Property Type

Avison Young Brokers $21.7M Sale of Mark I Apartments in Las Vegas

by Amy Works September 7, 2021

LAS VEGAS — Avison Young has arranged the sale of Mark I Apartments, a multifamily community located at 1020 E. Desert Inn Road in Las Vegas. A Calabasas, Calif.-based limited liability corporation sold the asset to a Seattle-based limited liability corporation for $21.7 million, or $192,477 per unit. Built in 1975 and partially renovated in 2017, 2020 and 2021, Mark I features 113 apartments in a mix of studio, one- and two-bedroom layouts. Community amenities include a fitness center, pool, spa, laundry facility and clubhouse. The renovated residential units feature granite countertops and stainless steel appliances. Pat Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily team represented the seller in the transaction.

September 7, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 60,223 SF University Village Shopping Center in Tampa Bay Area

by Julia Sanders September 7, 2021

ST. PETERSBURG, FLA. — CBRE has arranged the sale of University Village, a 60,223-square-foot shopping center in downtown St. Petersburg. Casey Rosen and Dennis Carson of CBRE represented the seller, an affiliate of Bell Partners Inc., which is based in Greensboro, N.C. Publix Super Markets purchased the shopping center for an undisclosed price. Located at 250 Third St. S. and built in 2003, University Village is anchored by a Publix grocery store. Other tenants include CVS/pharmacy, Bank of America and seven other undisclosed retailers.

September 7, 2021

Loans Lument Multifamily Texas

Lument Provides $29.4M Acquisition Loan for San Antonio Apartment Community

by Taylor Williams September 7, 2021

SAN ANTONIO — Lument has provided a $29.4 million bridge loan for the acquisition of Limestone Oaks, a 401-unit apartment and townhome community in northwest San Antonio. The property was originally built in 1981, renovated in 2007 and acquired by the undisclosed seller in 2013. Colin Cross and John Sloot led the transaction for Lument. John Brickson of Old Capital Lending arranged the debt. The borrower was locally based owner-operator DJE Texas Management Group.

September 7, 2021

Harbour-Pointe-Senior-Living-Mukilteo-WA

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $19.5M Financing for Harbour Pointe Senior Living in Mukilteo, Washington

by Amy Works September 7, 2021

MUKILTEO, WASH. — CBRE Senior Housing has arranged $19.5 million in financing for Harbour Pointe Senior Living, a 106-unit assisted living and memory care community in Mukilteo, approximately 25 miles north of downtown Seattle. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living operates the community. The community, originally acquired by the owners in 2015, sits directly adjacent to Paine Field, a once-commercial airfield that is now primarily used as a Boeing assembly plant. Home to generations of former Boeing employees, the Harbour Pointe neighborhood is an affluent pocket of Mukilteo with numerous local amenities, including the nearby Harbour Pointe Golf Club. CBRE Senior Housing originated a seven-year, floating-rate loan with four years of interest-only payments through its Freddie Mac Optigo lending program.

September 7, 2021

Development Retail Texas

Weitzman to Redevelop 108,778 SF Grocery-Anchored Shopping Center in Dallas

by Taylor Williams September 7, 2021

DALLAS — Weitzman will redevelop Meadow Central Market, a 108,778-square-foot shopping center located at the intersection of North Central Expressway and Meadow Road in Dallas. A 29,121-square-foot Tom Thumb store anchors the center, which originally opened in the 1970s. The grocery store will receive new flooring, lighting and select food departments as part of the project. Other tenants include CVS, Edible Arrangements, The UPS Store and Sylvan Learning Center. Weitzman will upgrade the center’s façade, landscaping, signage and parking. Hodges & Associates is leading design of the project, which is expected to commence this fall. Completion is slated for early 2022.

September 7, 2021

Acquisitions Office Texas

Partners Capital Sells 104,212 SF Wells Fargo Business Park in Houston

by Taylor Williams September 7, 2021

HOUSTON — Partners Capital, the investment arm of NAI Partners, has sold Wells Fargo Business Park, a 104,212-square-foot flex property in Houston. Partners Capital originally acquired the two-building complex in 2018. Trent Agnew and Charlie Strauss of JLL represented Partners Capital in the transaction. Dallas-based Hillview Capital Partners purchased the asset for an undisclosed price.

September 7, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Arranges $43M Sale of Chicago Multifamily Property

by Kristin Harlow September 7, 2021

CHICAGO — Kiser Group has arranged the sale of a 188-unit multifamily property located at 5815 N. Sheridan Road in Chicago for $43 million. Lee Kiser of Kiser represented both the buyer, TLC Management, and the seller, Greenstone Property Group. The property last sold in 2018 for $27.2 million. Greenstone completed a condo deconversion at that time and renovated 70 percent of the units, which range in size from 515 to 780 square feet. TLC plans to continue updating units and add more amenities. The property fronts Lake Michigan and features private beach access.

September 7, 2021

Acquisitions Illinois Midwest Office

JLL Brokers Sale of Two-Building Office Property in Suburban Chicago

by Kristin Harlow September 7, 2021

NORTHBROOK, ILL. — JLL Capital Markets has brokered the sale of Edens Corporate Center, a two-building office property in the northern Chicago suburb of Northbrook. The sales price was undisclosed. Located on Dundee Road, Edens Corporate Center rises four stories and spans 188,040 rentable square feet. The two buildings were constructed in 1987 and 1988 and renovated from 2016 to 2019. Amenities include heated parking, an outdoor terrace, café, fitness center, yoga room and bike room. Patrick Shields, Sam DiFrancesca, Jaime Fink, Jeff Bramson and Bruce Miller of JLL represented the seller, KBS. Bradford Allen Investment Advisors was the buyer.

September 7, 2021

Loans Michigan Midwest Multifamily

Dwight Capital Provides $23M Construction Loan for City View Apartments in Lansing, Michigan

by Kristin Harlow September 7, 2021

LANSING, MICH. — Dwight Capital has provided a $23 million loan for the construction of City View Apartments in Lansing. Upon completion, the five-story building will include 117 apartment units and 3,500 square feet of ground-level retail space. Amenities will include a fitness center and parking garage. Adam Sasouness of Dwight originated the loan on behalf of the undisclosed borrower.

September 7, 2021

Affordable Housing Development Indiana Midwest Multifamily Seniors Housing

TWG Opens $11M Affordable Seniors Housing Project in Indianapolis

by Kristin Harlow September 7, 2021

INDIANAPOLIS — TWG has opened Line Lofts Apartments, an $11 million affordable seniors housing project on the east side of Indianapolis. Located at 1145 E. Washington St., the property features 63 two-bedroom units. One-fifth of the units are designed and reserved for seniors with visual impairments, as part of a partnership between TWG and local nonprofit Visually Impaired Preschool Services (VIPS). The property includes specific features to aid visually impaired residents, including oversized elevator buttons, tactile markings, dedicated ride sharing pickup spots and a park area for service animals. Line Lofts will also serve as the new home for the VIPS Simon and Estelle Knoble Family Resource Center, a 6,000-square-foot center that will offer services for blind or visually impaired children such as early intervention, orientation and mobility, preschool transition assistance, advocacy training and parent events. Low-income housing tax credits from the Indiana Housing and Community Development Authority helped fund the project.

September 7, 2021

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