Property Type

Wood Partners Breaks Ground on 304-Unit Apartment Community in Houston

by Taylor Williams July 3, 2019

HOUSTON — Wood Partners, a multifamily development and investment firm with offices around the country, has broken ground on Alta West Alabama, a 304-unit apartment community that will be located between the River Oaks and Greenway/Upper Kirby neighborhoods in Houston. The property will feature one-, two- and three-bedroom units with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers. Amenities will include a pool, outdoor kitchen area, resident clubroom, business center, gaming lounge and a conference space. The opening is slated for the third quarter of 2020.

July 3, 2019

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of Two DFW Industrial Assets Totaling 192,797 SF

by Taylor Williams July 3, 2019

DALLAS AND LANCASTER, TEXAS — Marcus & Millichap has arranged the sale of two industrial properties totaling 192,797 square feet in the Dallas-Fort Worth (DFW) metroplex. One property totals 66,307 square feet and is located at 4343-4345 Sigma Drive in Dallas, and the other spans 126,490 square feet and is located in the southern suburb of Lancaster. Adam Abushagur of Marcus & Millichap represented the sellers and the buyers in both transactions. Sales prices were not disclosed.

July 3, 2019

Acquisitions Retail Texas

Weitzman Brokers Sale of 13,454 SF Retail Center in Houston

by Taylor Williams July 3, 2019

HOUSTON — Weitzman has brokered the sale of West Oaks Centre, a 13,454- square-foot retail center located at the intersection of Highway 6 and Westheimer Road in Houston. The center is located across from West Oaks Mall, which is being redeveloped, and is leased to internet-resistant tenants in the services and health and beauty sectors. An Austin-based investment firm purchased the asset from a Houston-based limited partnership. Evan Altemus and Brett Levinson of Weitzman handled the transaction.

July 3, 2019

Loans Multifamily Texas

Greystone Provides $8.9M Green Loan for Refinancing of Apartment Complex in Metro Austin

by Taylor Williams July 3, 2019

GEORGETOWN, TEXAS — Greystone has provided an $8.9 million Fannie Mae Green Rewards loan for the refinancing of The Rail at Georgetown, a 113-unit apartment complex in Georgetown, a northern suburb of Austin. The property offers one- and two-bedroom units and amenities such as a playground, pet play area and onsite laundry facilities. D.J. Elefant of Greystone provided the loan, which was structured with a 10-year term and three years of interest-only payments, to The Rail at Georgetown LLC. The borrower will use a portion of the proceeds to implement water- and energy-saving measures.

July 3, 2019

Riverwalk-at-Millenium-Conshohocken-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania

HFF Arranges Sale of 375-Unit Apartment Community in Metro Philadelphia

by Taylor Williams July 3, 2019

CONSHOHOCKEN, PA. — HFF has arranged the sale of Riverwalk at Millennium, a 375-unit multifamily community in Conshohocken, a northwestern suburb of Philadelphia. Built on 7.9 acres, the transit-served property offers one- and two-bedroom units averaging 923 square feet with plank flooring and individual washers and dryers. Amenities include a pool with a sundeck and grill area, fitness center with on-demand classes and a resident clubhouse. Mark Thomson, Carl Fiebig, Francis Coyne and Jose Cruz of HFF represented the seller, a joint venture between Boston-based Long Wharf Capital and Scully Co., which acquired the property in 2015. Ryan Ade and Jamie Leachman of HFF arranged an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Relative Properties. The property was built in phases in 2005 and 2010.

July 3, 2019

Industrial Leasing Activity New Jersey Northeast

JLL Negotiates 203,488 SF Industrial Lease in South Brunswick, New Jersey

by Taylor Williams July 3, 2019

SOUTH BRUNSWICK, N.J. — JLL has negotiated a 203,488-square-foot industrial lease at 85 Stults Road in South Brunswick, located north of Trenton, on behalf of an undisclosed apparel company. A joint venture between EverWest Real Estate Investors and Accordia Realty Ventures is developing the facility and expects it to be available for occupancy by the end of the year. Building features will include 36-foot clear heights, 52 loading docks, four drive-in doors, 38 automobile parking spaces and 75 trailer parking spaces. Brian Golden of JLL represented the joint venture, which is also developing a 369,000-square-foot industrial project on an adjacent parcel, in the lease negotiations. Joel Lubin and Gary Politi, also with JLL, represented the tenant, which signed a 10-year lease.

July 3, 2019

Acquisitions Hospitality Northeast Pennsylvania

Gehr Hospitality Acquires 129-Room Hyatt Place Hotel in King of Prussia

by Taylor Williams July 3, 2019

KING OF PRUSSIA, PA. — A partnership between two Los Angeles-based firms, Gehr Hospitality and Oakhurst Advisors LLC, has acquired the 129-room Hyatt Place hotel in King of Prussia, a northwestern suburb of Philadelphia. The hotel, which was renovated in 2018, is located near numerous employment hubs as well as the King of Prussia Mall, Valley Forge National Historical Park and Valley Forge Casino Resort. The Plascencia Group represented the undisclosed seller in the transaction. Thuong Luong and Molly Caccamo of Gehr Hospitality represented the buyer on an internal basis. Wells Fargo provided acquisition financing for the deal, the sales price of which was not disclosed.

July 3, 2019

Development Multifamily New York Northeast

Doyle Hardware Completes $15M Adaptive Reuse Project in Upstate New York

by Taylor Williams July 3, 2019

UTICA, N.Y. — Doyle Hardware LLC has completed a $15 million adaptive reuse project in Utica that involved the conversion of a vacant industrial building into a property that houses 56 apartments and 17,700 of ground-floor commercial space. Floor plans include 15 studio units, 26 one-bedroom apartments, two one-bedroom residences with lofts and 12 two-bedroom units. Amenities include a fitness center and a theater room. Five Star Bank and The Community Preservation Corp. respectively provided construction and permanent financing for the project. Utica is located in Upstate New York, about 55 miles east of Syracuse.

July 3, 2019

Connecticut Loans Multifamily Northeast

Washington Trust Provides $11.8M Construction Loan for Connecticut Apartment Project

by Taylor Williams July 3, 2019

WATERFORD, CONN. — Washington Trust, a community bank serving the Northeast, has provided an $11.8 million construction loan for a 72-unit apartment project located in the coastal Connecticut city of Waterford. The property will feature equal numbers of one- and two-bedroom units ranging in size from 845 to 1,140 square feet. Communal amenities will include a fitness center, recreation area and a resident clubhouse. The borrower was Connecticut-based Waterford Parc LLC. The loan carries an 18-month term and a floating interest rate. Construction is expected to be complete in early 2020.

July 3, 2019

Development Indiana Midwest Multifamily

Holladay Set to Break Ground on 32-Unit Apartment Project in Whiting, Indiana

by Kristin Harlow July 3, 2019

WHITING, IND. — Holladay Properties plans to break ground on an apartment project known as The Illiana on Monday, July 8 in Whiting, which is about 16 miles south of Chicago. The project will feature 32 apartment units and 4,000 square feet of first-floor commercial space. The development, located at the southeast corner of 119th Street and Atchison Avenue, is named for the Illiana Hotel, which stood at the site from 1928 until it was demolished in 2018. Holladay is the owner and developer. Curran Architecture is the project architect and Holladay Construction Group LLC is the general contractor. A timeline for completion was not disclosed.

July 3, 2019

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