MANSFIELD, TEXAS — Houston-based Hilltop Residential has acquired an undisclosed apartment community in the Dallas-Fort Worth metro of Mansfield. The number of units was also undisclosed, but the property was built in two phases between 2015 and 2017 and features a pool, fitness center, outdoor lounge and a dog park. Cortney Cole and Steve Heldenfels of JLL arranged a four-year, fixed-rate acquisition loan through a life insurance company on behalf of Hilltop Residential.
SUGAR LAND, TEXAS — CBRE has arranged a $28.2 million bridge loan for the refinancing of Overture Sugar Land, a 200-unit active adult community in the Houston suburb of Sugar Land. The community opened in 2017 and features a coffee bar and bistro, pool, yoga studio and access to nature trails. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the nonrecourse, floating-rate loan with 18 months of interest-only payments on behalf of the borrower, Greystar. The lender was MF1 Capital, an alliance between Limekiln Real Estate, Berkshire Group and CBRE Capital Markets.
HOUSTON — Colliers International has arranged the sale of York Centre, a 114,474-square-foot office building situated on 5.3 acres at the corner of Hempstead Highway and West Little York Road in Houston. According to LoopNet Inc., the Class B property was built in 1982. David Carter of Colliers represented the undisclosed seller in the transaction. The buyer, Interra York Centre LLC, an affiliate of Houston-based Interra Capital Group, was self-represented.
WEBSTER, TEXAS — JLL has negotiated the sale of Bay Area Plaza, a 72,569-square-foot commercial property in Webster, located about 23 miles southeast of Houston. Bay Area Plaza comprises 45,269 square feet of retail space and 27,300 square feet of industrial flex space that combined was 98 percent leased at the time of sale. Retail tenants include Total Body Work, Pizza Hut, Dapper Doughnuts and Amy’s Nails. Ryan West, John Indelli and Ethan Goldberg of JLL represented the seller, Orr Commercial Inc., in the transaction. The buyer was undisclosed.
NORFOLK, VA. — Harbor Group International LLC (HGI), a privately owned real estate investment and management firm based in Norfolk, has acquired a 36-property multifamily portfolio for $1.85 billion. The portfolio comprises 13,243 units, most highly concentrated in the Dallas/Fort Worth and Denver markets. The remaining properties are located in Houston, San Antonio, Atlanta, Orlando, Phoenix, Salt Lake City, Albuquerque, St. Louis and Kansas City. The properties average 350 units each, primarily in two- and three-story buildings. The transaction was the largest multifamily sale since 2016 and the fifth largest ever recorded in the U.S., according to the seller, Los Angeles-based Aragon Holdings LLC. The deal is part of Aragon’s broader $2 billion sale of its entire apartment portfolio, which consists of 15,000 units located in 12 cities and eight states across the nation. “We decided to sell our portfolio because we recognized that, in the present market conditions, the properties would have the greatest value in the hands of a ‘value-add’ operator,” says Larison Clark, founder, chairman and CEO of Aragon Holdings. “Harbor Group targets value-add opportunities, making this an ideal transaction for both firms.” Dan Guy, Aragon’s president and chief operating officer, adds that Aragon initially focused on …
SAN DIEGO — Stockdale Capital Partners and Macy’s have reached an agreement for the redevelopment of the existing Horton Plaza Mall in downtown San Diego. The project was put on hold due to a disagreement between the two companies. Macy’s has now agreed to close its store at the property, paving the way for the redevelopment to continue. The terms of the agreement were not disclosed. Stockdale Capital will now continue with its redevelopment plans to transform the nearly vacant mall into The Campus at Horton, a creative office, entertainment and retail center. The redevelopment will include 700,000 square feet of sustainably-driven creative office space that will be home to 3,000 to 4,000 new high-quality jobs. Slated for completion in 2021, the property will also include creating 300,000 square feet of curated retail space and an activated and reimagined Horton Plaza Park. In May 2019, the San Diego City Council unanimously approved reducing the previous retail deed restriction on the property and Stockdale Capital Partners’ redevelopment vision. The Macy’s store will reportedly close in March, and redevelopment of the site is scheduled to begin in 2021, according to The Times of San Diego.
LAKEWOOD, COLO. — Los Angeles-based Gelt has purchased Kallisto at Bear Creek, an apartment property located at 2605 S. Miller Drive in the Bear Creek area of Lakewood. Holland Partner Group sold the asset for $145.5 million. Built in two phases in 1987 and 1996, Kallisto at Bear Creek is situated on 38 acres and comprises 51 two- and three-story buildings. The 472-unit property features mostly one- and two-bedroom layouts with a mix of traditional flats and townhome floor plans. Units feature private balconies or porches, wood and gas fireplaces, washers/dryers, walk-in closets and extra storage. On-site amenities include a community garden, tennis court, two swimming pools, a hot tub, 31 acres of landscaped open spaces, barbecue areas, a clubhouse, business center, dog park and fitness center. Gelt plans to invest $3.5 million in capital improvements over the next four years at the property. Projects will include the interior renovation of the remaining 75 percent of units by installing vinyl flooring, stainless steel appliances, quartz countertops, new cabinet faces and hardware, tile backsplashes and ceiling fans. Jordan Robbins, David Martin and Pamela Koster of JLL represented the seller and buyer in the deal. With this latest acquisition, Gelt now owns …
SIOUX FALLS, S.D. — NorthMarq has arranged $35.4 million in acquisition financing for seven multifamily properties in Sioux Falls. The affordable communities comprise 525 units. The seven Freddie Mac loans range from $1.9 million to $9.3 million. Brett Hood of NorthMarq arranged each of the 15-year loans, which feature 30-year amortization schedules.
PERRYSBURG, OHIO — Reichle Klein Group has brokered the $2.7 million sale of a 45,630-square-foot industrial facility in Perrysburg, just south of Toledo. The four-building property sits on 32 acres at 26933 Eckel Road. Jerry Malek of Reichle Klein represented the seller, Welded Construction LP. Malek also assisted the buyer, Perrysburg LLC.
TROY, MICH. — Full-service law firm Garan Lucow Miller PC has leased 13,285 square feet at Timberlands IV, one of the three Class A office buildings within Timberlands Office Park in Troy. The building is situated at 1450 W. Long Lake Road. The law firm is relocating its Troy office after 25 years in its previous space at 1111 W. Long Lake Road. Bill Harvey, Chuck Howard and Neil Leising of Transwestern Commercial Services represented the landlord, FD Stonewater. Timberlands Office Park is undergoing renovations, including upgraded food service, conference centers, tenant lounges and lobbies, as well as the addition of outdoor seating areas with Wi-Fi.