Property Type

GBT Realty Buys 168,000 SF Shopping Center in Lafayette, Louisiana

by Julia Sanders December 7, 2021

LAFAYETTE, LA. — GBT Realty Corp. has bought River Marketplace, a 168,000-square-foot shopping center located at 4313 Ambassador Caffery Parkway in Lafayette. Jim Hamilton, Ryan Shore, Ryan West, Brad Buchanan and Taylor Callaway of JLL represented the seller, San Francisco-based RBL Real Estate, in the transaction. The sales price was not disclosed. Developed in 2003, River Marketplace includes multi-tenant buildings and six freestanding outparcels. Shadow-anchored by Super Target, the center was 99 percent leased at the time of sale to a tenant lineup including Total Wine & More, Ross Dress for Less, Raising Cane’s and Chili’s.

December 7, 2021

Development Florida Multifamily Southeast

Legacy Partners, Griffin Capital Open 228-Unit Multifamily Community in Downtown Tampa

by Julia Sanders December 7, 2021

TAMPA, FLA. — San Francisco Bay-based Legacy Partners and Los Angeles-based Griffin Capital Co. LLC have opened Legacy Encore, a 228-unit multifamily community in Tampa. Located at 1251 Ray Charles Blvd., the apartment property is located within Encore!, Tampa Housing Authority’s $3 billion mixed-use development in downtown Tampa. The five-story property offers studio, one- and two-bedroom floorplans. Units feature 10-foot ceilings, quartz countertops, stainless steel appliances, contemporary cabinets, smart home technology package, full-sized washers and dryers, soaking tubs, glass enclosed showers, walk-in closets and balconies. Community amenities include a heated saltwater pool, internet cafe with coworking spaces, bike repair station, pet spa with dog run and a fitness center with spin and yoga studio. The $3 billion ENCORE! destination a LEED-certified collection of seniors, workforce and luxury housing options, as well as a mixed-use destination that includes public art, green spaces, a museum and educational and cultural centers. The project team includes Dynamik Design as the architect and Summit Contracting Group as the general contractor.

December 7, 2021

Acquisitions Florida Hospitality Southeast

Newbond Holdings Purchases Waterstone Resort & Marina in Boca Raton, Florida

by Julia Sanders December 7, 2021

BOCA RATON, FLA. — Newbond Holdings has purchased the Waterstone Resort & Marina Boca Raton, Curio Collection by Hilton, a 139-room hotel in Boca Raton. JLL represented the seller, The Lane Organization, and also worked on behalf of the buyer to originate the floating-rate acquisition financing. The sales price was not disclosed. Built in 1976, Waterstone Resort & Marina Boca Raton has over 8,000 square feet of meeting space and a marina. The room offerings include 72 kings, 56 double queens and 11 suites. The hotel also has two restaurants including the Boca Landing Prime Seafood and Waterstone Rum Bar & Grill. Hotel amenities at the property include a fitness center, outdoor pool, business center, concierge, meeting rooms and complimentary Wi-Fi. Located at 999 East Camino Real, the property is situated 25.5 miles from Fort Lauderdale-Hollywood International Airport, 2.2 miles from downtown Boca Raton and 2.9 miles from Deerfield Beach.

December 7, 2021

Affordable Housing Loans Multifamily Seniors Housing Texas

Merchants Capital Arranges $102M in Financing for Affordable Seniors Housing Project in San Antonio

by Taylor Williams December 7, 2021

SAN ANTONIO — Merchants Capital has arranged $102 million in combined debt and equity financing to support the redevelopment of Granada Homes, a historic affordable housing property located along the River Walk area in downtown San Antonio. Originally constructed in 1927 as the Plaza Hotel, the property rises 14 stories and comprises 265 studio and one-bedroom units. The renovation plan includes upgrades to the finishes of all units that are designed to specifically meet the needs of seniors. The financing includes a $43 million Merchants Bank of Indiana construction loan, $35 million in Merchants Capital syndicated tax credit equity. Merchants Capital also secured a forward commitment for $24 million from Fannie Mae for permanent financing with the mortgage-backed security being purchased by the AFL-CIO Housing Investment Trust (HIT).

December 7, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 387-Unit Jameson at the Bluffs Apartments in Fort Worth

by Taylor Williams December 7, 2021

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Jameson at the Bluffs, a 387-unit apartment community in Fort Worth. Built on nine acres in 2021, the property features an average unit size of 784 square feet and amenities such as a pool, clubhouse, rooftop lounge, arcade and two dog parks. Drew Kile, Joey Tumminello, Will Balthrope, Taylor Hill, Michael Ware and Jeffrey Kindorf of IPA represented the seller, StoneHawk Capital Partners, in the transaction and procured the buyer, Buchanan Street Partners.

December 7, 2021

Arizona Development Multifamily Western

StreetLights Residential Breaks Ground on The Alyssa Multifamily Community in Tempe

by Amy Works December 7, 2021

TEMPE, ARIZ. — StreetLights Residential has broken ground for The Alyssa, an apartment property located along E. Rio Salado Parkway in Tempe. The Alyssa will feature 335 apartments in a mix of studio, one-, two- and three-bedroom floor plans with an average size of 881 square feet. Community amenities will include two pools with an attached spa, an outdoor lounge, a bar with direct access to the pool, coffee lounge, maker’s lounge, mail room, app-activated parcel lockers, dry-clean lockers, pet spa, park and a fitness center. StreetLights Creative Studio will serve as the architect of record and is handling all interior design in-house. SLR Phoenix Construction is the general contractor and Norris Design is providing landscape design for the project.

December 7, 2021

Acquisitions California Multifamily Western

IRA Capital Expands Long Beach Multifamily Portfolio with $42M Acquisition

by Amy Works December 7, 2021

LONG BEACH, CALIF. — IRA Capital has acquired the Long Beach Collective, an apartment portfolio of 17 properties in the North Alamitos Beach submarket of downtown Long Beach. An undisclosed seller sold the property for $42 million, or $270,000 per unit. The portfolio includes 17 properties with a total of 155 units. At the time of closing, the portfolio was 99 percent occupied. IRA Capital is exploring the addition of up to 33 accessory dwelling units to the portfolio to further enhance affordable housing opportunities in the area. John Alden of Alden Pacific Investments represented IRA in the acquisition.

December 7, 2021

Acquisitions California Industrial Western

Rexford Industrial Acquires 242,101 SF Topaz Business Center in Simi Valley

by Amy Works December 7, 2021

SIMI VALLEY, CALIF. — Rexford Industrial has purchased Topaz Business Center, a six-unit industrial building in Simi Valley, from 2280 LLC for $46.4 million. The property features 242,100 square feet of industrial space. Topaz Distribution purchased the asset 10 years ago for $14 million and added 40,000 square feet of rentable building footprint during a 2015 renovation. Topaz Distribution occupies about 51,000 square feet of the property. Additional tenants include Tire Hub, Sooner Express, Frontline, Derma E and Lifetech Resource. Mike Tingus, Jose Jusko and Grant Fulkerson of Lee & Associates’ LA North/Ventura office represented the buyer and seller in the deal.

December 7, 2021

Building-3-Northpark-35-Industrial-Park-Georgetown

Development Industrial Texas

Titan Development Breaks Ground on 172,428 SF Industrial Project in Georgetown, Texas

by Taylor Williams December 7, 2021

GEORGETOWN, TEXAS — Titan Development has broken ground on the 172,428-square-foot Building 3 as part of Phase II of Northpark35 Industrial Park, located in the northern Austin suburb of Georgetown. Phase I of the project centered on the development of Building 1, a 172,677-square-foot building that is now leased to Texas Speed & Performance, a supplier of automotive parts. Building 2 spans 157,300 square feet and is available for lease. Completion of Building 3 is slated for May 2022.

December 7, 2021

Arizona Loans Multifamily Western

Ready Capital Closes $21.5M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works December 7, 2021

PHOENIX — Ready Capital has closed $21.5 million in financing for the acquisition, renovation and stabilization of a 181-unit, Class B apartment community in Phoenix’s Westside submarket. Upon acquisition, the undisclosed sponsor plans to implement a capital improvement plan to renovate unit interiors and property exterior. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

December 7, 2021

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