HOUSTON — Colliers has negotiated the sale of Woodstone Manor Apartment Homes, a 144-unit complex in Houston. The property, which was 98 percent occupied at the time of sale, is located at 10250 Lands End Drive on the city’s southwest side. Bob Heard, Chip Nash and Todd Stewart of Colliers represented the undisclosed seller in the deal. The buyer was Gibby’s Capital Investments.
DALLAS — Illinois-based chemicals distributor Univar has sold a 57,418-square-foot industrial building located at 3636 Dan Morton Drive in southwest Dallas. The rail-served building sits on 8.5 acres and was vacant at the time of sale. Craig Jones and Caleb McCoy of JLL represented the seller in the transaction. Chicago-based Industrial Outdoor Ventures purchased the property for an undisclosed price.
DALLAS — New York City-based Ready Capital has closed a $23.4 million loan for the acquisition, renovation and stabilization of an unnamed 218-unit multifamily property in South Dallas. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The undisclosed sponsor plans to implement a value-add program.
JERSEY CITY, N.J. — Developer KRE Group has begun leasing 351 Marin, a 38-story, 507-unit apartment community in downtown Jersey City. KRE Group developed the property, which was designed by Hollwich Kushner and HLW Architects, in partnership with Northwestern Mutual. Units come in studio, one- and two-bedroom formats, and amenities include a pool, 24-hour fitness center with yoga and spin studios, outdoor grilling stations, entertainment kitchen, movie and screening room, game room and a children’s play area. Rents start at $2,650 per month for a studio apartment. Move-ins are scheduled to begin in December.
MARLBOROUGH, MASS. — Dallas-based Lincoln Property Co. has received approval from the City of Marlborough, located west of Boston, for the development of a 120,600-square-foot industrial project that will be situated on a 12.3-acre site. Building features will include a clear height of 32 feet and 10 loading docks. Construction is scheduled to begin in the first quarter of next year, and the development team expects the space to be available for occupancy by the end of 2022.
POTTSVILLE, PA. — Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. The center was 90 percent leased at the time of sale to tenants such as Giant Food, Planet Fitness, Ollie’s, Staples and Dollar General. The buyer and sales price were not disclosed. Jonathan Abda and Andrew Ebrani of Namdar represented the firm on an internal basis in the transaction. Cale Powers of Trinity RE Investment Services brokered the deal.
BOSTON — A partnership between True North Management Group and Boston-based Celera Properties has purchased a two-building office complex in the northern Boston suburb of Andover with plans to convert the property into a life sciences facility. The complex spans 233,726 square feet. Greg LaBine and Martha Nay of JLL arranged a $35.3 million floating-rate loan through OceanFirst Bank on behalf of the partnership. Proceeds will be used to acquire and reposition the complex.
AURORA, COLO. — Prime West has received $90.4 million in combined joint venture equity and construction financing for Claro at High Point, an apartment community located within an Opportunity Zone in Aurora. JLL Capital Markets worked on behalf of the developer and borrower to arrange Opportunity Zone joint venture equity through Bridge Investment Group Holdings, along with securing construction financing from a national bank. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team represented the developer in the financing and equity transaction. Situated within the High Point master-planned community, Claro at High Point will feature 365 apartments in a mix of one-, two- and three-bedroom floor plans with balconies or patios, central air conditioning, full-sized washers/dryers, kitchen islands and dishwashers. On-site amenities include a pool and spa with cabanas, co-working area, clubhouse, controlled entry, fitness center, off-leash dog park, dog wash and a bike repair and ski tune shop. RATIO Architects is serving as project architect and Catamount Constructors is serving as general contractor for the project. Completion is slated for summer 2023.
PASADENA, CALIF. — SummerHill Apartment Communities has completed the disposition of Theo Pasadena, a multifamily property in Pasadena. Waterford Property Co. acquired the asset for $67 million, or $638,095 per unit. Built in 2020, Theo Pasadena features 105 apartments, a central courtyard with a swimming pool, fitness center, cyber lounge, co-working space, and a rooftop dog park. Apartments offer oversized, dual-pane windows, UBS charging outlets and private balconies or patios. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
LA JOLLA, CALIF. — JLL Capital Markets has arranged a $15 million refinancing for Monarch Cottages, a 26-unit, 52-bed, two-story, Class A memory care community in the San Diego suburb of La Jolla. JLL represented the borrower, Monarch Senior Living, in arranging the loan. Remodeled in 2016, Monarch Cottages comprises five companion studio and 21 private studio units averaging 370 square feet. Within a three-mile radius, the 75-plus population is over 6,500 and is expected to grow by 13.5 percent over the next five years. Additionally, the property’s surrounding area is extremely affluent, with a median housing value within a one-mile radius of $1.9 million and a median household income of $200,001. Alanna Ellis and Bercut Smith led the JLL Capital Markets debt team that represented the borrower.