PHENIX CITY AND MOBILE, ALA. — Capital One Multifamily Finance has provided a combined $37 million in agency loans for the acquisition of two multifamily communities in Alabama. In Phenix City, Capital One provided a $26.5 million Fannie Mae loan on behalf of EBSCO Income Properties for the acquisition of The Grand Reserve at Phenix City. The 12-year, fixed-rate loan features eight years of interest-only payments and a 30-year amortization schedule. Developed in 2010, The Grand Reserve at Phenix City features a pool, clubhouse and a fitness center. A 22-acre, grocery-anchored shopping center is scheduled to open adjacent to the property in 2019. In Mobile, Capital One provided a $10.5 million Freddie Mac loan for the acquisition of Southern Oaks Apartments. The 10-year, fixed-rate loan features five years of interest-only payments and a 30-year amortization schedule. StoneRiver Co. acquired the 224-unit asset from the PEM Real Estate Group. Built in 1975, Southern Oaks Apartments feature a clubhouse, fitness center, barbecue station and a swimming pool. StoneRiver plans to update the community with new appliances, flooring, countertops and painting. Chad Thomas Hagwood of Capital One originated both transactions.
CHESAPEAKE, VA. — Steadfast Apartment REIT III Inc. (STAR III) has acquired Cottage Trails at Culpepper Landing, a 183-unit multifamily community in Chesapeake, for $30.1 million. The name of the seller was not disclosed. Completed in 2015, the Hampton Roads property include eight, three-story buildings with a mix of one-, two- and three-bedroom units. Community amenities include a community clubroom with catering kitchen, saltwater pool, fitness and yoga studio, dog park, playground, residential storage units, cyber café and grilling areas. STAR III plans to replace laminate countertops with quartz countertops in the kitchens and bathrooms, as well as renovate and update some of the common amenities.
LAWRENCEBURG, IND. — The Lawrenceburg City Council has approved a planned apartment development by Flaherty & Collins Properties. The $30 million project will feature 150 luxury apartment units near the west end of High Street in downtown Lawrenceburg, which is located about 30 miles west of Cincinnati. The project will include one- and two-bedroom units. Completion is slated for 2021, but a groundbreaking date has not been set. The city is expected to contribute $15 million to the project, according to local newspaper Dearborn County Register, but other financing is not yet in place.
NORTH CHICAGO, ILL. — Structured Development and Carly Partners have planned Sheridan Crossing, a 37-acre mixed-use development in North Chicago. CBRE has been retained to market for lease more than 76,000 square feet of retail space at the 260,000-square-foot project, which will be located across from the Naval Station Great Lakes. A 107-room hotel and a 10-screen movie theater will anchor the property. KTGY Architecture + Planning is the project architect. Mary Bresnahan and Kim McGuire of CBRE will lead marketing efforts for the project. A timeline for completion was not disclosed.
HAZELWOOD, MO. — NorthPoint Development has unveiled plans for a 252,272-square-foot speculative industrial building within the newly created Hazelwood TradePort in suburban St. Louis. The facility, featuring a clear height of 36 feet, is slated for completion this fall. Hazelwood TradePort is a 325-acre development with the potential for up to 4 million square feet of new construction. Brian Bush and Jon Hinds of CBRE are marketing the new building and future construction at the park for lease. Brinkmann Constructors is the general contractor for the project.
CRIDERSVILLE, OHIO — Industrial Property Brokers (IPB) has arranged the sale of the former Endless Endeavors Antiques & Collectibles building in Cridersville in northwest Ohio. The sales price was not disclosed. The buyers, a group of local investors, plan to build a $5 million facility for sports shooting known as Black Rifle Shooting Center. Originally built in 1997 as an entertainment site with a car museum, restaurant and merchandising space, the 63,742-square-foot building sits on nine acres and is currently vacant. The property features 200 car parking spaces, five drive-in doors and 3,450 square feet of office space. Tim Echemann of IPB represented the buyer, M&S Land Development Group LLC, as well as the sellers, Don and Mona Miller.
VALPARAISO, IND. — Essex Realty Group Inc. has brokered the $2.6 million sale of Mayfield Apartments in the northwest Indianapolis suburb of Valparaiso. The 52-unit garden apartment complex features 13 buildings with four units each. The property is located at 156-364 Mayfield Ave. Brian Kochendorfer, Brian Karmowski and Troy Beebe of Essex brokered the transaction. Both the buyer and seller are real estate corporations with multiple properties under ownership.
ANAHEIM AND PLACENTIA, CALIF. — Panattoni Development Co., along with Principal Real Estate Investors, has broken ground on Orange County Commerce Center, a four-building industrial campus located in Anaheim and Placentia. Totaling 232,000 square feet, the center will feature four buildings ranging in size from 47,813 square feet to 69,882 square feet. Each building will feature two stores of executive office space, 30-foot minimum warehouse clearance, ESFR sprinkler systems, dock-high and grade-level loading, and fully secured concrete truck courts. Construction began in late April and completion is slated for early first quarter 2019. The development is located at 711 and 721 S. Van Buren St. in Placentia, and 1365 and 1367 S. Van Buren St. in Anaheim. Panattoni acquired the 10-acre land parcel in 2017, according to DAUM Commercial’s Chris Migliori, who directed the sale.
SANTA FE, N.M. — Titan Development Real Estate Fund I has broken ground on Broadstone Rodeo, a multifamily project in Santa Fe. Developed along with Alliance Residential, Broadstone Rodeo is the sixth project for the partnership. Slated to open in 2019, the property will feature 188 apartments in a mix of one-, two- and three-bedroom layouts, gated entrances, a lounge, entertainment room, patios, covered parking, resort-style pool and fitness center. This investment will be the fund’s first in the multifamily sector, and the first significant Class A multifamily property to be built in Santa Fe in 20 years, according to the developer.
GARDENA, CALIF. — iBorrow has provided a $17 million loan for two properties in Gardena. The name of the borrower was not released. The assets are a two-story, 125,849-square-foot flex/R&D building and an adjacent two-story, 20,916-square-foot office building. Will McCabe of iBorrow originated the loan.