PEORIA, ILL. — Triad Real Estate Partners has brokered the sale of Dunlap Falls in Peoria for $16.8 million. The 180-unit apartment complex was built in 1997. The property underwent a $4.2 million renovation in 2019 that included a new clubhouse and fitness center along with upgrades made to nearly 150 units. A Massachusetts-based portfolio owner sold the asset to a Chicago-based owner and operator.
AUSTIN, TEXAS — CapitaLand Ltd., an investment and development firm based in Singapore, will develop a 341-unit apartment community in Austin. The firm has entered into an 80/20 joint venture with an undisclosed local developer to build the project, which will be located on a 4.7-acre parcel on the city’s north side. The property’s location puts it near The Domain, as well as the new McKalla Place Major League Soccer Stadium that is slated to open this spring. Units at the new community will feature studio, one- and two-bedroom floor plans. Completion is slated for 2023.
THE WOODLANDS, TEXAS — This month, the Howard Hughes Corp. (NYSE: HHC) will open The Lane at Waterway, a 163-unit apartment community in The Woodlands, about 30 miles north of Houston. The property features one-, two- and three-bedroom units, as well as townhomes, that are furnished with stainless steel appliances, quartz countertops and walk-in closets. Amenities include a fitness center, outdoor cooking areas and a clubroom. Rents start at $1,675 per month for a one-bedroom unit, according to apartmentfinder.com.
EL PASO, TEXAS — Lument, the newly combined organization of Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $21.5 million Freddie Mac loan for the renovation of Jackie Robinson Memorial Apartments in El Paso. Built in 1975, the property consists of 186 units that are restricted to renters earning 60 percent or less of the area median income. The loan features a fixed interest rate, 18-year term with three years of interest-only payments and a 35-year amortization schedule. The capital improvement program will include a gut renovation of all residential units, from new drywall to new kitchen appliances. In addition, exteriors will be improved with new windows and doors, repaired or replaced roofs and new stair towers. Construction began in October 2020 and is expected to be complete within 24 months.
DENVER — The X Company has received $105.3 million in construction financing for X Denver2 (XD2), a multifamily project in the Arapahoe Square neighborhood of downtown Denver. Eric Tupler, Christopher Peck and Josh Smith of JLL Capital Markets arranged the loan through CIM Group for the borrower. Located at the corner of 21st and Arapahoe streets, the 22-story XD2 will offer private residences and fully furnished co-living suites with individual bedrooms and bathrooms. Additionally, the property will feature more than 15,700 square feet of collaborative working space; a three-story members-only club offering a resort-style pool and deck; full-serve fitness center with daily classes; and entertainment lounge equipped with a bar. The project also borders the upcoming infrastructure updates that are transforming 21st and Wynkoop streets into an easily accessible walk-path, restricting vehicles on each street.
SAN FRANCISCO — Stitch Fix (NASDAQ: SFIX) has reported a net revenue of $490.4 million, an increase of 10 percent year-over-year, for the first quarter of fiscal year 2021, which ended Oct. 31. The online personal styling service reports that new clients have grown dramatically during the pandemic. The company has nearly 3.8 million active clients, an increase of 347,000, or 10 percent year-over-year, and 241,000 new clients quarter-over-quarter. The company reported a slight decrease of 4 percent year-over-year of net revenue per active client, which totals $467. “This quarter we are proud to have achieved several multi-year highs, including our highest sequential client addition on record,” says Katrina Lake, founder and CEO. According to the company’s shareholder letter, it aims to deliver between 20 percent and 25 percent growth for the full fiscal year. The company delivers clothing personalization services to clients through a combination of data science and human judgement. Since its founding in 2011, the company has helped millions of people discover and purchase apparel, shoes and accessories curated by Stitch Fix stylists and algorithms.
NEW YORK CITY — A partnership between boutique investment firm JNY Capital and United Hoisting Co. will develop The Oasis, a $175 million office and life sciences project in Queens. The 11-story building will be located at 38-42 12th St. in the Long Island City neighborhood. The Oasis will consist of 343,500 square feet of traditional office and life sciences space, 34,700 square feet of street-level retail space, 30,700 square feet of event space and a 17,000-square-foot rooftop bar/restaurant. The Oasis will also feature 30,000 square feet of terrace and outdoor green space and parking for more than 650 cars. Construction is expected to begin in the second or third quarter of 2021 and to be complete in the third or fourth quarter of 2022. Lee & Associates is marketing the property for lease.
HAYWARD, CALIF. — Colliers International has arranged the sale of a light industrial property located at 3340 Arden Road in Hayward. Roxborough Group sold the asset to Berkley Partners for $20.7 million. At the time of sale, the three-building, 102,122-square-foot facility was 87 percent occupied. Greig Lagomarsino and Nick Ousman of Colliers represented the seller and buyer in the transaction.
WARRENDALE, PA. — Postal Realty Trust (NYSE: PSTL), a New York-based REIT, has acquired a 431,000-square-foot industrial building located in the northern Pittsburgh suburb of Warrendale for $47 million. The property was fully leased at the time of sale to three tenants, with a USPS processing and distribution facility occupying roughly 75 percent of the space. The other tenants are Omnicell Inc., a provider of operational solutions for healthcare facilities, and DBC Real Estate Management LLC, a regional multifamily owner-operator. The seller was not disclosed. Postal Realty Trust now owns 714 properties in 47 states totaling 2.6 million square feet of net leasable commercial space.
PARK CITY, UTAH — Blueprint Healthcare Real Estate Advisors has brokered the sale of an undisclosed assisted living and memory care community in Park City, approximately 35 miles southeast of Salt Lake City. The community was built in 1999 and features 32 units of assisted living and 10 units of memory care. The Pacific Northwest-based owner sought to divest the asset as a geographical outlier in its portfolio. A local owner-operator bought the property for an undisclosed price, taking on the existing HUD loan as part of the deal.
