SOMERS, WIS. — Ravine Park Partners LLC has broken ground on Hawthorn Apartments in Somers in northern Kenosha County. The 241-unit luxury apartment community is slated for completion in April 2020. Community amenities will include a pool, outdoor kitchen, game area, dog park, pet wash, car wash and fitness facility. Units will feature washers and dryers, refrigerators with water dispensers, microwaves, dishwashers and quartz countertops. Legacy Varin Management will manage the property.
GURNEE, ILL. — 33 Realty has brokered the deconversion sale of Deer Creek Condominiums in Gurnee for $18.5 million. Built in 1983, the 198-unit property features one- and two-bedroom units as well as three-bedroom penthouses. Amenities include a pool, fitness center, tennis courts, soccer fields and underground parking. Sean Connelly and John Meyer of 33 represented the seller, Deer Creek Condominium Association. Laramar Group purchased the property, which is 85 percent occupied. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.
KANSAS CITY, MO. — AT&T, Starbucks, Furniture Deals and Spectrum have joined the tenant lineup at Twin Creeks Center in the Northland area of Kansas City. Negotiations are currently underway to add Chipotle, Altitude Trampoline Park and ReeceNichols, according to owner United Development Co. The Texas-based company purchased the 29-acre property formerly known as Barry Towne Center in February 2017. United, along with its development partner Falcon Realty Advisors, has invested $30 million in renovations. The companies plan to invest an additional $30 million in developing the remaining 13 acres on the east side of the center. Copaken Brooks Commercial Real Estate is the property manager, while LANE4 Property Group is the leasing agent.
CINCINNATI — KeyBank Community Development Lending and Investment (CDLI) has arranged $10.6 million in financing for construction of Walnut Hills Senior Campus in Cincinnati. The Model Group is redeveloping the property, formerly known as The Manse Apartments, as a 60-unit Section 8 apartment complex for seniors and the disabled. The property site consists of the historic Manse Hotel and Annex, which will be renovated, as well as a vacant duplex, triplex and mixed-use property that will be demolished and replaced with a four-story building. The project will consist of studios and one-bedroom units restricted to seniors earning up to 60 percent of the area median income. Additional financing was provided by the Ohio Housing Finance Agency, City HOME Funds, a grant from the Federal Home Loan Bank of Cincinnati and a donation from KeyBank. Ohio Capital Corp. for Housing was the equity investor. Kelly Frank, Greg Deeks and Laura Janosko of Key’s CDLI team arranged the financing. The lender was not disclosed.
LAS VEGAS — Colliers International – Las Vegas has arranged the sale of Village at Desert Lakes, an apartment community in Las Vegas. MG Properties acquired the asset from Hamilton Zanze for $36.5 million. Located at 9155 W. Desert Inn Road, Village at Desert Lakes features 184 apartments in a mix of one-, two- and three-bedroom layouts with private patios or balconies. Community amenities include two swimming pools and a fitness center. Christopher Bentley, Jeff Swinger and Shalonda Hughes of Colliers represented the seller in the transaction.
TUSTIN, CALIF. — Newmark Knight Frank (NKF) has brokered the sale of 2642 Michelle Drive at Create Tustin, a creative office building located in Tustin. A joint venture between Harbor Associates and Stockbridge sold the asset to Excelsior Partners for $16.8 million. At the time of sale, the 50,832-square-foot property was fully leased to Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing and GPA Consultants. Built in 1980 and renovated in 2017, the two-story building is situated on 2.8 acres within the Irvine Business Complex. The asset features efficient rectangular floorplates, contemporary interior finishes and modern creative office build-outs, as well as approximately 200 parking spaces. Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones, Blake Bokosky and Brandon White of NKF represented the seller, while the buyer was self-represented in the transaction.
TIMNATH, COLO. — Rooney Properties has opened Timnath Trail at Riverbend Apartment Homes, a multifamily property located in Timnath, located between Denver and Fort Collins. The property is the first multifamily development ever built in the city, according to the developer. Timnath Trail at Riverbend features 176 apartments in a mix of garden-style and townhome layouts with a variety of one-, two- and three-bedroom floorplans ranging between 700 square feet and 1,200 square feet. Unit finishes include solid-wood doors, granite countertops, nine-foot ceilings and integrated technologies. Community amenities include a heated swimming pool, whirlpool, bike and ski maintenance facility, outdoor kitchen, bike rentals, car charging stations and fitness center. Denver-based Mission Rock Residential manages the property.
SIGNAL HILL, CALIF. — JLL has facilitated the sale of Towne Center East, fully leased retail center in Signal Hill. BIG Shopping Centers USA sold the asset to an institutional buyer for an undisclosed price. Additionally, JLL placed the fixed-rate acquisition loan with a global investment bank. Situated on nearly 15 acres at 2172-2598 Cherry Ave., Towne Center East features 154,750 square feet of retail space. Tenants include The Home Depot, PetSmart, Supercuts, T-Mobile, Subway, GNC, Chinese Combo and Tutti Frutti Yogurt, among others. Patrick Toomey and Tom Lagos of JLL Capital Markets represented the seller in the deal. Matthew Stewart and Reid McGlamery of the JLL Capital Markets debt placement team secured the acquisition financing for the buyer.
PEORIA, ARIZ. — Scottsdale, Ariz.-based Cave Creek Capital Partners has completed the sale of 9494 Northern, a multi-tenant neighborhood retail center in Peoria. Scottsdale-based Shashikant Patel acquired the asset for $8.8 million. Located at 9494 W. Northern Ave., the 23,058-square-foot property was fully occupied at the time of sale. Current tenants include NextCare, ATI Physical Therapy, Navy Federal Credit Union, FedEx Office and Sprint. Jesse Goldsmith, Steve Julius and Chase Dorsett of CBRE’s Phoenix represented the seller in the deal.
AUSTIN, TEXAS — Landmark Properties has acquired The Nine at Rio and The Nine at West Campus, two student housing properties totaling 692 beds near the University of Texas at Austin. The Nine at West Campus totals 345 beds and features amenities such as a pool with a tanning shelf, courtyard grilling stations, fitness center, game room, media lounge and coffee bar. The Nine at Rio totals 347 beds and offers a similar amenity package. The seller was not disclosed.
