HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two multifamily loans totaling $49 million in Houston. In the first transaction, Brandon Brown of LMI Capital arranged a $26 million acquisition loan for a 460-unit asset in the Briar Forest/Westchase area. The loan features a 4.82 percent fixed interest rate and seven years of interest-only payments. In the second deal, Jamie Mullin of LMI Capital arranged a $23 million loan for the refinancing a 360-unit property in the Woodlake/Briar Meadow submarket. That loan includes a 4.85 percent fixed interest rate and a four-year interest-only period. The names of the properties were not disclosed.
THE WOODLANDS, TEXAS — The J. Beard Real Estate Co. has brokered the sale of a 74,940-square-foot office building located at 2700 Research Forest Drive in The Woodlands, about 30 miles north of Houston. The property was 100 percent leased at the time of sale to eight tenants. SJBC Commercial XIX LLC purchased the property from Dallas-based Novel Office Systems/Soft-Tech SM for an undisclosed price. Jeff Beard of J. Beard brokered the sale.
IRVING, TEXAS — Greysteel has negotiated the sale of Rock Island, a 154-unit apartment property in Irving. Floor plans at the property, which was built in 1973, include one-, two- and three-bedroom units. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone of Greysteel represented the seller in the transaction. Other terms of sale were not disclosed.
LOS ALTOS, CALIF. — Cushman & Wakefield has arranged the $55 million sale of a 50,451-square-foot retail property leased to Whole Foods Market in Los Altos. Kevin Held and Matt McNeil of Cushman & Wakefield arranged the transaction on behalf of the buyer, Imperial Hornet Developers LLC. Compass Grand Associates LLC sold the asset. The store features dual entry on the ground floor, as well as two levels of subterranean parking.
MESA, ARIZ. — Kasten Long Commercial Group has arranged the sale of Siena Apartments, a multifamily property located at 4520 E. Baseline Road in Mesa. An undisclosed buyer acquired the 291,000-square-foot property for $49 million, or $139,205 per unit. Built in 1986, the 352-unit property features 160 one-bedroom/one-bath units, 168 two-bedroom/one-bath and 24 three-bedroom/two-bath units, with an average square footage of 827. Linda Fritz-Salazar and Scott Trevey of Kasten Long Commercial negotiated the transaction. The name of the seller was not released.
KIHEI, HAWAII — Hunt Capital Partners, in partnership with Urban Housing Communities (UHC), has closed $26 million in federal low-income housing tax credit (LIHTC) equity and $12.9 million in Hawaii state tax credit equity financing for the construction of Kaiwahine Village in Kihei. This is the fourth partnership in Hawaii for Hunt Capital Partners and UHC. Located on the island of Maui, Kaiwahine Village will feature 118 affordable housing units for families earning up to 30, 40 and 60 percent of the area median income. The property will provide two- and three-bedroom units, as well as two employee units. On-site amenities include central laundry facilities, recreation areas, a clubhouse, courtyard and par course. Additionally, Ikaika Ohana, a non-profit managing general partner, will sponsor social and education programs at the community or at surrounding schools and community centers. The $62.8 million project is slated for completion in early 2020. Urban Housing Communities is developing the property, Moss & Associates is serving as the master contractor, Design Partners Inc. is the architect, and Big Island Housing Foundation is the property management agent. Hunt Capital Partners committed a total of $31.5 million in federal and state LIHTC equity. Additional funding includes a $33.2 …
ATLANTA — Phoenix-based Alliance Residential Co. has opened Broadstone Yards, a 251-unit apartment community located at 1084 Howell Mill Road N.W. in Atlanta’s West Midtown district. The community includes a mix of studio, one- and two-bedroom units with stainless steel appliances, gas-powered stoves, French-door refrigerators and built-in wine coolers in select units. Community amenities include coworking space; a conference room with video capability; fitness center with a Peloton bike, climbing rope and peg boards; bike storage with repair station; rooftop lounge with bar; outdoor TV, games and grills; resort-style, saltwater pool; dog spa; and a courtyard with a fire pit and fountain. Monthly rental rates range from $1,485 for a studio to $2,610 for a two-bedroom.
DENVER — Colony Northstar has completed the sale of an office/warehouse facility located at 1550 W. Evans Ave. in Denver. Calhoun Street Industrial and Matrix Group acquired the property for $7 million. Matrix Group will assume the leasing and management of the property. Situated within the West Evans Industrial Park, the 78,787-square-foot property was built in 1975 and was 93 percent leased at the time of sale. The asset features twin-t construction, 18-foot clear heights and a combination of drive-in loading and dock-high doors. Jason White, Ryan Sitov and Carmon Hicks of JLL Denver negotiated the transaction.
ATLANTA — Atlanta-based Paces Properties has signed Three Taverns Brewery to its Atlanta Dairies redevelopment, a planned mixed-use project in East Atlanta’s Reynoldstown neighborhood. The new brewery, dubbed Imaginarium, is set to open in summer 2019. The new location is an extension of Three Tavern’s flagship brewery in nearby Decatur. Imaginarium will serve four to five of Three Tavern’s core beers on tap, as well as a rotating list of 20 to 25 experimental beers. New brews will include juicy and hazy India Pale Ales (IPAs) and, in keeping with the Dairies theme, craft styles like milk stouts, fruit and cream sours and milkshake IPAs. Square Feet Studios is designing the new space, which will draw inspiration from laboratories and apothecaries of centuries’ past. Three Taverns will join other announced tenants at Atlanta Dairies including a café from THRIVE Farmers, Collier’s Department Store, a music venue with a rooftop bar and a diner and barbecue restaurant, The Atlanta Journal-Constitution reports. The project will also feature The Yard, a one-acre outdoor gathering area. The Atlanta Dairies redevelopment is expected to open in spring 2019.
TAMPA, FLA. — ESJ Capital Partners LLC has sold University Park Business Center, a 99,154-square-foot medical office building in Tampa, for $18 million. The building is located at 4001 E. Fowler Ave., directly across from the University of South Florida (USF) campus and within one mile of four major hospitals. The property is home to tenants including Quest Diagnostics, Moffit Cancer Center and USF. The name of the buyer was not disclosed.