Property Type

Blaze, Argosy Acquire Hotel Property in Metro Atlanta, Plan for Multifamily Conversion

by Julia Sanders December 10, 2021

PEACHTREE CORNERS, GA. — Charleston-based Blaze Capital Partners and joint venture partner Philadelphia-based Argosy Real Estate Partners have acquired The Spoke at Peachtree Corners, an extended-stay hotel in Peachtree Corners, about 21.9 miles north of downtown Atlanta. The two firms plan to convert the hotel property into a tech-oriented multifamily community, as well as plan to invest in interior and exterior capital improvements. The sales price and seller were not disclosed. Originally built as a hotel in 1989, The Spoke at Peachtree Corners has recently undergone property upgrades, including a remodeled clubhouse, gym, sports court and pool area. The unit interiors have also been modernized and currently feature hard surface countertops, stainless steel appliances and updated lighting fixtures. Located at 450 Technology Parkway NW, the property is situated northeast of Atlanta adjacent to the Atlanta TechPark, an office park housing more than 100 tenants. Blaze Capital and Argosy will complete interior upgrades at the property, including smart-home and technology-based work-from-home amenity space. The two firms will also complete exterior upgrades, including remodeling the clubhouse and leasing office, establishing upgraded and rebranded signage, converting the existing basketball court to outdoor amenity space, expanding the existing common laundry facility and painting the …

December 10, 2021

Florida Loans Multifamily Southeast

Ready Capital Closes $18.3M Loan on Condominium Property in Melbourne, Florida

by Julia Sanders December 10, 2021

MELBOURNE, FLA. — Ready Capital has closed $18.3 million in financing for the acquisition, deconversion, renovation and stabilization of a Class B, fractured condominium property in Melbourne. The property name was not disclosed. Upon acquisition, the sponsor will collapse the property’s homeowner’s association (HOA), complete a deconversion of the units and implement a capital improvement plan to renovate unit interiors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and future unit purchases.

December 10, 2021

Acquisitions Florida Multifamily Southeast Top Stories

Newmark Arranges $123.5M Sale of Westerly Multifamily Community Near Walt Disney World Resort

by Julia Sanders December 10, 2021

WINTER GARDEN, FLA. — Newmark has arranged the $123.5 million sale of The Westerly, a 352-unit multifamily community in Winter Garden, about 15 miles from Orlando. Fore Property Co. and Los Angeles-based PCCP LLC sold the recently completed property to Fort Lauderdale-based Ortsac Capital Group. Built in 2021, The Westerly is a 348,801-square-foot, LEED-certified apartment community with six four-story, elevator-serviced buildings. The property offers studio, one-, two- and three-bedroom floor plans with an average unit size of 991 square feet. Unit features include LED energy-efficient lighting, hardwood style floors, stainless steel appliances, full-sized washers and dryers, oversized soaking tubs, walk-in closets, walk-in shower and patio and balconies. Community amenities include a two-story clubroom, resort-style swimming pool, two fitness centers, sauna room, wine room with multiple gathering areas and a conference room. The property also offers a package service and has a maintenance and property manager onsite. Rents range from $1,545 to $3,150 per month, according to Apartments.com. Located at 14680 Westerly Drive, The Westerly is situated three miles from Walt Disney World Resort, 26 miles from Orlando International Airport and 25.7 miles from downtown Orlando. Additionally, the property is near medical employment centers including Orlando Health ER and Medical Pavilion …

December 10, 2021

Acquisitions Industrial NAI Texas

NAI Robert Lynn Arranges Sale of 880,000 SF Sylvania Industrial Park in Fort Worth

by Taylor Williams December 10, 2021

FORT WORTH, TEXAS — NAI Robert Lynn has arranged the sale of Sylvania Industrial Park, an 880,000-square-foot manufacturing campus in Fort Worth. Todd Hubbard of NAI Robert Lynn represented the buyer, Dallas-based CanTex Capital, which plans to implement a value-add program, in the transaction. The seller and sales price were not disclosed. Sylvania Industrial Park is the largest crane- and rail-served manufacturing campus of its kind in the metroplex, according to the brokerage team.

December 10, 2021

Acquisitions Multifamily Texas

July Residential Buys 536-Unit Carmel Creek Apartments in Houston

by Taylor Williams December 10, 2021

HOUSTON — New York-based investment firm July Residential has acquired Carmel Creek Apartments, a 536-unit multifamily community in the Brookhollow neighborhood of Houston. Built in 1982, the property features one- and two-bedroom units ranging in size from 518 to 1,193 square feet and amenities such as a pool, fitness center and onsite laundry services. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia originated an undisclosed amount of Freddie Mac acquisition financing for the deal. The loan carried a 10-year term, fixed interest rate, four years of interest-only payments and a loan-to-value ratio of 70 percent.

December 10, 2021

Development Office Texas

Granite Properties Breaks Ground on 420,000 SF Office Building in Plano

by Taylor Williams December 10, 2021

PLANO, TEXAS — Granite Properties has broken ground on the 420,000-square-foot Building 6 within Granite Park, the company’s 90-acre master-planned development in the northern Dallas suburb of Plano. Designed by BOKA Powell with interior design by HKS Architects, Granite Park Six will rise 19 stories and is scheduled for a June 2023 completion. Amenities will include a terrace with a lounge, golf simulator and green space, as well as a fitness center, coffee kiosk, 400-seat lecture hall and three conference rooms. Austin Commercial is the general contractor for the project. In addition, Stonebriar Commercial Finance has signed a lease for two floors and 52,000 square feet at Granite Park Six. Tyler Thomas and Scott Morse of Citadel Partners represented the tenant in those lease negotiations. Robert Jimenez and Burson Holman represented Granite Properties on an internal basis.

December 10, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 484-Unit Multifamily Property in Fort Worth

by Taylor Williams December 10, 2021

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Meadow Ridge, a 40-building, 484-unit multifamily property located on the west side of Fort Worth. The property was built on 24 acres in 1981. Meadow Ridge has one-, two- and three-bedroom units that, according to Apartments.com, range in size from 621 to 1,280 square feet. Amenities include two pools, courtyards and a tennis court. Al Silva of Marcus & Millichap represented the seller, Lubbock-based Madera Residential, in the transaction. Silva also procured the buyer, a Dallas-based private investment firm.

December 10, 2021

Acquisitions Multifamily Texas

Barvin Acquires 380-Unit Elan Crockett Row Apartments in Fort Worth

by Taylor Williams December 10, 2021

FORT WORTH, TEXAS — Houston-based investment firm Barvin has acquired Elan Crockett Row, a 380-unit apartment community located in Fort Worth’s West Seventh District. Built in 2019 by South Carolina-based Greystar, the property offers studio, one- and two-bedroom units with granite countertops, wine refrigerators and Honeywell smart thermostats. Amenities include a pool with outdoor lounges, covered grilling area with a TV, hammock garden with a fire pit and an elevated pet play area. The property also includes 7,200 square feet of retail space that is leased to Salsa Limon and F45 Training.

December 10, 2021

Acquisitions New York Northeast Office

Partnership Acquires Upper Manhattan Office Building, Parking Garage for $70M

by Taylor Williams December 10, 2021

NEW YORK CITY — A partnership between locally based investment firm Taconic Partners, global asset manager Nuveen Real Estate and Flatiron Equities has acquired 309-324 East 95th Street in Upper Manhattan for $70 million. The property was originally constructed in 1927 as a manufacturing facility but was repurposed in the 1980s. The site now houses a five-story office building that connects with a two-story garage. Barry Goodman of Newmark represented the partnership in the transaction. The seller was not disclosed. Potential redevelopment plans are currently being evaluated.

December 10, 2021

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Brokers Sale of 404-Unit Self-Storage Facility in Lehigh Valley

by Taylor Williams December 10, 2021

CHERRYVILLE, PA. — Marcus & Millichap has brokered the sale of Cherryville Self Storage, a 404-unit facility located about 10 miles north of Allentown in the Lehigh Valley. Built on five acres in the late 1990s, the property consists of 89 climate-controlled units and 315 non-climate-controlled units across 58,075 net rentable square feet of space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record. Additional terms of sale were not disclosed.

December 10, 2021

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