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.
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.
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.
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.
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.
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.
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.
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.
IRVING, TEXAS — New York City-based bank CIT Group Inc. has provided a $56 million loan for the acquisition and renovation of Bel Air Las Colinas, a 515-unit multifamily complex in Irving. The garden-style property consists of 28 three-story buildings that feature studio, one- and two-bedroom floor plans. Amenities include a pool and a resident clubhouse. A portion of the proceeds will be used to fund capital improvements to the unit interiors, landscaping and amenity spaces. The borrower was Western Wealth Capital, an investment firm based in British Columbia.
PEARLAND, TEXAS — Greystone has provided a $37 million Fannie Mae loan for the refinancing of Watercrest at Shadow Creek Ranch, an independent living community in Pearland, a southern suburb of Houston. The property was constructed in 2017 and features 222 units. The borrower was Integrated Real Estate Group and its affiliated operator, Integrated Senior Lifestyles. Cary Tremper of Greystone structured the 10-year senior mortgage.