Property Type

CBRE Negotiates Sale of 272-Unit Bella Vista Apartments in East Dallas

by Taylor Williams November 20, 2020

DALLAS — CBRE has negotiated the sale of Bella Vista Apartments, a 272-unit multifamily community located at 3402 S. Buckner Blvd. in East Dallas. Built between 1985 and 1987, the property features one- and two-bedroom units and amenities such as a pool, business center and a resident clubhouse. Austin-based GVA Management purchased the property from Canada-based AmeriCan Multifamily Alliance Group for an undisclosed price. Chris Deuillet, William Hubbard, Jeff Kunitz and Mike Canori of CBRE brokered the deal. GVA Management plans to rehabilitate the property, which was 93 percent occupied at the time of sale.

November 20, 2020

Development Multifamily Texas

Impact Developers Completes 238-Unit Hermosa Village Apartments in Metro Austin

by Taylor Williams November 20, 2020

LEANDER, TEXAS — Austin-based Impact Developers has completed Hermosa Village Apartments, a 238-unit multifamily community located in the northern Austin metro of Leander. Designed by Humphreys & Partners and built by Cadence McShane Construction, the property offers one-, two- and three-bedroom units ranging in size from 684 to 1,450 square feet. Units are furnished with custom European cabinetry, quartz countertops, stainless steel appliances, individual washers and dryers and private patios. Amenities include a pool, fitness center, outdoor game space and a dog park. Clay Akiwinzie of Berkadia, secured a loan through La Salle on behalf of California-based Bridge Partners for the acquisition of Hermosa Village.

November 20, 2020

Affordable Housing Development Loans Multifamily Texas

KeyBank Provides $54.4M in Financing for San Antonio Affordable Housing Project

by Taylor Williams November 20, 2020

SAN ANTONIO — KeyBank has provided $54.4 million in financing for Kitty Hawk Flats, a 212-unit affordable housing development that will be located in San Antonio. The financing consisted of a $23.5 million low-income housing tax credit (LIHTC) construction loan, a $7.4 million bridge loan and a $23.5 million fixed-rate Freddie Mac loan. Kitty Hawk Flats will comprise six one-bedroom, 70 two-bedroom, 100 three-bedroom and 36 four-bedroom units, with units reserved for renters earning between 30 and 70 percent of the area median income. The borrower was The NRP Group. Construction is expected to be complete by March 2022. Kyle Kolesar and Robbie Lynn of KeyBank originated the transaction.

November 20, 2020

Acquisitions Industrial Texas

Henry S. Miller Arranges Sale of 100,000 SF Industrial Building, 23.2 Acres in Ponder, Texas

by Taylor Williams November 20, 2020

PONDER, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 100,000-square-foot industrial building and 23.2 acres at 100 E. FM 2449 in Ponder, located north of Fort Worth and west of Denton. Dan Spika of Henry S. Miller represented the seller, Dallas-based Ponder Property LLC, in the transaction. The buyer was Ferti Management Corp., a Canadian producer of fertilizers. The sales price was not disclosed.

November 20, 2020

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Colliers Arranges $94M Sale of Affordable Seniors Housing Property in East Orange, New Jersey

by Taylor Williams November 20, 2020

EAST ORANGE, N.J. — Colliers International has arranged the $94 million sale of Norman Towers, a Section 8 seniors housing project located in the Newark suburb of East Orange. The 405-unit property has not been renovated since its original construction in 1980. Colliers represented the seller, Squiretown Properties LLC, in the transaction. The buyer was a partnership between Community Preservation Partners and L+M Development Partners. The property’s affordability status, which was set to expire in 10 years, has now been extended for 30 years as part of the purchase agreement. The Section 8 program is named for Section 8 of the United States Housing Act of 1937. It is more commonly known today as the Housing Choice Voucher Program, which is funded by the Department of Housing and Urban Development. Low-income residents apply to qualify for a rent assistance voucher.

November 20, 2020

Development Industrial New Jersey Northeast Self-Storage

ARCO/Murray Completes 1,100-Unit Self-Storage Development in Rochelle Park, New Jersey

by Taylor Williams November 20, 2020

ROCHELLE PARK, N.J. — Dallas-based design/build firm ARCO/Murray has completed a 1,100-unit self-storage project in Rochelle Park, about 25 miles northwest of New York City. The 120,000-square-foot property features a 2,800-square-foot office and an interior loading dock. ARCO/Murray provided a complete design-build solution, including architectural and engineering design, permitting, construction and final equipment. Quinlan Development Group developed the project.

November 20, 2020

Development Healthcare New Jersey Northeast Retail

Mantua Partners, North Bridge to Develop 10-Acre Medical Office, Retail Project in Southern New Jersey

by Taylor Williams November 20, 2020

MANTUA TOWNSHIP, N.J. — Mantua Partners LLC and North Bridge Properties will develop a 10-acre medical office and retail project in Mantua Township, located outside Philadelphia in Southern New Jersey. Branded as Mantua Shopping Center & Medical Complex, the property will consist of approximately 77,500 square feet of medical office space and 18,000 square feet of retail space. Construction is scheduled to begin next spring and to be complete in the spring or summer of 2022. Soloff Realty & Development has been tapped to lease the project.

November 20, 2020

Acquisitions Industrial New York Northeast Self-Storage

Westbridge Realty Brokers Sale of 300-Unit Self-Storage Facility in Brooklyn

by Taylor Williams November 20, 2020

NEW YORK CITY — Westbridge Realty Group has brokered the sale of a 300-unit self-storage facility located at 88 Ninth St. in the Gowanus area of Brooklyn for $6.5 million. The site spans 40,200 square feet. Alexandra Rossland and David Marciano of Westbridge represented the seller, Charles Devito of Chuck Realty Corp., in the transaction. David Marciano of Westbridge represented the buyer, Insite Property Group, a California-based self-storage operator and manager that will continue to run the facility.

November 20, 2020

Acquisitions Industrial Leasing Activity Maryland Southeast

MCB, Artemis Real Estate Acquire Distribution Center Near Baltimore in $65M Sale-Leaseback Deal with Rite Aid

by Alex Tostado November 20, 2020

ABERDEEN, MD. — A joint venture between MCB Real Estate LLC and Artemis Real Estate Partners has acquired an 890,000-square-foot distribution center in Aberdeen for $65 million. A subsidiary of Rite-Aid fully leases the center, which serves as a distribution hub for more than 1,200 Rite-Aid locations across the Northeast. Rite-Aid sold the warehouse to the joint venture in a sale-leaseback transaction. The asset is situated at 601 Chelsea Road, 35 miles northeast of downtown Baltimore and five miles from Interstate 95. Bill Shrader and John Van Buskirk of Lee & Associates represented the buyer in the transaction. Michael Katz of REF Advisory Inc. represented the seller.

November 20, 2020

Development Florida Multifamily Seniors Housing Southeast

Paces Foundation Opens Affordable Seniors Housing Community in Pensacola, Florida

by Alex Tostado November 20, 2020

PENSACOLA, FLA. — The Paces Foundation has opened Brownsville Manor, an affordable housing community for seniors in Pensacola. The property offers 88 one- and two-bedroom units and is over 80 percent leased. The units will feature heating and cooling units, high-efficiency water heaters and water-saving showers and plumbing fixtures. Brownsville Manor is the second affordable housing community that The Paces Foundation has built for seniors in Pensacola. The first, Fairfield Manor, was awarded a LEED Platinum certification and opened five years ago.

November 20, 2020

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