Property Type

Decron Properties Purchases Multifamily Asset in Tempe for $64.7M

by Amy Works June 11, 2021

TEMPE, ARIZ. — Decron Properties has purchased 1221 Broadway, an apartment property located in North Tempe, for $64.7 million. Built in 2015, the community features 194 apartments in a mix of studio, one-, two- and three-bedroom layouts spread across 10 two- and three-story residential buildings. Averaging 940 square feet, the units include nine-foot ceilings, stainless steel appliances, granite countertops, custom cabinetry, full-size washers/dryers, wood-style vinyl flooring, walk-in closets and a private patio or balcony. Community amenities include a pool and deck with oversized spa and lounge seating with canopies; outdoor kitchen with grills; a clubhouse with an indoor entertainment area with oversized flat-screen TVs; full-service coffee bar; WiFi café; and a fitness center.

June 11, 2021

Acquisitions Multifamily Student Housing Utah Western

MJW Investments, Redstone Buy 924-Bed Student Housing Community Near Brigham Young University

by Amy Works June 11, 2021

PROVO, UTAH — A joint venture between MJW Investments and Redstone Residential has acquired a 924-bed student housing community located near Brigham Young University in Provo. The property offers shared amenities including a sand volleyball court, hot tub, swimming pool, on-site laundry and a game area. The partnership plans to renovate the property’s units and shared amenity spaces. Voya Investments provided financing for the acquisition. Redstone Residential will oversee operations and property enhancements. “The property’s close proximity to campus and remarkable offerings are just a few of the aspects that make this property incredibly attractive” says Mark Weinstein, president and founder of MJW Investments. “This brings our 2021 acquisitions to more than 2,000 beds in Provo.”

June 11, 2021

Acquisitions California Industrial Loans Office Western

PSRS Arranges $31.6M in Acquisition Financing for Five Flex Buildings Near San Diego

by Amy Works June 11, 2021

SAN DIEGO AND CHULA VISTA, CALIF. — PSRS has arranged $31.6 million in acquisition financing for five multi-tenant buildings in Chula Vista and San Diego’s Mission Valley neighborhood. The portfolio includes four flex industrial/office buildings along Bay Boulevard in Chula Vista and a multi-tenant office building at 5920 Friars Road in San Diego. Tenants include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Financed with a CMBS execution, Jim Mulvihill of PSRS secured a 10-year loan with full-term interest-only payments for the undisclosed borrower.

June 11, 2021

Acquisitions Arizona Restaurant Retail Western

Marcus & Millichap Brokers $2.2M Sale of Habit Burger Grill-Occupied Building in Phoenix

by Amy Works June 11, 2021

PHOENIX — Marcus & Millichap has arranged the sale of a restaurant property located at 745 E. Glendale Ave. in Phoenix. A limited liability company sold the asset to a personal trust for $2.2 million. Habit Burger Grill occupies the 1,891-square-foot building, which was built in 1973, on a net-lease basis. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

June 11, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 694-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 11, 2021

SAN ANTONIO — Marcus & Millichap has brokered the sale of a 694-unit self-storage facility in San Antonio that is operated under the Life Storage brand. The property consists of 571 climate-controlled units and 123 non-climate-controlled units that range in size from 50 to 300 square feet. Jon Danklefs of Marcus & Millichap represented the undisclosed seller and procured the buyer, a joint venture between Montfort Capital Partners LLC and Blue Vista Capital. Life Storage will continue to manage the property.

June 11, 2021

Acquisitions Multifamily Texas

AMLI Residential Acquires 373-Unit Elizabeth Apartments in Austin

by Taylor Williams June 11, 2021

AUSTIN, TEXAS — AMLI Residential, a national multifamily development and management firm based in Chicago, has acquired The Elizabeth, a 373-unit apartment community in Austin’s Silicon Hills neighborhood. Built in 2020, the property offers studio, one-, two and three-bedroom units. Amenities include a pool, fitness center, resident lounge, bocce ball courts, coworking lounge, outdoor grilling stations, music library and a dog park. Patton Jones of Newmark represented the seller, Dallas-based StreetLights Residential, in the transaction. The sales price was not disclosed.

June 11, 2021

Industrial Leasing Activity Texas

SiteOne Landscape Supply Signs 337,913 SF Industrial Lease in Hutchins, Texas

by Taylor Williams June 11, 2021

HUTCHINS, TEXAS — Georgia-based SiteOne Landscape Supply has signed a 337,913-square-foot industrial lease at 1200 W. Wintergreen Road in the southern Dallas suburb of Hutchins. According to LoopNet Inc., the property was built in 2017 and totals 754,897 square feet. Adam Curran, David Eseke, Gary Collett and Jeff Eisenhart of Cushman & Wakefield represented the tenant in the lease negotiations. Boston-based Cabot Properties owns the building.

June 11, 2021

Development Multifamily Texas

Stratus Properties to Develop 182-Unit Saint June Multifamily Project in Austin

by Taylor Williams June 11, 2021

AUSTIN, TEXAS — Locally based developer Stratus Properties (NASDAQ: STRS) will build The Saint June, a 182-unit multifamily project that will be located in Austin’s Barton Creek area. The garden-style property will be situated on 36 acres and will offer one-, two- and three-bedroom units. Amenities will include a pool, resident clubhouse and communal green space. Construction is expected to begin before the end of the quarter, and the first move-ins are scheduled for late 2022.

June 11, 2021

Acquisitions Retail Texas

STRIVE Arranges Sale of 9,807 SF Hebron Heights Retail Strip Center in Metro Dallas

by Taylor Williams June 11, 2021

CARROLLTON, TEXAS — Locally based retail brokerage firm STRIVE has arranged the sale of Hebron Heights, a 9,807-square-foot retail strip center in the northern Dallas suburb of Carrollton. Hudson Lambert of STRIVE represented the California-based seller and the Texas-based buyer in the transaction. The property was fully leased to six tenants at the time of sale.

June 11, 2021

Kentucky Loans Multifamily Southeast

NorthMarq Provides $10.8M HUD-Insured Loan for Hurstbourne Heights Apartments in Louisville

by Julia Sanders June 11, 2021

LOUISVILLE, KY. — NorthMarq has provided a $10.8 million HUD-insured loan for the refinancing of Hurstbourne Heights Apartments, an 84-unit multifamily property located at 7603 Downs Farm Place in Louisville. The transaction was structured with a fully-amortizing 35-year term. Randall Waddell of NorthMarq originated the non-recourse, fixed-rate loan on behalf of the undisclosed borrower. Hurstbourne Heights is located in the Highview area of Jefferson County, and situated close to GE’s Appliance Park, Ford’s SUV assembly plant and the Louisville Muhammad Ali International Airport. Constructed in 2019, the property is managed by PMR Cos. NorthMarq Finance LLC, a fully licensed Federal Housing Administration (FHA) lender and approved Ginnie Mae seller/servicer through HUD’s 223(f) program, funded the loan. The borrower received benefits from the program including the highest loan-to-value ratio available in the market, low fixed interest rates based on Ginnie Mae securities, greater cash flow due to the 35-year amortization schedule and a borrower-friendly prepayment provision.

June 11, 2021

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