Property Type

Cushman & Wakefield Brokers $78.3M Sale of Multifamily Portfolio Located Across Southeast

by Camren Skelton June 6, 2018

ATLANTA — Cushman & Wakefield has arranged the $78.3 million sale of a six-property, 1,522-unit multifamily portfolio located across Alabama, Georgia and Mississippi. Tampa-based Blue Rock Partners acquired the properties from Atlanta-based Varden Capital Partners. Tyler Averitt, Jimmy Adams and Craig Hey of Cushman & Wakefield’s Atlanta office arranged the transaction on behalf of the seller. The sold portfolio includes the 184-unit Madison Square in Dothan, Ala.; the 324-unit Preserve at Bent Creek in Atlanta; the 384-unit Lakeview Trails and the 210-unit Epic Brookside in College Park, Ga.; the 188-unit Orchard Cove in Covington, Ga.; and the 232-unit Gardens of Canal Park in Robinsonville, Miss. Community amenities across the portfolio include swimming pools, playgrounds, business centers, laundry facilities and fitness centers.

June 6, 2018

Acquisitions Florida Hospitality Southeast

Braemar Hotels Sells 293-Room Renaissance Tampa Hotel for $68M

by Camren Skelton June 6, 2018

TAMPA, FLA. — Braemar Hotels & Resorts Inc. has sold the 293-room Renaissance Tampa International Plaza Hotel in Tampa for $68 million, or $232,000 per room. Newport Beach, Calif.-based Clearview Hotel Capital and funds managed by Oaktree Capital Management LP acquired the asset. According to Braemar, the Renaissance Tampa hotel achieved RevPAR of $158 with occupancy of 83 percent and an average daily rate (ADR) of $191 in the 12-month period ended March 31, 2018. The Marriott-branded property features a fitness center, rooftop hydroponic garden, outdoor pool, onsite dining and an onsite wine bar. Lou Plasencia, Joe Corcoran, Chris Plasencia and Nick Plasencia of The Plasencia Group arranged the transaction on behalf of Braemar.

June 6, 2018

Alaska Loans Multifamily Western

Hunt Mortgage Provides $5.4M Refinancing for Two Multifamily Properties in Anchorage

by Amy Works June 6, 2018

ANCHORAGE, ALASKA — Hunt Mortgage Group has provided two Fannie Mae Small Balance Loans totaling $5.4 million for two multifamily properties in Anchorage. The borrower is a limited liability company backed by key principal Elaine Baker, owner of Elaine S. Baker & Associates, a design and furnishing company. The transactions included: A $2.8 million loan for the acquisition of Horizon West Apartments, a 29-unit apartment property located at 540 L St. Constructed in 1971, the five-story building features 17 one-bedroom/one-bath units and 12 two-bedroom/two-bath units. At the time of acquisition, the property was 96 percent occupied. The 10-year loan features a fixed rate with 12 months of interest-only payments followed by a 30-year amortization schedule. A $2.6 million loan for the purchase of East 56th Avenue Apartments, located at 200, 240 and 270 E. 56th Ave. The community features five three-story, walk-up multifamily buildings constructed in 2009. At the time of sale, the property was 95 percent occupied. The property features 10 two-bedroom/one-bath units and 12 two-bedroom/two-bath units. The 10-year, fixed-rate loan features a 30-year amortization schedule.

June 6, 2018

Acquisitions Georgia Retail Southeast

InvenTrust Buys Newly Constructed, Whole Foods-Anchored Center in Metro Atlanta for $64.3M

by Camren Skelton June 6, 2018

KENNESAW, GA. — InvenTrust Properties Corp. has acquired Kennesaw Marketplace, a 114,000-square-foot retail center in the northwest Atlanta suburb of Kennesaw, for $64.3 million. Atlanta-based Fuqua Development delivered the center in 2017. Whole Foods Market anchors the development, which was 99 percent leased at the time of sale to tenants including Starbucks Coffee, MOD Pizza, PNC Bank, AT&T, Sports Clips, Del Taco, Zoe’s Kitchen, Newk’s Eatery and Navy Federal Credit Union.

June 6, 2018

Development Multifamily North Carolina Southeast Student Housing

Eyzenberg & Co. Selects Greystar to Develop 850-Bed Student Housing Community Near UNC Chapel Hill

by Camren Skelton June 6, 2018

CHAPEL HILL, N.C. — Eyzenberg & Co. has selected Greystar to develop Grove Park, an 850-bed student housing community located at 425 Hillsborough St. in Chapel Hill, a half-mile from the University of North Carolina (UNC) at Chapel Hill campus. Eyzenberg arranged the 12.3-acre ground lease for the project, which is currently home to an existing 111-unit apartment community. Other terms of the deal were not disclosed. The community will include a mix of apartment units and townhomes, and will feature study spaces, a swimming pool, fitness facilities, five-level parking garage and a rooftop deck. Townhouse Apartments LLC, owned by the Segar Family, which also owns the land, developed the project concept, managed the design, coordinated the entitlement and delivered the permits. Greystar expects to break ground on the community this summer and deliver the project prior to the 2020-2021 school year.

June 6, 2018

Development Industrial Texas

Duke Realty Breaks Ground on 635,000 SF Distribution Center in Metro Fort Worth

by Taylor Williams June 6, 2018

FLOWER MOUND, TEXAS — Duke Realty Corp. has broken ground on a 635,000-square-foot distribution center in Flower Mound, a northern suburb of Fort Worth. The building, which is slated for a May 2019 delivery, will feature a cross-dock configuration and 36-foot clear heights. Approximately 450,000 square feet, or 71 percent of the space, has been preleased to PPG Industries Inc., a Pittsburgh-based supplier of architectural paints and coatings.

June 6, 2018

Development Multifamily Texas

Transcontinental Begins Work on 308-Unit Apartment Community in Metro Dallas

by Taylor Williams June 6, 2018

LEWISVILLE, TEXAS — Transcontinental Realty Investors Inc. and its subsidiary, Adobe Properties, have broken ground on Tower Bay Lofts, a 308-unit midrise multifamily community in Lewisville, a northern suburb of Dallas. The four-story property will feature amenities such as multiple pools, a fitness center, bocce court, storage units, bike rental service, coffee bar and a resident lounge with a bar. Units will range in size from 575 square feet to 1,604 square feet. A timeline for completion has not yet been established.

June 6, 2018

Development Industrial Self-Storage Texas

The Jenkins Organization Underway on 830-Unit Self-Storage Facility in Downtown Houston

by Taylor Williams June 6, 2018

HOUSTON — The Jenkins Organization is underway on development of EaDo Storage, an 830-unit self-storage facility that will be located in downtown Houston. The Class A facility will consist of 108,000 square feet and offer both climate- and non-climate-controlled units. Additional features will include gated entry, electronic security monitoring throughout and space for a live-in, on-site manager. Construction began this year and completion is slated for later in the summer.

June 6, 2018

Acquisitions Michigan Midwest Office

Lutz, Northern Equities Acquire Historic Albert Kahn Building in Detroit, Plan Redevelopment

by Kristin Harlow June 6, 2018

DETROIT — Lutz Real Estate Investments and Northern Equities Group have acquired the historic Albert Kahn Building in Detroit’s New Center, a commercial and residential historic district. The price was undisclosed. The 320,000-square-foot office building, once home to Saks Fifth Avenue, will be converted into 200 apartment units and 60,000 square feet of retail and office space. Kraemer Design Group is the design firm and Cunningham Limp is the general contractor. Brian Raznick of Jaffe Raitt Heuer & Weiss represented the partnership in the transaction. Q10 | Lutz Financial Services secured the acquisition and renovation financing from a West Coast-based lender that had been actively looking for Detroit financing opportunities. A.J. Weiner and Anne Knopke of JLL brokered the sale. The Platform acquired the 10-story Albert Kahn Building in 2015 in a package deal with the landmark Fisher Building.

June 6, 2018

Development Industrial Midwest Missouri

LandMark to Develop $40M Manufacturing Build-to-Suit for Faurecia in Metro Kansas City

by Kristin Harlow June 6, 2018

BLUE SPRINGS, MO. — LandMark Group Cos. is developing a $40 million manufacturing build-to-suit for Faurecia in the Kansas City metro area of Blue Springs. The 250,000-square-foot facility will be located on 25 acres of land adjacent to 20th Street on the north side of I-70. LandMark Construction, a division of LandMark Group Cos., will design and construct the property. Faurecia is an automotive technology company.

June 6, 2018

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