CAMBRIDGE, MASS. — Xenia Hotels & Resorts Inc. (NYSE: XHR), a Florida-based REIT, has sold the 221-room Residence Inn by Marriott Boston Cambridge hotel for $107.5 million, or approximately $486,000 per key. The property is located near Harvard University and Kendall Square. The undisclosed buyer acquired the asset at a capitalization rate of 7.8 percent. Xenia will use the $46 million in net proceeds from the sale to repay outstanding debt and for other general corporate purposes.
EXETER, N.H. — New Hampshire-based Monahan Cos. will develop a 116,288-square-foot warehouse within Garrison Glen Corporate Park in Exeter, located east of Manchester. The property will feature 40-foot clear heights and proximity to Interstate 95 and State Route 101. Approvals are in place, and construction is expected to last about nine months. Monahan also recently completed a 110,000-square-foot build-to-suit project for Gourmet Gift Baskets on an adjacent lot. Cushman & Wakefield is marketing the development.
QUINCY, MASS. — MassHousing has provided a $28.9 million loan for the refinancing of Town Brook House, a 151-unit multifamily community in Quincy, a southern suburb of Boston. The owner and borrower, Wollaston Lutheran Housing Corp., rents the property to senior citizens that qualify for affordable housing status. A portion of the funds will be used for capital improvements. The building was constructed in 1980 and consists of 136 one-bedroom units and 15 two-bedroom units. Amenities include a lounge, common activities area and a communal kitchen. Law firm Nixon Peabody advised the borrower in the transaction.
NEW YORK CITY — Marcus & Millichap has brokered the $12.2 million sale of The Prospect Slope Portfolio, a collection of five buildings in Brooklyn that total 18 market-rate apartments and seven commercial spaces. The buildings were originally constructed in 1915. Andrew Bronsteen, Joe Koicim, Mark Zarrella, Peter Von Der Ahe and Shaun Riney of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
HIALEAH, FLA. — Principal Real Estate Investors has provided a $53.5 million construction loan for the residential portion of Pura Vida Hialeah. The borrower, Coral Rock Development Group, is developing the property, which also features 40,000 square feet of adjacent retail space. The apartment community, dubbed The Residences at Pura Vida, will feature 260 units spanning three eight-story buildings. One of the buildings will offer 11,000 square feet of ground-floor retail. The property will offer studio through three-bedroom floor plans, ranging from 538 to 1,099 square feet. Communal amenities will include a pool, gym, barbecue area, dog park, a biking center and 24-hour security staff. The developer expects to break ground in November and deliver the asset in early 2022. KAST Construction is the general contractor. The asset will be situated at 3051 W. 16th Ave., 13 miles northwest of downtown Miami. Pura Vida Hialeah began opening earlier this summer when Dollar Tree opened. InnovaCare Health will soon open in a 20,000-square-foot space. Construction of the retail portion began in April 2019.
FORT WORTH, TEXAS — AmerCareRoyal, a Pennsylvania-based provider of disposable foodservice and healthcare products, will open a 400,000-square-foot distribution center in Fort Worth. AmerCareRoyal expects to take occupancy of the space, which is located within Speedway Logistics Crossing on the city’s north side, before the end of the year. Indianapolis-based Scannell Properties owns the development.
BRYAN, TEXAS — San Diego-based investment firm CEG Multifamily has purchased Springs at University Drive, an apartment community located in the Central Texas city of Bryan. According to apartments.com, the property totals 216 units and offers amenities such as a pool and a fitness center. Springs at University Drive was built in 2017 on 13 acres and is located less than five miles from Texas A&M University. Will Balthrope, Jennifer Campbell, Tommy Lovell III, Richard Robson and Will Griffin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Continental Properties, and the buyer in the transaction.
HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $46.6 million sale of Ascent at Jones Valley, a 431-unit apartment community in Huntsville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, fitness center, pool, a playground and tennis courts. The asset was originally developed in 1978 and was renovated in 2018. The seller, Stonecutter Capital Management, implemented $2.2 million in upgrades, including a renovated swimming pool area, upgraded tennis courts and a new fitness center. The buyer, Wicker Park Capital Management, plans to expound on the renovations. Jimmy Adams and Andrew Brown of Cushman & Wakefield represented the seller in the transaction.
DALLAS — Associated Bank has provided a $23.6 million loan for the refinancing of The Collection, a 90-unit multifamily community located in the Lower Greenville area of Dallas. The property consists of six buildings housing 90 townhomes with an average unit size of 1,642 square feet. Ted Notz of Associated Bank originated the financing on behalf of the borrower, AHC Funds. Construction of The Collection began in 2017 and was completed earlier this year.
MONTGOMERY, ALA. — Franklin Street has arranged the $18.5 million sale of a two-property multifamily portfolio in southeast Montgomery. The portfolio comprises the 240-unit Fields One Center and the 242-unit Fields Carriage Hills. Fields One Center is located at 4220 Strathmore Drive, which is situated two miles from Fields at Carriage Hills at 3364 Fountain Lane. The properties each offer one-, two- and three-bedroom floor pans averaging 970 square feet. The properties were 72 percent occupied at the time of sale. Communal amenities at the assets include three swimming pools, two clubhouses, a fitness center, business center, playground, tennis courts, storage space and laundry facilities. Dan Phelan, Jake Reid, Chad Defoor and Alex Croy of Franklin Street represented the seller, Houston-based Elite Street Capital, in the transaction. Atlanta-based Two Waters Capital Management acquired the portfolio.