SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of a trio of multifamily properties in San Antonio. Hidden Village is a 176-unit property that was built in 1965 and features an average unit size of 676 square feet. Montrose Place was built in 1960 and totals 72 units that average 611 square feet, and The Dunes was built in 1975 and totals 119 units that average 622 square feet. Chris Siemasko, Paul Yazbeck, Jon Krebbs and Bryce Smith of TMG brokered the deal. The buyer(s) and seller(s) were not disclosed.
AUSTIN, TEXAS — Locally based developer OHT Partners will soon break ground on Lenox Grand, a 315-unit apartment community that will be located on a 16.4-acre site at 13505 Burnet Road in North Austin. Designed by Davies Collaborative, Lenox Grand will feature one-, two- and three-bedroom units and amenities such as two pools, a shared work studio, dog park, walking trails and a pickleball court. The property will also offer proximity to The Domain mixed-use development and the offices of major employers such as Apple, Amazon, Facebook and 3M. Completion is slated for 2023.
ROSENBERG, TEXAS — Berkadia has negotiated the sale of Town Center Lofts, a 309-unit apartment community in the southwestern Houston suburb of Rosenberg. Developed in 2021 by Sueba USA, the property offers studio, one- and two-bedroom units ranging in size from 560 to 1,207 square feet. Amenities include two pools, a 24-hour fitness center, a community clubroom with a chef-inspired kitchen and package lockers. Jeffrey Skipworth, Todd Marix, Chris Curry, Joey Rippel, Chris Young and Kyle Whitney of Berkadia represented Sueba USA in the sale. A joint venture between Chicago-based Redwood Capital Group and global investment management firm Heitman purchased the asset for an undisclosed price.
LAS VEGAS — Beverly Hills, Calif.-based 3D Investments has purchased Tivoli Village, an open-air, mixed-use property located at 400 S. Rampart Blvd. in Las Vegas. Property and Building Corp. and IDB Group USA sold the asset for $216 million. Built in 2009 and 2016, Tivoli Village features 669,406 square feet of Class A office, retail and restaurant space across 28 acres. Additionally, the property includes an 8.3-acre development parcel entitled for more than 300 residential units. Marlene Fujita Winkel of Cushman & Wakefield’s Las Vegas office represented the seller in the deal. Dave Alleman of Marquis Aurbach Coffing served as counsel for the seller.
LAS VEGAS — Avison Young has arranged the sale of AYA Apartments, a multifamily property in Las Vegas. The community traded for $105.9 million, or $190,126 per unit. The names of the seller and buyer were not released. Built in 1973 and renovated in 2019, AYA Apartments features 557 apartments in a mix of studio, one-, two- and three-bedroom layouts spread across 42 two-story, garden-style buildings. The property was previously an affordable housing community. However, restrictions expired several years ago and the three-year tail period that required keeping tenants in place expired in March 2021. As a result, the units are transitioning to market-rate apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young represented the seller and facilitated the sale of the property.
COLORADO SPRINGS, COLO. — NavPoint Real Estate Group has arranged the sale of Carefree Shopping Center, a retail property located at 3315-3541 N. Academy Blvd. in Colorado Springs. DCP Carefree sold the asset to Boise, Idaho-based Alturas Real Estate Fund for $15.8 million. At the time of sale, the 126,471-square-foot property was 98 percent occupied. Tenants include Family Dollar, Metro PCS, Human Bean Coffee, Pizza Hut and New Horizons Thrift Store. Matt Call and Collin Tedesco of NavPoint Real Estate Group handled the transaction.
MERIDIAN, IDAHO — Pacific Partners Residential has completed the disposition of Prelude at Paramount, an apartment community in Meridian. Pacific Development Partners acquired the asset for an undisclosed price. Danny Shin, Brock Zylstra, Timothy Ufkes, Rich Day and Jake Miles of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Adam Lewis served as Marcus & Millichap’s broker of record in Idaho. Built in 2019, Prelude at Paramount features 280 apartments in a mix of one-, two- and three-bedroom layouts with smart home technology, washers/dryers, stainless steel appliances and vinyl wood-style flooring. Community amenities include a pool, spa, playground, 24-hour fitness center, clubhouse and dog parks.
DENVER — JLL Capital Markets has arranged $54.3 million in financing for Civica Cherry Creek, an office property in Denver. Located at 250 Fillmore St., the 116,187-square-foot building features floor-to-ceiling glass, a great room with fireside lounge, private wine cellar, secure bike storage, rooftop terrace, building concierge and underground executive parking. The LEED Silver-certified property was built in 2018. Eric Tupler and Leon McBroom of JLL Capital Markets secured the five-year, floating-rate loan with a national bank on behalf of the borrower, a MetLife Investment Management-managed entity.
NEW YORK CITY — Los Angeles-based investment firm CIM Group, in partnership with locally based developer LIVWRK, has sold a 320-unit apartment community located at 85 Jay St. in Brooklyn’s Dumbo neighborhood for $220 million. The community is part of a larger development that includes 407 for-sale condos, 140,000 square feet of retail space that is anchored by a 77,000-square-foot Life Time Fitness and a 660-space parking garage. New York City-based RXR Realty purchased the rental complex. CIM Group has retained ownership of the condos and retail space.
NEWARK, N.J. — JLL has arranged a $110 million permanent loan for an 850,000-square-foot warehouse and distribution center in Newark. Thomas Didio, Thomas Didio Jr. and Ryan Carroll of JLL arranged the nonrecourse loan, which carried a fixed interest rate and a 15-year term, through a correspondent life insurance company. The borrower was not disclosed.