Property Type

Marcus & Millichap Brokers Sale of 694-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 11, 2021

SAN ANTONIO — Marcus & Millichap has brokered the sale of a 694-unit self-storage facility in San Antonio that is operated under the Life Storage brand. The property consists of 571 climate-controlled units and 123 non-climate-controlled units that range in size from 50 to 300 square feet. Jon Danklefs of Marcus & Millichap represented the undisclosed seller and procured the buyer, a joint venture between Montfort Capital Partners LLC and Blue Vista Capital. Life Storage will continue to manage the property.

June 11, 2021

Acquisitions Multifamily Texas

AMLI Residential Acquires 373-Unit Elizabeth Apartments in Austin

by Taylor Williams June 11, 2021

AUSTIN, TEXAS — AMLI Residential, a national multifamily development and management firm based in Chicago, has acquired The Elizabeth, a 373-unit apartment community in Austin’s Silicon Hills neighborhood. Built in 2020, the property offers studio, one-, two and three-bedroom units. Amenities include a pool, fitness center, resident lounge, bocce ball courts, coworking lounge, outdoor grilling stations, music library and a dog park. Patton Jones of Newmark represented the seller, Dallas-based StreetLights Residential, in the transaction. The sales price was not disclosed.

June 11, 2021

Industrial Leasing Activity Texas

SiteOne Landscape Supply Signs 337,913 SF Industrial Lease in Hutchins, Texas

by Taylor Williams June 11, 2021

HUTCHINS, TEXAS — Georgia-based SiteOne Landscape Supply has signed a 337,913-square-foot industrial lease at 1200 W. Wintergreen Road in the southern Dallas suburb of Hutchins. According to LoopNet Inc., the property was built in 2017 and totals 754,897 square feet. Adam Curran, David Eseke, Gary Collett and Jeff Eisenhart of Cushman & Wakefield represented the tenant in the lease negotiations. Boston-based Cabot Properties owns the building.

June 11, 2021

Development Multifamily Texas

Stratus Properties to Develop 182-Unit Saint June Multifamily Project in Austin

by Taylor Williams June 11, 2021

AUSTIN, TEXAS — Locally based developer Stratus Properties (NASDAQ: STRS) will build The Saint June, a 182-unit multifamily project that will be located in Austin’s Barton Creek area. The garden-style property will be situated on 36 acres and will offer one-, two- and three-bedroom units. Amenities will include a pool, resident clubhouse and communal green space. Construction is expected to begin before the end of the quarter, and the first move-ins are scheduled for late 2022.

June 11, 2021

Acquisitions Retail Texas

STRIVE Arranges Sale of 9,807 SF Hebron Heights Retail Strip Center in Metro Dallas

by Taylor Williams June 11, 2021

CARROLLTON, TEXAS — Locally based retail brokerage firm STRIVE has arranged the sale of Hebron Heights, a 9,807-square-foot retail strip center in the northern Dallas suburb of Carrollton. Hudson Lambert of STRIVE represented the California-based seller and the Texas-based buyer in the transaction. The property was fully leased to six tenants at the time of sale.

June 11, 2021

Kentucky Loans Multifamily Southeast

NorthMarq Provides $10.8M HUD-Insured Loan for Hurstbourne Heights Apartments in Louisville

by Julia Sanders June 11, 2021

LOUISVILLE, KY. — NorthMarq has provided a $10.8 million HUD-insured loan for the refinancing of Hurstbourne Heights Apartments, an 84-unit multifamily property located at 7603 Downs Farm Place in Louisville. The transaction was structured with a fully-amortizing 35-year term. Randall Waddell of NorthMarq originated the non-recourse, fixed-rate loan on behalf of the undisclosed borrower. Hurstbourne Heights is located in the Highview area of Jefferson County, and situated close to GE’s Appliance Park, Ford’s SUV assembly plant and the Louisville Muhammad Ali International Airport. Constructed in 2019, the property is managed by PMR Cos. NorthMarq Finance LLC, a fully licensed Federal Housing Administration (FHA) lender and approved Ginnie Mae seller/servicer through HUD’s 223(f) program, funded the loan. The borrower received benefits from the program including the highest loan-to-value ratio available in the market, low fixed interest rates based on Ginnie Mae securities, greater cash flow due to the 35-year amortization schedule and a borrower-friendly prepayment provision.

June 11, 2021

Acquisitions Multifamily New Jersey Northeast

Colliers Brokers Sale of 156-Unit Multifamily Portfolio in Northern New Jersey

by Taylor Williams June 11, 2021

HACKENSACK AND LITTLE FERRY, N.J. — Colliers International has brokered the sale of the Lenox Multifamily Portfolio, a collection of five apartment buildings totaling 156 units in Northern New Jersey. The properties, which are located in Hackensack and Little Ferry, feature a unit mix of 16 studios, 133 one-bedroom apartments and seven two-bedroom residences. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers brokered marketed the properties on behalf of the undisclosed seller. The buyer and sales price were also not disclosed.

June 11, 2021

Acquisitions Industrial Northeast Pennsylvania

Velocity Venture Partners Buys Three Industrial Flex Buildings Totaling 69,700 SF Near Philadelphia

by Taylor Williams June 11, 2021

HATFIELD AND KING OF PRUSSIA, PA. — Locally based investment firm Velocity Venture Partners has purchased three industrial flex buildings totaling 69,700 square feet in the Philadelphia area. The properties include a 27,500-square-footbuilding at 1111 North Broad St. in Hatfield; a 15,200-square-foot asset at 1910 North Penn Road in Hatfield; and a 27,000-square-foot industrial facility at 451 Yerkes Road in King of Prussia. Justin Bell of Newmark brokered the deals. The seller(s) was not disclosed.

June 11, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Arranges $14.9M Sale of 113-Unit Multifamily Portfolio in East Orange, New Jersey

by Taylor Williams June 11, 2021

EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $14.9 million sale of a three-property, 113-unit multifamily portfolio in East Orange, a suburb of Newark. The properties are all located in the city’s Brick Church area. David Oropeza of Gebroe-Hammer represented the seller, a partnership between Nova EO Portfolio I LLC and The Capital Foresight LP, in the transaction. Oropeza also procured the buyer, an undisclosed private investment firm.

June 11, 2021

Acquisitions Florida Retail Southeast

PEBB Enterprises, Topvalco Acquire Delray Commons Shopping Center in South Florida for $10.5M

by Julia Sanders June 11, 2021

DELRAY BEACH, FLA. — PEBB Enterprises has acquired Delray Commons, a 71,000-square-foot shopping center located at 5024-5070 W. Atlantic Ave. in Delray Beach. The Boca Raton, Fla.-based company formed a joint venture dubbed KP Delray LLC with the center’s existing owner, Cincinnati-based Topvalco Inc., for the acquisition. The sales price was $10.5 million. Built in 1981, Delray Commons has 65,940 square feet of inline retail space, a 3,036-square-foot Burger King outparcel and an approximately 2,000-square-foot Taco Bell outparcel. Sprouts Farmers Market has committed to anchor the center with a 23,256-square-foot store. PEBB previously owned Delray Commons before selling the property to a local venture in 2015, Topvalco acquired the center three years later. The partnership plans to completely redevelop the center with a new façade, roof, parking lot, site lighting, signage and landscaping. The new ownership also has the ability to add another outparcel building along West Atlantic Avenue.

June 11, 2021

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