Property Type

Legacy Partners, Bridge Investment Break Ground on 361-Unit Apartment Community in Metro Dallas

by Taylor Williams June 21, 2021

RICHARDSON, TEXAS — Legacy Partners and Bridge Investment Group have broken ground on Ovation at Galatyn Park, a 361-unit apartment community in the northeastern Dallas suburb of Richardson. Designed by WDG, the property will offer one-, two- and three-bedroom units that will range in size from 570 to 1,700 square feet. Amenities will include a fitness center, bike storage and repair shop, outdoor kitchen, sky lounge, coworking space and a grab-and-go convenience mart. Completion is slated for spring 2023. Rents will start at $1,400 per month for a one-bedroom unit.

June 21, 2021

Georgia Loans Multifamily Southeast

Newmark Secures $82M Refinancing Loan for 788 West Midtown Condo Property in Atlanta

by Julia Sanders June 21, 2021

ATLANTA — Newmark, on behalf of McKinley Homes, has secured an $82 million loan for the refinancing of 788 West Midtown, a 279-unit luxury condominium building located in Atlanta’s West Midtown neighborhood. Jordan Roeschlaub, Dustin Stolly, Chris Kramer, Nick Scribani and Ben Kroll of Newmark arranged the financing through Cerberus. Located close to Georgia Tech and Atlantic Station, 788 West Midtown is located at 788 W. Marietta St. NW. Roughly 40 percent of the condos at 788 West Midtown are sold and sales velocity is averaging more than four per month, according to Newmark. Based in Peachtree Corners in metro Atlanta, McKinley Homes is a land developer and builder specializing in real estate development and vertical construction.

June 21, 2021

Acquisitions Multifamily Student Housing Texas

Newmark Brokers Sale of 384-Bed Rio West Student Housing Near UT Austin

by Taylor Williams June 21, 2021

AUSTIN, TEXAS — Newmark has brokered the sale of Rio West, a 384-bed student housing community located less than a quarter of a mile from the University of Texas at Austin’s campus. The property offers a private parking garage, onsite management and maintenance services, a complimentary coffee bar, private study lounges, a resort-style pool with an outdoor patio and grilling stations and a 24/7 fitness center. Ryan Lang and Jack Brett of Newmark represented the seller, Virginia-based ILM Capital LLC, in the transaction. The buyer and sales price were not disclosed.

June 21, 2021

Acquisitions Loans Multifamily South Carolina Southeast Virginia

Alliant Credit Union Provides $55.4M in Loans for Two Multifamily Properties in Columbia, Richmond

by Julia Sanders June 21, 2021

COLUMBIA, S.C. AND RICHMOND, VA. — Chicago-based Alliant Credit Union has provided a total of $55.4 million in loans to finance two properties in Columbia and Richmond. The financing included a $32 million acquisition loan for a newly constructed, 285-unit apartment complex in Columbia. The undisclosed borrower was a private owner and operator of multifamily properties. The loan structure includes interest-only payments, minimal reserves and flexible exit options. Ira Zlotowitz and Michael Wyne of Eastern Union referred the transaction to Alliant Credit Union. Completed in 2019, the apartment property features a resort-style swimming pool, courtyard, clubhouse, fitness center and a media room. The average square feet of the apartment units is 1,033 square feet, and the average monthly rent price is $1,390. For the Richmond property, Alliant funded a $23.5 million refinance loan for a recently constructed multifamily property featuring 128 apartments and 8,000 square feet of retail space. The borrower was a private real estate investor, developer, operator and advisor with operations in the Southeast. The loan structure featured a seven-year term with an interest-only period, a step-down in interest rate, an earn-out provision and flexible exit options. Charles DuBose and Harmon Handorf of Phillips Realty Capital referred the …

June 21, 2021

Acquisitions Multifamily Seniors Housing Texas

Livingston Street Capital Buys 180-Unit Active Adult Community in Lewisville, Texas

by Taylor Williams June 21, 2021

LEWISVILLE, TEXAS — An affiliate of private equity firm Livingston Street Capital has purchased a 180-unit active adult community located on the northern outskirts of Dallas. The property, which was built in 2002 and renovated in 2018, has been rebranded as Haven of Lewisville Lake. Units feature granite countertops, individual washers and dryers and stainless steel appliances, as well as outdoor patios and plank flooring in select units. Amenities include a resort-style pool, heated spa, poolside lounge, resident clubhouse, game room and a 24/7 fitness center. Residents also have access to an onsite salon, massage therapist and shuttle services. The seller was not disclosed.

June 21, 2021

Industrial Leasing Activity Texas

Holt Lunsford Commercial Negotiates 117,047 SF Industrial Lease Renewal in West Dallas

by Taylor Williams June 21, 2021

DALLAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 117,047-square-foot industrial lease renewal at 3901 Pipestone Road in West Dallas. According to LoopNet Inc., the property sits on 7.6 acres and spans 176,274 square feet. John Gorman of Holt Lunsford represented the landlord, Prim Turnpike Portfolio LLC, in the lease negotiations. Art Leichner and Andrew Crites with Newmark represented the tenant, New Thermo-Serv Ltd.

June 21, 2021

Acquisitions Florida Hospitality Southeast

DSH Hotel Advisors Brokers Sale of Microtel Inn & Suites Hotel in Brooksville, Florida

by Julia Sanders June 21, 2021

BROOKSVILLE, FLA. — DSH Hotel Advisors has brokered the sale of a 57-room Microtel Inn & Suites by Wyndham hotel in Brooksville. Dennis Hopper of DSH represented the seller, an entity doing business as L&H LLC, and the buyer, Aarush Hospitality LLC. The sales price was not disclosed. The Microtel Inn & Suites by Wyndham is located at 6298 Nature Coast Blvd. near Interstate 75 and State Route 98. The hotel is located adjacent to Croom ATV Park, which has 2,600 acres of trails. According to its website, the hotel offers free breakfast and complimentary Wi-Fi, as well guest laundry services, an onsite gym and an outdoor pool. DSH Hotel Advisors is a Tampa-based hotel brokerage and advisory firm.

June 21, 2021

Acquisitions Florida Healthcare Office Southeast

Marcus & Millichap Negotiates $4.4M Sale of Towne Plaza Medical Office in Tamarac, Florida

by Julia Sanders June 21, 2021

TAMARAC, FLA. — Marcus & Millichap has negotiated the $4.4 million sale of Towne Plaza, a 28,600-square-foot medical office property located at 7443-7495 N University Drive in Tamarac. Quinn Sousa and Ryan Shaw of Marcus & Millichap represented the seller, John Loeffler Trustee of Lillian Loeffler Trust, in the transaction. The buyer, a private doctor doing business in the sale as Evergreen 3 LLC, plans to occupy 10,000 square feet of the property and lease out the remaining space. Built in 1988, Towne Plaza has frontage on North University Drive and is accessible from the Florida Turnpike and Sawgrass Expressway. The multi-tenant medical office property is located next to the University Hospital and Medical Center. The property was 43 percent leased at the time of sale.

June 21, 2021

Acquisitions Industrial Maine Northeast

Marcus & Millichap Negotiates Sale of 793-Unit Self-Storage Portfolio in Maine

by Taylor Williams June 21, 2021

MAINE — Marcus & Millichap has negotiated the sale of the JMC Self-Storage Portfolio, which consists of four properties totaling 793 units in southern Maine. Three of the four properties in the portfolio, which spans 92,275 net rentable square feet, are located within 20 miles of Portland. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer and sales price were not disclosed. James Koury of Marcus & Millichap assisted in closing the deal as the broker of record.

June 21, 2021

Acquisitions Connecticut Industrial Northeast

Vision Real Estate, Rialto Capital Buy 566,000 SF Industrial Portfolio in Connecticut

by Taylor Williams June 21, 2021

BLOOMFIELD AND WINDSOR, CONN. — A joint venture between Vision Real Estate Partners and a fund managed by Miami-based Rialto Capital Management has purchased the Bloomfield Logistics Portfolio, a collection of 18 industrial buildings totaling 566,000 square feet in Bloomfield and Windsor, Connecticut. The seller was Sponzo Properties. Kevin Welsh, Brian Schulz, Jason Emrani, Maria Betancourt and Art Ross of Newmark brokered the deal. Ari Schwartzbard, Cliff Welden and Tom Lubeck of Newmark arranged acquisition financing through an undisclosed institutional lender on behalf of the buyer. The portfolio was 100 percent leased at the time of sale.

June 21, 2021

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