Property Type

4S Bay Partners Acquires Redevelopment Site in Baldwin Hills Crenshaw Corridor of Los Angeles for $24M

by Amy Works February 23, 2021

LOS ANGELES — Chicago-based 4S Bay Partners has purchased a 1.8-acre land parcel at 3701 W. Stocker St. in the Baldwin Hills Crenshaw Corridor of Los Angeles. Sticks Holdings LLC and an affiliate of Optimus Properties sold the asset for $24 million. James Daughrity of Daughrity Real Estate represented the buyer and seller in the deal. The property is located in a designed Opportunity Zone with a transit-oriented development designation, which allows for pedestrian-friendly and community-serving uses. The parcel currently contains a 45,000-square-foot, four-story office structure, which was built in 1954. Additionally, the site is in proximity to the planned Metro Crenshaw/LAX light rail transit line. The buyer previously purchased 3731, 3741, 3751 and 3761 W. Stocker St. all within the Baldwin Hills Crenshaw Corridor. Los Angeles-based Pantheon Business Consulting will manage the development of the sites. Potential development plans include a multi-use film studio, entertainment campus and business incubator redevelopment project in line with 4S Bay Partners’ social impact and community development mission to increase economic development within underserved and urban communities. According to 4S Bay, the project’s vision is to partner with creatives, thought-leaders and non-profits surrounding South Los Angeles to create economic opportunities and amplify storytelling about …

February 23, 2021

Arizona Development Multifamily Western

Morgan Opens 472-Unit Pearl Biltmore Multifamily Community in Phoenix

by Amy Works February 23, 2021

PHOENIX — Houston-based Morgan, in a joint venture with Mesirow, has opened Pearl Biltmore at 4640 N. 24th St. in Phoenix. Situated on five acres, Pearl Biltmore features 472 apartments with 19 floor plans in a mix of studio, one-, two- and three-bedroom units, as well as several loft-style apartments. Units feature include vinyl plank flooring in living areas; Nest thermostats; full-size balconies or patios; open kitchens with stainless steel appliances; and Quartzite countertops and glass tile backsplashes in the kitchens and baths. Additionally, select units have skyline views, walk-in closets, movable kitchen islands, walk-in glass showers and spa soaking tubs. Community amenities include a two-story fitness center with a cardio/strength training area and fitness-on-demand studio; a clubroom with lounge seating and media wall; two swimming pool decks with grilling stations, cabanas and bistro seating; a sky lounge with an indoor/outdoor catering kitchen; media wall; and WiFi counter. Other amenities include a co-working lounge with a computer bar, printer station, refreshment center and private office pod; a bark park with pet wash area; a bike storage room with repair tools; and 24/7 package retrieval.

February 23, 2021

Loans Multifamily Washington Western

Dwight Capital Provides $55M in Financing for U Place Apartments in Seattle

by Amy Works February 23, 2021

SEATTLE — Dwight Capital has closed a $55 million bridge loan for U Place Apartments in Seattle’s University District. The name of the borrower was not released. Built in August 2020 on a 32,633-square-foot site, U Place features 243 apartments and 19,450 square feet of ground-floor retail space. Units feature in-unit washers/dryers, private balconies, floor-to-ceiling windows and keyless Bluetooth room entry. The community offers a fitness center, community room and rooftop deck with 360-degree views. Josh Sasouness of Dwight Capital originated the transaction.

February 23, 2021

Arizona Industrial Leasing Activity Western

DAUM Commercial Negotiates 173,940 SF Lease at Hopewell Industrial Development in Tolleson, Arizona

by Amy Works February 23, 2021

TOLLESON, ARIZ. — DAUM Commercial Real Estate has arranged the lease of a newly constructed industrial warehouse located at 320 S. 91st Ave. in Tolleson. Republic National Distribution Co. will occupy the 173,940-square-foot property, which Hopewell Development owns. The total consideration of the lease is $12 million. Chris Rogers, Trevor McKendry, Dan Casey and Parker Houston of DAUM represented the landlord, while Andy Markham, Will Strong, Mike Haenel and Phil Haenel of Cushman & Wakefield represented the tenant. The facility features 28 dock-high loading doors, four grade-level doors, 32-foot clear heights, a fenced and gated concrete court with 130-foot depth, 3,600 amps, an ESFR sprinkler system, R-19 insulation and LED lighting.

February 23, 2021

California Loans Multifamily Western

BridgeCore Capital Closes $5.1M Loan for Apartment Complex in Stockton, California

by Amy Works February 23, 2021

STOCKTON, CALIF. — BridgeCore Capital has closed a $5.1 million loan for a multifamily property in Stockton. The undisclosed borrower required a non-recourse bridge loan to refinance the recently renovated apartment complex. Existing loans with the senior and multiple junior lien holders had matured and required a swift pay-off, as well as a new second trust deed loan to satisfy outstanding debt. The loan features a 12-month term, including one six-month extension option, which will allow the borrower to either execute an exit strategy through a sale or to refinance through a conventional lender for long-term financing.

February 23, 2021

Development Multifamily Texas

Stanmore Partners, TIG to Develop 336-Unit Multifamily Project in Metro Austin

by Taylor Williams February 23, 2021

ROUND ROCK, TEXAS — A partnership between Houston-based Stanmore Partners and Transwestern Investment Group (TIG) will develop Stanmore Warner Ranch, a 336-unit multifamily project in the northern Austin suburb of Round Rock. The property will consist of seven garden-style buildings that will house units with custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities will include a pool, fitness center, business center, dog park and a resident lounge. The first units are slated to be delivered in the second quarter of 2022.

February 23, 2021

Acquisitions Multifamily Texas

Newmark Brokers Sale of 305-Unit Heritage Apartments in San Antonio

by Taylor Williams February 23, 2021

SAN ANTONIO — Newmark has brokered the sale of The Heritage, a 305-unit apartment community in San Antonio. Built in 2005, The Heritage features one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and an indoor basketball court. Patton Jones and Matt Michelson of Newmark represented the seller, Austin-based CFH Investment Partners, in the transaction. Terrain Capital Partners, also based in Austin, purchased the asset for an undisclosed price. The Heritage was 93 percent occupied at the time of sale.

February 23, 2021

Development Office Texas

T2V Properties to Build 88,100 SF Office Project in Irving

by Taylor Williams February 23, 2021

IRVING, TEXAS — Locally based developer T2V Properties plans to build an 88,100-square-foot office project at 1410 N. Westridge Circle in Irving’s Las Colinas district. The project represents Phase II of Westridge Park, a speculative boutique office development. Phase I consisted of a 34,188-square-foot building that was completed in December 2019. Modus Design Studio is the architect for Phase II, and Bradford Commercial Real Estate Services has been tapped to lease the development. A general contractor for Phase II has not yet been selected.

February 23, 2021

Loans Multifamily Texas

MMCC Arranges Two Loans Totaling $21.4M for Refinancing of Houston-Area Multifamily Assets

by Taylor Williams February 23, 2021

HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged two green loans totaling $21.4 million for the refinancing of two multifamily assets in the Houston area totaling 340 units. Brandon Brown of MMCC arranged the loans, both of which featured a 3.16 percent fixed interest rate and nine years of interest-only payments. The lenders, borrowers and property names were not disclosed.

February 23, 2021

Leasing Activity Office Texas

ATW Corp. Signs 26,127 SF Office Headquarters Lease in Metro Dallas

by Taylor Williams February 23, 2021

ADDISON, TEXAS — ATW Corp., a locally based provider of trailer parts and accessories, has signed a 26,127-square-foot office headquarters lease at Greenhill Towers in the northern Dallas suburb of Addison. The company will be relocating from Richardson. Dan Zeltser of SHOP Cos. represented the tenant in its site selection and lease negotiations. Grant Sumner and Russell Podraza of Avison Young represented the building ownership, Florida-based Codina Partners, which recently implemented an $8 million capital improvement program at Greenhill Towers.

February 23, 2021

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