Property Type

Keener Investments Acquires 312-Unit Montelago Apartments in Houston’s Bay Area

by Taylor Williams July 27, 2021

HOUSTON — Locally based firm Keener Investments has acquired Montelago Apartments, a 312-unit multifamily community located in Houston’s Bay Area neighborhood. Built in 2004, the property features one-, two- and three-bedroom units with built-in desks, breakfast bars, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, coffee bar, a newly remodeled clubhouse and outdoor grilling stations. Keener will implement a value-add program and will also manage the property. The seller and sales price were not disclosed.

July 27, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 292-Unit Self-Storage Facility in Madisonville, Texas

by Taylor Williams July 27, 2021

MADISONVILLE, TEXAS — Marcus & Millichap has brokered the sale of D&J Storage, a 292-unit self-storage facility in Madisonville, about 100 miles north of Houston. The property spans 41,740 square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Jordan Farrer, Charles LeClaire and Adam Schlosser, also with Marcus & Millichap, represented the buyer, an individual/personal trust. Both parties requested anonymity.

July 27, 2021

Loans Multifamily Texas

Alliant Credit Union Funds $39M Acquisition Loan for Austin Student Housing Property

by Taylor Williams July 27, 2021

AUSTIN, TEXAS — Alliant Credit Union has funded a $39 million acquisition loan for a newly built, 451-unit student housing tower located two blocks from the University of Texas at Austin’s campus. The 18-story building, the name of which was not disclosed, offers amenities such as a rooftop pool, fitness center and various study areas. Alliant provided the loan, which was structured with a period of interest-only payments and flexible exit options, to the borrower, Versity Investments. Josh Perew of Walker & Dunlop arranged the financing.

July 27, 2021

Loans Multifamily Texas

Berkadia Provides $33.3M Construction Loan for Multifamily Project in College Station

by Taylor Williams July 27, 2021

COLLEGE STATION, TEXAS — Berkadia has provided a $33.3 million construction loan for Midtown Station Apartments, a 264-unit multifamily project in College Station. Midtown Station will feature 178 one-bedroom, one-bathroom units and 86 two-bedroom, two-bathroom units. Amenities will include a clubhouse, pool and deck, dog parks, dog wash station and a mail kiosk. The borrower was a partnership between Cross Development and StoneCreek Real Estate Partners. Construction is slated for a spring 2023 completion.

July 27, 2021

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Brokers Sale of 547-Unit Self-Storage Portfolio in Kutztown, Pennsylvania

by Taylor Williams July 27, 2021

KUTZTOWN, PA. — Marcus & Millichap has brokered the sale of a 546-unit self-storage portfolio in the Eastern Pennsylvania city of Kutztown. The portfolio consists of two existing facilities totaling 22,243 net rentable square feet across 131 climate- and non-climate-controlled units, as well as a development site for which 148 climate-controlled and 268 non-climate-controlled units have been proposed. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the buyer and seller, both of which were private investment groups based in Eastern Pennsylvania that requested anonymity, in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.

July 27, 2021

Acquisitions California Company News Multifamily Northeast Pennsylvania Top Stories Western

Independence Realty Trust and Steadfast Apartment REIT to Merge, Creating $7B Multifamily Owner

by John Nelson July 27, 2021

PHILADELPHIA AND IRVINE, CALIF. — Independence Realty Trust Inc. (NYSE: IRT), a publicly traded apartment REIT based in Philadelphia, has agreed to acquire Irvine-based Steadfast Apartment REIT Inc. On a pro-forma basis, the combined company is expected to have a total enterprise value of approximately $7 billion and be equally owned by shareholders of both firms. Post-merger, the company will operate under the Independence Realty Trust banner and trade under the same stock symbol. The portfolio will total 131 apartment communities comprising approximately 38,000 units across 16 states. The combined company’s 10 largest markets by unit count would be Atlanta, Dallas-Fort Worth, Denver, Oklahoma City, Louisville, Columbus, Indianapolis, Raleigh-Durham, Houston and Memphis. According to an investor presentation, the portfolio averages $1,231 in effective rent per month and is 96.2 percent occupied. The combined company would rank at No. 26 on the National Multifamily Housing Council’s (NMHC) 2021 ranking of the top 50 apartment owners. Neither Independence Realty Trust nor Steadfast Apartment REIT is on the NMHC Top 50 Owners ranking for 2021. Both companies expect the transaction to close during the fourth quarter of 2021, subject to customary closing conditions, including approval of both companies’ stockholders. The boards of directors …

July 27, 2021

Civic Development Maine Northeast

Consigli Construction Completes 350,000 SF Athletics Facility at Colby College in Maine

by Taylor Williams July 27, 2021

WATERVILLE, MAINE — General contractor Consigli Construction Co. has completed the Harold Alfond Athletics and Recreation Center, a 350,000-square-foot facility at Colby College, a private liberal arts college in Waterville, Maine. The facility features a 200-meter track, tennis courts, an ice arena, Olympic-sized pool, competition gym for basketball and volleyball, squash courts, a strength and fitness center, multi-purpose studios, locker rooms, sports medicine facilities and offices. Sasaki and Hopkins Architects led the design of the project.

July 27, 2021

Acquisitions Data Centers New Jersey Northeast Office

STRO Cos. Acquires 141,000 SF Office, Data Center in Florham Park, New Jersey

by Taylor Williams July 27, 2021

FLORHAM PARK, N.J. — The STRO Cos., a New Jersey-based investment firm, has acquired a 141,000-square-foot office and data center that is situated on a 14.4-acre site in the Northern New Jersey community of Florham Park. The company purchased the asset from Bank of New York Mellon (BNY), which also occupies the building, for an undisclosed price. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn, J.B. Bruno, Jordan Avanzato and Michael Kavanaugh of JLL represented BNY in the transaction. Prudential Bank provided acquisition financing.

July 27, 2021

85-New-Brunswick-Ave.-Woodbridge-New-Jersey

Acquisitions Industrial New Jersey Northeast

Woodmont Sells 101,425 SF Distribution Center in Woodbridge, New Jersey

by Taylor Williams July 27, 2021

WOODBRIDGE, N.J. — Woodmont Industrial Partners has sold a 101,425-square-foot distribution center in Woodbridge, about 30 miles south of New York City. Woodmont completed construction of the property in the second quarter and subsequently executed a lease with Bentley Labs, a formulator and provider of beauty products. The property features a clear height of 36 feet and 12 dock doors with the option to expand to 24. The buyer was Denver-based EverWest Real Estate Investors.

July 27, 2021

Acquisitions Connecticut Industrial Northeast Office

CBRE Negotiates $3.7M Sale of Office, Industrial Building in Wilton, Connecticut

by Taylor Williams July 27, 2021

WILTON, CONN. — CBRE has negotiated the $3.7 million sale of a 47,040-square-foot office and industrial building in Wilton, located in Fairfield County. The property, which was built in 1965 and renovated in 2006, was vacant at the time of sale. Louis Zuckerman, Tom Pajolek and Pat Colwell of CBRE represented the undisclosed seller in the transaction. The team also procured the buyer, a joint venture between Fuller Development and Spinnaker Real Estate Partners that plans to reposition the property for residential use.

July 27, 2021

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