SAN ANTONIO — Cadence McShane Construction Co. has started renovations on the 12-story Granada Homes Senior Living Apartments, an age-restricted, low-income seniors housing property located in San Antonio’s RiverWalk area. The project will involve a complete revitalization of the 249-unit building, which was originally constructed in 1928. Renovations will include a restoration of levels one and 15 per historic guidelines to include updated unit amenities such as countertops and appliances, as well as the addition of 16 new apartment units, and community leasing and amenity space. Exterior improvements will also be made to the ground floor to restore historic features. CREO Architects is the project architect. Merchants Capital and the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) are providing financing for the project. Completion of the renovations is slated for late 2022.
AMARILLO, TEXAS — Dallas-based hospitality developer and management firm NewcrestImage has sold the 91-room Hyatt Place and 90-room Tru by Hilton hotels in Amarillo. Two different affiliates of locally based investment firm KAMP Hotels LLC purchased the properties, both of which rise four stories, for undisclosed prices. NewcrestImage continues to operate two hotels in downtown Amarillo: a 107-room Courtyard by Marriott and a 226-room Embassy Suites.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mosaic on Broadway, a 120-unit apartment complex that is located adjacent to the Pearl Brewery development in San Antonio. The property was built in 2013 and includes 15,593 square feet of retail space that is fully leased. In addition, Mosaic on Broadway offers a rooftop pool, spa and outdoor grilling area, along with a 24-hour fitness center, a resident lounge with media zone, coffee bar, mail center and a fenced-in dog park. Will Balthrope and Drew Garza of IPA represented the seller, Broadway Developments, in the transaction. The duo also procured the buyer, Moody National Cos.
ARLINGTON, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Oaks of Arlington, a 107-unit community located about 1.5 miles from AT&T Stadium and Globe Life Field. According to Apartments.com, the property was built in 1984 and offers one- and two-bedroom units ranging in size from 502 to 1,184 square feet. Jon Krebbs of TMG represented the seller and the Chicago-based buyer, both of which requested anonymity, in the transaction.
DESOTO, TEXAS — Newmark has secured an 89,060-square-foot industrial lease extension at 10634 Tanner Road in Houston. According to LoopNet Inc., the property was built in 2015 and spans 214,811 square feet. Rob Stillwell, Si Pitstick and Josh Young of Newmark represented the tenant, Ohio-based wholesaler TSC Apparel LLC, in the lease negotiations. JLL represented the landlord, an entity doing business as WPT Apex DCLP.
WASHINGTON, D.C. — Swedish developer Skanska is investing $216 million in U.S. dollars for the development of 17xM, an 11-story office project in the central business district of Washington, D.C. Located at the intersection of 17th and M streets, the building will span 334,000 square feet. Construction is scheduled to begin this fall with completion slated for 2024. More than 50 percent of the project is pre-leased. Global law firm Gibson, Dunn & Crutcher LLP has signed a 16-year lease at the property. Skanska is pursuing LEED Gold and Fitwel certifications for the building. Currently, 17xM is the first WiredScore SmartScore-certified office building in North America, according to the developer. The certification assesses a smart building for both its user functionality and technological foundation. Plans call for MERV-13 air filtration, air quality censors, touchless access and other sustainable and wellness-focused features. MERV refers to minimum efficiency reporting value, which measures how effectively a filter stops dust and other contaminants from passing through the filter and into the air. Amenities will include a covered drop-off area, lobby attendant, rooftop conference area, rooftop lounge, 5,500-square-foot fitness center, bicycle room and outdoor terraces. Kohn Pedersen Fox Associates is the project architect. CBRE is …
NEW YORK CITY — Brookfield Properties has opened Manhattan West, an eight-acre mixed-use development located on the city’s west side. Manhattan West includes retail, restaurant, residential, office and hospitality uses. The centerpiece of the open-air project, which was designed by Skidmore, Owings & Merrill, is a 2.5-acre public plaza. Retail tenants include Whole Foods Market, The NHL Store, Starbucks Coffee, Peloton Store, City National Bank and Midnight Theatre.
NEW YORK CITY — Commercial lender BHI, a division of Israel’s Bank Hapoalim, has provided a $31.1 million acquisition loan for a seniors housing community in Southern New Jersey. The name and location of the property, which has 110 units and is licensed for 130 beds, were not disclosed. Amenities include five living rooms, a library, game room, tea room, three dining rooms and a beauty salon. The borrower was Lionstone Care. The seller was also not disclosed.
LINDEN, N.J. — An affiliate of Cammeby’s International has purchased Sunnyfield Garden Apartments, a 120-unit multifamily property in Linden, for $20.5 million. The community, located in Union County, consists of 82 one-bedroom units, 38 two-bedroom units and onsite parking for 100 cars. Jeff Squires of New Jersey-based brokerage firm The Kislak Co. Inc. represented the seller, an entity doing business as S.G.A. LLC that has owned the property since 1950, in the transaction. Squires also procured the buyer.
PHILADELPHIA — CBRE has arranged the $8 million sale of N15, a 75-bed student housing complex serving Temple University in Philadelphia. Built in 2012, the 36-unit, four-story building was 99 percent occupied at the time of sale. Adrian Sam and Spencer Yablon of CBRE represented the seller, North Broad Living, in the transaction. The buyer was an undisclosed private investor.