Property Type

Sunroad Enterprises Sells 71,934 SF Office Complex in San Diego for $19.9M

by Amy Works October 11, 2019

SAN DIEGO — San Diego-based Sunroad Enterprises has completed the disposition of Sunroad Plaza, an office campus located in the Rancho Bernardo submarket of San Diego. Texas-based Virtus Real Estate Capital purchased the property for $19.9 million. Located at 11770 Bernardo Plaza Court, the 71,934-square-foot asset consists of one three-story building and one four-story building. The campus features on-site showers and lockers, executive conferencing facilities and 423 parking spaces. At the time of sale, Sunroad Plaza was 82 percent leased to a mix of government, medical and professional office users. Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson of CBRE represented the seller, while Lars Eisenhauer of CBRE represented the buyer in the deal.

October 11, 2019

Affordable Housing Development Hawaii Loans Multifamily Western

Hunt Capital Partners Funds $10.4M in Financing for Affordable Housing Project in Oahu

by Amy Works October 11, 2019

OAHU, HAWAII — Hunt Capital Partners has provided $10.4 million in federal and state low-income housing tax credit financing, as well as federal solar tax credit equity financing, for the construction of Hale Makana O Maili in Oahu’s Waianae district. Upon completion, Hale Makana O Maili will feature 52 affordable housing units spread across six garden-style residential buildings. Construction began in late September, with completion slated for November 2020. The development team comprises the Hawaiian Community Development Board, Pacific Development Group and 3 Leaf Holdings. Moss & Associates is serving as general contractor and Mark Development will serve as property management for the project.

October 11, 2019

Colorado Development Multifamily Student Housing Western

Landmark Properties Developing 780-Bed Student Housing Community Near Colorado State

by Amy Works October 11, 2019

FORT COLLINS, COLO. — Landmark Properties has started construction of The Standard at Fort Collins, a 780-bed community serving students and young professionals near Colorado State University in Fort Collins. The community is set for completion in fall 2020. The property will offer studio, one-, two-, three-, four- and five-bedroom units. Shared amenities will include a rooftop swimming pool, coffee bar, study lounge, private study rooms, a 24-hour fitness center, clubhouse, grilling spaces and outdoor courtyards. Katerra is serving as general contractor for the project.

October 11, 2019

Acquisitions California Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of 172-Unit Self-Storage Facility in California’s Inland Empire

by Amy Works October 11, 2019

HIGHLAND, CALIF. — Marcus & Millichap has arranged the acquisition of International Self Storage in Highland. A local investment company purchased the asset for an undisclosed price. The 17,905-square-foot International Self-Storage features 172 non-climate-controlled, drive-up units ranging in size from four feet by four feet to eight feet by 10 feet. Additionally, the property is fully fenced and equipped with security monitoring systems, including electronic gate access and individual alarms. The property also features an on-site manager’s office with residence. Keith Phillips of The LeClaire Group of Marcus & Millichap’s Encino, Calif., office procured the buyer, while the undisclosed seller was self-represented in the deal.

October 11, 2019

Development Georgia Multifamily Seniors Housing Southeast

CCRC in Atlanta Breaks Ground on $115M Expansion

by Alex Tostado October 11, 2019

ATLANTA — Lenbrook, an independently owned and operated continuing care retirement community in Atlanta’s upscale Buckhead neighborhood, has broken ground on a 53-unit independent living expansion at the community. Named Kingsboro at Lenbrook, the four-acre expansion project is scheduled for completion in 2022. Development costs were estimated at $115 million. The expansion is split into two buildings. The Flats comprise 39 residences in a five-story building with a variety of floor plans ranging from 1,700 to 3,200 square feet. The Villas will consist of three buildings, each with four to five residences between 2,000 and 3,200 square feet. The project will bring Lenbrook’s total number of residences to 479, including independent living, assisted living and skilled nursing.

October 11, 2019

Development Georgia Multifamily Southeast

Joint Venture Starts Construction of Apartment Community in Augusta

by Alex Tostado October 11, 2019

AUGUSTA, GA. — A joint venture between BCDC and Novare Group has broken ground on Alexander Heights, a 252-unit apartment community in Augusta. The property will offer one- and two-bedroom floor plans. Communal amenities will include a clubhouse, swimming pool, community pavilion, car care center, walking trails and a pet park. It will be located on Alexander Drive, four miles north of downtown Augusta. Texas Capital Bank provided construction financing for the property, which is slated to open in late 2020.

October 11, 2019

Affordable Housing Development Loans Multifamily Southeast Virginia

Bellwether Enterprise Provides $22M Construction Loan for Affordable Housing Development in Hampton, Virginia

by Alex Tostado October 11, 2019

HAMPTON, VA. — Bellwether Enterprise Real Estate Capital LLC has provided a $22 million Virginia Housing Development Authority (VHDA) construction loan for Monroe Gates Apartments, a planned 162-unit residential complex in Hampton. The property will offer eight two-story townhomes, four carriage homes and 150 one- and two-bedroom floor plans, 20 percent of which will be priced as affordable housing. The site is located at 200 S. Mallory St., two miles east of downtown Hampton and two miles west of the 409-year-old Fort Monroe. Communal amenities will include a clubhouse, fitness center, media room, conference facilities, dog park and a swimming pool. Kelly Martone of Bellwether originated the 35-year loan on behalf of the borrower, The Whitmore Co.

October 11, 2019

Acquisitions Florida Industrial Southeast

Birtcher Anderson Sells Industrial Property in Tampa for $15.8M

by Alex Tostado October 11, 2019

TAMPA, FLA. — Birtcher Anderson has sold Park 6, a 184,500-square-foot industrial property in Tampa, for $15.8 million. Park 6 was previously part of the 676,735-square-foot Tri County Business Park that Birtcher Anderson purchased for $40.4 million in December 2017. The property was subdivided for sale and includes six of Tri County Business Park’s 20 buildings. Park 6 was 93 percent leased at the time of the sale. Ryan Vaught and Robyn Hurrell of Colliers International represented the seller in the transaction. The buyer was not disclosed.

October 11, 2019

Development Office Texas

KDC, Weston Urban Complete 460,000 SF Frost Tower in Downtown San Antonio

by Taylor Williams October 11, 2019

SAN ANTONIO — Developers KDC and Weston Urban have completed the 460,000-square-foot Frost Tower in downtown San Antonio. Construction of the 23-story building, which the developers say represents the biggest office project delivered in downtown San Antonio in 30 years, began in March 2017. Tenants have started moving in, and include JPMorgan Chase, State Farm and Toyota. Pelli Clarke Pelli served as the design architect. Kendall/Heaton Associates was the production architect, and Clark Construction Group LLC was the general contractor.

October 11, 2019

Acquisitions Multifamily Texas

Praedium Group Acquires 387-Unit Everly Apartments in West Houston

by Taylor Williams October 11, 2019

HOUSTON — The Praedium Group, a New York-based investment firm, has acquired Everly Apartments, a 387-unit multifamily community in West Houston. Built in 2018, the property offers one- and two-bedroom units that range in size from 659 to 1,292 square feet and feature stainless steel appliances, granite or quartz countertops and custom wood cabinetry. Amenities include a pool with cabanas, a fitness center, indoor golf simulator, outdoor beer garden and a Wi-Fi lounge with private conference rooms. The seller was not disclosed.

October 11, 2019

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