Property Type

JLL Negotiates Sale of 239,952 SF Industrial Property in Metro Austin

by Taylor Williams June 3, 2021

PFLUGERVILLE, TEXAS — JLL has negotiated the sale of Pecan 130 Business Park, a 239,952-square-foot industrial property located in the northern Austin suburb of Pflugerville. Constructed between 2013 and 2014, the two-building property sits on 15.3 acres and was 85 percent leased to seven tenants at the time of sale. Dustin Volz, Trent Agnew, Stephen Bailey, Dom Espinosa, Wesley Gilmer and Josh Villarreal of JLL represented the seller, Birtcher Anderson & Davis, in the transaction. Dogwood Industrial Partners, an affiliate of San Francisco-based TPG Real Estate Partners, purchased the asset for an undisclosed price.

June 3, 2021

Loans Multifamily Texas

Dwight Capital Provides $34.3M Loan for Refinancing of Midland Apartment Complex

by Taylor Williams June 3, 2021

MIDLAND, TEXAS — New York City-based Dwight Capital has provided a $34.3 million HUD-insured loan for the refinancing of Blue Ridge Apartment Homes, a 290-unit multifamily complex in Midland. Built in 2011, the property consists of 15 residential buildings and 16 ancillary buildings on a 15.5-acre site. Amenities include a business center, fitness center and a resident clubhouse. Brandon Baksh of Dwight Capital originated the financing. The borrower was not disclosed.

June 3, 2021

Development Multifamily Texas

REEP Equity to Renovate 100-Unit Multifamily Property in San Antonio

by Taylor Williams June 3, 2021

SAN ANTONIO — Locally based owner-operator REEP Equity will renovate Oakdell Way Townhomes, a 100-unit multifamily community in San Antonio. Built in 1988, the property offers two- and three-bedroom units averaging 1,114 square feet. The capital improvement program will upgrade the units with stainless steel or black appliances, new faucets and countertops and fresh paint and flooring. Amenity spaces and common areas will also be upgraded. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL arranged financing for the renovations on behalf of REEP Equity.

June 3, 2021

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Arranges $63.3M Sale of The Fitzroy Chenal Apartments in Little Rock

by Julia Sanders June 3, 2021

LITTLE ROCK, ARK. — Cushman & Wakefield has arranged the sale of The Fitzroy Chenal, a 294-unit apartment community in Little Rock. The final price was $63.3 million or $215,306 per unit. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, Huffman & Co., in the transaction. Passco Cos. was the buyer of the property. Estage is in charge of management. Constructed in 2018, the Fitzroy Chenal is located at 15401 Chenal Parkway and was 98 percent occupied as of March. Community amenities include a courtyard with fire pits, dog grooming station, 24-hour health club, garages, late-night concierge service, golf simulator room, cybercafé with java bar, pet park, resort-style pool with spa and hot tub, and a wine/card lounge. Huffman & Co. is a Little Rock-based development, construction and management firm that specializes in multifamily. Based in Irvine, Calif., Passco Cos. is a development and management firm of multifamily and commercial properties throughout the United States.

June 3, 2021

Development Florida Hospitality Loans Southeast

Madison Realty Capital Provides $30M Loan for Two Condominium Properties at Metropica in Sunrise, Florida

by Julia Sanders June 3, 2021

SUNRISE, FLA. — Madison Realty Capital has provided a $30 million first mortgage loan to Metropica Development for a luxury condominium tower and a 10-acre development site, on which the borrower plans to develop a second 250-unit multifamily tower. The development portfolio is part of Metropica, a four million-square-foot master planned community including residences, office towers and retail offerings located in Sunrise, Florida. Metropica Development, led by Joseph Kavana, began construction of the first 263-unit luxury condominium tower in 2017 and has sold 174 units to date. The loan will be used to support 89 units, representing 101,989 square feet on the upper floors of the first condominium tower as well as the new development. In addition to the condominium towers, the Metropica master-planned development will include 500 multifamily units, 550,000 square feet of commercial space for retail, dining and entertainment retailers, and 246 hotel rooms. Located at 2000 Metropica Way, the 28-story Metropica Tower is adjacent to the Sawgrass Mills shopping mall and BB&T Center. The tower offers luxury residences with an average of 1,034 square feet. Oppenheim Architecture and YOO Studio were the designers. The tower’s amenities include a saltwater swimming pool, lounges, movie theater, fitness center, massage …

June 3, 2021

Acquisitions Multifamily Seniors Housing Texas

SLIB Arranges $18M Sale of Active Adult Community in Granbury, Texas

by Taylor Williams June 3, 2021

GRANBURY, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Residence at Legacy Park, an active adult community in Granbury, approximately 35 miles southwest of Fort Worth. Built in 2018, the community features 81 units and is restricted to residents age 55 or older. A local owner-operator looking to exit the industry sold the asset to a national group headquartered in Utah for $18 million. Matthew Alley and Bradley Clousing of SLIB handled the transaction.

June 3, 2021

Development Multifamily Single-Family Rental Texas

Taylor Morrison Home Corp. to Develop 140-Unit SFR Community in Metro Dallas

by Taylor Williams June 3, 2021

GRAND PRAIRIE, TEXAS — Taylor Morrison Home Corp. (NYSE: TMHC) will develop Christopher Todd Communities at Dechman, a 140-unit single-family rental (SFR) community in the central metroplex city of Grand Prairie. The property will be situated on 15.9 acres and will offer one- and two-bedroom residences that will range in size from approximately 750 to 1,050 square feet. Communal amenities will include a pool, fitness center and a dog park. Christopher Todd Communities is providing design and management services for the project. Construction is set to begin in the coming weeks.

June 3, 2021

Acquisitions Georgia Retail Southeast

Continental Realty Corp. Acquires LA Fitness-Anchored Center in Woodstock, Georgia for $11.6M

by Julia Sanders June 3, 2021

WOODSTOCK, GA. — Continental Realty Corp., a Baltimore-based real estate investment and management company, has acquired The Summit at Towne Lake, a 59,772-square-foot, 98 percent occupied neighborhood shopping center in Woodstock, anchored by LA Fitness. Located in a suburb approximately 30 miles north of downtown Atlanta, the shopping center was purchased for $11.6 million. Formerly owned by a joint venture between Atlanta-based RCG Ventures LLC and New York City-based DRA Advisors LLC, The Summit at Towne Lake becomes the second retail center and third property owned and managed by CRC in Georgia. Bryan Belk of Franklin Street represented both the buyer and the seller. Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions, aided in purchasing the property. The Summit at Towne Lake represents the eighth retail property and 10th property overall acquired by the fund. Constructed in 2009 and located at 2060 Eagle Drive, The Summit at Towne Lake features tenants including six national and local retailers offering health and fitness, medical, beauty services and a fast-casual dining option. Some of the tenants include Marco’s Pizza, Palm Beach Tan and Family Orthodontics. The …

June 3, 2021

Acquisitions Florida Multifamily Southeast

NorthMarq Negotiates Sale of 264-Unit Lola Apartments in Riverview, Florida

by Julia Sanders June 3, 2021

RIVERVIEW, FLA. — Luis Elorza and Justin Hofford of NorthMarq Tampa’s Investment Sales team arranged the sale of Lola Apartments. Atlanta-based Asia Capital Real Estate acquired the property for an undisclosed price. Lola Apartments is a 264-unit, mid-rise community located at 9960 Jonas Salk Drive in Riverview. NorthMarq represented the seller, a partnership composed of Tampa-based Lindell Investments and Orlando-based Investors Realty. Built in 2019, Lola Apartments is a mid-rise community with air-conditioned interior corridors. The property includes 45 percent one-bedroom, 49 percent two-bedroom and 6 percent three-bedroom units with an average size of 968 square feet. Community amenities include an 8,000-square-foot clubhouse, 24-hour fitness center, poolside cabanas with outdoor TV’s, fire pit and grills, as well as a bark park and pet spa onsite. Unit interiors feature granite countertops, nine-foot to 17-foot ceilings and oversized balconies, patios and windows. The property is adjacent to St. Joseph’s Hospital – South, which recently completed a $130 million expansion. Lola Apartments is also less than 1,000 feet away from Interstate 75, as well as 13 miles from Westfield Brandon Mall, 14 miles from Hillsborough Community College and 17 miles from Alafia River State Park.

June 3, 2021

Hospitality Massachusetts Northeast

Ritz-Carlton Reopens 193-Room Hotel in Boston

by Taylor Williams June 3, 2021

BOSTON — The Ritz-Carlton has reopened its 193-room hotel at 10 Avery St. in downtown Boston following Massachusetts Gov. Charlie Baker’s decision to lift COVID-19 restrictions in advance of Memorial Day. The reopening of the hotel includes the return of Artisan Bistro for breakfast and dinner service, as well as the hotel’s nine meeting rooms, including the 3,500-square-foot ballroom that overlooks the Boston Common. The hotel, which has been closed since March 20202, has added multiple cleaning stations, supplies and protocols for common areas and guestrooms. Guests and staff will be required to wear masks in all indoor public spaces. In addition to the aforementioned amenities, guests will also have access to the 114,000-square-foot Equinox Sports Club Boston that connects to the hotel.

June 3, 2021

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