Property Type

Brixton Capital Buys 312-Unit Mason Park Apartments in Metro Houston

by Taylor Williams October 28, 2021

KATY, TEXAS — California-based investment firm Brixton Capital has purchased Mason Park, a 312-unit apartment community in the western Houston suburb of Katy. The property was built on 13 acres in 2008 and offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, cybercafé, bark park, media lounge and an outdoor picnic area with grilling stations. Zach Springer of Newmark represented the locally based seller, Hilltop Residential, in the transaction. Brixton Capital was self-represented. David Schwarz, also with Newmark, arranged acquisition financing through a local bank.

October 28, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Negotiates Sale of 553-Unit Self-Storage Facility in Mesquite, Texas

by Taylor Williams October 28, 2021

MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of The Storage Place, a 553-unit self-storage facility located in the eastern Dallas suburb of Mesquite. The property spans approximately 74,000 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Karr also procured the buyer. Both parties requested anonymity.

October 28, 2021

Acquisitions Kentucky Multifamily Southeast

Vision & Beyond Acquires 146-Unit Creekside North Apartments in Lexington, Kentucky

by Julia Sanders October 28, 2021

LEXINGTON, KY. — Vision & Beyond Capital Investments has acquired Creekside North Apartments, a 146-unit, two-story multifamily community in Lexington. The seller and sales price were not disclosed. Creekside North Apartments offers one-bedroom/one-bath, two-bedroom/two-bath and two-bedroom/one-bath floorplans. Community amenities include laundry facilities, property manager onsite and public transportation. Located at 2223 Devonport Drive, Creekside North Apartments is situated about 3.7 miles from Blue Grass Airport, 3.2 miles from University of Kentucky and about 24.3 miles from Frankfort. Vision & Beyond plans to invest more than $30 million on property acquisitions and related improvements to its properties. Improvements at Creekside North Apartments will include foundation repair and renovations to HVAC, electric and plumbing systems. The construction team will also make updates to amenities in units. The firm says no tenants will be displaced while renovations are underway.

October 28, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 184-Unit Enclave at Water’s Edge Apartments in North Austin

by Taylor Williams October 28, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of Enclave at Water’s Edge, a 184-unit apartment complex located near The Domain in North Austin. Units feature studio, one- and two-bedroom floor plans, and amenities include three pools, a fitness center, Amazon package lockers, game room and a dog park. Patton Jones and Andrew Dickson of Newmark represented the undisclosed seller in the deal. Matt Greer and Andrew Wilson, also with Newmark, arranged acquisition financing through Bridge Investment Group on behalf of the buyer, Austin-based Wildhorn Capital. Enclave at Water’s Edge was 94 percent occupied at the time of sale.

October 28, 2021

Acquisitions Hospitality Multifamily North Carolina Southeast

Blaze Capital, Argosy Purchase Extended-Stay Hotel in Southwest Charlotte for Multifamily Conversion

by Julia Sanders October 28, 2021

CHARLOTTE, N.C. — Blaze Capital Partners and Argosy Real Estate Partners have purchased The Spoke at Tyvola Station, an extended-stay hotel in the Southwest submarket of Charlotte, with plans to convert the former hotel into a 116-unit multifamily community. The seller and sales price were not disclosed. Built in 1985 as a hotel, The Spoke at Tyvola Station was renovated in 1998 and recently underwent additional interior upgrades over the past 18 months. As part of the repositioning plans, Blaze Capital and Argosy will renovate the interior units and common areas, including the clubhouse, leasing office, exterior curb appeal and landscaping. The Spoke at Tyvola Station will include 10 two-story residential buildings and one three-story building with a mix of one- and two-bedroom floorplans. Community amenities will include a clubhouse, swimming pool and outdoor lounges. Located at 5816 Westpark Drive, The Spoke at Tyvola Station offers access to Interstate 77 and Tyvola Road. The community is situated about 6.5 miles from downtown Charlotte and about 8.3 miles from Charlotte-Douglas International Airport.

October 28, 2021

Development Indiana Midwest Multifamily

TWG to Build $58M Apartment Complex in Indianapolis

by Kristin Harlow October 28, 2021

INDIANAPOLIS — Developer TWG has unveiled plans to build Rise on Meridian, a $58 million apartment complex on the southside of Indianapolis. Located at 915 S. Meridian St., the project will rise six stories with 269 units and 3,500 square feet of retail space. Amenities will include a pool, lounge, courtyard, dog park, second-floor balcony, coworking space, bicycle storage and garage parking. Construction is expected to begin this month, with the first units becoming available in winter 2023. The units will vary from 562 to 954 square feet, and monthly rents will range between $1,200 and $2,100. The City of Indianapolis contributed tax-increment financing bonds, enabling 5 percent of the units to be reserved for residents who earn at or below 30 percent of the area median income.

October 28, 2021

Illinois Industrial Loans Midwest

JLL Arranges $13.2M Acquisition Loan for Industrial Property in Suburban Chicago

by Kristin Harlow October 28, 2021

WOODRIDGE, ILL. — JLL Capital Markets has arranged a $13.2 million loan for the acquisition of Woodridge Commerce Center in the Chicago suburb of Woodridge. The three-building industrial property spans 148,012 square feet and was 97 percent leased at the time of sale to 21 tenants. Situated on nearly 12 acres along Werch Avenue, Woodridge Commerce Center is situated within the master-planned International Centre Business Park. Jeff Sause and Brian Walsh of JLL represented the borrower, a joint venture between Unilev Capital and real estate investor Nitin Chexal, who is the co-founder and CEO of Palladius Capital Management. JLL placed the three-year, floating-rate loan with Wells Fargo Bank. Unilev’s investment team of Raymond Levy, Ian Konowitch and Peter Berges led acquisition efforts.

October 28, 2021

Illinois Leasing Activity Midwest Office

Datassential Leases 13,806 SF in Chicago’s Fulton Market

by Kristin Harlow October 28, 2021

CHICAGO — Datassential has leased 13,806 square feet of office space at 1201 W. Lake St. in Chicago’s Fulton Market district. The company helps food and beverage users develop, launch and sell new concepts by leveraging data. Datassential will move from 18 S. Michigan Ave. when the new lease commences in January. McCaffery and New York Life owns the 135,000-square-foot building, which was constructed in 2019. Dougal Jeppe of Colliers Chicago represented the tenant in the lease transaction. JLL’s Craig Coupe, Brad Despot and Mike Curran represented building ownership.

October 28, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $5.2M Sale of Chicago Apartment Building

by Kristin Harlow October 28, 2021

CHICAGO — Interra Realty has negotiated the $5.2 million sale of 3546 N. Southport Ave., a property in the Southport Corridor of Chicago’s Lakeview neighborhood that includes 21 apartment units and two commercial spaces. Built in 1930, the building includes 12 studios and nine one-bedroom units that were 97 percent leased at the time of sale. Real Good Juice Co. and The Denim Lounge fully lease the commercial space. Brad Feldman of Interra represented the seller, a family trust that had owned the building for nearly 50 years. Feldman also represented the buyer, which plans to renovate the units, update hallways and add a bike room.

October 28, 2021

Acquisitions Hospitality Iowa Midwest

Mumford Co. Brokers Sale of Relax Inn Hotel in Osceola, Iowa

by Kristin Harlow October 28, 2021

OSCEOLA, IOWA — Mumford Co. has brokered the sale of the 35-room Relax Inn hotel property in Osceola, about 45 miles south of Des Moines. The sales price was undisclosed. The hotel was formerly branded as Americas Best Value Inn until May of this year. David Mumford and George Arvanitis of Mumford represented the seller, Rikita LLC. Iowa-based Silverado Farms LLC was the buyer.

October 28, 2021

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