BRIDGEPORT, CONN. — Blue Garden Apartments LLC has acquired the Bridgeport Multifamily Portfolio, a three-property, 62-unit portfolio in Bridgeport for $4.3 million. The sales price equates to a capitalization rate of 7.3 percent based on current net operating income. The properties are located at 2445 Main St., 24,38-42 Federal St., 2646 Fairfield Ave. and 858-872 Park Ave. Bradley Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, McDillon Holdings, in the transaction.
PAWTUCKET, R.I. — Cornerstone Realty Capital has secured a $2 million refinancing for a mixed-use portfolio in Pawtucket. The portfolio includes a total of 29 apartments and two retail spaces across three properties. All three properties have undergone recent renovations. Patrick Brady of Cornerstone secured financing on behalf of the undisclosed borrower. The lender was undisclosed.
HOUSTON — ClearWorth Capital LLC has acquired The Edge at City Centre, a 284-unit multifamily community located near the Texas Medical Center in Houston. The property was built in 1983 and features a mix of one- and two-bedroom units averaging 765 square feet. Amenities include two pools, a business center, fitness center and Wi-Fi lounge. Chris Young, Joey Rippel and Connor Phillips of HFF represented ClearWorth Capital and the seller, 29th Street Capital, in the transaction. The Edge at City Centre was 94 percent occupied at the time of sale.
TERRELL, TEXAS — RealtyLink LLC, a developer specializing in retail and restaurant properties, has unveiled the latest round of tenants that will open stores at Crossroads at Terrell, a 270,000-square-foot center being developed about 30 miles east of Dallas. The newest retailers, which are expected to open their stores during the third quarter of 2019, include Petco, GoWireless and Sport Clips. Previously announced tenants at the center include Hobby Lobby, Five Below, Marshalls and Rack Room Shoes. CBRE is marketing the center for lease.
FARMERS BRANCH, TEXAS — Newsom Design LLC, which produces building signage and other marketing materials, has extended its 119,083-square-foot industrial lease at 13780 Benchmark Drive in Farmers Branch, a northern suburb of Dallas. Blake Kendrick of Stream Realty Partners represented the landlord, DRA Advisors, in the lease negotiations. Landry Commercial Inc. represented the tenant.
TEXAS CITY, TEXAS — On Nov. 12, Houston-based Edifis Group will reopen Palmer Plaza, a 95,295-square-foot shopping center in Texas City, about 40 miles southeast of Houston. In 2016, Edifis Group purchased the property, which was originally built in 1987, and upgraded its landscaping, decorative lighting and signage. New and future tenants at the redeveloped center include Aldi, Ross Dress for Less and Chick-fil-A.
HOUSTON — NAI Partners has negotiated the sale of a 68,794-square-foot office building located at 1155 Brittmoore Road in Houston. The property was built in 1978, according to LoopNet Inc. Jon Silberman of NAI Partners represented the buyer, Endeavor Behavioral, in the transaction. Additional terms of sale were not disclosed.
ATLANTA — Morehouse School of Medicine (MSM) and Carter, an Atlanta-based developer, have broken ground for the first phase of Lee Street Campus, a $52 million mixed-use development in Atlanta’s Historic West End. The $52 million development will include MSM’s first on-campus graduate student housing, offering 187 units in a mix of studio, one- and two-bedroom layouts; a 25,000-square-foot ambulatory health facility; 9,000-square-foot fitness/wellness center; 2,500 square feet of retail space; and a four-level parking deck at the corner of Lee Street and Westview Drive. The ownership joint venture for the project includes equity investments by MSM, Carter and Campus Life Fund, sponsored by Atlantic American Partners. Patterson Real Estate Advisors Group secured construction financing, which was provided by First Citizens Bank. Construction is slated for completion in time for the 2020 school year.
ASHEVILLE, N.C. — Passco Cos. has purchased Asheville Exchange, a Class A multifamily property located at 105 Exchange Circle in Asheville. Hathaway Development sold the property for $56.6 million. This transaction is Passco’s first multifamily acquisition in Asheville, and its first North Carolina purchase in nearly five years. Completed in 2017, Asheville Exchange features 312 units in a mix of one-, two- and three-bedroom layouts with energy-efficient appliances, granite kitchen countertops and tiled backsplash, wine racks, modern cabinetry and full-sized washers and dryers in select units. Community amenities include bike and kayak storage, a clubhouse with Wi-Fi, controlled-access gates, car care center, dog park and pet care station, fitness center, game room with billiards, bocce ball court, outdoor lounge and grilling area, resident business center, saltwater swimming pool, tanning salon and massage room and valet trash service. Marc Robinson, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco.
JOHNS ISLAND, S.C. — Grandbridge Real Estate Capital has closed a $31.5 million first-mortgage loan for Crowne at Live Oak Square, a multifamily community located at 3014 Reva Ridge Drive in Johns Island, an island 16 miles southwest of Charleston. The name of the borrower was not released. Funding for the permanent, fixed-rate refinance was originated through Freddie Mac’s Lease-Up loan program, which is designed for refinancing newly constructed properties. The 11-year, non-recourse loan was structured with an initial period of interest-only payments and a 30-year amortization schedule. Constructed in 2017, the 282-unit Crowne at Live Oak Square comprises 11 three- and four-story buildings across 18.9 acres. Units feature nine-foot ceilings, crown molding in living and dining areas, stainless steel appliances, European cabinets and granite countertops. Community amenities include a resort-style swimming pool, sun deck, grill area and cabana, interactive health and athletic center, lounge area with multiple TVs, media center, hiking trails and a pet spa and grooming station. The apartment community is situated within PUD, a mixed-use development that features a shopping center.