Property Type

Interra Realty Negotiates $8.3M Sale of Apartment Building in Skokie, Illinois

by Kristin Harlow October 27, 2021

SKOKIE, ILL. — Interra Realty has negotiated the $8.3 million sale of a 43-unit apartment building located at 4602 Grove St. in Skokie, a northern suburb of Chicago. The transaction marks the largest multifamily sale in Skokie in five years, according to CoStar Group. Built in 1927, the property consists of two-bedroom units that were 93 percent occupied at the time of sale. Residents have access to onsite laundry, storage lockers, bike storage and garage parking. Joe Smazal of Interra represented the local private buyer. The locally based seller had owned the building for nearly 50 years.

October 27, 2021

Acquisitions Indiana Industrial Midwest Self-Storage

StorageMart Acquires 73,183 SF Self-Storage Facility in Fishers, Indiana

by Kristin Harlow October 27, 2021

FISHERS, IND. — StorageMart has acquired a 73,183-square-foot CubeSmart Self Storage facility in Fishers, a suburb of Indianapolis. The purchase price was undisclosed. Located at 10415 Allisonville Road, the property features 41 percent drive-up units and 59 percent interior, climate-controlled units. David Paulson, Stephen Lapierre and Wyatt Whitaker of Ackerman & Co., along with Steven Cornblatt and Coleman Tirone of Trout Daniel & Associates, represented StorageMart. Georgia-based York Allison LLC was the seller. This is StorageMart’s third location in Indiana. The property’s lighting, security system and gate entry will be updated.

October 27, 2021

Acquisitions Hospitality Texas

Stratus Properties Agrees to Sell Block 21 in Austin to Ryman Hospitality for $260M

by Taylor Williams October 27, 2021

AUSTIN, TEXAS — Locally based firm Stratus Properties Inc. (NASDAQ: STRS) has entered into an agreement to sell Block 21, a mixed-use property that occupies a full city block in downtown Austin, to Nashville-based Ryman Hospitality Properties Inc. for $260 million. The two firms originally entered into a purchase agreement for Block 21 in December 2019 for a price of $275 million, including the assumption of $142 million in debt. The agreement was subsequently terminated in May 2020 due to concerns over COVID-19, resulting in Ryman forfeiting $15 million in earnest money. Stratus and Ryman are aiming to close this deal before the end of the year. Originally developed by Stratus in 2010, Block 21 houses the 251-room W Austin Hotel and the 2,750-seat Austin City Limits Live at the Moody Theater, as well as office and retail space.

October 27, 2021

Acquisitions Multifamily North Carolina Southeast

Blue Heron Sells Indigo Apartments in Metro Raleigh for $121.9M

by Julia Sanders October 27, 2021

MORRISVILLE, N.C. — Blue Heron Asset Management has sold Indigo Apartments, a 489-unit multifamily community in Morrisville, for $121.9 million. The firm sold the asset to an undisclosed buyer via its third fund, Blue Heron Real Estate Opportunity Fund III. NorthMarq represented the seller in the transaction. Built in 2005 about eight miles south of Durham, Indigo Apartments offers one- and two-bedroom floorplans with features such as stainless steel appliances, full-size washers and dryers, fireplaces, private patios and balconies and wood-inspired plank flooring. Community amenities include a dog park, charcoal and gas grills, Wi-Fi lounge, fitness center and a clubhouse. Blue Heron, a Raleigh-based private equity real estate investment management and development firm, acquired Indigo in December 2018. Shortly after taking ownership, the firm completed a community enhancement plan that included the renovation of apartment interiors and an expansion and upgrade of the amenity spaces.

October 27, 2021

Acquisitions Multifamily Texas

American Landmark Buys 328-Unit Palmetto Point Apartments in San Antonio

by Taylor Williams October 27, 2021

SAN ANTONIO — Tampa-based multifamily investment firm American Landmark has acquired Palmetto Point Apartments, a 328-unit community in San Antonio’s Medical Center submarket. The site is located across from USAA’s corporate headquarters on the city’s northwest side. Built in 2020, the gated community features one- and two-bedroom units ranging in size from 653 to 1,451 square feet. Residences are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private patios/balconies. Communal amenities include a resort-style pool with cabanas and an outdoor fireplace, clubhouse with a fitness center, business center, internet café and an entertainment room with billiards and flatscreen TVs. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale on behalf of the seller and developer, locally based firm Koontz Corp.

October 27, 2021

Georgia Kentucky Loans Multifamily Southeast

Cushman & Wakefield Secures $75M Refinancing for Three Multifamily Communities in Atlanta, Louisville

by Julia Sanders October 27, 2021

ATLANTA AND LOUISVILLE, KY. — Cushman & Wakefield has secured a $75 million loan on behalf of Middleburg Communities for the refinancing of a three-property, 1,154-unit apartment portfolio in Atlanta and Louisville. Blake Cohen, Mike Ryan and JP Cordeiro of Cushman & Wakefield secured the two-year loan through Synovus Bank. The portfolio includes Vesta Adams Park, a 298-unit apartment community located at 1991 Delowe Dr. SW in Atlanta. The apartment property offers one-, two- and three-bedroom units with an average unit size of 1,035 square feet. Units include updated kitchens, hard-surface flooring in common areas and air conditioning. Community amenities include a laundry facility, onsite management, onsite maintenance and a sports court. The property was 96 percent occupied at the time of sale. The portfolio also includes Vesta Bouldercrest, a 438-unit apartment community in Atlanta that offers one- and two-bedroom floorplans with an average unit size of 808 square feet. Units include updated kitchens and hard-surface flooring in common areas. Community amenities include a laundry facility onsite, onsite management, sports court and onsite maintenance. Located at 26 Bouldercrest Lane SE in Atlanta, the property is situated 9.9 miles from Hartsfield-Jackson Atlanta International Airport. The community was 95 percent occupied at …

October 27, 2021

Development Industrial Texas

EastGroup Properties Breaks Ground on 120,600 SF Industrial Project in Metro Houston

by Taylor Williams October 27, 2021

KATY, TEXAS — EastGroup Properties, a Mississippi-based REIT, has broken ground on Grand West Crossing 1, a 120,600-square-foot industrial project in the western Houston suburb of Katy. The building, which will be situated within a larger Grand West Crossing master-planned development, will feature 28-foot clear heights and proximity to Interstate 10 and State Highway 290. JLL is marketing the building for lease. Construction is scheduled for a second-quarter 2022 completion. The master plan for Grand West Crossing includes five additional buildings or build-to-suit opportunities.

October 27, 2021

Acquisitions Florida Mixed-Use Retail Southeast

AvalonBay Acquires Whole Foods-Anchored Mixed-Use Property in Downtown Fort Lauderdale

by Julia Sanders October 27, 2021

FORT LAUDERDALE, FLA. — AvalonBay Communities has acquired CURV, a recently completed mixed-use project located at the corner of Federal Highway and Southeast 17th St. in downtown Fort Lauderdale. Built in 2020, CURV includes 243 apartments atop a 49,071-square-foot Whole Foods Market grocery store. The property includes a 668-space parking garage shared by shoppers and renters. The multifamily component of CURV offers a mix of studios, one-, two- and three-bedroom residences. Community amenities include a private tropical courtyard with a pool; package lockers with refrigerated and dry-cleaning units; a fitness center; and multiple business, work, meeting, gathering and entertainment spaces. The residential portion of the property was 97 percent occupied at the time of sale. Newmark represented the seller, affiliates of Ram Realty Partners IV LP, in the transaction. The sales price was not disclosed. In 2018, Ram acquired the 3.2-acre property, which formerly was used as a motel and restaurant. Roger Fry Architects designed CURV to meet National Green Building Standard certification.

October 27, 2021

Development Multifamily Texas

Cadence McShane Completes 242-Unit Broadway Chapter Multifamily Project in Fort Worth

by Taylor Williams October 27, 2021

FORT WORTH, TEXAS — General contractor Cadence McShane has completed construction of Broadway Chapter, a 242-unit multifamily project in Fort Worth’s Near Southside District. Developed by CRG Real Estate Solutions and designed by Lamar Johnson Collaborative, the property spans two acres and 320,000 square feet. Units come in studio, one- and two-bedroom formats and include private balconies. The amenity package consists of a pool, dog run, outdoor grilling areas, a fitness center, coffee bar, library, lounge and Zoom rooms. The development team also delivered a 98,000-square-foot parking garage as part of the project.

October 27, 2021

Acquisitions Florida Multifamily Southeast

CBRE Negotiates Sale of 184-Unit Multifamily Property in Orlando

by Julia Sanders October 27, 2021

ORLANDO, FLA. — CBRE has negotiated the sale of Shoreview at Baldwin Park, a 184-unit apartment complex in Orlando. Michael Regan, Francesco Carriera, Jeff Gray and Chip Wooten of CBRE represented both the buyer, an entity doing business as FP Baldwin Park LLC, and the sellers, NorthEnd Equities and Residential Management Inc., in the transaction. The sales price was not disclosed. Located at 1001 Shoreview Drive, Shoreview at Baldwin Park is a garden-style community featuring a mix of studio, one- and two-bedroom floorplans, as well as 28 loft/townhouse units averaging 783 square feet. At the time of sale, 174 units had received interior renovations, including new stainless steel appliances, cabinets, resurfaced counters, vinyl flooring and paint. All of the units feature walk-in closets, breakfast bars, nine-foot ceilings and private patios or balconies. Community amenities include a pool, clubhouse, fitness center, dog park and a barbeque area. The property was 96 percent occupied at the time of sale. Shoreview at Baldwin Park is nearby to many retailers and restaurants along East Colonial Drive, as well as The Cady Way Trail, a paved biking, jogging and walking path with a 2.5-mile trail loop around Lake Baldwin.

October 27, 2021

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