SAN ANTONIO — The San Antonio Apartment Association has proposed an emergency rental assistance program as a means of helping residents that are struggling to pay rent as a result of COVID-19. The organization is encouraging its members to forgive 25 percent of their outstanding rents and waive late fees for residents earning less than the area median income who can also show proof of unemployment.
PASADENA, TEXAS — Marcus & Millichap has arranged the sale of two workforce housing communities totaling 227 units in the eastern Houston suburb of Pasadena. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer. The new ownership will implement a value-add program.
EL PASO, TEXAS — Greysteel has brokered the sale of a two-property multifamily portfolio located at 525 and 670 N. Carolina Drive in El Paso. The properties were built in 1981 and feature two-bedroom units with an average size of 600 square feet. Jack Stone, Doug Banerjee and Andrew Hanson of Greysteel represented the seller and procured the buyer in the transaction. Fisher Wells and Daniel Harnett of Greysteel arranged acquisition financing for the buyer. Both parties requested anonymity.
AUSTIN, TEXAS — The Jenkins Organization, a Houston-based self-storage development and management firm has acquired the 74-site Austin Oaks RV Resort. The company will rebrand the community and implement a capital improvements program to the RV sites, pool, clubhouse, dog park and other common areas. The seller was not disclosed.
AUSTIN, TEXAS — San Diego-based investment firm H.G. Fenton Co. has purchased Casa Del Sol and Saltillo, two multifamily communities totaling 70 units in Central Austin. Both properties feature a pool and outdoor grilling areas. Muskin Commercial LLC represented the California-based seller in the transaction.
NEW ORLEANS — The New Orleans Redevelopment Fund (NORF) has received a $45 million loan to convert the Warwick Hotel in downtown New Orleans into student housing for Tulane University medical students. The 12-story building will offer 154 units that are expected to be move-in ready by August 2021. The property is situated at 1315 Gravier St., adjacent to Tulane University Medical School. Tulane University has signed a long-term lease with NORF. The community will feature ground-level retail space, a full-service restaurant, coffee shop and patio seating. As part of the $45 million construction loan, Hancock Whitney Bank provided bridge financing and Midland State Bank provided Historic Tax Credits to the developer. The Warwick Hotel was originally built in 1952 and has sat dormant since Hurricane Katrina hit the city. Hernandez Consulting & Construction will serve as the general contractor, and Albert Architecture and SCNZ are the project’s architects.
MACON, GA. — Ultimate Realty will redevelop the former Westgate Shopping Mall in Macon into a $12 million, 395,000-square-foot industrial park dubbed Middle Georgia Industrial Park. The six buildings will range in size from 19,000 to 106,000 square feet. The New York City-based developer expects to complete the park this summer. The new campus will include interior upgrades such as new electrical systems, bathrooms, new loading docks and drive-in doors, office pod additions and repainting of the facades. The renovation plan will also include upgrading the signage, major landscaping work, new LED lighting, upgraded sprinklers and expansive truck parking. Courtney Oldenburg and Chris Copenhaver of Cushman & Wakefield have been retained to lease the asset.
LEXINGTON, KY. — Bellwether Enterprise Real Estate Capital LLC has provided a $36.3 million permanent loan through Fannie Mae’s seniors housing program for the refinancing of Legacy Reserve at Fritz Farm. The community opened in Lexington in summer 2017, featuring 144 independent living, 33 assisted living and 15 memory care units. The borrower is owner-operator Atlas Senior Living. John Powell of Bellwether’s Chicago office originated the 12-year, fixed-rate loan on behalf of Atlas. The property is situated across the street from Bayer Properties’ Summit at Fritz Farm mixed-use development.
COLUMBIA, MD. — KLNB has arranged the $7.4 million sale of Rivers Corporate Centre, a two-story, 42,860-square-foot office building in Columbia. The building was fully leased at the time of sale to tenants including Peak-Ryzex Inc., Telligen and American Contracting. Rivers Corporate Centre is situated at 10330 Old Columbia Road, 19 miles southwest of downtown Baltimore. Craig Morrell, Brad Berzins and Don Schline of KLNB represented the seller, KC Rivers Development LLC, in the transaction. The team also procured the buyer, an entity controlled by Reliable Real Estate Services.
ATHOL, MASS. — Innovative Industrial Properties Inc. (IIP), a California-based REIT specializing in the regulated cannabis industry, has acquired a 199,000-square-foot industrial property in Athol, located approximately 40 miles northwest of Worcester. The sales price was $26.8 million. Concurrent with the transaction, IIP entered a long-term, triple-net lease agreement with a subsidiary of Ascend Wellness Holdings LLC (AWH) for continued operation as a licensed cannabis cultivation and processing facility. AWH is expected to complete tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to approximately $22.2 million. The Massachusetts Cannabis Control Commission deemed medical marijuana treatment centers and health care providers as essential services that will remain open during the COVID-19 crisis.