BOSTON — Fortis Property Group has received an $87.5 million construction loan for LaGrange Street Residential Development, a 170-unit multifamily property in Boston. The project will include street-level retail. Apollo Global Management provided the loan. The property will offer studio, one- and two-bedroom apartments, 22 of which will be rented at below-market rates. Construction is underway, slated for completion in late 2021. Stantec is the architect of the project and Zarifi is the interior designer.
FRIENDSWOOD, TEXAS — Locally based developer Virgata Property Co. will build Virgata Commons, a 14-acre retail and office project in Friendswood, located south of Houston. Phase I will deliver 20,000 square feet of retail space that is currently 85 percent preleased to tenants such as Orangetheory Fitness, MOD Pizza, Chipotle Mexican Grill and Chick-fil-A. Construction of Phase II is scheduled to begin in early 2020 and will feature an additional 30,000 square feet of retail and office space.
DALLAS AND FORT WORTH, TEXAS — Cohen-Esrey Apartment Investors has acquired two apartment communities totaling 630 units in Dallas and Fort Worth. South Pointe Apartments in Dallas features 372 units and amenities such as a pool, fitness center, spa, playground and a racquetball court. Lofton Place in Fort Worth totals 258 units and offers amenities such as a pool, fitness center, playground and a tennis court. Both properties were built in the 1980s and subsequently renovated. The seller(s) was not disclosed.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of 440 West 36th Street, a vacant multifamily property in Manhattan, for $6.9 million. The site spans 14,862 buildable square feet and currently houses an 8,562-square-foot building. Matthew Gillis, Michael Tortorici and Howard Raber represented the seller in the transaction. Angela Huang of Chase Global Realty LLC procured the buyer.
SAN ANTONIO — WoodSpring Suites, a franchised brand of Choice Hotels International Inc. (NYSE: CHH), has opened a 123-room hotel at 7335 Northwest Loop 410 in San Antonio. The property is located near the University of Texas at San Antonio, Sea World and Ingram Park Mall. The hotel will feature three different types of suites, all equipped with refrigerators, dishwashers and stoves. Amenities will include a fitness center and a guest laundry room.
MOUNT VERNON, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mount Vernon House, a 50-unit assisted living community in Mount Vernon, approximately 100 miles east of Dallas. The 41,000-square-foot property sits on 2.5 acres and was constructed in 1994. A local doctor acquired the community from an independent owner-operator for $2.8 million, or $56,000 per unit. The community was approximately 58 percent occupied at the time of sale. Matthew Alley of SLIB arranged the transaction.
NEW YORK CITY — NorthMarq has arranged a $4 million cash-out refinance of a 8,799-square-foot multifamily property in Brooklyn. The property, 66 Nassau Avenue, is five stories with ground floor retail. The loan was structured with a 10-year term, a 4 percent fixed interest rate and a 25-year amortization schedule. The property was originally acquired in 2000 and was later demolished and redeveloped in 2018.
PALO ALTO, CALIF. — Longfellow Real Estate Partners has purchased Palo Alto Technology Center (PATC), a life science and technology campus in Palo Alto. KBS sold the 10-building asset for $205 million. Located at 1800-1850 Embarcadero Road and 2445-2465 Faber Place, PATC offers a total of 259,586 square feet of life science and technology space. At the time of sale, the campus was 99 percent leased to a variety of tenants, including Stanford, Bill.com, Aurora Innovation and Eversight. Greg Cioth, Paul Nelson, Nate Jones and Kurt Chong of Eastdil Secured represented the seller, while Longfellow was self-represented in the transaction.
SAN JOSE, CALIF. — Federal Realty Investment Trust has started construction on One Santana West, the newest edition to Santana Row in San Jose. The project includes a 360,000-square-foot office building and 1,750 parking spaces spread across a five-story parking garage and two floors of below-grade parking areas. One Santana West is the first phase of the up to 1 million-square-foot Santana West development that will adjoin Santana Row, a mixed-use neighborhood. Located at corner of Winchester Boulevard and Olin Avenue, the eight-story One Santana West will feature floorplates up to 54,000 square feet, 13-foot clear heights, direct access to parking, a plaza and terraces on the second, seventh and eighth floors. Completion is slated for first-quarter 2021. The adjacent 360,000-square-foot Two Santana West is scheduled for delivery in the first quarter of 2022. San Francisco-based Studios Architecture is serving as architect and Devcon Construction is serving as general contractor. Newmark Knight Frank is the leasing agent for the project.
RIVERSIDE, CALIF. — Davlyn Investments has closed escrow on the $60 million off-market purchase of Metro Gateway, a multifamily property located in Riverside. MBK Rental Living sold the property for $60 million. Constructed in 2017, the Class A asset features 187 apartments and a modern amenity package. Sean Deasy and Ryan Fitzpatrick of JLL represented the seller. Ryan Blair of City National Bank arranged acquisition financing for the buyer. This is Davlyn’s 11th acquisition in Southern California’s Inland Empire.