SACRAMENTO, CALIF. — Graceada Partners has purchased Westlake Apartments, a multifamily property located at 1 Shoal Court in Sacramento’s Pocket neighborhood. An undisclosed seller sold the 148-unit asset for $23.5 million, or $159,000 per unit. Graceada Partners plans to extensively renovate and modernize the 140,000-square-foot property, including $12,000 in per-unit renovations. The owner estimates it will be able to charge an additional $250 per unit per month following the project.
PASCO, WASH. — Blueprint Healthcare Real Estate advisors has arranged the sale of Tri-Cities Retirement Inn, an 82-unit assisted living and memory care community in Pasco, located in the southeast portion of Washington state. A Washington-based owner-operator acquired the property for an undisclosed price. First Interstate Bank provided acquisition financing at an 85 percent loan-to-value ratio. The seller was not disclosed.
COVINGTON, GA. — Facebook will invest an additional $250 million at its data center campus in Covington, bringing the social media giant’s total investment at the site to $1 billion. The Menlo Park, Calif.-based company will add three buildings and 1.5 million square feet to the property, which was first announced in 2018. Upon completion, the property will total five buildings spanning nearly 2.5 million square feet. Facebook expects to house 200 employees at the site, which is situated about 30 miles east of downtown Atlanta. A timeline for construction was not disclosed, but multiple media outlets report Facebook expects to complete the expansion in 2023. The design team was not disclosed.
WASHINGTON, D.C. — Diversified Healthcare Trust has completed a $26 million renovation of 1145 19th St. NW in Washington, D.C., a 133,000-square-foot medical office building. The renovations include a new glass façade, lobby lounge, fitness center, business center and an upgraded HVAC system. The property is situated less than one mile from downtown D.C. The RMR Group managed the renovations, Davis Construction was the general contractor and SmithGroup Architecture was the designer. Nick Zuppas and Andrew Papantoniou of Zuppas Medical Realty are leading the leasing efforts for the building.
NEW ORLEANS — Safeguard Self Storage has completed the expansion of its facility located at 919 Erato St. in New Orleans’ Lower Garden District. The company added 544 units spanning 44,346 square feet to its existing 459-unit, 33,311-square-foot facility. The asset utilizes the Noke Smart Entry System, which allows customers to access the building, storage area and individual units with a smartphone app. The building also features a “green roof,” which sustains living vegetation. Brian Rinaldi of Safegaurd is the manager. This is the sixth property in New Orleans for the locally based operator.
RICHMOND, VA. — Trader Joe’s has signed a 12,995-square-foot lease at Stony Point Village in Richmond. The 114,347-square-foot property is located at 3096 Stony Point Road, nine miles west of downtown Richmond. The Monrovia, Calif.-based grocer will join tenants such as Good Foods Grocery, Gelati Celesti Ice Cream and Einstein Bros. Bagels. Mount Pleasant, S.C.-based Ziff Properties Inc. owns the shopping center.
AUSTIN, TEXAS — Greystar has purchased Regency Park, a 528-unit apartment community in South Austin. According to rentcafé.com, the property features one-bedroom units with designer cabinetry and countertops and individual washers and dryers. Amenities include two pools, a fitness center, business center, dog park, sand volleyball court and a resident clubroom with billiards and a TV lounge. Patton Jones of Newmark Knight Frank arranged the sale of the community from a Florida-based private investment group to Charleston, S.C.-based Greystar.
AUSTIN, TEXAS — Lincoln Ventures has completed the development of Moontower, an 18-story student housing community located about a mile from the University of Texas at Austin. The property offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a rooftop pool and lounge, a study lounge with individual study rooms, a fitness center, yoga and spin studio, coffee bar and 24-hour package concierge. The community’s development team included interior designer Chelsea Kloss Interiors, contractor JE Dunn and architect Gensler.
HOUSTON — Marcus & Millichap has brokered the sale of Big Space Storage, a 279-unit self-storage facility in Houston. The property was built in 2016 and spans 137,760 net rentable square feet. Dave Knobler and Casey Kral of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company. Both parties requested anonymity.
WACO, TEXAS — New York City-based Rosewood Realty Group has arranged the sale of Cottonwood Creek Apartments, a 260-unit multifamily community in Waco. The property features one-, two- and three-bedroom units with designer finishes, walk-in closets, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling area and a pet playground. Jonathan Brody of Rosewood Realty represented the seller, Continental Properties, and procured the buyer, Borei Olam Management. The sales price was not disclosed.