MADISON, WIS. — Berkadia has brokered the sale of Lake Point Terrace in Madison for $13.1 million. Located at 1674 Lake Point Drive, the 125-unit apartment property features studio, one- and two-bedroom floor plans. Ralph DePasquale of Berkadia represented the seller, Chicago-based Ansonia Properties LLC, as well as the buyer, Milwaukee-based Metropolitan Associates. The value-add opportunity will enable the new buyer to continue to upgrade units, according to DePasquale.
SUNNYVALE, CALIF. — STC Ventures, a joint venture between Sares Regis Group of Northern California and Hunter Properties, has received approval from Sunnyvale Planning Commission to develop a 12-story, mixed-use project at 200 S. Taafee St. within CityLine Sunnyvale. Situated in downtown Sunnyvale, the two-building property will feature 479 apartments, 30,000 square feet of retail space and a new public open area at Redwood Square. The public space will function as a “living room” for downtown Sunnyvale, which is anchored by the just-approved mixed-use development and recently opened Whole Foods Market and AMC Theaters. Fifty-three of the apartments will be offered at below-market rate, providing housing for qualifying households with income levels ranging from approximately $55,000 per year up to $130,000 per year. The 200 S. Taafee Street project is the first of four upcoming developments slated for the second phase of CityLine Sunnyvale. The overall project will redevelop four parcels in Sunnyvale’s downtown core into residences, ground-level retail space and office space. Last year, STC Ventures received approval of its Downtown Specific Plan that allows for a buildout of an additional 817 residences and 709,000 square feet of office space above 642,000 square feet of ground-level retail.
GEORGETOWN, TEXAS — Multifamily developer Wood Partners has broken ground on Alta Austin Avenue, a 312-unit apartment community located in the northern Austin suburb of Georgetown. Units will feature one-, two- and three-bedroom floor plans, as well as stainless steel appliances, granite countertops, tile backsplashes and full-size washers and dryers. Amenities will include a pool, fitness center, clubroom, business center, outdoor kitchen and a dog park. The opening is scheduled for this winter.
AUSTIN, TEXAS — Newmark has negotiated the sale of The Monroe, a 223-unit apartment community that is under construction in a Qualified Opportunity Zone in Austin’s East Riverside corridor. According to Apartments.com, the newly built property features one- and two-bedroom units and amenities such as a pool, outdoor grilling areas and a business center. Patton Jones of Newmark represented the seller, Dallas-based Stillwater Capital, in the transaction. New York-based JEM Holdings purchased the property for an undisclosed price.
PHOENIX — San Diego-based MG Properties Group has purchased Andante Apartments, a Class B multifamily property in Phoenix, for $145.2 million. The name of the seller was not released. Rocco Mandala of CBRE arranged a 10-year, fixed-rate, $99.4 million Fannie Mae loan for the buyer. Built in phases between 1999 and 2002, Andante Apartments features 576 units in a low-density setting. Common amenities include three swimming pools with picnic areas, a resident clubhouse and fitness center. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the deal.
DALLAS — Colliers International has brokered the sale of 7920 Belt Line Road, a 190,830-square-foot office building in North Dallas. The property was built in 1983 and recently received $2.3 million in capital improvements. Creighton Stark and Chris Boyd of Colliers International represented the seller, a partnership between Pillar Commercial and Blue Vista Capital Management, in the transaction. New Orleans-based Uhalt Investments purchased the property for an undisclosed amount. The sale included an adjacent medical pad site for potential future development.
LAS VEGAS — Cincinnati-based Phillips Edison & Co. has completed the sale of Sunrise Marketplace, a wholly owned neighborhood shopping center in Las Vegas. A Los Angeles-based private investment firm purchased the property for an undisclosed amount to complete a 1031 exchange. Situated on 15.1 acres at the southeast corner of NE Nellis Boulevard and Steward Avenue, Sunrise Marketplace features 191,345 square feet of retail space. At the time of sale, the property was 99 percent leased to Smith’s Food & Drug Store, Chase, Dotty’s, Applebee’s Neighborhood Grill & Bar, Wingstop, Verizon, Southwest Medical and Southern Nevada Health District. The shopping center was built in 1988 and renovated in 2006. Preston Fetrow of CBRE, along with the firm’s National Retail Partners-West team, represented the seller, while the buyer was represented by a cooperating broker.
MESA, ARIZ. — Dominium Group has completed the disposition of HUE97 Apartments located at 9736 E. Balsam Ave. in Mesa. Colrich Group acquired the asset for an undisclosed price. HUE97 Apartments features 184 units and recently underwent a $5 million repositioning and renovation program. NorthMarq’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle represented the buyer and seller in the transaction. Additionally, Steve Hollister and Aaron Beck of NorthMarq arranged $32.1 million in Freddie Mac financing for the buyer. The 15-year loan features seven years of interest-only payments at 3 percent.
FARMERS BRANCH, TEXAS — Regional healthcare provider Southwestern Health Resources has signed a 150,000-square-foot lease at Browning Place, a 627,560-square-foot office complex in the northern Dallas metro of Farmers Branch. Amenities at the complex include an onsite bank branch, jogging trail, café and a fitness center. Duane Henley of Transwestern represented the landlord, Browning Place LLC, in the lease negotiations. Paul Whitman and Pat McDowell with JLL represented the tenant.
COLORADO SPRINGS, COLO. — Cushman & Wakefield has arranged the sale of an office property located at 1670 Newport Road in Colorado Springs. Cleveland-based Boyd Watterson Asset Management acquired the asset from Denver-based Flywheel Capital for $11 million. Located at 1670 Newport Road, the 67,640-square-foot, multi-tenant property recently underwent interior renovations, as well as significant improvements to select tenant spaces. Aaron Johnson, Jon Hendrickson and Mitch Veremeychik of Cushman & Wakefield’s Denver Capital Markets team represented the seller in the transaction.