ATHENS, ALA. — Birmingham-based OG Capital LLC has acquired Camelot Apartments, a 112-unit multifamily community in Athens, about 26 miles west from Huntsville. Wade Lowry at The Kirkland Co. represented the seller, Tesco Development. The sales price was $9.2 million. Built in 1984, Camelot Apartments offers one-, two- and three-bedroom units ranging in size from 600 to 1,600 square feet. Unit features include balconies and private patios, double stainless steel sinks and washer and dryer connections. The property was 98 percent occupied at the time of sale. Located at 600 Camelot Drive, the property is situated 1.5 miles from Athens State University, 29.3 miles from the U.S. Space & Rocket Center in Huntsville and 24.4 miles from Huntsville International Airport. OG Capital plans to rebrand the community as Magnolia Row and will perform more than $2 million in extensive renovations of the entire property, including complete interior upgrades and common area upgrades. As part of the interior renovations, OG plans to add new appliances, paint, countertops, hardware, lighting and plumbing fixtures. Common area improvements will include renovations to the clubhouse and pool deck, new exterior paint, upgraded picnic, grill and mail station areas, new dog park and additional privacy fences. …
Property Type
DALLAS — Hodges Ward Elliott has arranged the sale of the 811-room Hyatt Regency DFW International Airport, located adjacent to Terminal C at Dallas-Fort Worth International Airport. The recently renovated property offers four food and beverage concepts and 92,000 square feet of meeting and event space. John Bourret, Austin Brooks and David Auer of Atlanta-based Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer was a partnership between global asset management firm Castlelake LP and Dallas-based Woodbine Development Corp.
DALLAS AND BENBROOK, TEXAS — California-based investment firm Magma Equities has purchased two multifamily assets totaling 562 units in the Dallas-Fort Worth metroplex. Vista Azul is a 248-unit property located about 10 miles north of downtown Dallas that was built in 1974. Verandas at City View is a 314-unit community in the Fort Worth suburb of Benbrook that was constructed in 2002. The new ownership, which acquired both properties in a joint venture with Cincinnati-based private equity firm Viking Partners, plans to implement value-add programs at both communities. Magma Equities is also establishing a regional headquarters office in Dallas.
Public-Private Partnership Underway on 1,055-Bed Residence Hall at University of Washington Bothell
by Amy Works
BOTHELL, WASH. — Construction is underway on a 1,055-bed residence hall at the University of Washington Bothell. The community is being developed through a public-private partnership (P3) between the university, Capstone Development Partners and Harrison Street. The 300,000-square-foot development will replace Husky Village, an existing on-campus student housing community in Bothell, which is situated roughly 15 miles outside Seattle. The project will include three six-story residential buildings offering suites and apartments for both undergraduate and graduate students. The development will also include a 15,000-square-foot dining facility and 20,000 square feet of office space for university services and administration. Construction began in October on Phase I of the project, which is scheduled for completion in February 2023. Phase II of the development is set for delivery in August 2024. The community was designed by Mahlum Architects and is being constructed by Anderson Construction. Capstone Management Partners will operate and manage the community in coordination with the university upon completion. Capstone and Harrison Street have previously partnered on five P3 developments, including projects with Seattle University, the University of Chicago, Arizona State University Polytechnic, Cornish College of the Arts and the University of South Florida.
HOUSTON — A partnership between locally based developer Avera Cos. and AEW Capital Management will build Champions Park, a 242,021-square-foot industrial project that will be located in northwest Houston. The property will be situated on 14 acres and will feature 36-foot clear heights, ample car and trailer storage and build-to-suit office space. Completion is slated for the fourth quarter of next year. Cushman & Wakefield is leasing the development.
DENVER — Shorenstein Properties has purchased Rev360, a newly constructed, five-story office building in Denver’s River North Art District. Terms of the transaction were not disclosed. Located at 3600 Brighton Blvd., Rev360 features 170,234 square feet of Class A office space with large and efficient floorplates with outdoor terraces, exposed high ceilings, ground-floor retail space, a fitness center and a parking garage. CBRE represented the seller in the deal.
EL PASO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of a 393-unit apartment portfolio in El Paso. Villa Sierra was built in 1969 and totals 243 units, and Wyndchase Apartments comprises 150 units and was constructed in 1970. According to Apartments.com, both properties offer one-, two- and three-bedroom units and amenities such as pools, fitness centers and clubhouses. Chris Siemasko of TMG represented the seller in the transaction, and Bryce Smith and Jon Krebbs of TMG procured the buyer. Both parties requested anonymity.
SACRAMENTO, CALIF. — Phillips Edison & Co. has purchased Town & Country Village, a dual grocery-anchored community shopping center in Sacramento, from Donahue Schriber for an undisclosed price. Trader Joe’s and Sprouts Farmers Market co-anchor the 216,320-square-foot shopping center. At the time of sale, the property was 91 percent leased to a variety of tenants, including Bed Bath & Beyond, Ross Dress for Less, T.J. Maxx and Five Below. Town & Country Village is situated on 19 acres at 2601-2651 and 2717-2805 Marconi Ave. Originally constructed in 1950, the asset was most recently renovated between 2013 and 2014. Eric Kathrein, Geoff Tranchina, Bryan Ley and Gleb Lvovich of JLL represented the buyer in the deal.
ARLINGTON, TEXAS — Canadian investment firm Western Wealth Capital has acquired Heather Ridge Apartment Homes, a 262-unit multifamily community in Arlington that was built in 1983. According to Apartments.com, the property features one- and two-bedroom units ranging in size from 600 to 1,065 square feet and amenities such as a pool, fitness center, spa and picnic and grilling areas. The seller and sales price were not disclosed. Western Wealth Capital plans to upgrade Heather Ridge’s unit interiors and building exteriors.
VISTA, CALIF. — KKR has acquired Vista Commerce, an industrial warehouse facility in Vista, from Westcore for an undisclosed price. Situated on an all-concrete site, the 197,000-square-foot Vista Commerce features 14 dock-high doors, six grade-level doors, 27-foot clear heights and ample power. The property is fully leased to an undisclosed, publicly listed healthcare diagnostic testing company. CBRE represented Westcore in the deal. KKR acquired Vista Commerce through its KKR Real Estate Partners Americas II fund.