HOUSTON — Local multifamily investment firm Three Pillars Capital Group has purchased Camino Del Sol, a 122-unit multifamily community in southeast Houston. Built on 4.2 acres in 1969, the property offers a pet play area and onsite parking. Three Pillars will implement a capital improvements program, the scope and timing of which are still being determined. The seller was GE 2507 LLC.
AUSTIN, TEXAS — MIMCO, an El Paso-based retail investment firm, has acquired Four Corners Shopping Center, a 32,000-square-foot retail center located at the intersection of South Congress Street and William Cannon Drive in Austin. Tenants include Austin Regional Clinic, Popeye’s Louisiana Kitchen and Schlotzsky’s Deli. The seller was not disclosed. With this transaction, MIMCO’s Central Texas portfolio now spans more than 2 million square feet of shopping center space.
BETHESDA, MD. — A public-private partnership between Stonebridge and Montgomery County in Maryland has broken ground on Avocet Tower, a 530,000-square-foot, 250-foot tall mixed-use building in Bethesda’s Central Business District. The transit-oriented tower will be located at 7373 Wisconsin Ave., directly across the street from the Bethesda Metro Station. Avocet Tower will comprise 370,000 square feet of office space and a 220-room AC Hotel by Marriott. Delivery is expected in summer 2021. Pickard Chilton designed the building, and Cooper Carry is the architect of record. The development team is expecting the tower to earn LEED Platinum certification and will include modern mechanical systems, secured bicycle storage, electric vehicle charging stations, bio-retention basins on the roof terrace and glass elements throughout the entire office area. Other amenities will include a fitness and business center on the 18th floor, as well as a restaurant available to the public.
ORLANDO, FLA. — Metro Storage LLC has acquired a two-story, 641-unit self-storage facility in Orlando. The building spans 62,607 square feet. It was delivered in February 2018 at 7500 W. Colonial Drive. The property offers interior climate-controlled units, exterior drive-up storage units, outdoor RV and boat/car parking, covered loading and unloading access, wide asphalt driveways, security cameras, and access keypad controls. Metro Storage now owns two facilities in Orlando and 24 in Florida. The seller and sales price were not disclosed.
RICHMOND, VA. — Marcus & Millichap has arranged the $28 million sale of Vida East Apartments, a 178-unit multifamily community situated within an Opportunity Zone in Richmond. The seller, Seacoast Communities, delivered the community in August 2018. Communal amenities include a rooftop picnic area, saltwater swimming pool and a dog park. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented Seacoast Communities in the transaction. Bryn Merrey of Marcus & Millichap is the broker of record in Virginia. The buyer is an undisclosed local developer.
LAFAYETTE, LA. — Uber Capital Group LLC has provided a $33 million acquisition loan for Acadiana Mall in Lafayette. The 15-year loan features a fixed 5.4 percent interest rate, 70 percent loan-to-value and partial recourse for the borrower. Acadiana Mall spans 1.6 million square feet and is situated six miles south of downtown Lafayette. The anchor tenants are Macy’s, Dillard’s and JC Penney. Additional tenants include Aeropostale, Victoria’s Secret, Forever 21, The Children’s Place, Zumiez, Kay Jewelers, Jimmy Jazz, Men’s Wearhouse, Chick-fil-A, Thai Max and T-65 Café restaurants. Namdar Realty Group acquired the mall.
CORAL GABLES, FLA. — BAC Florida Bank has signed a long-term lease to occupy 63,000 square feet and anchor The Plaza at Coral Gables beginning in 2022. The Plaza at Coral Gables is under construction and is expected to open in 2021. At full buildout, the property will comprise two Class A office towers totaling 447,675 square feet; a 242-room hotel with meeting space; 161,000 square feet of restaurants, entertainment and retail space; and residential townhomes and apartments. Patrick Duffy and Clay Sidner of Newmark Knight Frank represented BAC Florida Bank in the transaction. Tere Blanca, Danet Linares and Andres Del Corral of Blanca Commercial Real Estate represented the landlord, Agave Holdings.
IRVINE, CALIF. — Rockefeller Group has completed the sale of a newly constructed cross-dock industrial building located at 1445 S. Tippecanoe Ave. within the Tri-City Industrial Complex in Irvine. Nuveen Real Estate acquired the 344,249-square-foot facility for an undisclosed price. At the time of sale, the property was fully leased to Home Chef, a division of Kroger, and Protempo, a global third-party logistics provider. Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Chuck Belden, Kyle Kehner, Milo Lipson and Tim Pimentel of Cushman & Wakefield represented the seller in the deal.
AURORA, COLO. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have secured a $45.5 million construction loan for the development of Range View Apartments in Aurora. Portland, Ore.-based DBG Properties LLC is the borrower and developer. KeyBank’s CDLI team provided the construction loan and KeyBank’s CMG team provided a $35 million forward commitment through Fannie Mae. The transaction includes the first execution in Colorado of the incoming averaging rules enacted with the 2017 tax reform bill, allowing a property to serve households up to 80 percent area median income (AMI) as long as the average household income is 60 percent AMI. In addition to the tax-exempt bonds, financing also included tax credits through the Colorado Housing and Finance Authority; HOME funds from the city of Aurora; a loan through the Colorado Division of Housing’s Colorado Housing Investment Fund, and tax equity from CREA, the equity investor and limited partner. Range View Apartments will feature 10 garden-style residential buildings, covering parking, a pool and a community building with play areas and a community rooms. The residential buildings will have one-, two- and three-bedroom apartments reserved for residents earning up to 30 percent, 60 percent and …
CHANDLER, ARIZ. — Cushman & Wakefield has arranged the sale of Jefferson Chandler, a Class A apartment community in Chandler. Irving, Texas-based JPI sold the property to RPC Chandler Apartments LLC, an entity formed by Dallas-based Rosewood Property Co., for an undisclosed price. Located at 3950 W. Chandler Blvd., Jefferson Chandler features 283 units in a mix of studio, one-, two- and three-bedroom floorplans with the average size of 924 square feet. The units offer nine-foot ceilings, wood-inspired plank flooring, quartz countertops, stainless steel appliances, washers/dryers, undermount kitchen sinks, pre-wiring for technology, private patios/balconies and exterior storage spaces. Community amenities include a clubhouse, resort-style swimming pool, poolside cabana area, outdoor grilling stations with lounge seating, putting green, high-tech fitness facility, yoga studio, latte lounge, social business hub, game room with billiards, off-leash pet park, pet wash area and covered parking. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the deal.