Property Type

Grosvenor Americas Sells 648-Unit Apartment Community in Gaithersburg, Maryland

by Julia Sanders November 2, 2021

GAITHERSBURG, MD. — Grosvenor Americas has sold Sawyer Flats, a 648-unit apartment community located at 9806 Mahogany Drive in Gaithersburg to an undisclosed buyer. The sales price was not disclosed. Newmark represented Grosvenor in the sale transaction. Sawyer Flats offers one-, two- and three-bedroom floorplans with unit sizes ranging from 715 to 1,556 square feet. Built in 1989, the property includes features such as in-unit washers and dryers, stainless steel appliances, built-in bookshelves, hardwood floors, walk-in closets and balconies and patios. Community amenities include onsite maintenance, package services, a pool, clubhouse, playground and a tennis court. Under Grosvenor’s ownership, the property had a comprehensive repositioning and rebranding program in 2016 to update unit interiors, landscaping and resident amenities. Other improvements include unit finishes, new outdoor fitness stations and fireside social lounges. Christian Siding was the general contractor for the property improvements. Grosvenor’s Environmental, Social and Governance (ESG) program allowed the firm to finalize an agreement with Montgomery County to offer several affordable units at Sawyer Flats.

November 2, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers Sale of 267-Unit Multifamily Community in Downtown Mobile

by Julia Sanders November 2, 2021

MOBILE, ALA. — Cushman & Wakefield has brokered the sale of Meridian at the Port, a 267-unit apartment community located in downtown Mobile. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the Nashville-based seller, Bristol Mobile Partners LLC, in the transaction. Houston-based ApexOne acquired the property for an undisclosed price. Built in 2019, Meridian at the Port offers one- and two-bedroom floorplans ranging from 602 to 1,308 square feet. Unit features include in-unit washers and dryers, granite countertops, walk-in closets and hardwood floors. Community amenities include a fitness center, saltwater swimming pool, pet spa, bark park, rooftop lounge, outdoor fireplace with kitchen, clubhouse, billiard and media room and a resident lounge. The property was 97 percent occupied at the time of sale. Located at 300 N. Water St., the property is situated within walking distance of downtown Mobile and about 10.8 miles from the University of Mobile.

November 2, 2021

Development Industrial Texas

Rosewood, Champion Begin Work on 610,000 SF Spec Industrial Project in Metro Dallas

by Taylor Williams November 2, 2021

WILMER, TEXAS — A partnership between two locally based developers, Rosewood Property Co. and Champion Partners, has begun construction on Tradepoint 45 East, a 610,000-square-foot speculative industrial project located in the southern Dallas suburb of Wilmer. Tradepoint 45 East will feature 40-foot clear heights, 112 dock doors and 215 trailer stalls. Pross Design Group is the project architect, and Kimley-Horn is the civil engineer. The Conlan Co. is the general contractor, and Veritex Community Bank provided construction financing. Stream Realty Partners is marketing the building for lease. Construction is slated for a third-quarter 2022 completion.

November 2, 2021

Development Multifamily Texas

Presidium Breaks Ground on 368-Unit Multifamily Project in Frisco Square

by Taylor Williams November 2, 2021

FRISCO, TEXAS — Texas-based multifamily developer Presidium has broken ground on Presidium Frisco Square, a 368-unit multifamily project located within the Frisco Square mixed-use development in metro Dallas. Units will offer keyless entry mechanisms, ecobee thermostats and energy-efficient appliances. Amenities will include a pool, three courtyards with outdoor kitchens, a dog park, clubroom, cinema lounge, golf simulator, fitness center and a business center with micro-offices and a podcast room. Dallas-based O’Brien Architects designed the project. Presidium expects to deliver the first units in June 2023.

November 2, 2021

Acquisitions Multifamily Texas

LYND Living Buys Legends Lakeline Apartments in North Austin for $46.6M

by Taylor Williams November 2, 2021

AUSTIN, TEXAS — San Antonio-based investment firm LYND Living has purchased Legends Lakeline, a 222-unit apartment community located in North Austin, for $46.6 million. Built in 2008, the property features one-, two- and three-bedroom units ranging in size from 675 to 1,717 square feet. Amenities include a pool, fitness center, grilling stations, resident clubhouse, business center and a dog run. The new ownership will invest about $4 million in capital improvements to the unit interiors, building exteriors and amenity spaces. The seller was not disclosed. Marc Suarez of Lument provided a $41.2 million acquisition loan for the deal.

November 2, 2021

Acquisitions Multifamily Oklahoma Texas

Wynmor Management Acquires Oklahoma City Apartment Complex for $13.6M

by Taylor Williams November 2, 2021

OKLAHOMA CITY — New York-based private equity firm Wynmor Management LLC has acquired Riverchase Apartments, a 252-unit multifamily community in Oklahoma City, for $13.6 million. Built in 1971, the property consists of 10 three-story buildings and an additional building that serves as an office, as well as a pool, basketball and tennis courts. The seller was Texas-based Casa Claire Apartments LLC. Wynmor plans to implement a value-add program.

November 2, 2021

Industrial Loans Retail Self-Storage Texas

Cronheim Mortgage Arranges $7.8M Refinancing for Self-Storage, Retail Asset Near Fort Worth

by Taylor Williams November 2, 2021

CHATHAM, N.J. — New Jersey-based Cronheim Mortgage has arranged a $7.8 million loan for the refinancing of a self-storage and retail asset located in the Fort Worth area. The property, formerly a grocery-anchored retail center, consists of a CubeSmart-branded self-storage facility with roughly 1,000 units and a 10,000-square-foot retail space occupied by Goodwill. David Turley, Janet Proscia and David Poncia of Cronheim arranged the nonrecourse, fixed-rate loan on behalf of the borrower, an affiliate of California-based DealPoint Merrill. An undisclosed national bank provided the loan. The address of the property was not disclosed.

November 2, 2021

Development Illinois Industrial Midwest

Contegra Completes 624,000 SF Distribution Center in Metro St. Louis, Begins Construction of 1 MSF Facility

by Kristin Harlow November 2, 2021

PONTOON BEACH, ILL. — Contegra Construction Co. has completed the third distribution center at NorthPoint Development’s Gateway Tradeport in Pontoon Beach, about 13 miles northwest of St. Louis. Contegra is now building a 1 million-square-foot facility at the development that will be the largest speculative distribution center in the St. Louis area, according to the general contractor. With the completion of the 624,000-square-foot Gateway Tradeport III, the 600-acre Gateway Tradeport is now home to more than 1.7 million square feet of distribution space, all of which was built by Contegra. Building III features a clear height of 40 feet, 64 dock doors and parking for 181 trailers. Building IV is slated for completion in 2022.

November 2, 2021

Healthcare Midwest Ohio

KeyBank Launches $750M Healthcare Real Estate Fund

by Kristin Harlow November 2, 2021

CLEVELAND — Cleveland-based KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has established a new unitranche loan program with Toledo-based Welltower Inc. The healthcare real estate fund will total $750 million in lending capacity and will provide first mortgage financing on seniors housing and skilled nursing facilities. A unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility rather than creating two classes of debt and coordinating among multiple lenders. This approach increases certainty of execution, and borrowers typically benefit from a single lending entity and blended interest rate, according to KeyBank.

November 2, 2021

Acquisitions Kansas Midwest Multifamily Northmarq

Northmarq Arranges $35.5M Sale of Apartment Complex in Shawnee, Kansas

by Kristin Harlow November 2, 2021

SHAWNEE, KAN. — Northmarq has arranged the sale of Park 67, a 352-unit apartment complex in Shawnee, for $35.5 million. Park 67 was built in 1969 and recently underwent renovations for 30 percent of the units. The property features a pool, fitness center, playground, business center and onsite laundry facilities. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Kansas City-based Worcester Investments. Charlotte, N.C.-based Greystone Capital Holdings LLC was the buyer.

November 2, 2021

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