Property Type

Berkadia Arranges Two Acquisition Loans Totaling $11.8M for Self-Storage Facilities in Raleigh, Durham

by Alex Tostado June 29, 2020

RALEIGH AND DURHAM, N.C. — Berkadia has arranged two acquisition loans totaling $11.8 million for self-storage properties in Raleigh and Durham. An undisclosed life insurance company provided the five-year, fixed-rate loans on behalf of the borrower, Orlando, Fla.-based Liberty Investment Properties. Liberty plans to rebrand the Extra Space Storage facilities to its flagship brand, My Neighborhood Storage Center. The first property is a two-story, 685-unit facility located at 6401 Town Center Drive in Raleigh. The 72,614-square-foot facility was built in 2016. The other property is a four-story, 684-unit property located at 112 W. Seminary Ave. in Durham. The asset was built in 2017. The seller of the two facilities was not disclosed.

June 29, 2020

Acquisitions Multifamily North Carolina Southeast

Newmark Knight Frank Negotiates $38M Sale of Apartment Complex in Durham

by Alex Tostado June 29, 2020

DURHAM, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Parc at University Tower, a 186-unit apartment complex in Durham. KnightVest acquired the property for an undisclosed price, but the Triangle Business Journal reports the sales price was $38 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, lighted tennis court, 24-hour fitness center, pet park, 24-hour business center, poolside BBQ grilling station, clubhouse with billiards, Amazon Hub package lockers and complimentary bike exchange. The garden-style community is located at 20 Morcroft Lane, four miles west of downtown Durham. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Duck Pond Realty, in the transaction.

June 29, 2020

Acquisitions Georgia Office Southeast

Skyline Seven Brokers $2.2M Sale of Office Building in Metro Atlanta

by Alex Tostado June 29, 2020

CHAMBLEE, GA. — Skyline Seven Real Estate has brokered the $2.2 million sale of 5115 New Peachtree Road, a 16,740-square-foot office building in Chamblee. The property was 95 percent leased at the time of sale to nine tenants, including Emory University, MARTA, Improve IT! of Atlanta and BryTech. The asset, which was built in 1973, is located adjacent to the Chamblee MARTA Station and 13 miles northeast of downtown Atlanta. Elliott Kyle of Skyline Seven represented the seller, Atlanta-based First American Exchange Co., in the transaction. Southern First Bank provided an acquisition loan on behalf of the buyer, Old Ivy Property Re Fund I.

June 29, 2020

Development Office Texas

Granite Properties to Undertake 623,624 SF Office Redevelopment Project in Uptown Dallas

by Taylor Williams June 29, 2020

DALLAS — Granite Properties will redevelop Cedar Maple Plaza, an office complex located at the corner of Cedar Springs Road and Maple Avenue in Uptown Dallas. Granite will rebrand the new 623,624-square-foot mixed-use office property as 23Springs. The locally based developer will demolish three existing buildings on the 2.5-acre site and build a 26-story office tower, two detached buildings that will house 16,000 square feet of restaurant space and a small park. Amenities at 23Springs will include a coffee and wine bar, fitness studio, conference facilities and a tenant lounge with a golf simulator. GFF is the project architect, and DPR is the general contractor. Granite has received all necessary permits and entitlements and expects to begin construction in the first quarter of 2021.

June 29, 2020

Development Hospitality Texas

Songy Highroads, Wampold Complete 335-Room Margaritaville Resort in Conroe, Texas

by Taylor Williams June 29, 2020

CONROE, TEXAS — A joint venture between Atlanta-based Songy Highroads and Louisiana-based Wampold Cos. has completed Margaritaville Lake Resort, a 335-room hotel located on Lake Conroe, about 40 miles north of Houston. The property is situated on 186 acres and is the first Texas resort of the Margaritaville brand, which features activities and amenities with themes from the music of Jimmy Buffett. The resort offers an 18-hole golf course, waterpark with outdoor pools, tennis courts, fitness center, full-service spa and 72,000 square feet of indoor and outdoor meeting space, as well as multiple Buffett-themed bars and restaurants. Guests may also enjoy swimming, boating, fishing and waterskiing lessons.

June 29, 2020

Affordable Housing Loans Multifamily Texas

KeyBank Provides $43.8M Freddie Mac Financing for Affordable Housing Project in Central Texas

by Taylor Williams June 29, 2020

SAN MARCOS, TEXAS — KeyBank Real Estate Capital has provided $43.8 million in Freddie Mac financing for Reserves at San Marcos, a 376-unit multifamily project in San Marcos, roughly midway between Austin and San Antonio. Approximately 80 percent of the units are reserved for renters earning up to 60 percent or less of the area median income. Units will feature one-, two- and three-bedroom floor plans ranging in size from 650 to 1,350 square feet. Robbie Lynn and Hector Zuniga of KeyBank originated the financing, which carries a fixed interest rate and a 36-month term. Construction is expected to be complete by 2022.

June 29, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 144-Unit Parkwood Terrace Apartments in Metro Austin

by Taylor Williams June 29, 2020

ROUND ROCK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parkwood Terrace, a 144-unit multifamily community located in the northern Austin suburb of Round Rock. Built in 2000, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and resident clubhouse. Jordan Featherston, Will Balthrope, Drew Kile, Drew Garza and Kent Myers of IPA represented the seller, private investor James Pinheiro, in the transaction. Los Angeles-based investment firm Langdon Street Capital purchased the asset for an undisclosed price.

June 29, 2020

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 18,400 SF Industrial Complex in Arlington

by Taylor Williams June 29, 2020

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Crowley Business Park, an 18,400-square-foot industrial complex in Arlington. The property was built on 0.9 acres in 1980. Adam Abushagur and Cliff Zimmerman of Marcus & Millichap represented the seller, and procured the buyer, both of which were private investors that requested anonymity.

June 29, 2020

Acquisitions Illinois Midwest Multifamily

JLL Brokers Sale of 111-Unit Luxury Apartment Community in Metro Chicago

by Kristin Harlow June 29, 2020

LAKE FOREST, ILL. — JLL Capital Markets has brokered the sale of Apartment Homes at Kelmscott Park in Lake Forest, about 30 miles north of Chicago. The sales price was undisclosed. The luxury apartment property consists of three buildings with 111 units that average 1,220 square feet. The community is 92 percent occupied and the majority of renters are age 50 and older. Monthly rents start at $2,141. Marty O’Connell, Wick Kirby, Kevin Girard and Amanda Friant of JLL represented the sellers, Focus and funds managed by Castlelake LP. Matt Schoenfeldt and Chris Knight of JLL originated acquisition financing on behalf of the buyer, Intercontinental Real Estate Corp. The Fannie Mae loan has a 10-year term. Steve Centrella and Chris LaFrance of Intercontinental led the transaction on behalf of Intercontinental.

June 29, 2020

Acquisitions Indiana Midwest Retail

Muinzer, T2 Capital Acquire Ownership Stake in Chauncey Hill Mall Next to Purdue University

by Kristin Harlow June 29, 2020

WEST LAFAYETTE, IND. — Muinzer, together with T2 Capital Management, has acquired a 50 percent stake in the ownership of Chauncey Hill Mall and Chauncey Hill Annex in West Lafayette. Trinitas Ventures was the seller. The purchase price was undisclosed. The properties are located next to Purdue University. The acquisition makes Muinzer the largest residential, retail and land owner near the university, according to the company.

June 29, 2020

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