Property Type

FPA, Trinity Buy Mixed-Use Development in Houston

by Taylor Williams October 3, 2018

HOUSTON — A partnership between San Francisco-based FPA Multifamily LLC and Southern California-based Trinity Property Consultants has acquired a mixed-use development located at the intersection of Westheimer Road and Kirby Drive in Houston. The sale includes the 397-unit Gables West Ave. apartment community, which will be rebranded Arrive River Oaks, and the 193,895-square-foot West Avenue River Oaks shopping center, which will be rebranded Shops at Arrive. Retail users at the property include TOOTSIES, Milk & Honey and Eddie V’s Prime Seafood. The new ownership will upgrade the apartment community’s amenity spaces, including the dog park, fitness center and pool area.

October 3, 2018

Prado-University-of-Texas-at-San-Antonio

Acquisitions Multifamily Student Housing Texas

Arrimus Capital Acquires 472-Bed Student Housing Property in San Antonio

by Taylor Williams October 3, 2018

SAN ANTONIO — California-based investment and development firm Arrimus Capital has acquired Prado, a 472-bed student housing property located adjacent to the University of Texas at San Antonio in the Alamo City. The 160-unit property features amenities such as a pool, clubhouse with media area, game room, kitchen and study areas, 24-hour fitness center and a business center with study rooms. The property also includes two onsite restaurants, a coffee house and a barbershop. The seller was Dallas-based Fountain Residential.

October 3, 2018

Acquisitions Multifamily Texas

Greystone Brown Arranges $51.7M Sale of Apartment Property in San Antonio

by Taylor Williams October 3, 2018

SAN ANTONIO — Greystone Brown Real Estate Advisors has arranged the $51.7 million sale of Avocet Apartments, a 336-unit apartment property in San Antonio. Built in 2017, the community includes amenities such as a pool, fitness center, clubhouse, business center, coffee bar, car care center and a dog park. Atlanta-based Benimax Investment Group Inc. purchased the property from Stone River. Taylor Brown, Steve Mack and Bo Brown of Greystone Brown represented both parties in the transaction.

October 3, 2018

Development Industrial Texas

Schneider Electric Signs 112,721 SF Industrial Lease in El Paso

by Taylor Williams October 3, 2018

EL PASO, TEXAS — Schneider Electric USA, an Illinois-based manufacturer of electrical distribution products and a subsidiary of French multinational firm Schneider Electric SE, has signed an industrial lease in El Paso. The company will occupy 112,721 square feet at 1701 Northwestern Drive, located on the city’s north side. Anthony Mash of CBRE represented the landlord, Boston-based STAG Industrial, in the lease negotiations. Adin Brown of Sonny Brown Associates represented the tenant.

October 3, 2018

Development Multifamily Seniors Housing Texas

A&P Completes 109-Unit Seniors Housing Community in Dallas

by Taylor Williams October 3, 2018

DALLAS — Adolfson & Peterson Construction (A&P) has completed a 109-unit seniors housing community located at 8130 Meadow Road in Dallas. The property consists of 80 skilled nursing units and 29 assisted living suites. Amenities include a bistro for coffee and retail, a restaurant-style dining room, health and wellness therapy gym and a full-service salon and spa. National architecture firm Page designed the property. Corsair Ventures is the developer and U.S. Freedom Capital provided project financing. Construction began in February 2016.

October 3, 2018

Florida Loans Office Southeast

CBRE Arranges $46M Refinancing for 278,713 SF Office Tower in Downtown Orlando

by Amy Works October 3, 2018

ORLANDO, FLA. — CBRE has secured $46 million loan for the refinancing of 20 North Orange, an office tower in downtown Orlando. The borrower is an investment fund managed by Apollo Global Management and Steelbridge Capital. Situated within Main & Main, the 16-story building features 278,713 square feet of office space, 24-hour security, an on-site café and a parking structure at a ratio of up to 4/1,000 square feet via two covered sky bridges. At the time of financing, the property was occupied by 20 tenants. Amy Julian, Christian Lee and José Lobón of CBRE’s Miami office arranged the financing for the borrower.

October 3, 2018

Acquisitions Arizona Industrial Western

Koll Co., Seera International Bank Sell 1 MSF Buckeye Logistics Center in Phoenix for $98.3M

by Amy Works October 3, 2018

PHOENIX — The Koll Co. and Seera International Bank have completed the sale of Buckeye Logistics Center, a distribution center located at 6835 W. Buckeye Road in Phoenix. An undisclosed buyer acquired the property for $98.3 million. Amazon occupies the 1 million-square-foot warehouse/distribution facility. Originally built as a 604,678-square-foot facility in 2007, Amazon has expanded the property to accommodate its growing clothing and soft goods inventory. The Koll Co. acquired the property in 2016 for $74.7 million and worked with Amazon to convert the property to meet its needs, including the acquisition of an adjacent parcel for additional truck trailer storage. The Koll Co., along with Mark Detmer and Bo Mills of JLL, also renegotiated the tenant’s lease, extending Amazon’s term to more than 10 years.

October 3, 2018

Acquisitions Loans Maryland Multifamily Southeast

Charger Ventures Receives $30.1M in Acquisition Financing for Apartment Complex in Maryland

by Amy Works October 3, 2018

LEXINGTON PARK, MD. — Charger Ventures has received $30.1 million in financing for the acquisition of Greens at Hilton Run, a garden-style multifamily community located at 46860 Hilton Drive in Lexington Park. Jamie Leachman and Nicole Brickhouse of HFF secured the 10-year, fixed-rate loan through Freddie Mac’s CME Program for the borrower. The securitized loan will be serviced by HFF. Charger Ventures plans to continue the seller’s interior unit renovation program, as well as upgrade the clubhouse and amenities. Developed in 1988 and 1992, Greens at Hilton Run features 328 apartments in a mix of one-, two- and three-bedroom units averaging 927 square feet.

October 3, 2018

Acquisitions Office Oregon Western

Unico Properties, American Realty Advisors Acquire 398,412 SF MODA Office Tower in Portland

by Amy Works October 3, 2018

PORTLAND, ORE. — A joint venture between Unico Properties, a subsidiary of Unico Investment Group, and American Realty Advisors has purchased MODA Tower, a skyline office tower in Portland’s central business district, for an undisclosed price. Located at 601 SW Second Ave., the 24-story building features 398,412 square feet of Class A office space. At the time of sale, the property was 90 percent leased. The building features an on-site daycare facility, gourmet coffee and food service, bike storage, direct access to the MAX light rail transit system, exterior terraces and unobstructed views of Mt. Hood and the Willamette River. Jason Flynn of Eastdil Secured represented the undisclosed seller in the deal.

October 3, 2018

Acquisitions Multifamily Washington Western

Griffis Residential Purchases 880-Unit Multifamily Portfolio in Metro Seattle

by Amy Works October 3, 2018

RENTON, WASH. — Griffis Residential, through its Griffis Premium Apartment Fund IV, has acquired a two-property multifamily portfolio located in Renton, a suburb 25 miles south of Seattle, for an undisclosed price. The properties — Reserve and Sanctuary Apartments — have been renamed Griffis Lake Washington at the Landing. Built between 2008 and 2010, the properties will be operated as an 880-unit single apartment community offering studio, one- and two-bedroom units, with an average size of 846 square feet. The property is within walking distance of a variety of amenities and employment opportunities, including The Landing, a lifestyle retail center, and Boeing’s 737 airplane manufacturing facility. Additionally, the community is adjacent to Southport, an under-construction mixed-use project that will feature hospitality, office and recreational space.

October 3, 2018

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