Property Type

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

Acquisitions Industrial Nevada Western

RealComm Arranges $10M Sale of Industrial Building in Henderson, Nevada

by Amy Works December 7, 2021

HENDERSON, NEV. — RealComm has brokered the sale of an industrial property located at 7735 Commercial Way in Henderson. Yukon Waters LLC acquired the asset from BS Holdings for $10 million. The property features 42,311 square feet of industrial space. Greg Pancirov, Mike De Lew and Paul Hoyt of RealComm represented the seller and buyer in the transaction.

December 7, 2021

Acquisitions Multifamily Texas

Investors Management Group Acquires 312-Unit Hardy Oak Apartments in San Antonio

by Taylor Williams December 7, 2021

SAN ANTONIO — Investors Management Group, a multifamily investment firm with offices on the West Coast, has acquired Hardy Oak, a 312-unit apartment community in San Antonio. Built in 2020, the property offers one-, two- and three-bedroom units ranging in size from 791 to 1,446 square feet. Amenities include a pool, coworking space, outdoor kitchen and walking trails. Will Balthrope and Drew Garza of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal. Charlie Mentzer of Capital One originated Freddie Mac acquisition financing for the deal.

December 7, 2021

Loans Multifamily Texas

Ready Capital Closes $19.2M Acquisition Loan for Fort Worth Apartments

by Taylor Williams December 7, 2021

FORT WORTH, TEXAS — New York City-based Ready Capital Corp. has closed a $19.2 million loan for the acquisition, renovation and stabilization of an unnamed, 212-unit apartment community in southeast Fort Worth. The nonrecourse, interest-only loan was structured with a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

December 7, 2021

First-Bordentown-Logistics-Center-New-Jersey

Development Industrial New Jersey Northeast

First Industrial to Develop 208,000 SF Spec Distribution Center in Bordentown, New Jersey

by Taylor Williams December 7, 2021

BORDENTOWN, N.J. — Chicago-based First Industrial Realty Trust will develop First Bordentown Logistics Center, a 208,000-square-foot speculative distribution center that will be located on the southern outskirts of Trenton. Building features will include a clear height of 36 feet, 45 trailer stalls, 42 dock doors, an ESFR sprinkler system and 2,950 square feet of office space. Jonathan Klear and Fred Meyer of NAI Mertz represented the undisclosed seller in the disposition of the 20-acre site on which the property will be located. Along with Cushman & Wakefield, NAI Mertz has also been tapped to market the facility for lease. Completion is slated for late 2022.

December 7, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges Two Loans Totaling $45.5M for Refinancing of New Jersey Apartments

by Taylor Williams December 7, 2021

NUTLEY AND PALISADES PARK, N.J. — JLL has arranged two loans totaling $45.5 million for the refinancing of a pair of multifamily properties totaling 321 units in Northern New Jersey. Village Manor is a 227-unit community in Nutley that was originally built in 1950 and features one- and two-bedroom units ranging in size from 659 to 910 square feet. Palisades Manor is a 94-unit complex that was originally constructed in 1935 and offers studio, one- and two-bedroom units with an average size of 946 square feet. John Hancock Financial provided the fixed-rate loans, which respectively total $31.5 million and $14 million, to the borrower, Tidewater Real Estate. Greg Nalbandian and Michael Lachs of JLL placed the loans.

December 7, 2021

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