SEA BRIGHT, N.J. — New Jersey-based Innzen Hospitality has nearly completed the renovation of the BeachWalk Hotel in the coastal city of Sea Bright. The project includes the addition of 37 more rooms for a total of 76, as well as upgrades to the hotel’s amenity spaces. The property also offers 40 dock slips and 80 parking spaces. Life Hospitality will manage the newly renovated hotel.
HOUSTON — JLL has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Hanover Southampton, a 206-unit apartment community in Houston’s West University neighborhood. The property was built in 2015 and features an average unit size of 1,435 square feet. Amenities include a 10,000-square-foot lounge, rooftop pool, fitness center, a theater room and valet dry cleaning services. Cortney Cole and Dustin Selzer of JLL originated the seven-year, fixed-rate loan on behalf of the borrower, a partnership between Hanover Co. and State Farm Insurance.
HOUSTON — Energy giant Chevron has a signed lease to be the inaugural tenant at The Ion, a 300,000-square-foot office building in Midtown Houston. The Ion is a redevelopment of the former Sears building at 4201 Main St. that targets both entrepreneurial startups and established corporate users. Houston-based Rice Management Co. owns the building, which is set to open next spring. The square footage of Chevron’s lease was not disclosed.
CORPUS CHRISTI, TEXAS — Montecito Medical Real Estate has acquired two outpatient imaging centers totaling 28,517 square feet in Corpus Christi. The buildings were fully leased to Radiology & Imaging of South Texas at the time of sale. Michael Moreno, Kyle Mackulak and Rahul Chhajed with Matthews Real Estate Investment Services brokered the deal. The seller was not disclosed.
VICTORIA, MINN. — Bethesda, a national Christian organization that provides homes and other services for people with intellectual and developmental disabilities, is opening Bethesda Cornerstone Village Victoria, located at 1519 82nd St. in Victoria, on Tuesday, Sept. 1. Offering apartments and villas, the community is restricted to adults age 55 or older and independent adults with intellectual and developmental disabilities. Bethesda Cornerstone Village Victoria will feature 37 apartment homes and 15 villa homes, with up to 20 percent of the residences serving people with a disability who live independently. Homes will feature granite countertops, stainless steel appliances, in-unit laundry, soundproofing and patios or balconies. Villa homes offer attached one- or two-car garages and apartment homes feature an underground parking garage. Community amenities will include a community center for events and activities and a fitness center with an array of exercise machines and classes. Lutheran Church Extension Fund provided financing for the housing community, which was designed by New York-based QPK Design. Kraus-Anderson served as general contractor and construction manager for the development.
CHICAGO — Wolcott Group has completed the sale of a six-building multifamily portfolio in Chicago’s Kenwood neighborhood. An undisclosed buyer acquired the portfolio for $17.9 million, or $88,112 per unit. Comprising 204 units, the properties are located at 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4737 and 4746 S. Ingleside Ave., 4500 S. Drexel Blvd. and 811 E. 46th St. The portfolio also includes some affordable housing communities whose apartments are reserved for households that meet eligibility requirements. The buyer plans to upgrade units as they turn over and lease additional units that were previously offline. Chicago-based Interra Realty’s David Goss, Jon Morgan, Ted Stratman and Lucas Fryman represented the seller and buyer in the transaction.
FISHERS AND PLAINFIELD, IND. — Boston Capital is investing in the construction of two affordable multifamily properties in Indiana: the 62-unit SouthPointe Village Apartments in Fishers and the 52-unit Haven Homes in Plainfield. The investments represent Boston Capital’s second and third partnerships with Indianapolis-based RealAmerica Development. Located 14 miles northeast of Indianapolis, SouthPointe Village will feature 19 one-bedroom units and 43 two-bedroom units in a single residential building. Thirteen of the units will be set aside for persons with developmental disabilities. Units will offer open-concept floor plans, built-in kitchen appliances, free Wi-Fi and in-unit washers and dryers. Additionally, the property will include a community room, computer center, fitness center, classes and space for service providers, an indoor playground, library and access to the Nickle Plate Trail. Situated near the Indianapolis International Airport, Haven Homes will feature 16 one-bedroom units, 20 two-bedroom units and 16 three-bedroom units in two residential buildings. Thirteen units will be set aside for victims of domestic violence. Units will offer open-concept floor plans, built-in kitchen appliances, free Wi-Fi and in-unit washers and dryers. The development will include a freestanding clubhouse with a community room, computer center and fitness center with classes. Other amenities will include a …
MT. PROSPECT, ILL. — Chicago-based GW Properties has completed the disposition of a multi-tenant retail property in Mt. Prospect, a suburb of Chicago. Los Angeles-based Davidson & Associates purchased the asset for $3.9 million. Constructed in 1966 and renovated in 2019, the building is fully occupied by three tenants in the medical, restaurant and wireless service industries on net leases. The property is located at 920 E. Elmhurst Road. Alex Sharrin and Alex Geanakos of JLL represented the seller in the deal.
AKRON, OHIO — Emerald Creek Capital has provided a $2.8 million acquisition loan for an undisclosed borrower. The loan is secured by a 45,540-square-foot warehouse in Akron. Situated on a seven-acre site with 277 parking spaces, the climate-controlled property features 21-foot clear heights, eight grade-level doors and two drive-in doors. Amazon occupies the warehouse and will use it in conjunction with the company’s new 2.7 million-square-foot fulfillment center that is currently under construction in southwest Akron. Matt Fantuzzi of Emerald Creek Capital originated the financing.
SPARKS, NEV. — Operator Integral Senior Living (ISL) and owner Investcor Development plan to break ground this month on an assisted living and memory care community in Sparks, a suburb of Reno. Spanning 74,000 square feet, the property will feature 66 assisted living units and 24 memory care units. While the development has not yet been named, it will be located within Kiley Ranch, 675-acre master-planned development that includes a business park, retail/commercial district and residential neighborhoods surrounding a village center. The seniors housing development is scheduled for completion in early 2022.