Property Type

Greenheart Land Co. Developing Transit-Oriented Mixed-Use Project in California Bay Area

by Amy Works October 25, 2019

MENLO PARK, CALIF. — Palo Alto, Calif.-based Greenheart Land Co. has topped off Station 1300, a three-story, transit-oriented development in downtown Menlo Park. The development is located less than one block from the Menlo Park Caltrain station San Francisco-based BAR Architects designed the project, which will feature two Class A office buildings totaling 200,000 square feet; a 20,000-square-foot public plaza; 183 multifamily units; and approximately 28,000 square feet of ground-floor retail space. JETT Landscape Architecture & Design is serving as landscape architect. Todd Husak and Jon Moeller of CBRE’s Palo Alto office are the leasing agents for the office portion of the property.

October 25, 2019

Arizona Development Multifamily Western

Leon Capital Breaks Ground on 380-Unit Soltra at SanTan Village in Arizona

by Amy Works October 25, 2019

GILBERT, ARIZ. — Dallas-based Leon Capital Group has started construction of Soltra at SanTan Village, a Class A multifamily community located at the intersection of SanTan Village Parkway and Ray Road in Gilbert. Situated on 14.2 acres, Soltra at SanTan Village will feature 380 apartments spread across six three- and four-story buildings. With a variety of floorplans, units will feature nine- and 10-foot ceilings, urban mudrooms, smart locks, walk-in showers and soaking tubs, quartz countertops, stainless steel appliances, wood-plank vinyl flooring and ample private garages. The first units are slated for delivery in early 2021. Community amenities will include a 1,900-square-foot, third-floor sky terrace with fully equipped chef’s kitchen; a private resident’s club and sports bar with kitchen and a multiscreen television wall; a “bark park” with pet spa and grooming station; two-tiered, negative-edge resort pool with swim-up hospitality and entertainment area; and private poolside cabanas. Additionally, the community will feature a two-story fitness and wellness center, a conference room and workspace, and a Luxor parcel reception kiosk. The project team includes McShane Construction Co., Todd & Associates, Sustainable Engineering Group and AndersonBaron. Brennan Ray of Birch & Cracchiolo served as zoning attorney, while Zach Pace of Phoenix Commercial Advisors …

October 25, 2019

Acquisitions Arizona Multifamily Nevada Utah Western

Next Wave Investors Acquires 380 Multifamily Units in Phoenix, Salt Lake City, Las Vegas

by Amy Works October 25, 2019

PHOENIX, SALT LAKE CITY AND LAS VEGAS — Next Wave Investors has expanded its investments in the Western United States with the purchase of 380 multifamily units spanning four apartment communities. Details of the transactions were not released. The properties are the 96-unit La Estrella Vista and 149 units of the 160-unit Westover Parc in Phoenix; the 63-unit Townhomes at Mountain Ridge in Salt Lake City; and the 72-unit Bella Vida in Las Vegas. Next Wave plans to implement capital upgrades at each property, including significant exterior and interior renovations at all properties except Bella Vida, which will undergo only interior unit renovations.

October 25, 2019

Development Georgia Hospitality Loans Mixed-Use Southeast Top Stories

Selig Enterprises Secures $340M Financing, Announces Hotel Brand at Mixed-Use Development in Midtown Atlanta

by Alex Patton October 25, 2019

ATLANTA — Selig Enterprises has secured $340 million in construction financing for 1105 West Peachtree, its three-tower, mixed-use development in Midtown Atlanta. The project will feature a 675,000-square-foot office tower, a 64-unit condominium tower, and a 178-room Epicurean Hotel. The towers will also house 25,000 square feet of ground-floor retail. The Blackstone Group Inc. provided the construction loan, partially financing the $530 million project. “We have been fortunate enough to already garner the attention of some prominent tenants in the market including the signing of Smith, Gambrell & Russell for five floors [of the office tower],” says Chris Ahrenkiel, executive vice president of Selig Development. “The preleasing activity allowed for strong finance and equity options and also warranted an increase in the building size to over 675,000 square feet — the single largest tower to start construction in Atlanta in more than a decade.” Selig is partnering with Mainsail Lodging & Development to build The Epicurean Atlanta hotel, which will operate under the Marriott Autograph Collection banner. The hotel will offer 178 rooms, a full-service culinary program, conference and event facilities, and an outdoor terrace on the ninth floor. 40 West 12th will offer condos ranging from $600,000 to $2.2 million, in …

October 25, 2019

Acquisitions Multifamily Southeast Virginia

Bristol Development Sells New Multifamily Property in Richmond for $103M

by Alex Tostado October 25, 2019

RICHMOND, VA. — Bristol Development Group has sold 2000 West Creek, a 373-unit multifamily property that the company delivered in 2018. Richmond-based Capital Square acquired the asset for $103 million. The property is located at 2000 Broad Branch Road in Richmond’s West Creek neighborhood. The community offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, outdoor courtyard, fitness center and a clubroom. Will Mathews, Charles Wentworth, G.S. Hankins, Rawles Wilcox, Victoria Pickett, Clay Ellis and Garrison Gore of Colliers International represented the seller in the transaction.

October 25, 2019

Development Florida Multifamily Southeast

Catalyst Breaks Ground on 318-Unit Apartment Complex in Downtown Fort Myers

by Alex Tostado October 25, 2019

FORT MYERS, FLA. — Catalyst Asset Management has broken ground on West End at City Walk, a 318-unit apartment complex in downtown Fort Myers. The community will be part of Catalyst’s City Walk mixed-use development that will include 108,000 square feet of retail and office space and a hotel. West End at City Walk will offer studio to two-bedroom floor plans, as well as 15,000 square feet of office space. Communal amenities will include a heated saltwater swimming pool, multiple outdoor kitchens with barbecue grills, fitness center, yoga room, e-lounge, conference room, coworking spaces, pet spa, an entertainment kitchen with indoor and outdoor dining areas and a covered terrace on the fifth floor. Catalyst expects to deliver West End at City Walk in late 2020. Hancock Bank and Iberia Bank provided construction financing. PDS Architecture is West End’s designer, and Brooks and Freund is the general contractor. ZRS Management LLC will provide leasing and property management services with preleasing expected to begin in December 2020.

October 25, 2019

Acquisitions Alabama Multifamily Southeast Student Housing

CBRE Brokers Sale of 900-Bed Student Housing Community Near Auburn University

by Alex Tostado October 25, 2019

AUBURN, ALA. — CBRE has arranged the sale of The Connection at Auburn, a 900-bed student housing community located near Auburn University. The property comprises 13 three-story buildings offering two-, three- and four-bedroom units. Shared amenities include a 24-hour fitness center, swimming pools, heated spa, game room, picnic areas, sand volleyball court, computer lounge, clubroom, private study areas and a lighted basketball court. BCEG International Investment-US purchased the community for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Brett Kingman and Russ Oldham of CBRE arranged the transaction on behalf of the undisclosed seller. Ben Roelke and Ian Walker of CBRE originated a Freddie Mac Green Program acquisition loan on behalf of the buyer. The 10-year loan features a fixed 3.66 percent interest rate and five years of interest-only payments.

October 25, 2019

Acquisitions Georgia Retail Southeast

JLL Negotiates Portfolio Sale of Publix-Anchored Shopping Centers in Metro Atlanta

by Alex Tostado October 25, 2019

ACWORTH AND LITHONIA, GA. — JLL has negotiated the sale of two Publix-anchored shopping centers near Atlanta: Publix at Acworth and Centre at Panola in Lithonia. Publix at Acworth is located at 3507 Baker Road in Acworth, 30 miles northwest of downtown Atlanta. The 69,628-square-foot center was 98 percent leased at the time of sale to tenants including CVS/pharmacy, WellStar, Domino’s Pizza, Coast Dental Services, Supercuts and Cricket Wireless. Centre at Panola is located at 3007 Panola Road, 15 miles east of downtown Atlanta. Centre at Panola was fully leased at the time of sale to tenants including Marco’s Pizza, Let’s Talk Therapy, Cricket Wireless and Benchmark Physical Therapy. Jim Hamilton, Mike Allison and Brad Buchanan of JLL represented the seller, an undisclosed publicly traded REIT, in the sale. Rothenberg-Rosenfield Inc. acquired both properties for an undisclosed price.

October 25, 2019

Development Industrial Self-Storage Texas

ARCO/Murray Completes 650-Unit Self-Storage Facility Near Fort Worth

by Taylor Williams October 25, 2019

SOUTHLAKE, TEXAS — Dallas-based design-build firm ARCO/Murray has completed a 650-unit self-storage facility in Southlake, a northern suburb of Fort Worth. The three-story facility spans 104,000 square feet and includes a 1,300-square-foot office space and an interior loading area. The developer was The Jenkins Organization, a self-storage firm based in Houston.

October 25, 2019

Acquisitions Multifamily Texas

High Street, Principal Real Estate Sell 353-Unit Apartment Community in Austin

by Taylor Williams October 25, 2019

AUSTIN, TEXAS — High Street Residential, the multifamily development arm of Trammell Crow Co., and Principal Real Estate Investors have sold Crestview Commons, a 353-unit apartment community in Austin. The property features one-, two- and three-bedroom units ranging in size from 642 to 1,405 square feet. Amenities include a pool, outdoor grilling areas, multiple courtyard spaces, a fitness center, entertainment kitchen and a resident lounge. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE brokered the deal on behalf of the sellers. The buyer was Verbena Road Holdings.

October 25, 2019

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