Property Type

Marcus & Millichap Brokers $6.1M Sale of Sunset Mesa Multifamily Community in Mesa, Arizona

by Amy Works October 18, 2021

MESA, ARIZ. — Marcus & Millichap has arranged the sale of Sunset Mesa, an apartment building located at 237 S. Ashland in Mesa. A private investor acquired the asset from another private investor for $6.1 million. Built in 1983, Sunset Mesa features 40 units in a mix of 19 one-bedroom/one-bath, eight two-bedroom/one-bath and 13 three-bedroom/one-bath layouts. Community amenities include a swimming pool, laundry facilities and an interior amenity space. Darrell Moffitt and Paul Bay of Marcus & Millichap represented the seller and procured the buyer in the transaction.

October 18, 2021

Affordable Housing Development Multifamily Oregon Western

Ethos Development Breaks Ground on 73-Unit Shift Apartments in Portland

by Amy Works October 18, 2021

PORTLAND, ORE. — Ethos Development has broken ground for the construction of Shift Apartments, a five-story multifamily property located in Portland’s Overlook neighborhood. The 43,000-square-foot, transit-oriented community will feature 73 apartments in a mix of lofts, one-, two- and three-bedroom layouts affordable to residents earning 60 percent of area median income. Shift will also feature 22 market-rate micro-studios. On-site amenities will include a gym, community room and roof deck. Works Progress Architecture is serving as architect and O’Brien & Co. is serving as general contractor for the project. Shift Apartments is located one block from Nomad, a 130-unit apartment community completed by Ethos in December 2020.

October 18, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 563-Unit Self-Storage Facility in Oklahoma City

by Taylor Williams October 18, 2021

OKLAHOMA CITY — Marcus & Millichap has brokered the sale of Apublix Self Storage, a 563-unit facility in Oklahoma City. The property encompasses 83,960 net rentable square feet of climate- and non-climate-controlled space. Bryan Quaschnick, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

October 18, 2021

Loans Multifamily Texas

Berkadia Arranges Acquisition Loan for 148-Unit Apartment Complex in San Antonio

by Taylor Williams October 18, 2021

SAN ANTONIO — Berkadia has arranged an acquisition loan of an undisclosed amount for Castle Hills Apartments, a 148-unit complex in San Antonio. Built in 1997, the property offers one-, two- and three-bedroom apartments ranging in size from 732 square feet to 1,224 square feet. Argentic Real Estate Investment LLC provided the three-year, floating-rate loan, which was also structured with three years of interest-only payments. Mitch Sinberg and Brad Williamson led the transaction for Berkadia on behalf of the borrower, Miami-based Rincon Real Estate Investments.

October 18, 2021

Loans Multifamily Oklahoma Seniors Housing Texas

Hudson Realty Capital Provides Loan for Refinancing of Seniors Housing Community in Tulsa

by Taylor Williams October 18, 2021

TULSA, OKLA. — New York City-based Hudson Realty Capital has provided a bridge loan for the refinancing of Stonehaven Square, a seniors housing community in Tulsa that provides assisted living and memory care services. The amount of the loan was not disclosed, but the financing was secured as part of $37.7 million package for Stonehaven Square and a Florida property, The Landing at Lake Worth. Eric Johnson of Ziegler arranged the financing on behalf of the borrower, Columbia Pacific Advisors.

October 18, 2021

Development Midwest Missouri Multifamily

Cordish Breaks Ground on $140M Luxury Apartment Project in Kansas City’s Power & Light District

by Kristin Harlow October 18, 2021

KANSAS CITY, MO. — The Cordish Cos. has broken ground on Three Light Luxury Apartments, a $140 million apartment complex in the heart of Kansas City’s Power & Light District. Three Light is the third apartment property to be built in the area, following One Light and Two Light, which are 97 percent occupied. Three Light will rise 26 stories with 288 units. The project will also include a seven-story parking garage and 7,600 square feet of ground-floor retail space. More than 30,000 square feet of amenities will include an exterior deck, infinity pool, entertainment kitchen, theater room, fitness center, business center, valet dry cleaning and coworking areas. Completion is slated for September 2023. More than 20 percent of the units in Three Light will be priced for residents who earn up to 80 percent of the area median income. The project team includes JE Dunn Construction, Hord Coplan & Macht, RD Jones + Associates and Selbert Perkins Design. The project was first announced in April.

October 18, 2021

Loans Midwest Missouri Multifamily

Merchants Capital Arranges $71M for Refinancing of Luxury Apartment Complex in Chesterfield, Missouri

by Kristin Harlow October 18, 2021

CHESTERFIELD, MO. — Merchants Capital has arranged $71 million for the refinancing of Wildhorse, a 188-unit luxury apartment complex in the St. Louis suburb of Chesterfield. Wildhorse also features a 15,000-square-foot Ruth’s Chris Steakhouse with a rooftop bar and 10,000 square feet of retail space. The borrower, Great Lakes Capital, completed construction in April and has since leased the property to full occupancy. Proceeds from the Merchants Bank of Indiana loan paid off an existing construction loan, bought out limited partners and secured additional interest-only payments.

October 18, 2021

Civic Development Texas

Cadence McShane to Build 115,000 SF Elementary School in New Braunfels, Texas

by Taylor Williams October 18, 2021

NEW BRAUNFELS, TEXAS — General contractor Cadence McShane will build a 115,000-square-foot elementary school near San Antonio that will be part of the New Braunfels Independent School District. Designed by Stantec, the new campus will function as a replacement for the Carl Schurz and Seele elementary schools and will be able to accommodate 850 students. As part of the project, which is slated for an August 2023 completion, Cadence McShane will also demolish the existing ninth grade center.

October 18, 2021

Acquisitions Illinois Indiana Industrial Midwest

Industrial Outdoor Ventures Acquires Two Properties Totaling 62,000 SF in Illinois, Indiana

by Kristin Harlow October 18, 2021

AURORA, ILL. AND WHITESTOWN, IND. — Industrial Outdoor Ventures (IOV) has acquired a 39,450-square-foot property at 1401 N. Farnsworth Ave. in Aurora as well as a 22,500-square-foot facility at 4212 Perry Blvd. in Whitestown. The seller and purchase price were undisclosed. IOV owns properties in the outdoor storage facility space. Both of these properties are designed for truck maintenance and repair and are fully occupied by MacQueen, an environmental and emergency service and products provider. Kate Coxworth, Dominic Carbonari and Frank Griffin of JLL represented IOV in the acquisition.

October 18, 2021

Development Midwest Ohio Restaurant Retail

Center Square Leases 33,000 SF Warehouse in Columbus, Plans Redevelopment

by Kristin Harlow October 18, 2021

COLUMBUS, OHIO — Center Square, a company specializing in community events and entertainment centers, has leased a 33,000-square-foot warehouse at 225 Neilston St. in the historic Warehouse District of Columbus. The company plans to transform the building into The Kee, a community center with an indoor-outdoor event venue and a restaurant and bar. The landlord, Hackman Capital Partners, owns the majority of the real estate in the Warehouse District. Clayton Davis and Alex Ashworth of JLL represented both the landlord and the tenant in the lease transaction. Center Square plans to program events at the venue such as concerts, comedy shows, fitness classes, art exhibits and farmer’s markets. There will also be an onsite catering option for private parties, weddings and corporate events. The Kee is expected to open in July 2022.

October 18, 2021

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