Property Type

JLL Arranges $16.4M Sale of Apartment Property in Bloomington, Minnesota

by Kristin Harlow June 11, 2021

BLOOMINGTON, MINN. — JLL Capital Markets has arranged the sale of Normandale Lake Estates in Bloomington for $16.4 million. Built in 1964, the apartment property includes 105 units, all of which have been renovated. Amenities include a pet area, outdoor pool and courtyard with grilling area. The Normandale Lake Office Park is located across the street from the property, which was fully occupied at the time of sale. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the seller, Normandale Lake LLC. Dealer Sites LLC purchased the asset in a 1031 exchange.

June 11, 2021

Acquisitions Michigan Midwest Multifamily

Greystone Bel Negotiates Sale of 142-Unit Multifamily Asset in Kalamazoo, Michigan

by Kristin Harlow June 11, 2021

KALAMAZOO, MICH. — Greystone Bel Real Estate Advisors has negotiated the sale of Clayborne Court in Kalamazoo for an undisclosed price. Built in 1986, the 142-unit multifamily property consists of 22 buildings. Located at 4501-4651 Clayborne Drive, the asset is within walking distance of the Kalamazoo Community Soccer Complex and Lenden Grove Middle School. Cary Belovicz, Nick Kirby and Paul Russo of Greystone Bel represented the seller and procured the buyer, Simtob Management & Investment LLC. The buyer plans to modernize the property by upgrading all of the units and replacing the siding, landscaping and signage.

June 11, 2021

Industrial Market Reports Texas Texas Market Reports

RGV Industrial Market Maintains Steady Growth, Draws Investors’ Attention

by Taylor Williams June 11, 2021

By Daniel Galvan, SIOR, principal, Coldwell Banker Commercial RGV The Rio Grande Valley (RGV) industrial market continues to be very active despite a small, temporary slowdown due to the COVID-19 pandemic. With single-digit vacancy rates in both Hidalgo and Cameron counties, absorption is holding at a steady pace as available space has declined. To that point, the market saw approximately 250,000 square feet of net absorption in 2020. Rents have also continued to increase modestly with elevated demand, rising approximately 5 percent in the first quarter of 2021 relative to that period in 2020. However, that rate of growth should slow a bit in the coming months given that the market is still fraught with uncertainty due to COVID-19. Despite this uncertainty, we typically see upcoming vacancies continue to be filled prior to actually becoming vacant. While the agriculture industry continues to be a very large driver of absorption in the RGV’s industrial sector, there are more deals than ever for users that focus on consumer goods and fulfillment. There has also been a large amount of growth in demand from third-party logistics (3PL) companies and manufacturers. These users ultimately accounted for about 200,000 square feet of positive absorption in …

June 11, 2021

Development Multifamily Texas

Larkspur Capital to Develop 190-Unit Willow Apartments in Dallas’ Deep Ellum District

by Taylor Williams June 10, 2021

DALLAS — Locally based firm Larkspur Capital LLC will develop The Willow, a 190-unit apartment complex that will be located at 3900 Commerce St. in the Deep Ellum area of Dallas. Omniplan is designing the eight-story, 171,575-square-foot building, which will offer amenities such as a pool, fitness center, rooftop sky lounge, indoor and outdoor coworking spaces, bike workshop and a coffee bar. Construction is underway and expected to last 18 to 24 months.

June 10, 2021

Development Multifamily Seniors Housing Texas

Sparrow Partners, Welltower Break Ground on 188-Unit Active Adult Community in Metro Austin

by Taylor Williams June 10, 2021

GEORGETOWN, TEXAS — Austin-based developer Sparrow Partners and Ohio-based REIT Welltower (NYSE: WELL) have broken ground on Amberlin Georgetown, a 188-unit active adult community in Georgetown, a northern suburb of Austin. The property will feature one- and two-bedroom units ranging in size from 615 to 1,285 square feet and equipped with private terraces or fenced-in backyards. Amenities will include bocce and pickleball courts, a resort-style pool and sundeck, a fenced-in dog park, fitness center, game lounge, media lounge, community garden, library and a coffee bar. Each unit will rent for approximately $1,500 to $2,500 per month. The first move-ins are scheduled to begin next summer.

June 10, 2021

Loans Mixed-Use Texas

NorthMarq Arranges $11M Loan for Refinancing of Commercial Property in Austin

by Taylor Williams June 10, 2021

AUSTIN, TEXAS — NorthMarq has arranged an $11 million loan for the refinancing of The Collective, an 83,000-square-foot property located at 7601 S. Congress Ave. in Austin. The property features flexible space for warehouse, office and retail uses. John Morran and Gerald Logan of NorthMarq placed the nonrecourse, fixed-rate loan through a correspondent life company on behalf of the undisclosed borrower.

June 10, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 138-Unit Apartment Complex in Haltom City, Texas

by Taylor Williams June 10, 2021

HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of Diamond Loch, a 138-unit apartment complex situated on 6.6 acres in the Fort Worth suburb of Haltom City. Nick Fluellen, Bard Hoover and David Fersing of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.

June 10, 2021

Acquisitions Industrial Texas

Colliers Negotiates Sale of 24,924 SF Warehouse in Metro Dallas

by Taylor Williams June 10, 2021

FARMERS BRANCH, TEXAS — Colliers International has negotiated the sale of a 24,924-square-foot warehouse located at 13840 Denton Drive in the northern Dallas suburb of Farmers Branch. Jason Tangen and Barrett Gibson of Colliers represented the seller, H&B Development & Construction, in the transaction. Jake Dreyer of KW Commercial represented the buyer, Woodhill Investment Co.

June 10, 2021

Loans Multifamily New Jersey Northeast

Greystone Funds $49.5M Agency Acquisition Loan for Multifamily Asset in Pine Hill, New Jersey

by Taylor Williams June 10, 2021

PINE HILL, N.J. — Greystone has funded a $49.5 million Freddie Mac acquisition loan for Chalet Gardens, a 484-unit multifamily property in Pine Hill, located in the southern part of the state. Built in 1973, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, picnic area and a playground. Dan Sacks of Greystone originated the loan, which carries a 10-year term, a 30-year amortization schedule and interest-only payments for the first five years. The borrower was Goldcrest Management.

June 10, 2021

Development Florida Multifamily Southeast

Latigo Group to Develop $82M Multifamily Project in Metro Orlando

by Julia Sanders June 10, 2021

KISSIMMEE, FLA. — Los Angeles-based The Latigo Group plans to develop Infield Apartments, a 384-unit multifamily community in Kissimmee. The $82 million property will feature 192 one-bedroom, 168 two-bedroom and 24 three-bedroom units. Community amenities will include a two-story clubhouse, fitness center with a dry sauna, golf simulator and a resort-style pool. The property will be built on the site of a former county softball field at 1900 Ball Park Road. Construction will begin in July and initial occupancy is expected for late summer 2022. Greystar, a multifamily development and management firm based in Charleston, will manage the property. Principal Life Insurance Co. provided $45 million in construction debt for the project. Additionally, there was $22.6 million in investor equity, with $10 million coming from 207 individual CrowdStreet investors. There was also $15.7 million in preferred equity provided. The Latigo Group is a privately owned residential and mixed-use development and investment company. Latigo acquired the 25-acre site for Infield Apartments with an option to develop a second phase of apartments. The firm has two other ground-up projects under development in Central Florida, and currently owns an apartment property in Orlando.

June 10, 2021

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