Property Type

Sterling Real Estate Sells 332-Unit Multifamily Property in Cedar Park, Texas

by Taylor Williams June 8, 2021

CEDAR PARK, TEXAS — Arizona-based investment firm Sterling Real Estate Partners has sold Muir Lake, a 332-unit luxury multifamily property in Cedar Park, a northwestern suburb of Austin. Built in 2014 by developer Larry Peel, the waterfront community is located within the 189-acre Lakeline Park master-planned community, which includes walking trails, sport fields, water activities and festival/event areas. Units feature studio, one- and two-bedroom floor plans and are furnished with granite countertops, stainless steel appliances, full-sized washers and dryers and private balconies/patios. Amenities include a pool, outdoor lounge, business center, billiards room, fitness center, dog park and a boat and canoe dock. Matt Pohl, Forrest Bass and Spencer Roy of Walker & Dunlop brokered the deal. An affiliate of Chicago-based Walton Street Capital provided a $61.4 million acquisition loan to the buyer, a partnership between Old Three Hundred Capital and ArrowMark Partners. Marko Kazanjian, Chris McColpin and Andrew Cohen of JLL placed the debt. Muir Lake was 96 percent occupied at the time of sale.

June 8, 2021

Acquisitions Office Texas

Newmark Brokers Sale of 374,085 SF Office, R&D Portfolio in Plano

by Taylor Williams June 8, 2021

PLANO, TEXAS — Newmark has brokered the sale of the Legacy R&D Portfolio, a collection of seven office and research and development buildings totaling 374,085 square feet in Plano. The single-story buildings were constructed on a combined 40 acres between 2006 and 2012 and were 85 percent leased at the time of sale. Gary Carr, Chris Murphy, John Alvarado, Robert Hill and Chase Tagen of Newmark represented the seller, Accesso, which will continue to manage the portfolio, in the transaction. The buyer was a fund controlled by New York-based DRA Advisors LLC.

June 8, 2021

Acquisitions Florida Multifamily Southeast

Capstone Brokers $55.2M Sale of Monterosso Apartments in Metro Orlando

by Julia Sanders June 8, 2021

KISSIMMEE, FLA. — Capstone Apartment Partners has brokered the $55.2 million sale of Monterosso Apartments, a new 216-unit multifamily community located in the Orlando suburb of Kissimmee. The four-story property is situated at the intersection of North John Young Parkway and West Osceola Parkway. Brian Hunsicker, Jad Richa, Tom Huffsmith and Nasser Al-Hafi of Capstone represented the seller, Fore Property Co., and procured the buyer, PassiveInvesting.com, in the transaction. At $255,699 per unit, this transaction marks the highest price per multifamily unit ever sold in Osceola County, according to Capstone. Built in 2019, Monterosso Apartments was approximately 94 percent occupied at the time of sale. The community includes studio, one-, two- and three-bedroom apartment homes with wood-style flooring, quartz countertops, stainless steel appliances, washers and dryers and a patio or balcony. The average size for each unit is 983 square feet. Community amenities include a resort-style swimming pool, fitness center, picnic/grilling area, clubhouse, pet spa, elevators and rentable garages. Monterosso Apartments is located at 3050 La Spezia Circle and is approximately 9.6 miles from Walt Disney World, 22.2 miles from downtown Orlando and 31.7 miles from Altamonte Springs. PassiveInvesting.com is a South Carolina-based private equity real estate investment firm focused …

June 8, 2021

Development Florida Industrial Southeast

Foundry Commercial, Stockbridge Break Ground on Phase II of 1,000-Acre Industrial Park in Plant City, Florida

by Julia Sanders June 8, 2021

PLANT CITY, FLA. — Foundry Commercial and Stockbridge have broken ground on the second speculative development at Lakeside Logistics, a 1,000-acre industrial park located in Plant City. The park is situated about 1.5 miles south of Interstate 4, 22 miles east of Tampa and 56 miles southwest of Orlando. The first phase of Lakeside Logistics was recently delivered, featuring a 505,160-square-foot, cross-dock warehouse distribution facility with 36-foot clear heights. The second phase of Lakeside Logistics will include two buildings totaling 414,000 square feet. Foundry Commercial plans to develop additional phases at Lakeside Logistics, which when finished will total over 1 million square feet. Lakeside Logistics marks the 10th project developed by Foundry Commercial.

June 8, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $32.7M Sale of Apartment Community in Metro Birmingham

by Julia Sanders June 8, 2021

HOOVER, ALA. — Cushman & Wakefield has arranged the $32.7 million sale of The Park at Wakefield & Wellington, a 408-unit apartment community located at 861 Tyler Circle in Hoover, a suburb of Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the undisclosed seller. Audubon, an Atlanta-based firm specializing in the acquisition and management of multifamily properties throughout the Southeast, was the buyer. Constructed in 1973, The Park at Wakefield & Wellington features 46 percent townhome floor plans with private entrances. Community amenities include a business center, clubhouse, cyber café, fitness center, laundry facility and swimming pool. Bluff Park Village, a $9.5 million grocery-anchored retail project across the street, is set to deliver before the end of the year. The apartment complex is located 9.2 miles from Birmingham and 15 miles from Birmingham-Shuttlesworth International Airport.

June 8, 2021

Acquisitions Georgia Industrial Southeast

Faropoint Purchases Eight Industrial Buildings in Decatur, Georgia for $23M

by Julia Sanders June 8, 2021

DECATUR, GA. — Faropoint has purchased an eight-building industrial portfolio totaling 255,013 square feet on 12.6 total acres in Decatur. Faropoint bought the property for a total of $23 million. Construction Resource is the seller and tenant. The company sold the properties to Faropoint and has leased the buildings back. The properties are approximately 8.3 miles from downtown Atlanta and about 21 miles from Hartsfield-Jackson Atlanta International Airport. Brian Bratton and Steve Ratchford of King Industrial Realty Inc./CORFAC International represented Faropoint in the transaction. Faropoint is a real estate investment firm that is based in Israel with U.S. offices situated in Memphis.

June 8, 2021

Acquisitions Florida Retail Southeast

Black Lion Investment Group Acquires Amara at Paraiso Restaurant Property in Miami for $12.1M

by Julia Sanders June 8, 2021

MIAMI — Los Angeles-based Black Lion Investment Group has acquired a restaurant building in Miami known as Amara at Paraiso. The seller, Related Group, sold the property to Black Lion for $12.1 million. Fabio Faerman and Sebastian Faerman of Miami-based FA Commercial represented both parties in the transaction. Amara at Paraiso is a 12,300-square-foot, Class A retail and dining facility that is part of a larger project that includes the residential complex Paraiso Bay, which contains 1,300 residential units. James Beard Award-winning chef Michael Schwartz is at the helm of the popular indoor-outdoor dining space. Miami-based FA Commercial is the commercial division of Fortune International Realty specializing in investment sales, landlord and tenant representation, market analysis, site selection and portfolio overview.

June 8, 2021

Acquisitions Multifamily Texas

Wellington Realty Arranges Sale of 311-Unit Apartment Community in Southeast Dallas

by Taylor Williams June 8, 2021

DALLAS — Wellington Realty, a brokerage and management firm serving the major markets of Texas, has arranged the sale of Woodside Bridle Path Apartments, a 311-unit community in southeast Dallas that was built in phases between 1974 and 1982. According to Apartments.com, the property offers studio, one-, two- and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. David Shaffer, Caleb Jones, Will Miller and Troy Sanders of Wellington Realty brokered the deal. The buyer and seller were not disclosed. The property was 87 percent occupied at the time of sale.

June 8, 2021

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Brokers Sale of 371-Unit Self-Storage Facility in Middletown, Pennsylvania

by Taylor Williams June 8, 2021

MIDDLETOWN, PA. — Marcus & Millichap has brokered the sale of Londonderry Storage, a 371-unit self-storage facility in Middletown, a suburb of Harrisburg. Built in 1999 and expanded on an adjacent parcel in 2003, the property consists of 49,250 net rentable square feet of non-climate-controlled space. 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. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.

June 8, 2021

Development Multifamily New Jersey Northeast

Prism Capital Breaks Ground on 252-Unit Mixed-Income Community in Dunellen, New Jersey

by Taylor Williams June 8, 2021

DUNELLEN, N.J. — New Jersey-based Prism Capital Partners has broken ground on a 252-unit, mixed-income community at the site of the former Art Color industrial facility in Dunellen, about 40 miles southwest of New York City. The property will consist of 194 one- and two-bedroom units that will be rented at market rates, as well as 58 units with various income restrictions and 10,000 square feet of retail space. The development will also include 130 for-sale townhomes to be constructed by a national homebuilder. Amenities will include a pool, fitness center, clubhouse and meeting rooms. Construction is slated for completion in spring 2022.

June 8, 2021

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