KANSAS CITY, MO. — M&T Realty Capital Corp. has provided a $3.9 million Fannie Mae Green Rewards loan for the acquisition of Colony Court Apartments in Kansas City. The 80-unit, garden-style apartment community offers two-bedroom floor plans. Amenities include carports, a pool and complimentary Google Fiber high-speed internet access. The borrower, Prosperity CRE, plans to implement energy- and water-saving improvements as part of the Green Rewards program. The company also plans to rebrand the community as Hidden Hills Apartments and add a dog park, picnic area and community center. Units will be upgraded with new kitchens, bathrooms and flooring.
LAKE GENEVA, WIS. — The Barry Co. has brokered the sale of a 68,000-square-foot industrial facility located at 901 Maxwell St. in Lake Geneva for an undisclosed price. The property sits on 5.7 acres. Kevin Barry represented the seller, Everett Smith Group. The buyer, Lake Geneva Self Storage LLC, plans to convert the property into a self-storage facility.
LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of the 33,340-square-foot Raintree Village shopping center in Lee’s Summit for an undisclosed price. The property sits on eight acres at 817-899 SW Lemans Lane. Phil Peck of Block & Co. represented the seller, Compton Holdings LLC. The buyer was not disclosed. Block & Co. will continue to handle leasing for the center. Six spaces are currently available for lease, ranging from 1,139 to 3,626 square feet. Some of the tenants include Love Coffee, Envy Salon, Papa John’s, Snap Fitness and La Fuente Mexican restaurant.
PROVIDENCE, R.I. — A partnership between GMH Capital Partners LP and Wexford Science & Technology LLC has opened River House, a 270-bed student housing community in downtown Providence. The property’s 174 units come fully furnished and will serve students attending Brown University, the University of Rhode Island and the Rhode Island School of Design, among others. Communal amenities include a 24-hour fitness center, rooftop lounge with outdoor grilling stations and a kitchen bar, a business center, private study rooms and a cyber café with a complimentary coffee bar. Leasing began in February.
PITTSBURGH — Rivers Casino Pittsburgh has unveiled plans to develop The Landing Hotel, a 219-room property that will be attached to the casino. Designed by architecture firm VOA, the project is valued at roughly $60 million and will be privately funded. Construction is expected to begin this summer and last 18 months, giving the project an anticipated completion date of early 2021. Rivers Casino Pittsburgh is located along the Ohio River and features 2,708 slots, 128 table games, 55 hybrid gaming seats and a designated sports book area for live sports betting. VOA is the project architect, and Massaro Construction Group is the general contractor. The project is expected to create 128 permanent new jobs
NEWARK, N.J. — MCR, a hospitality owner-operator based in Dallas and New York City, has acquired the 150-room Courtyard by Marriott Newark Downtown. The property, which opened in 2012, is located near Newark Penn Station, Newark Liberty International Airport and the Prudential Center, a live music venue. Hotel amenities include a restaurant, coffee shop, snack shop, a fitness center and more than 4,000 square feet of meeting and event space. The seller and sales price were not disclosed.
MONTVALE, N.J. — HFF has negotiated the sale of 5 Paragon Drive, a 120,000-square-foot office property in Montvale, located near the New York border. The site also houses a Wegmans grocery store and a Life Time Fitness center. Tenants at the property, which was 71 percent leased at the time of sale, include BMW, Benjamin Moore, KPMG and Sharp Corp. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and J.B. Bruno of HFF represented the seller, a private equity firm, in the transaction. The buyer and sales price were not disclosed.
NEW YORK CITY — Rosewood Realty Group has arranged the $16.2 million sale of a six-story multifamily building located ar 135-145 W. Kingsbridge Road in the Kingsbridge Heights/Jerome Park area of The Bronx. The 79,000-square-foot building, which houses 58 apartments and nine retail stores, was built in 1922 and sold at a cap rate of 5.4 percent. Aaron Jungreis of Rosewood Realty Group represented the seller, Morgan Group, in the transaction and procured the buyer, a private investor.
NEW CANEY, TEXAS — The Signorelli Company has opened Phase I of The Pointe at Valley Ranch Town Center, a project that delivered 336 multifamily units to the northeastern Houston suburb of New Caney. The waterfront property features one-, two- and three-bedroom units and proximity to shopping and dining via nearby Valley Ranch Town Center. Residents will also have access to a 10-acre beach, a pool, outdoor kitchen and a fitness center, as well as package and concierge services. Signorelli expects to begin construction of Phase II, a 120-unit project, by year’s end.
HOUSTON — NIT Industrial LLC has purchased 12.8 acres within Cedar Port Industrial Park near Port Houston for the development of a 204,175-square-foot speculative industrial project. The project will encompass four buildings measuring between 50,250 and 51,925 square feet that will feature 32-foot clear heights, dock- and grade-level loading doors and ESFR sprinkler systems. Construction is slated to begin in October. Jason Tangen of Colliers International represented the buyer in the transaction. Joel Michael of NAI Partners represented the seller, TGS Cedar Port Partners LP. Colliers will also handle leasing of the new facility.