JACKSONVILLE, FLA. — Becovic Management Group (BMG) has acquired Lost Lake Resort Apartments, a 280-unit community, for $48.5 million. The property was built in 2014 and offers one-, two- and three-bedroom floor plans. Community amenities include an indoor sports court, swimming pool, spa, clubhouse, fitness center, coffee bar, theater room, pet park and a car wash. HFF represented the Indiana-based buyer and the seller, Illinois-based Inland Investments.
HOUSTON, AUSTIN, IRVING AND SAN ANTONIO — Tampa-based American Landmark has acquired a portfolio of six multifamily properties totaling 2,284 units located throughout the Big Four Texas markets. The sales price was $311 million. The properties include: Hyde Park at Wells Branch and Hyde Park at Ribelin Ranch in Austin; Hyde Park at Lake Wyndemere and Hyde Park at Enclave in Houston; Lakepointe at Las Colinas in Irving; and Manor at Castle Hills in San Antonio. All properties will be rebranded, and a $14.7 million capital improvement program will be implemented across the portfolio, which was about 96 percent occupied at the time of sale. The seller was not disclosed. The acquisition brings the size of American Landmark’s Texas portfolio to 33 properties and its total volume of holdings to more than 25,000 units across Texas and the Southeast.
DALLAS — Industrial development and investment firm Logistics Property Co. LLC has negotiated a 1.1 million-square-foot industrial lease at Southport Logistics Park, the Chicago-based company’s 252-acre development in south Dallas. The tenant is an undisclosed manufacturer of consumer-packaged goods. Kacy Jones and John Hendricks of CBRE represented Logistics Property Co. in the lease negotiations. Allen Gump, Lynn Reich and Suzanne Serino of Colliers International represented the tenant. At full buildout, Southport Logistics Park will house more than 3.55 million square feet of Class A space across four buildings.
CANANDAIGUA, N.Y. — Acres Capital Corp. has provided a $37 million bridge loan to complete the construction and stabilization of the Canandaigua Finger Lakes Resort, a Hilton-branded resort in Canandaigua. Located at 205 Lakeshore Drive, the property will include 109 guest rooms, 44 residential condominium units, a restaurant and a 13,000-square-foot conference space. Mark Fogel of Acres provided the financing to developers Robert Murphy and David Genecco. Hospitality management firm Hay Creek Hotels and Restaurants will handle the design, development and operations of the resort.
PLANO, TEXAS — Cinépolis USA will open a 10-screen, 40,000-square-foot theater at The Shops at Willow Bend in Plano as part of owner Starwood Retail Partners’ $145 million project to expand and renovate the mall. The theater, which joins entertainment concepts like Crayola Experience and the North Texas Performing Arts Children’s Theatre, will be directly integrated into the mall and will offer a variety of food and beverage options. The venue, which is slated to open in 2020, will be Cinépolis’ third in Texas.
RICHARDSON, TEXAS — General contractor Hill & Wilkinson has entered into an agreement with landlord Pillar Commercial to extend and expand its office space in Richardson, a northeastern suburb of Dallas. The company will now occupy 58,000 square feet at 2703 Telecom Parkway. James Cooksey, Garrison Efird and Adam Faulk of Newmark Knight Frank represented Hill & Wilkinson in the lease negotiations.
FORT WORTH, TEXAS — SHOP Cos. has brokered the sale of Woodmont Plaza North, a 42,004-square-foot retail center in Fort Worth. The property was approximately 95 percent leased at the time of sale to tenants such as Schlotzsky’s Deli, Supercuts, H&R Block, Little Caesar’s Pizza and Boost Mobile. Tim Axilrod, Tommy Tucker and Cameron Burk of SHOP Cos. represented the seller, California-based Black Lion Investment Group, in the transaction. The trio also procured the buyer, a Texas-based limited liability company.
PHILADELPHIA — HFF has brokered the sale of The Commonwealth, a 15-story, 98-unit apartment building in Philadelphia. The sales price was undisclosed. Located at 1201 Chestnut St., the high-rise was built in 1906 and was fully renovated in 2012. The residential component is currently 99 percent occupied and the retail component is fully leased to 7-Eleven and Mitchell & Ness Nostalgia Co., which is the American sports clothing company’s only brick-and-mortar location. Mark Thomson, Carl Fiebig and Francis Coyne of HFF represented the seller, global real estate investment manager Invesco Real Estate, in the transaction. The buyer was a joint venture partnership between The Carlyle Group and Alterra Property Group.
CORAOPOLIS, PA. — Tapestry Senior Living has announced it will open Tapestry Moon Township in June. Located in Coraopolis, approximately 12 miles northwest of Pittsburgh, the community will offer 93 units of memory care and 131 units of assisted living. The community is currently accepting deposits ahead of its upcoming opening.
NEW YORK CITY — Brax Realty has brokered the $6.6 million sale of an apartment building in the Hell’s Kitchen neighborhood of Manhattan. Located at 439 W. 46th St., the 9,390-square-foot property contains 20 apartments and has an additional 6,527 square feet of air rights available. Alan Stenson of Brax Realty represented the seller, Peter Gonedes, in the transaction. The buyer was a private international investor.
