BOSTON — Developer Arx Urban is nearing completion of a 36-unit workforce housing project located at 233 Hancock St. in Boston’s Dorchester neighborhood. Boston-based RODE Architects designed the project, construction of which began in December 2018 and is expected to wrap up by the end of the month.
WATERTOWN, MASS. — Amstel Heritage Development has opened The Aver, a 25-unit luxury apartment complex located in the western Boston suburb of Watertown. The unit mix consists of two studio apartments, two one-bedroom units and 21 two-bedroom units with stainless steel appliances, quartz countertops and in-unit washers and dryers. Construction began in 2018.
AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $42.6 million Freddie Mac permanent loan for the construction of Austin Manor, a 280-unit affordable housing project in East Austin. All of the units will be reserved for renters earning 60 percent or less of the area median income. Austin Manor will offer amenities such as a 6,000-square-foot clubhouse, pool, sports court and a playground, as well as family support services including counseling, adult education, health and nutrition courses and youth programs. Phil Melton and Cindy Hannon of Bellwether originated the loan. The borrower was not disclosed.
LEANDER, TEXAS — Allied Orion Group is nearing completion of The Southbrook, a 360-unit multifamily project that will be located in the northern Austin suburb of Leander. Designed by Dallas-based Humphreys & Partners Architects, the property will offer one, two- and three-bedroom floor plans and amenities such as a pool, fitness center, resident lounge with billiards tables, dog park, courtyard and package delivery services. The first units are expected to be available for occupancy in the fourth quarter.
MESQUITE, TEXAS — Stream Realty Partners has negotiated a 203,040-square-foot industrial lease at Urban District 30 in the eastern Dallas suburb of Mesquite. For the tenant, online light bulb retailer 1000Bulbs.com, the lease represents an expansion of 60 percent of its previous warehouse capacity. Matt Dornak and Drew Feagin of Stream Realty Partners represented the landlord, Urban Logistics Realty, in the lease negotiations. Blake Kendrick and Seth Koschak, also with Stream Realty Partners, represented the tenant. At full completion, which is slated for the fourth quarter, Urban District 30 will total approximately 977,000 square feet across five buildings.
OKLAHOMA CITY — New Jersey-based Monmouth Real Estate Investment Corp. has acquired a 120,780-square-foot industrial building at 6101 SW 44th St. in Oklahoma City for $15.2 million. The property is situated on 22 acres and is net-leased to Amazon.com Services LLC for 10 years. According to LoopNet Inc., the property was built in 2019 and features 30- to 32-foot clear heights and a 5 percent office finish. The seller was not disclosed.
HOUSTON — McCord Development will build a 101,000-square-foot medical office building within Redemption Square, a mixed-use district within the 4,200-acre Generation Park master-planned development in northeast Houston. Designed by Kirksey Architecture, the five-story building will feature a glass façade with views of the adjacent West Lake Park, ground-floor locker rooms with showers and access to Generation Park’s network of hiking trails. McCord expects to begin construction next year and to complete the project in 2023.
PHOENIX — Trammell Crow Co. (TCC) and its partner, CBRE U.S. Development Partners 5, a fund sponsored by CBRE Global Investors, have completed Park Aldea. The 356,000-square-foot industrial development is located in Phoenix. Situated on 27 acres west of the intersection of 99th Avenue and Cardinals Way, the property features the 74,164-square-foot Building A, the 76,322-square-foot Building B, the 87,296-square-foot Building C and the 118,241-square-foot Building D. The buildings offer divisibility down to 7,280 square feet. The facilities feature ESFR sprinkler systems, clear heights ranging from 24 feet to 32 feet, building depths ranging from 140 feet to 222 feet, and truck courts that range in size from 130 feet to 180 feet. Green Worldwide, an international shipping company, has signed a lease to occupy Building C, located at 10200 W. Montebello Ave. The company plans to move to the new facility at the end of 2020. Mitchell Stravitz, Cooper Fratt and Tanner Ferrandi of CBRE Phoenix serve as leasing agents for the project. Ted Liles of Cresa represented Green Worldwide in its lease.
MORENO VALLEY, CALIF. — Avison Young has arranged the purchase of Moreno Corporate Center, an industrial park located in Moreno Valley. A Southern California-based private investor acquired the property from a Bay Area-based investment company for an undisclosed price. Built in 1989 on nine acres, the five-building, 139,150-square-foot Moreno Corporate Center features 17-foot clear heights and a 2.85 parking ratio. The buildings are located at 14300, 14320 and 14340 Elsworth St. and 22620 and 22640 Goldencrest Drive. At the time of sale, the property was 95 percent occupied by more than 45 tenants. Alan Pekarcik and Chris Smith of Avison Young represented the buyer, while CBRE represented the seller in the transaction.
TACOMA, WASH. — A local developer has completed the disposition of Westminster Towers, an apartment community in Tacoma. A private investor in a 1031 exchange acquired the asset for $28 million, or $201,439 per unit. Built in 1997, the property features 139 units in a mix of studio, one-, two- and three-bedroom layouts with floor plans that measure up to 1,137 square feet. Community amenities include a clubhouse, fitness center, swimming pool, gazebo, garage and covered space parking. Timothy Ufkes and Evan McLeod of Marcus & Millichap represented the seller and procured the buyer in the transaction