HUNTSVILLE, ALA. — Walker & Dunlop has provided a $51.9 million construction loan to Spring Bay Property Co. and RCP Cos. for Eclipse at CityCentre, a planned five-story, 278-unit apartment complex in downtown Huntsville. Walker & Dunlop provided the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) construction program, which includes both construction and permanent financing in a single loan. The two-year term for the construction period is followed by a 40-year, fully amortizing, fixed-rate loan. The property is situated within an Opportunity Zone, meaning the developers are required to hold the asset for at least 10 years in order to not pay capital gains on the investment. Keith Melton, David Strange, Livingston Hessam and Jeremy Pino of Walker & Dunlop originated the loan on behalf of the borrowers. Once complete, Eclipse at CityCentre will offer studio, one- and two-bedroom floor plans. The majority of the apartments will feature private balconies. Community amenities will include a heated pool, fitness center, pet walking and grooming area, grilling areas, outdoor fire pit and views of Big Spring Park. A timeline for construction was not disclosed. Eclipse at CityCentre will sit atop 18,000 square feet of restaurant and retail space and …
ORLANDO, FLA. — Boca Raton, Fla.-based Waramaug Hospitality has purchased Castle Hotel, part of Marriott’s Autograph Collection, in Orlando. The 214-room hotel offers seven meeting rooms totaling 8,400 square feet, gardens, an outdoor swimming pool with whirlpool spa tub, upscale dining, business center, fitness center and two rooftop terraces. The hotel is situated at 8629 International Drive, 11 miles south of downtown Orlando and four miles south of Universal Orlando Resort. Furthermore, Universal’s newest theme park, Epic Universe, currently scheduled to open in 2023, is located across the street from the hotel. Waramaug has retained Schulte Hospitality Group to manage the property. Further details of the transaction were not disclosed.
JACKSONVILLE, FLA. — CBRE has negotiated the $22.2 million sale of Ansley at Harts Road, a 225-unit multifamily complex in Jacksonville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a wellness center and pool. The asset, which was built in 1988, is situated at 11011 Harts Road, eight miles north of downtown Jacksonville. Cliff Taylor and Joe Ayers of CBRE represented the undisclosed seller in the transaction. Washington, D.C.-based Madison Marquette acquired the community.
HOUSTON AND ROUND ROCK, TEXAS — San Antonio-based investment firm Lynd Acquisitions Group has acquired three multifamily properties, one in Houston and two in the northern Austin suburb of Round Rock, for $150 million. Lynd acquired the Houston property, the 282-units Royal Oaks at Westchase, in partnership with Miami-based Florida Value Partners. The Round Rock properties, the 411-unit Enclave Frontera and 366-unit Lakeside at La Frontera, were both built in 2001 and feature one-, two- and three-bedroom floor plans. Lynd will invest $15 million in capital improvements to the two Round Rock communities and $5 million in upgrades to the Houston community. The seller was Sy Li, a private investor that acquired all three properties from the original developers within the last 20 years and made no upgrades during that period.
KYLE, TEXAS — BSR REIT, an investment firm that specializes in garden-style multifamily properties in the Sun Belt region, has purchased the 349-unit Ariza Plum Creek Apartments in the Austin suburb of Kyle for $55 million. Built in 2018, the property features one-, two- and three-bedroom units and amenities such as a pool, dog park, fitness center and package lockers. The seller was not disclosed. With this transaction, BSR REIT now owns approximately 1,200 apartments in the greater Austin area.
HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Towers at Clear Lake, a 216-unit multifamily asset situated on 11.8 acres in the southeastern Houston suburb of Clear Lake. Built in 1985, the property formerly offered a mix of apartments and condominiums. Will Balthrope, Drew Kile, Jennifer Campbell and William Griffin of IPA represented the seller, Dallas-based investment firm The ValCap Group, in the transaction. The team also procured the buyer, New Jersey-based Raamco International. IPA also recently brokered the sale of the 304-unit Trails at Lake Houston between The Valcap Group and Raamco.
ODESSA, TEXAS — Marcus & Millichap has arranged the sale of a 19,360-square-foot industrial property net-leased to QRC Valve Distributors in the West Texas city of Odessa. The building was constructed in 2019, and the tenant has 10 years remaining on the lease. David Houston and Patrick Doherty of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Nicholas Bushong, also with Marcus & Millichap, procured the buyer, a private investor.
HOUSTON — Commercial contractor DPR Construction has signed a 12,609-square-foot office lease expansion at Phoenix Tower, a 34-story building located within Houston’s Greenway Plaza. Chris Nash and Walker Ryan of Colliers International represented DPR Construction in the lease negotiations. J.P. Hutcheson represented the landlord, Parkway, on an internal basis. Greenway Plaza is a 52-acre mixed-use campus situated between Houston’s Uptown and Downtown districts that comprises 11 buildings spanning 5 million square feet.
JERSEY CITY, N.J. — Thor Equities Group has acquired Liberty Innovation Centra, a 337,888-square-foot office building in located at 95 Greene St. in Jersey City, for $94.5 million. The building served as a primary manufacturing facility for Colgate Palmolive until 1987, when it was converted into a Class A office building. The building offers convenient access to the Exchange Place rail station and Newark Airport. Daniel Loughlin, Jose Cruz and John Cunningham led a JLL team that represented the seller, SJP Properties, in the transaction.
KING OF PRUSSIA, PENN. — The Flynn Co. has negotiated a 49,112-square-foot office lease for an undisclosed defense contractor in King of Prussia, a northwestern suburb of Philadelphia. The tenant will immediately take occupancy of the entirety of 1021 W. 8th Avenue, an office building situated adjacent to the Valle Forge Casino Resort and in close proximity to King of Prussia Mall. Duke Gleeson and Kevin Flynn Jr. of The Flynn Co. represented the landlord, MS County Line Associates, in the lease negotiations. JLL represented the tenant.