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AcquisitionsCaliforniaRetailWestern

Hanley Investment Group Arranges $3.5M Sale of Retail Property in Coachella Valley

by Amy Works

COACHELLA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed, 4,625-square-foot single-tenant retail property located in Coachella. A Circle K convenience store and gas station occupies the site on a 15-year, absolute triple-net-lease with 10 percent rental increases every five years. Bill Asher and Jeff Lefko of Hanley represented the seller and developer, Newport Beach, Calif.-based Fountainhead Development, in the transaction. Aaron Bove of Marcus & Millichap’s San Diego office represented the 1031 exchange buyer, a San Diego-based private investor.

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DevelopmentGeorgiaMixed-UseMultifamilyRestaurantRetailSoutheast

High Street, Third & Urban Plan Mixed-Use Development in Sandy Springs, Georgia

by John Nelson

SANDY SPRINGS, GA. — A partnership between High Street Residential (HSR), the residential subsidiary of Trammell Crow Co. (TCC), and Third & Urban have announced plans for the development of Hillcrest, an 8.1-acre mixed-use development located in the Atlanta suburb of Sandy Springs. Scheduled to break ground this month, the project will feature 362 apartment units, 30 for-rent townhomes and more than 18,000 square feet of retail space. In collaboration with the seller, Sandy Springs United Methodist Church, proceeds from the sale will fund capital improvements to the church’s primary campus. Improvements will also be made to the surrounding street infrastructure, adding on-street parking and connected walkability to the area. The project team will include Cooper Carry (architect), Square Feet Design (retail consultant and interior designer), New South Construction (general contractor), Citizens Bank (lender) and Wesley Community Development (church advisor). Amy Fingerhut of CBRE is handling leasing negotiations. The townhomes will offer two- and three-bedroom floorplans with two-car garages and rooftop patios, while the apartment building will measure up to five stories tall and feature a parking garage with more than 100 public parking spaces. Amenities at the apartment will include a rooftop swimming pool and clubroom, golf simulator lounge, …

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AcquisitionsRetailTexas

Marcus & Millichap Brokers Sale of 13,560 SF Retail Building in San Antonio

by Taylor Williams

SAN ANTONIO — Marcus & Millichap has brokered the sale of a 13,560-square-foot retail building in San Antonio. The building at 11814 Perrin Beitel Road on the city’s north side was originally constructed in 1983 and is net leased to Crash Champions. Scott Skuteris, Dominic Sulo and Andrew Antoniou of Marcus & Millichap represented the Nevada-based seller in the transaction. The buyer and sales price were not disclosed.

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DevelopmentDistrict of ColumbiaLoansMixed-UseMultifamilySoutheast

Pearlmark Provides $58M Mezzanine Loan for Multifamily Development in D.C.

by John Nelson

WASHINGTON, D.C. — Pearlmark has provided a $58 million mezzanine loan for the development of Portals IV, a 356-unit multifamily project underway in the Southwest Waterfront neighborhood of Washington, D.C. Pearlmark originated the loan via its investment fund, Pearlmark Mezzanine Realty Partners VI LP.  David Webb and John Rehberger of CBRE arranged financing for the development, along with Mark Witt of Pearlmark.  Kennedy Wilson provided the senior loan. The borrower and developer is Republic Properties, a subsidiary of the Republic Family of Cos. Portals IV is situated within walking distance of two Metro stations and will be the final addition to the Portals complex, a 3 million-square-foot mixed-use development that comprises three office buildings, one luxury apartment building and a hotel. Amenities at Portals IV will include a rooftop swimming pool and walkway, resident package locker room with dry cleaning pickup, fireplace lounge, fitness center and spin room, library, golf simulator, game room, coworking spaces, concierge services and a rooftop amenity lounge on the 13th floor. Outdoor grilling stations, private dining rooms, commercial laundry facilities and a coffee bar will also be available for resident use.

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AcquisitionsFloridaIndustrialSoutheast

JLL Arranges Sale of 371,976 SF Industrial Portfolio Near Miami Airport

by John Nelson

MIAMI — JLL Capital Markets has arranged the sale of Airport Trade Center, a 371,976-square-foot light-industrial portfolio in Miami. Situated adjacent to the Miami International Airport, the site features three cross-dock buildings that sit on 13.8 acres. Luis Castillo, Cody Brais and Taylor Osborne of JLL’s Investment Sales and Advisory team represented the undisclosed seller in the transaction. Melissa Rose and Jovi Rodriguez of the firm’s Debt Advisory team secured acquisition financing on behalf of the buyer, East Capital Partners.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Related Midwest Opens Three Mixed-Income Apartment Buildings in Chicago

by Kristin Harlow

CHICAGO — Related Midwest has opened three new residential buildings in Phase 3B of Roosevelt Square, the developer’s 67-acre multi-phase redevelopment project on Chicago’s Near West Side. Developed in partnership with the Chicago Department of Housing and Chicago Housing Authority (CHA), the latest phase adds 207 mixed-income apartment units — including 75 public housing, 40 affordable and 92 market-rate units — and 10,000 square feet of retail space to the former ABLA Homes site. The new buildings, located at 1002 S. Racine Ave., 1257 W. Roosevelt Road and 1357 W. Roosevelt Road, offer a mix of studio, one-, two- and three-bedroom units. The additions build on earlier phases, with nearly 900 mixed-income units completed since 2006. The Chicago Department of Housing invested $17 million in tax-increment financing and $2.5 million in donation tax credits. The City of Chicago issued $76.3 million in tax-exempt bonds, which generated $5.3 million in 4 percent low-income housing tax credits. In total, the redevelopment received approximately $101 million in public investment and financial support. Designed by Chicago-based DesignBridge, the six-story twin buildings at 1257 and 1357 W. Roosevelt each offer 70 units ranging from 556 to 1,191 square feet. Market-rate rents start at $1,650. Amenities …

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Affordable HousingDevelopmentKansasMidwestMultifamily

Annex Group Breaks Ground on $60M Affordable Housing Development in Topeka, Kansas

by Kristin Harlow

TOPEKA, KAN. — The Annex Group has broken ground on Union at Tower District, a roughly $60 million affordable housing community in Topeka. The 4-acre project will offer 250 one-, two- and three-bedroom units for households earning 30 to 60 percent of the area median income. There will be two four-story buildings and one three-story building. Amenities will include a courtyard, dog park, playground, community center and fitness center. Project partners include BVH Architecture, REGA Engineering, SBB Engineering, the City of Topeka and Impact Housing Indiana Corp. Citi Community Capital served as both the construction lender and permanent lender. Stifel Public Finance underwrote $35 million in bonds issued by Shawnee County. The Kansas Housing Resources Corp. allocated 4 percent tax credits and tax-exempt bonds. Additional financial support came from WNC, the federal credit investor, and Advantage Capital, the state credit investor. The city provided RHID funding. The project marks Annex Group’s first community in Topeka and its third in Kansas. Completion is slated for January 2027.

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AcquisitionsMidwestMultifamilyOhio

Reynolds Asset Management Acquires Two Cleveland Apartment Communities for $30.6M

by Kristin Harlow

CLEVELAND — Reynolds Asset Management has acquired Park Lamont and The Lumos in the heart of Cleveland’s University Circle for $30.6 million. The acquisition adds 119 newly constructed units to Reynolds’ portfolio. Reynolds completed the transaction in partnership with The Slabotsky Family Office, marking its third joint venture. Rob Starrett and Steve Jones of Berkadia brokered the sale, while Suzanne Hamilton of ERIEBANK originated financing. Park Lamont and The Lumos were built in 2024 and feature fitness centers and multiple clubrooms. The buildings offer a mix of studio, one- and two-bedroom units as well as three-story townhomes with private rooftop decks and attached garages.

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DevelopmentIllinoisIndustrialMidwest

Venture One Begins Development of 130,000 SF Industrial Build-to-Suit in Huntley, Illinois

by Kristin Harlow

HUNTLEY, ILL. — Venture One Real Estate has begun development of a new 130,000-square-foot production facility for Silesia Group in the Chicago suburb of Huntley. The project is located off Route 47 near the I-90 interchange at the Huntley Industrial Park and will more than triple Silesia’s footprint in the U.S. Integrating research, manufacturing and warehousing operations, the new facility will serve Silesia’s customers throughout the Americas. Meridian Design Build will oversee construction, and Ware Malcomb is the project architect. Brian Kling of Colliers represented Silesia throughout the site selection and development process.

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AcquisitionsLoansMidwestMultifamilyOhio

Dwight Mortgage Trust Provides $29.5M Bridge Loan for Multifamily Property in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $29.5 million bridge loan for the acquisition and substantial rehabilitation of Colonial Village, a 508-unit multifamily property in Columbus. Situated on a 25-acre site, Colonial Village consists of 92 one- and two-story buildings with 204 one-bedroom units, 24 two-bedroom units and 280 two-bedroom townhomes. Amenities include a clubhouse, picnic area, dog park and onsite management. The planned interior renovations include updated kitchen appliances and cabinets, in-unit washers/dryers, quartz countertops, updated bathroom vanities, vinyl plank flooring and new hardware. Exterior improvements will include brick restoration and painting, roof repairs, renovation of the clubhouse and leasing office, installation of a central HVAC system, parking lot repairs and enhanced landscaping. Loan proceeds will finance the property acquisition, cover transaction costs, establish reserves and fund renovations. Pepper Pike Capital was the borrower. David Scheer of Dwight originated the loan.

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