Property Type

Mosaic Development Sells Newly Built Apartment Community in Fort Myers for $49.7M

by Amy Works November 12, 2018

FORT MYERS, FLA. — St. Petersburg, Fla.-based Mosaic Development has completed the disposition of Mosaic at the Forum, an apartment community located at 3100 Champion Ring Road in Fort Myers. An entity led by InvestRes acquired the property for $49.7 million, or $197,321 per unit. Brad Capas, Luis Elorza and Robert Given of Cushman & Wakefield represented the seller in the deal. Developed in 2017 and situated on 13 acres, the property comprises 10 three-story buildings featuring a total of 252 units, with an average unit size of 908 square feet. Community amenities include a resident clubhouse, leasing center, pool deck with fire pit, grills and gazebos, fitness center, two dog parks, Wi-Fi, a resident package delivery system, detached garages and storage closets. At the time of sale, the property was 95 percent occupied.

November 12, 2018

Development Georgia Hospitality Southeast

Songy Highroads, Hyatt Hotels Underway on 175-Room Hotel in Downtown Atlanta

by Amy Works November 12, 2018

ATLANTA — Atlanta-based Songy Highroads LLC, in partnership with Hyatt Hotels Corp., is developing Hyatt Place Centennial Park, located at 300 Luckie St. in downtown Atlanta. Construction has reached the fifth floor of the 11-story hotel, which is slated to open in August 2019. Situated one block north of Centennial Olympic Park and adjacent to the Georgia Aquarium, the hotel will feature 175 guestrooms, a pool, fitness center, on-site food service, parking deck, 2,100 square feet of meeting space and retail space fronting Luckie and Marietta streets. Reeves Young is serving as general contractor, and Wakefield Beasley is providing architectural services for the project.

November 12, 2018

Development Florida Multifamily Seniors Housing Southeast

Hunt Midwest, Integral Break Ground on Seniors Housing Project in Palm Beach County

by Amy Works November 12, 2018

ROYAL PALM BEACH, FLA. — Hunt Midwest and Integral Senior Living have broken ground on The Capstone at Royal Palm, a seniors housing development located on Okeechobee Boulevard in Royal Palm Beach, a village in South Florida’s Palm Beach County. Slated to open in early 2020, The Capstone at Royal Palm will feature 84 studio, one- and two-bedroom assisted living and memory care suites, offering accommodates for up to 114 residents. Community amenities will include a great room, formal dining room, fitness center, bistro lounge, sunroom, walking trails, gazebo and a dog park. Integral Senior Living will manage the property upon completion.

November 12, 2018

Acquisitions Kentucky Multifamily Southeast

Kirkland Arranges Sale of New Multifamily Community in Elizabethtown, Kentucky

by Amy Works November 12, 2018

ELIZABETHTOWN, KY. — The Kirkland Co. has arranged the sale of Crossfield Townhomes, a multifamily property located at 2201 Crossfield Drive in Elizabethtown. Mark Harris Construction sold the property to Bob and Deborah Hart for an undisclosed price. Built in 2017, the property features 28 two-bedroom apartments. Brandon Wilson and Brian Devlin of The Kirkland Co. handled the transaction.

November 12, 2018

Acquisitions Multifamily Texas

NKF Arranges Sale of Two Multifamily Assets Totaling 670 Units in Austin

by Taylor Williams November 12, 2018

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of Estates at Southpark Meadows and Terraces at Southpark Meadows, two multifamily assets totaling 670 units in south Austin. The properties, which were acquired as value-add opportunities, were built in 2009 and border the Southpark Meadows power center. Patton Jones of NKF’s Capital Markets group represented the seller, Atlanta-based BVT Equity Holdings, in the transaction. The buyer was not disclosed.

November 12, 2018

Development Loans Multifamily Nevada Western

CapitalSouth Provides $41.1M Construction Loan for Multifamily Property in Las Vegas

by Amy Works November 12, 2018

LAS VEGAS — CapitalSouth, a division of Pacific Western Bank, has provided a $41.1 million construction loan for the development of Tuscan Highlands, a multifamily property located in Las Vegas’ Southern Highlands submarket. The property will be situated on 15.2 acres at the southwest corner of St. Rose Parkway and Interstate 15. The 26-building community will feature 304 market-rate apartments units in a mix of one- and two-bedroom studio flats, medium flats, large flats, carriages, lofts and townhomes. Residents of Tuscan Highlands will have access to an exclusive two-story resort hall and restaurant, which will hold up to 150 people. The resort hall and restaurant will feature a private events room, booths, lounge seating, high and low tables, salon, poker room, banquet room, dry cleaning, office space and a full bar. Jonathan Lee of George Smith Partners arranged the financing for the borrower, Watt Cos. and Schulman Properties.

November 12, 2018

Acquisitions Colorado Multifamily Western

Ellwood Corp. Sells 68-Unit Apartment Building in Denver for $16.5M

by Amy Works November 12, 2018

DENVER — Ellwood Corp. has completed the sale of Brittany House Apartments, a multifamily property located at 77 S. Ogden St. in Denver’s West Washington Park district. Denver-based RedPeak acquired the property for $16.5 million, or $242,647 per unit. The five-story building features 68 units in a mix of studio, one- and two-bedroom units. Bill Morkes and Craig Stack of Colliers International represented the seller in the deal.

November 12, 2018

Leasing Activity Office Texas

Waste Management Inc. Leases 284,000 SF at Capitol Tower in Houston

by Taylor Williams November 12, 2018

HOUSTON — Waste Management Inc. (NYSE: WM), has leased nine floors totaling 284,000 square feet at Capitol Tower, a 35-story office project being developed in Houston. Capitol Tower, which is slated to be complete by late 2019, is now 72 percent preleased. Waste Management Inc. will move into its new space in 2020. Rich Pancioli, Jon Lee and Lisa Konieczka of CBRE represented the tenant in the lease negotiations. Kristen Rabel and Warren Savery, also of CBRE, represented the developer and landlord, Skanska.

November 12, 2018

Acquisitions California Restaurant Retail Western

Locker Realty Brokers $8.4M Acquisition of Chick-fil-A Property in Santa Monica, California

by Amy Works November 12, 2018

SANTA MONICA, CALIF. — Locker Realty Corp. has arranged the acquisition of a restaurant property, located on Lincoln Boulevard in Santa Monica. An undisclosed buyer acquired the asset for $8.4 million. Chick-fil-A occupies the 1,560-square-foot restaurant and drive-thru building, which is located on 12,314 square feet of land, on a net-leased basis. Paul Locker and Kristine Locker of Locker Realty Corp. represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the deal.

November 12, 2018

Development Industrial New Mexico Self-Storage Western

ARCO/Murray Design Build Completes 101,000 SF Self-Storage Facility in New Mexico

by Amy Works November 12, 2018

SANTA FE, N.M. — ARCO/Murray Design Build has completed the construction of Rodeo Park Self Storage, a self-storage facility in Santa Fe, for Titan Development. Extra Space Storage will operate the two-story, 101,000-square-foot facility, which is fully climate controlled. ARCO/Murray provided a complete design-build solution for the project, including architectural and engineering design, permitting and construction. Logan Castille of ARCO/Murray served as project manager, and Matt Pitzen, also of ARCO/Murray, served at project superintendent.

November 12, 2018

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