CELINA, TEXAS — Texas-based developer SWBC has acquired 24 acres at the intersection of Legacy Drive and Frontier Parkway in the northern Dallas suburb of Celina for the development of a 540-unit multifamily project. The first phase of the Class A property will consist of a 270-unit complex that will be designed by Cross Architects and branded The Royalton at Creeks of Legacy. Units will feature one-, two- and three-bedroom floor plans with an average size of 900 square feet. Amenities will include a pool, fitness center, dog park and outdoor grilling and picnic areas. Construction is set to begin in the first quarter of 2022 and to last about 24 months.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Limestone Oaks and Townhomes at Limestone Oaks, two multifamily properties totaling 400 units in northwest San Antonio. The properties were built in 1981 and 1984, respectively. Bryce Smith of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
GARLAND, TEXAS — Western Wealth Capital, an investment firm based in Vancouver, has acquired the 288-unit Broadway Apartment Homes in the northeastern Dallas suburb of Garland. Built in 1982, the community features one- and two-bedroom units and amenities such as two pools, a fitness center and jogging trails. Bard Hoover, Nick Fluellen and David Fersing of Marcus & Millichap, along with Drew Kile and Joey Tumminello of Institutional Property Advisors, brokered the deal. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
PHILADELPHIA — New Jersey-based Greek Development has acquired a 305,706-square-foot industrial facility located at the base of the Betsy Ross Bridge in Philadelphia. The price was $31.5 million. The property features clear heights of 19 to 21 feet, 30 loading doors and more than 350 parking spaces. John Plower, Ryan Cottone, Larry Maister and Kyle Lockard of JLL represented the seller, an entity doing business as 2121 Wheatsheaf Lane LLC, in the transaction. The property was leased to cocoa bean distributor Dependable Distribution Services at the time of sale.
CBRE Negotiates Sale of Two Industrial Properties Totaling 198,721 SF in Elizabethtown, Pennsylvania
ELIZABETHTOWN, PA. — CBRE has negotiated the sale of two industrial properties totaling 198,721 square feet within Conewago Industrial Park in Elizabethtown, located in Lancaster County. Built in 2019, the properties were fully leased at the time of sale to Bel-Aqua Pool Supply Co. and Packaging Corp. of America. Michael Hines, Brian Fiumara, Brad Ruppel, Joe Hill and Lauren Dawicki of CBRE represented the seller, a partnership between Novaya Foxfield Industrial and Drake Real Estate Partners, in the transaction. Boston-based Cabot Properties purchased the assets for an undisclosed price.
PITTSBURGH — Brown Gibbons Lang & Co. (BGL) has arranged a loan of an undisclosed amount for the refinancing of Heinz at 950 North Shore, a 151-unit apartment building in downtown Pittsburgh. The four-story building was originally constructed in the 1930s as the headquarters of the H.J. Heinz Co. Asia Commercial Real Estate provided the financing to the borrower, MCM Co. Inc.
NEW YORK CITY — Trevian Capital, a locally based direct lender, has provided a $6.4 million bridge loan for a 10-unit multifamily building located in the Astoria neighborhood of Queens. The funds will be used to pay off maturing construction debt and fund final cosmetic finishes. The name of the property and the borrower were not disclosed.
TINTON FALLS, N.J. — Locally based developer Denholtz Properties has broken ground on a 24,000-square-foot industrial project in Tinton Falls, located in Monmouth County. The property, which is part of a two-building, seven-acre development, will offer seven leasable spaces ranging in size from 2,400 to 4,440 square feet. Completion is slated for the end of the year. Denholtz recently completed construction of the other 26,400-square-foot building that is now 82 percent leased.
SPARTA, WIS. — Kraus-Anderson has begun construction of Rolling Hills, a $20 million senior living and rehabilitation center located at 14400 County Highway B in the western Wisconsin community of Sparta. Designed by Community Living Solutions LLC, the 80,000-square-foot property will feature 50 skilled nursing beds, 24 CBRF assisted living units and 24 RCAC assisted living apartments. CBRF refers to community-based residential facility, which is a place where five or more unrelated people live together in a community setting and receive up to three hours of care per week. RCAC refers to residential care apartment complex, whereby residents have independent apartments with their own entrances, kitchens and bathrooms. Nursing, medical visits, therapy and short-term rehab services will be available onsite. Residents will have access to a beauty and barber shop, bistro, outdoor spaces and a variety of activities directed by Therapeutic Recreation Specialists. Completion of the project is slated for summer 2022.
INDIANAPOLIS — Co-developers HVAF of Indiana and Woda Cooper Cos. Inc. have broken ground on Proctor Place, a 61-unit affordable housing community in Indianapolis. The $12.6 million, three-story project is located at 240 N. Warman Ave. on the Central Greens campus just west of downtown. Units will be designated for renters who earn 30 to 80 percent of area median income. Monthly rents will range from $461 to $1,035, depending on the size of unit and income restrictions. Amenities will include a community room, indoor bicycle storage, playground, gazebo, free computers and free Wi-Fi. The city provided a payment in lieu of taxes (PILOT) to support the development, and the Indianapolis Housing Agency provided project-based vouchers for the 15 units set aside for veterans. The Indiana Housing & Community Development Authority allocated low-income housing tax credits for the project. HVAF of Indiana, formally known as Helping Veterans and Families, will coordinate supportive services onsite. The organization assists veterans in returning to self-sufficiency and avoiding homelessness. Fallbrook Opportunity Zone Fund II provided equity financing, while Cedar Rapids Bank & Trust provided a first mortgage. Fifth Third Bank served as construction lender and equity investor. The project team includes Indianapolis-based architect Cripe, …