Property Type

Berkadia Brokers $100.8M Sale of The Park at Hoover Apartment Community in Metro Birmingham

by Julia Sanders March 18, 2021

HOOVER, ALA. — Berkadia has brokered the $100.8 million sale of The Park at Hoover, a 1,060-unit, garden-style apartment community in suburban Birmingham. The Class B complex is the largest apartment community in Alabama, according to Berkadia. The buyer, Miami-based Westside Capital Group, split the acquisition into two separate transactions and financed each with floating-rate debt. David Oakley, David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia’s Birmingham office arranged the sale on behalf of the undisclosed seller. Charles Foschini and Chris Apone of Berkadia’s Miami office arranged two 10-year Freddie Mac loans on behalf of Westside Capital totaling $75.6 million. The 920-unit Phase I of The Park is located in Hoover and was built in 1988, while the newer 140-unit Phase II was built in 1996 and is located in unincorporated Jefferson County. Community amenities include four swimming pools, a large fitness center, four tennis courts, sports court, dog park, playground and a 6,685-square-foot clubhouse. Westside Capital plans to renovate the apartment community to improve its walkability and rebrand the complex into three separate properties. The buyer also plans to explore potential development opportunities on the 101-acre site. Westside Capital’s property management arm WS Living will operate the property …

March 18, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

Newmark Arranges $95M Sale of New Student Housing Property Near Georgia Tech in Atlanta

by Julia Sanders March 18, 2021

ATLANTA — Newmark has arranged the $95 million sale of Signature West Midtown, a student housing community situated at 800 Marietta Street NW in Atlanta’s West Midtown district. The 525-bed property was completed in 2019 and primarily serves the student population at nearby Georgia Tech. Ryan Lang, Jack Brett and Bert Sanders of Newmark represented the sellers, Investcorp and Preiss Cos., in the transaction. Trent Houchin of Newmark arranged acquisition financing on behalf of the buyer, Ascott Residence Trust. This is the first investment in the U.S. student housing sector for Ascott, a hospitality trust based in Singapore. Signature West Midtown features studio and one- to five-bedroom units. Community amenities include a gym, pool, rooftop lounges and barbeque pits, a business center, study lounges, game room and delivery lockers.

March 18, 2021

Lantower-Southwest-Building-Wichita-Falls

Acquisitions Office Texas

Marcus & Millichap Brokers Sale of 124,356 SF Office Building in Wichita Falls, Texas

by Taylor Williams March 18, 2021

WICHITA FALLS, TEXAS — Marcus & Millichap has brokered the sale of the Lantower Southwest Building, a 124,356-square-foot office property in Wichita Falls, located roughly midway between Dallas and Amarillo. The building is situated on 3.5 acres and was 81 percent leased at the time of sale to tenants such as Merrill Lynch, J.P. Morgan Chase, Wichita Home Health and Jacksboro National Bank. Joseph Jacques of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company. Both parties requested anonymity.

March 18, 2021

Development Hospitality Texas

Partnership Nears Completion of 212-Room Thompson Austin Hotel

by Taylor Williams March 18, 2021

AUSTIN, TEXAS — A partnership between BLG Capital Advisors, Magellan Development Group, Geolo Capital and Wanxiang America Real Estate Group is nearing completion of Thompson Austin, a 212-room luxury hotel that will be located in the downtown area. The property is expected to open over the summer and will house several food and beverage concepts and amenities such as a pool, fitness center, game room and indoor and outdoor meeting spaces. Thompson, which is part of the Hyatt family of brands, also recently opened flagship hotels in Dallas and in San Antonio.

March 18, 2021

Industrial Leasing Activity Texas

Stream Realty Partners Negotiates 91,200 SF Industrial Lease in Metro Dallas

by Taylor Williams March 18, 2021

MESQUITE, TEXAS — Stream Realty Partners has negotiated a 91,200-square-foot industrial lease at 1851 Big Town Blvd. in Mesquite, an eastern suburb of Dallas. According to LoopNet Inc., the property was built on 8.4 acres in 2001 and features 24-foot clear heights. Ryan Wolcott and Adam Jones with Stream Realty Partners represented the landlord, Link Logistics, in the lease negotiations. Sam Devorris, Mike McElwee and Pride Snow of Avison Young represented the tenant, medical equipment manufacturer Strukmyer.

March 18, 2021

Affordable Housing Development Loans Multifamily Seniors Housing Texas

Bellwether Provides $28.9M Construction Loan for Affordable Seniors Housing Project in Fort Worth

by Taylor Williams March 18, 2021

FORT WORTH, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $28.9 million construction loan for Legacy Riverside Senior Living Community, a 264-unit affordable project in Fort Worth. Units, which will feature studio, one- and two-bedroom options, will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a clubhouse, pool and walking paths. Phil Melton, Jeff Bradley and Cindy Hamm of Bellwether originated the loan on behalf of the borrowers, Legacy Multifamily Development and RISE Residential Construction, which will develop the property in partnership with Garland Housing Finance Corp.

March 18, 2021

Company News Multifamily Texas

Roscoe Property Management, CF Real Estate Services Announce Merger

by Taylor Williams March 18, 2021

AUSTIN, TEXAS AND ATLANTA — Austin-based Roscoe Property Management (RPM) and Atlanta-based CF Real Estate Services (CF) have merged to create an entity that will provide third-party property management services to a portfolio of more than 84,000 multifamily units across 17 states. The combined organization will have more than 1,800 employees with nine regional offices across the country. RPM, the acquiring entity, will remain headquartered in Austin. “This merger truly expands our geographic reach, strengthens our organizations and provides significant opportunities for the future,” said Jason Berkowitz, president and founder of RPM. “While we will operate under the RPM brand nationally, leaders from both companies have formed a collective executive team that will guide the organization under our shared alignment of a ‘people-first culture.’”

March 18, 2021

Development Hospitality Illinois Midwest

$100M Sable Hotel Opens at Chicago’s Navy Pier

by Kristin Harlow March 18, 2021

CHICAGO — The Sable at Navy Pier, a 223-room, seven-story hotel, opened today at Chicago’s Navy Pier tourist attraction. James McHugh Construction Co. and Powers & Sons Construction Co. were the general contractors for the $100 million project. Developer ACRON USA owns the hotel, which is part of Hilton’s Curio brand. Maverick Hotels and Restaurants is the hotel operator. Every room at the hotel offers a waterfront view of the Chicago skyline. Construction involved integrating the new building into the pier’s existing structure. Construction began in June 2018 and was completed in October 2020, but the opening of the hotel was delayed due to COVID-19. Navy Pier itself has been closed since last fall and is expected to reopen this spring. The Sable name comes from the USS Sable, which served as a Great Lakes luxury cruise ship prior to World War II. KOO LLC was the project architect and interior designer, while Thornton Tomasetti served as structural engineer.

March 18, 2021

Acquisitions Industrial Midwest Ohio Retail

Industrial Commercial Properties Acquires Chapel Hill Mall in Akron, Plans Redevelopment

by Kristin Harlow March 18, 2021

AKRON, OHIO — Industrial Commercial Properties (ICP) has acquired the 635,000-square-foot Chapel Hill Mall in Akron for an undisclosed price. The mall is contiguous to the former Sears building and auto center, which ICP purchased last year. With the Sears property, the total acquisition amounts to 829,000 square feet on 60 acres. ICP is considering converting the mall into a multi-tenant campus or a series of industrial buildings, but detailed redevelopment plans have yet to be released. Chapel Hill Mall is ICP’s seventh acquisition in 2021, bringing the company’s portfolio to more than 150 properties in five states.

March 18, 2021

Development Illinois Midwest Multifamily

Optima Tops Off 198-Unit Luxury Apartment Project in Chicago’s Lakeview Neighborhood

by Kristin Harlow March 18, 2021

CHICAGO — Optima Inc. has topped off Optima Lakeview, a 198-unit luxury apartment project in Chicago’s Lakeview neighborhood. The seven-story, transit-oriented development includes 14,000 square feet of street-level retail space. First move-ins are scheduled for spring 2022. Work on the project, which is situated on the site of a former Treasure Island grocery store, began five months ago. Optima is serving as both architect and general contractor. Optima Lakeview will feature 40,000 square feet of amenities, including a rooftop sky deck, indoor basketball court, golf simulator, fitness center, yoga room, sports lounge, dog park, game room, demonstration kitchen, business center and two conference rooms. Units will feature keyless entry and smart thermostat and lighting. Optima says the units are significantly larger than what’s currently available in the market in order to accommodate dedicated space for a home office with the rise of the work-from-home model.

March 18, 2021

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