Property Type

Lauth Communities Acquires Three Multifamily Properties in Bowling Green and Lexington, Kentucky

by John Nelson January 28, 2021

BOWLING GREEN AND LEXINGTON, K.Y. — Lauth Communities, a subsidiary of Carmel, Ind.-based Lauth Group Inc., has acquired three multifamily properties located in Bowling Green and Lexington. The three properties, known as The Drake, The Stables at Waveland Farm and The Woods at 1850, will add 360 additional units to Lauth’s portfolio. The sales price was not disclosed. The Drake, located at 726 Cumberland Trace Road in Bowling Green, is a 288-unit complex completed in 2019. The property resides on 30 acres and consists of one-, two- and three- bedroom units. The community’s amenities include a clubhouse, pool, onsite dog parks, fire pits, game center and 30 freestanding garages. The Drake features 22 three-story buildings. The Stables at Waveland Farm is located at 3765 Winthrop Drive and The Woods at 1850 is located at 1850 Old Higbee Mill Road, both in Lexington. The Stables at Waveland Farm was built in 2019. The Woods at 1850 feature one-, two-, and three-bedroom floorplan options. The communities will be rebranded as the Stables at Palomar and Stables at the Woods, respectively. The properties are located within 3.5 miles of each other. Together, they will add 72 units to Lauth’s portfolio. The Lexington-based Silvestri …

January 28, 2021

Acquisitions Affordable Housing Development Loans Multifamily North Carolina Southeast

Colliers Mortgage Provides $14.9M HUD Loan for Affordable Housing Property in Durham

by John Nelson January 28, 2021

DURHAM, N.C. — Colliers Mortgage has provided a $14.9 million HUD 221(d)(4) loan for Oakley Square, a 100-unit affordable housing property located in Durham. The borrower, Oakley Square Housing Partners LP, will use the loan for the acquisition and substantial rehabilitation financing of Oakley Square. The loan features a 40-year term and a 40-year amortization schedule. Colliers Securities LLC provided tax exempt bonds to the borrower, which will also receive equity from the sale of Low-Income Housing Tax Credits (LIHTC). Colliers Mortgage, formerly known as Dougherty Mortgage, is part of Colliers International and is a nationwide mortgage banking firm.

January 28, 2021

Acquisitions Industrial Texas

Exan Capital Acquires 1 MSF Amazon Fulfillment Center in Metro Houston

by Taylor Williams January 28, 2021

BROOKSHIRE, TEXAS — Miami-based Exan Capital has acquired a 1 million-square-foot fulfillment center in the western Houston suburb of Brookshire that is fully leased to an investment-grade e-commerce user. Multiple news outlets, including the Houston Business Journal, report that the tenant is Amazon. The property was built on 84 acres in 2018 and features 36-foot clear heights, 100 dock-high doors, an ESFR sprinkler system and ample parking for trailers and the facility’s 1,600 employees. Trent Agnew, Rusty Tamlyn, Charles Strauss, Tom Weber and Jack Britton of JLL represented the seller, a publicly traded REIT, in the transaction. Colby Mueck, Michael Johnson and Molly Leinsdorf of JLL arranged a five-year, fixed-rate acquisition loan through New York Life on behalf of the new owner.

January 28, 2021

Development Industrial Self-Storage Texas

Public Storage Opens 1,101-Unit Self-Storage Facility in West Houston

by Taylor Williams January 28, 2021

HOUSTON — Public Storage (NYSE: PSA) has opened a 1,101-unit self-storage facility at 2055 Hayes Road in West Houston. The site previously housed a self-storage property that was demolished to make way for the new 125,000-square-foot facility. Triad Construction Inc. served as the general contractor for the three-story project, which was completed in less than 10 months.

January 28, 2021

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 291-Unit Northshore Meadows Apartments in Houston

by Taylor Williams January 28, 2021

HOUSTON — Berkadia has brokered the sale of Northshore Meadows, a 291-unit apartment community located at 333 Uvalde Road on the eastern side of Houston. Built in 1971, the property offers one-, two- and three-bedroom units that range in size from 414 to 1,199 square feet. Each apartment features stainless steel appliances and walk-in closets. Communal amenities include a fitness center, business center, clubhouse and a playground. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the undisclosed seller and procured the buyer, Claridge Properties, in the transaction.

January 28, 2021

Development Loans Multifamily Texas

Broadshore Capital Provides $31.2M Construction Loan for Multifamily Project Near Fort Worth

by Taylor Williams January 28, 2021

BURLESON, TEXAS — Los Angeles-based Broadshore Capital Partners has provided a $31.2 million construction loan for Sovereign at Burleson, a 217-unit multifamily project that will be located on the southern outskirts of Fort Worth. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool with an aqua lounge, a gaming lawn, resident clubhouse and a bike shop. Chris Miller of Broadshore originated the debt, with JLL’s Greg Nalbandian acting as loan arranger. The borrower was New York City-based Sovereign Properties.

January 28, 2021

Acquisitions Kansas Midwest Multifamily

Newmark Brokers Sale of 311-Unit Apartment Community in Kansas City

by Kristin Harlow January 28, 2021

KANSAS CITY, KAN. — Newmark has brokered the sale of Prairie View at Village West in Kansas City for an undisclosed price. The 311-unit apartment community is located at 11200 Delaware Parkway in Wyandotte County. The complex was built in 2016. Mac Crowther and Whittaker Potts of Newmark represented the seller, a private equity real estate fund advised by Crow Holdings Capital. Charles Williams of Newmark arranged acquisition financing on behalf of the buyer, Avanti Residential.

January 28, 2021

Development Multifamily Texas

Oldham Goodwin Completes 170-Unit Phase II of Catalon at Lago Mar Apartments Near Houston

by Taylor Williams January 28, 2021

TEXAS CITY, TEXAS — Oldham Goodwin Group LLC, a real estate development and management firm based in Central Texas, has completed Phase II of Catalon at Lago Mar, a project that added 170 apartments to the supply of Texas City, located southeast of Houston. Units feature stainless steel appliances, granite countertops and full-size washers and dryers. Amenities include a pool, outdoor fitness area, dog wash station and auto detailing station. Construction of Phase II began in August 2019. Rents start at roughly $1,000 per month for a one-bedroom unit, according to Apartments.com.

January 28, 2021

Development Hospitality Midwest Missouri

Midas Construction Underway on $26.4M AC Hotel in St. Louis

by Kristin Harlow January 28, 2021

ST. LOUIS — Midas Construction is building an AC Hotel in the Central West End of St. Louis. The seven-story, 192-room hotel is located at 215 York Ave. Construction costs total $26.4 million. Completion is slated for the fourth quarter of this year. Project developers include Concord Hospitality, Koplar Properties and Homebase Partners. The hotel is being built on a site formerly occupied by the KPLR television station, which was demolished in December 2019. Midas is optimizing its construction process by using building information modeling and fabricating some components offsite. The project team includes ENGWorks, HDA Architects, Alper Audi, DeLuca Plumbing, McClure Engineering, Eisen Group and DLR Group. This is the first hotel project in the Central West End in nearly 20 years, according to Midas.

January 28, 2021

Industrial Leasing Activity Midwest Missouri

Logoplaste Leases 160,000 SF in Kansas City’s Executive Park

by Kristin Harlow January 28, 2021

KANSAS CITY, MO. — Logoplaste, a designer and manufacturer of plastic packaging products, has leased 160,000 square feet of industrial space in Kansas City’s Executive Park. The property is located at 6900 Stilwell St. Mark Long, David Zimmer and John Hassler of Newmark Zimmer represented the undisclosed landlord in the lease transaction. Daniel Jensen of Kessinger Hunter and Britt Casey of Cushman & Wakefield represented the tenant.

January 28, 2021

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