ZACHARY, LA. — Dougherty Mortgage LLC has provided a $20.8 million refinancing loan for Audubon Park Apartment Homes, a 178-unit community in Zachary. The HUD 223(a)(7) loan features a 40-year term. The borrower is Audubon Park Apartment Homes LLC, an affiliate of Atlanta-based Audubon Communities. Communal amenities at Audubon Park include bike racks, a fitness center, swimming pool, car wash area, playground, grilling area and a poolside lounge.
HOUSTON — 29th Street Capital (29SC), a multifamily investment firm with offices in San Francisco and Chicago, has acquired 14220 at Park Row Apartments, a 318-unit apartment community in West Houston. Built in 1998, the property features one-, two- and three-bedroom units with granite countertops, stainless steel appliances, walk-in closets and private patios or balconies. Amenities include a pool with a tanning ledge, fitness center, outdoor grilling stations, business center, a resident clubhouse and access to jogging trails. 29SC will rebrand the property and introduce smart technology features. The seller was not disclosed.
AUSTIN, TEXAS — Madison Marquette has purchased The Millennium, a 128,617-square-foot office building located in the Shepherd Mountain area of Austin. National Instruments originally developed the five-story property in 1985 as a build-to-suit project. Mike McDonald, Celeste Fowden and Katy Jane Jenevein of Cushman & Wakefield represented the seller of The Millennium, which was 66 percent occupied at the time of sale. Madison Marquette will implement a repositioning program that will add a management and conference facility and upgrade both interior and exterior common areas.
BURLESON, TEXAS — Dougherty Mortgage has arranged a $29.7 HUD construction loan for The Waverly Apartments, a 192-unit multifamily project in Burleson, a southern suburb of Fort Worth. The community will offer a clubhouse, pool with cabanas, outdoor kitchen areas, a business center, fitness center, children’s play area, dog park and a car wash area. Completion is slated for spring 2021. Dougherty arranged the loan, which carried a 40-year term and amortization schedule, on behalf of borrower Burleson Commons LLC.
MISSOURI CITY — NAI Partners has brokered the sale of an 86,655-square-foot office and warehouse property situated on 10 acres at 13840 Pike Road in Missouri City, a southwestern suburb of Houston. Clay Pritchett and Zane Carman of NAI Partners represented the seller, Champions Fairway Ltd. Will Austin and Hunter Johnston of Bridge Commercial Real Estate represented the buyer, Full Plus LLC.
SUGAR LAND, TEXAS — Rosenberger Construction has broken ground on a 56,000-square-foot office building for software developer HCSS in Sugar Land, located southwest of Houston. The property will be the third office building on the company’s 12-acre corporate campus. HCSS expects to add about 200 new employees to the new building, which will include a full kitchen, multiple lounge areas, a fitness center and an indoor racquetball court. A timeline for completion was not released.
HASBROUCK HEIGHTS AND LODI, N.J. — CBRE has arranged the $75.3 million sale of Skyline Apartments and Boulevard Apartments, two multifamily properties totaling 338 units in Hasbrouck Heights and Lodi, two adjacent western suburbs of New York City. Skyline Apartments comprises 124 apartments in Hasbrouck Heights, while Boulevard Apartments comprises 214 apartments located across both Hasbrouck Heights and Lodi. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steven Bardsley, David Gavin and Eric Apfel and Nat Gambuzza of CBRE represented the seller, an investment consortium between Griffen Ltd. and Kushner Cos. The CBRE team also represented the buyer, a New York-based private investment firm.
HILLSBOROUGH, N.J. — J.G. Petrucci Co. Inc. is nearing completion of a 57,000-square-foot industrial building in Hillsborough, located approximately 40 miles southwest of New York City. The project is build-to-suit for Permadur Industries, a manufacturer of construction equipment. The building will feature 37-foot ceiling heights and 17,000 square feet of office space, as well as 36,000 square feet of space designed for future expansion. Construction is currently underway and slated for completion by the end of 2019. The site also has the capacity to house an additional 36,000 square feet of new development.
WILLOW GROVE, PA. — Kushner Real Estate (KRE) Group has opened Willow Pointe, a 245-unit multifamily community in Willow Grove, a northern suburb of Philadelphia. The property comprises three buildings with one- and two-bedroom floor plans, all of which include a patio or balcony. Amenities include a pool, resident lounge, fitness center, business center, outdoor grilling areas and resident storage space. Hudson Projects designed the community.
OAKLAND, N.J. — JLL has brokered the sale of a 40,781-square-foot light industrial property in Oakland, located approximately 30 miles northwest of New York City. The building, which is located roughly a mile from Interstate 287, features 20-foot clear heights, two drive-in doors and several thousand square feet of office space. The property was fully leased at the time of sale. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented seller, North Jersey Development Group, in the transaction. A private investor purchased the asset.
