging stations and a lounge. The property also features 5,137 square feet of ground-floor retail space. Located at 705 University Drive, the property is situated a half-mile from Davis Wade Stadium, the home arena of the Mississippi State Bulldogs football team. The property is also located close to restaurants such as Two Brothers Smoked Meats, The Dapper Doughnut, NutriGroove, Bulldog Burger Co. Starkville and Starkvegas Snowballs.
HOUSTON — Locally based development and investment firm The Dinerstein Cos. has opened Aspire Post Oak, a 40-story multifamily tower in Houston’s Post Oak neighborhood. The property features 383 units in one-, two- and three-bedroom formats and 18,000 square feet of retail and restaurant space. The amenity package consists of a pool, spa, fitness center with a yoga studio, dog park, sports lounge with a golf simulator, package locker system with refrigeration capabilities, outdoor kitchens and lounges and various other gathering and event spaces. Gensler designed the project. Rents start at $1,983 per month for a one-bedroom unit.
AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Asten at Ribelin Ranch, a 350-unit apartment community in Austin. Built on 17.5. acres in 2008, the property offers one-, two- and three-bedroom units with an average size of 979 square feet. Amenities include multiple pools and a 24-hour convenience mart. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, a joint venture between CenterSquare and American Landmark, in the transaction. The trio also procured the undisclosed buyer.
FORT WORTH, TEXAS — RSI SmartCap, a provider of stainless steel truck cap systems, has signed a 391,985-square-foot industrial lease at Building F within Carter Distribution Center in Fort Worth. The four-building complex is located within Carter Industrial Park and features 32- to 36-foot clear heights, an ESFR sprinkler system and ample car and trailer parking spaces. Matt Carthey and Thomas Grafton of locally based brokerage firm Holt Lunsford Commercial represented the landlord, PGIM Real Estate, in the lease negotiations. Grant Pruitt with Whitebox Real Estate represented the tenant.
ADDISON AND CARROLLTON, TEXAS — CBRE has arranged the sale of a portfolio of nine industrial properties totaling 300,437 square feet in the northern Dallas metros of Addison and Carrollton. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE represented the locally based seller, Kennington Commercial, in the transaction. A joint venture between Birtcher Anderson & Davis and Belay Investment Group purchased the portfolio for an undisclosed price.
HOUSTON — Fundrise, an investment firm with roughly $1.7 billion in assets under management, has acquired Balcara at Balmoral, a 163-unit single-family rental (SFR) community in northeast Houston. Homes at Balcara at Balmoral feature one-, two- and three-bedroom floor plans, as well as garages and backyards. Amenities include a clubhouse, leasing center and a children’s play area. Fundrise acquired the 20-acre community from Houston-based Balcara Group and Dallas-based Montgomery Street Partners for an undisclosed price.
BOSTON — GLP Capital Partners has purchased the Northeast Logistics Portfolio, a collection of four warehouse and distribution buildings in the Boston area totaling approximately 1 million square feet, for $173 million. The properties include 192 Mansfield Ave. in Norton; 100 Adams Road in Clinton; and 132 Campanelli Drive and 1010 W. Chestnut St. in Brockton. The portfolio was fully leased to 11 tenants at the time of sale. Robert Griffin, Edward Maher, Matthew Pullen, Tony Coskren, Ed Jarosz, Brian Pinch, Samantha Hallowell and Nick Revers of Newmark represented the seller, Marcus Partners, in the transaction. The team also procured GLP Capital Partners as the buyer.