Property Type

Merchants Capital Secures $6.5M in Financing for Affordable Housing Property Under Construction in Wisconsin

by Kristin Harlow December 15, 2020

MARINETTE, WIS. — Mortgage banking company Merchants Capital has secured $6.5 million in financing for Trolley Station Terrace, a 45-unit affordable housing property under construction in Northeast Wisconsin’s Marinette. Of the total financing, $1.8 million is a rural development loan and $4.7 million is a low-income housing tax credit bridge loan. Nonprofit developer Newcap Inc. is developing the project. Of the property’s 45 units, 38 will be reserved for renters who earn up to 60 percent of area median income. There will also be units designated as supportive housing for local veterans. Construction began in August and is scheduled for completion in August 2021. The three-story project will be situated on 2.5 acres at 153 Main St.

December 15, 2020

Acquisitions Affordable Housing Midwest Multifamily South Dakota

Tzadik Properties Acquires 156-Unit Workforce Housing Community in Sioux Falls, South Dakota

by Kristin Harlow December 15, 2020

SIOUX FALLS, S.D. — Tzadik Properties LLC has acquired Woodlake Apartments in Sioux Falls. The 156-unit workforce housing community sits on 7.6 acres at 4008 S. Louise Ave. Tzadik plans to spend $1.5 million on improvements. Woodlake Apartments offers one- and two-bedroom units with monthly rents averaging $725. Michael Haeder of Haeder & Associates brokered the sale. Merchants Bank provided acquisition financing. The seller and sales price were undisclosed.

December 15, 2020

Acquisitions Industrial Texas

Hines Acquires 1.2 MSF Fulfillment Center Leased to Amazon in Schertz, Texas

by Taylor Williams December 15, 2020

SCHERTZ, TEXAS — Hines Global Income Trust, an institutional investment arm of the Houston-based real estate giant, has acquired a 1.2 million-square-foot fulfillment center leased to Amazon in Schertz, located northeast of San Antonio. The property is situated along the Interstate 35 corridor. The seller and sales price were not disclosed.

December 15, 2020

Development Multifamily Texas

Kairoi, NREA Underway on 146-Unit Multifamily Project in Uptown Dallas

by Taylor Williams December 15, 2020

DALLAS — San Antonio-based Kairoi Residential, in partnership with National Real Estate Advisors (NREA), is underway on construction of a 146-unit multifamily project at 2620 Maple St. in Uptown Dallas. The 12-story building will include 14 penthouse-level suites and will aim to capture the atmosphere of a boutique hotel with its various amenities. Completion is scheduled for September 2022.

December 15, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 105-Unit Apartment Complex in West Houston

by Taylor Williams December 15, 2020

HOUSTON — Marcus & Millichap has brokered the sale of Vanderbilt Lodge Apartments, a 105-unit multifamily complex located at 12660 Medfield Drive in West Houston. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity. The new ownership will implement a value-add program to unit interiors and building exteriors.

December 15, 2020

Development Multifamily Seniors Housing Texas

SilverPoint, Journey Capital Begin Work on 93-Unit Seniors Housing Community in Saginaw, Texas

by Taylor Williams December 15, 2020

SAGINAW, TEXAS — A partnership between management firm SilverPoint Senior Living and developer Journey Capital has begun construction on Edition Senior Living, a 93-unit community in Saginaw, a northern suburb of Fort Worth. The 6.1-acre property will consist of 22 independent living cottages, 54 assisted living units and 19 memory care residences. Residents will have access to resort-quality amenities, chef-prepared meals and concierge-style services. A tentative completion date was not disclosed.

December 15, 2020

Loans Multifamily Texas

Colliers Provides $6.2M Fannie Mae Acquisition Loan for San Antonio Apartments

by Taylor Williams December 15, 2020

SAN ANTONIO — Colliers Mortgage has provided a $6.2 million Fannie Mae acquisition loan for Bellevue at Windcrest, a 124-unit apartment community in San Antonio. Built in 1984, the property features one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Colliers originated the loan, which carried a 10-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending for borrower Boardwalk at Windcrest LLC.

December 15, 2020

Acquisitions California Retail Western

Private Developer Divests of Grocery-Anchored Shopping Center in Los Angeles’ Koreatown for $57.5M

by Amy Works December 15, 2020

LOS ANGELES — A private developer has completed the sale of California Marketplace, a shopping center located at 450 S. Western Ave. in the Koreatown neighborhood of Los Angeles. A private investment company acquired the asset for $57.5 million. A Korean grocery store occupies the three-story retail property, which features an adjacent, four-level parking structure. At the time of sale, the property was 86 percent leased to 25 tenants, including Gaju Market, Pacific City Bank, Myungrang Hot Dog and BMB Medical. Michael Shustak, Derrick Moore, Chris Caras and Phillip Sample of CBRE’s downtown Los Angeles office represented the seller in the deal.

December 15, 2020

Acquisitions California Industrial Western

Panattoni Development Sells Core Industrial Facility in San Jose to TA Realty for $26.6M

by Amy Works December 15, 2020

SAN JOSE, CALIF. — Panattoni Development Co. has completed the disposition of an industrial property located at 2144 Oakland Road in San Jose. TA Realty acquired the asset for $26.6 million. The County of Santa Clara occupies the 82,900-square-foot building, which was recently constructed. Steven Golubchik, Edmund Najera, Jonathan Schaefler, Darran Hollak and Jack Phipps of Newmark represented the seller in the transaction.

December 15, 2020

Acquisitions Net Lease Retail Washington Western

Newmark Arranges $16.2M Sale of Net-Leased Retail Property in Walla Walla, Washington

by Amy Works December 15, 2020

WALLA WALLA, WASH. — Newmark has arranged the sale of a single-tenant, net-leased retail building located at 450 N. Wilbur Ave. in Walla Walla. A Hawaii-based buyer acquired the asset from a publicly traded REIT for $16.2 million. A national grocer occupies the 60,026-square-foot building, which is situated within Eastgate Marketplace Shopping Center, under a long-term lease. Matt Berres, Samer Khalil, Billy Sleeth and Paul Sleeth of Newmark represented the seller in the deal.

December 15, 2020

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