Property Type

CP Capital, Alliance Residential Sell 179-Unit Multifamily Property in Fort Worth

by Taylor Williams October 25, 2021

FORT WORTH, TEXAS — A joint venture between New York City-based CP Capital and Arizona-based Alliance Residential Co. has sold Broadstone Southside, a 179-unit multifamily property in Fort Worth. The buyer and purchase price were not disclosed. Built in 2020, the property offers one- and two-bedroom units that are furnished with stainless steel appliances and granite countertops. Amenities include a pool, fitness center, dog park and an entertainment patio with grilling stations and a fire pit. Michael Ware, Drew Kile, Taylor Hill, Joey Tumminello, Will Balthrope and Jeffrey Kindorf of Institutional Property Advisors (IPA), a division of Marcus & Millchap, represented the seller in the deal. The team also procured the buyer, Railfield.

October 25, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 94-Unit Agave Villas Apartments in Irving

by Taylor Williams October 25, 2021

IRVING, TEXAS — Marcus & Millichap has brokered the sale of Agave Villas, a 94-unit apartment complex in Irving. According to Apartments.com, the property was built in 1980, features one- and two-bedroom units and offers amenities such as a pool, playground and picnic areas. David Fersing, Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the seller and procured an out-of-state investment firm as the buyer. Both parties requested anonymity.

October 25, 2021

Lee & Associates Office Texas

TaskUs Signs 80,000 SF Office Lease Renewal, Expansion Near San Antonio

by Taylor Williams October 25, 2021

NEW BRAUNFELS, TEXAS — TaskUs, a provider of digital technology solutions, has signed a lease renewal and expansion to occupy more than 80,000 square feet of office space at Heritage Plaza in the San Antonio suburb of New Braunfels. Wills Bauer and Randy Cooper of Stream Realty Partners represented TaskUs in the lease negotiations. Shawn Gulley represented the landlord, Worth & Associates, on an internal basis. TaskUs will modify its space to include a gaming lounge, meditation room and a break room.

October 25, 2021

Development Loans Midwest Minnesota Multifamily

JLL Arranges $85.1M in Financing for Development of Apartment Complex in Suburban Minneapolis

by Kristin Harlow October 25, 2021

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged $85.1 million in joint venture equity and construction financing for Paravel, a 246-unit apartment complex in the Minneapolis suburb of Eden Prairie. JLL secured a $59.5 million construction-to-permanent, fixed-rate loan through a life insurance company, and sourced $25.6 million in joint venture equity from a high-net-worth family office. Located at 8300 Commonwealth Drive, Paravel will be part of the Castle Ridge mixed-use development. The complex will include 358 underground parking stalls and 67 surface parking spaces. Josh Talberg, Brock Yaffe, Dan Linnell, Mox Gunderson, Pat McMullen, Adam Haydon, William Haass and Ken Dayton of JLL represented the borrower, Timberland Partners.

October 25, 2021

Loans Midwest Multifamily Ohio

Natixis Provides $53M Loan for Refinancing of River Haus Apartments Near Cincinnati

by Kristin Harlow October 25, 2021

COVINGTON, OHIO — Natixis has provided a $53 million loan for the refinancing of River Haus Apartments in Covington, about two miles from downtown Cincinnati. The borrower, Flaherty & Collins, completed development of the 192-unit, Class A multifamily community in 2019. Daniel Geuther and Michael Slovitt of Berkadia arranged the five-year, floating-rate loan, which replaced the initial construction financing.

October 25, 2021

Acquisitions Illinois Industrial Midwest

Provender Partners Acquires 570,028 SF Industrial Facility in Metro Chicago for $30M

by Kristin Harlow October 25, 2021

MANTENO, ILL. — Provender Partners has acquired a 570,028-square-foot industrial facility in Manteno, about 55 miles south of downtown Chicago. The purchase price was $30 million. Located at 1125 Sycamore Road and built in 1999, the property is fully temperature-controlled. It features 84 docks, 132 trailer stalls and rail service. The facility serves as the Midwest distribution center for McKesson’s pharmaceutical supply chain. The acquisition also includes 50 acres of excess land, which is fully entitled for the development of an additional 620,000 square feet of industrial space. Provender is considering several options for the land, including future expansion of the existing building, speculative or build-to-suit development. This is the fourth and largest food-related industrial building that Provender has acquired in the Chicago area over the past 18 months. Will Mura and Ted Gates of CBRE brokered the sale, the seller in which was undisclosed.

October 25, 2021

Acquisitions Illinois Midwest Multifamily

Becovic Purchases Chicago Apartment Building for $7.2M

by Kristin Harlow October 25, 2021

CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has acquired The Fleetwood in Chicago’s Edgewater Beach neighborhood for $7.2 million. The 59-unit apartment building is located at 6026 N. Winthrop Ave. Originally built in 1929, The Fleetwood rises eight stories with 21 studios, 37 one-bedroom units and one two-bedroom unit. The seller, an owner and operator of several apartments in the area, owned the property for almost 40 years.

October 25, 2021

Development Industrial Iowa Midwest

Construction Underway on Edgewood Logistics Park in Cedar Rapids, Iowa

by Kristin Harlow October 25, 2021

CEDAR RAPIDS, IOWA — Construction is underway on Edgewood Logistics Park, a 204,000-square-foot speculative industrial building in Cedar Rapids. The 21-acre project will feature a clear height of 36 feet, 48 docks, 200 vehicle parking stalls and 130 semi-trailer parking spaces. Completion is slated for spring 2022. Dave Drown of GLD Commercial is marketing the project for lease. The development group is privately held and locally owned. Garling Construction is the general contractor.

October 25, 2021

Development Multifamily New York Northeast

Crow Holdings, Marcus Partners Underway on 450-Unit Apartment Community in Harrison, New York

by Taylor Williams October 25, 2021

HARRISON, N.Y. — A partnership between Dallas-based Trammell Crow Residential, a subsidiary of Crow Holdings, and Boston-based Marcus Partners is underway on construction of Alexan Harrison, a 450-unit apartment community that will be located about 25 miles north of Manhattan. Alexan Harrison will offer studio, one-, two- and three-bedroom units ranging in size from 507 to 2,135 square feet. A portion of the residences, which will feature stainless steel appliances, granite countertops and individual washers and dryers, will be reserved as affordable housing. Amenities will include two pools and clubhouses, a fitness center, dog park, walking trails, a business center with private offices, wellness center and Amazon package lockers. Construction is scheduled to be complete in April 2024.

October 25, 2021

Development Multifamily New York Northeast

Zara Realty Breaks Ground on $110M Mixed-Income Project in Queens

by Taylor Williams October 25, 2021

NEW YORK CITY — Locally based developer Zara Realty has broken ground on a 223-unit mixed-income project located at 153-10 88th Ave. adjacent to Rufus King Park in Queens. Thirty percent (66) of the units, which will feature studio, one- and two-bedroom floor plans, will be designated as affordable housing. Amenities will include a fitness center, a tenant recreational space, rooftop terrace with gardens and seating areas, electric vehicle charging stations and storage units. Ismael Leyva Architects is designing the nine-story building, and Monadnock Construction Inc. is the general contractor. Completion is slated for 2023.

October 25, 2021

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