AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Park at Estancia, a 320-unit multifamily property in Austin’s Far South submarket. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, dog park, outdoor grilling stations and a resident clubhouse with a lounge and game area. Will Balthrope, Jordan Featherston and Kent Myers of IPA represented the seller, GenCap Partners, in the transaction. The team also procured the buyer, Churchill Forge Properties.
HOUSTON — Los Angeles-based investment firm JRK Property Holdings has purchased Carrington Park at Gulf Point, a 258-unit apartment community in southeast Houston. Built on 16 acres in 2017, the property features one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center and a clubhouse, according to Apartments.com. The seller was not disclosed.
THE WOODLANDS, TEXAS — NAI Partners has negotiated a 16,000-square-foot office headquarters sublease for exploration firm Ring Energy at 1725 Hughes Landing Blvd. in The Woodlands, about 30 miles north of Houston. Charlie Neuhaus and Harry Holmes of NAI Partners represented the tenant, which is relocating from Midland, in the lease negotiations. Jerrod McQuain of JLL represented the sublandlord.
MALDEN, MASS. — CBRE has negotiated the $95.5 million sale of Strata, a 295-unit apartment community located in the northern Boston suburb of Malden. The sales price equates to approximately $324,000 per unit. The property, which was 100 percent occupied at the time of sale, is situated on 8.4 acres and offers one-, two- and three-bedroom units with an average size of 892 square feet. Amenities include a pool, outdoor grilling areas and fire pits and a fitness center. Simon Butler, Biria St. John and John McLaughlin of CBRE the seller, Boston-based Taurus Investment Holdings, and procured the buyer, an affiliate of The Green Cities Company of Portland, Oregon.
BOSTON — A joint venture between affiliates of Magellan Development Group, RAS Development, Cypress Equity Investments and USAA Real Estate will develop a 194,000-square-foot life sciences facility and a 450-unit apartment building in the Somerville area of Boston. The development represents the first phase of the master plan for the revitalization of Union Square, a project that will ultimately span 2.4 million square feet of commercial and residential space. The project also includes the addition of an MBTA Green Line station. Daniel Kaufman, Frederic Wittmann and Brett Paulsrud of JLL arranged construction financing through Bank OZK for both the life sciences and the multifamily components of the project.
NEW YORK CITY — A joint venture between investment and development firms Harbor Group International (HGI) and Turnbridge Equities has sold a 90,000-square-foot industrial property leased to Amazon in Brooklyn. The joint venture acquired the property in 2018, when it was vacant, and invested $2.6 million in capital improvements. Institutional investor BentallGreenOak purchased the property for an undisclosed price.
BOSTON — Berkadia has provided a $17.5 million Fannie Mae loan for the refinancing of a portfolio of 11 multifamily properties totaling 89 units in Boston. The properties are primarily located in the Dorchester and Mattapan areas on the city’s south side. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 12-year, fixed-rate loan on behalf of the borrower, BT Holland Real Estate.
EVERETT, MASS. — The Neighborhood Developers, a Massachusetts-based nonprofit organization, is underway on construction of an affordable housing project in Everett, a northern suburb of Boston. The project will add 77 units for seniors age 62 and above, as well as a 4,000-square-foot healthcare facility, to the local supply. The project also includes six townhomes that will be listed for sale at below-market prices. A completion date was not disclosed.
BENSENVILLE AND WOOD DALE, ILL. — Lee & Associates has negotiated four industrial leases totaling 178,978 square feet in suburban Chicago. Chris Nelson, Jeff Janda and Michael Plumb of the brokerage represented owner Prologis on a lease of 92,000 square feet at 491 Supreme Drive in Bensenville. David Haigh of NAI Hiffman represented the tenant, Expo Lanka USA LLC. Next, Nelson and Calvin Gunn of Lee & Associates represented tenant Hoson Logistics on its lease of 47,379 square feet at 472 Thomas Drive in Bensenville. Sam Durkin of JLL represented the owner, Link Logistics Real Estate. In the third deal, American Distributors leased 30,226 square feet at 1049 Industrial Drive in Bensenville. Brad Simousek and Michael Plumb of Lee & Associates represented the undisclosed landlord. Last, Simousek represented Dental Health Products in its lease of 9,373 square feet at 1371 N. Wood Dale Road in Wood Dale. Hamilton Partners owns the building.
PLYMOUTH, MICH. — Bernard Financial Group has arranged a $23.5 million construction-to-permanent loan for a 477,165-square-foot industrial building in Plymouth, about 25 miles west of Detroit. Ashley Mastronardi LLC was the borrower. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan with Aegon Life Insurance Co. Loan terms were undisclosed.