Property Type

GenCap Partners Begins Work on 350-Unit Multifamily Project in Metro Houston

by Taylor Williams July 5, 2019

HUMBLE, TEXAS — Dallas-based GenCap Partners Inc. has begun construction on The Sarah at Lake Houston, a 350-unit multifamily project in the northern Houston suburb of Humble. Situated on 17 acres, the community will offer one-, two- and three-bedroom units ranging in size from 560 to 1,616 square feet. Units will feature nine-foot ceilings, wood-style flooring, quartz countertops with tile backsplashes, custom cabinets and stainless steel appliances. Amenities will include a club area with flat-screen TVs, a private party room, fitness center, pool with a sundeck and cabanas, an onsite spa and a pet park. Completion is slated for the second quarter of 2020. JHP Architects is designing the project, and Oden Hughes Taylor Construction is the general contractor. Amegy Bank provided construction financing. Chris Bergmann Jr. of JLL, along with Anne Vickery & Associates, represented GenCap Partners in the land acquisition.

July 5, 2019

Acquisitions Affordable Housing Multifamily Texas

Joint Venture Buys Affordable Housing Complex in Southwest Austin for $70M

by Taylor Williams July 5, 2019

AUSTIN, TEXAS — A joint venture between debt and equity provider The Community Development Trust, the Housing Authority of the City of Austin and its nonprofit affiliate, the Austin Affordable Housing Corp., has purchased The Bridge at Asher Apartments for $70 million. The 452-unit affordable housing community was built in 2003 and is located on the city’s southwest side. The seller was not disclosed. With this acquisition, the joint venture now owns 1,716 units of affordable housing in the state capital.

July 5, 2019

Loans Multifamily Texas

Hunt Provides $55.2M Freddie Mac Acquisition Loan for Austin Apartment Property

by Taylor Williams July 5, 2019

AUSTIN, TEXAS — Hunt Real Estate Capital has provided a $55.2 million Freddie Mac acquisition loan for Hyde Park at Wells Branch, a 576-unit multifamily property in Austin. Built in 1999 on 29.3 acres, the property offers two pools, outdoor grilling areas, a fitness center and a dog park. Hunt provided the seven-year, fixed-rate loan to a joint venture between an equity investor and Florida-based multifamily investment firm American Landmark. The new ownership will implement a capital improvements program that will upgrade units’ cabinets, lighting and plumbing, as well as enhance Hyde Park’s amenity spaces.

July 5, 2019

Acquisitions Multifamily Texas

Three Pillars Capital Acquires 96-Unit Multifamily Asset in Houston

by Taylor Williams July 5, 2019

HOUSTON — Local investment firm Three Pillars Capital Group has acquired Pine Lake Village Apartments, a 96-unit asset in Houston. Spanning 3.5 acres, the Class B community was built in 1984 and features amenities such as a pool, dog park and a playground. Three Pillars, whose affiliate will also manage the property, plans to invest $1 million in renovations, with specific upgrades still to be determined.

July 5, 2019

Acquisitions Hospitality Texas

Marcus & Millichap Arranges Sale of 62-Room Hotel in Fort Worth

by Taylor Williams July 5, 2019

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of a 62-room Country Inn & Suites hotel located at 2730 Cherry Lane in Fort Worth. Joseph Jacques and Chris Gomes of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor. Additional terms of sale were not disclosed.

July 5, 2019

Acquisitions New York Northeast Office

RFR Acquires 325,000 SF Office Building in Midtown Manhattan

by Taylor Williams July 5, 2019

NEW YORK CITY — Locally based investment firm RFR has acquired 477 Madison Avenue, a 325,000-square-foot office building in Midtown Manhattan. Built in 1953 and renovated in 2016, the property includes 11,000 square feet of street-level retail space. RFR will continue to enhance various features of the building by upgrading the façade, windows, landscaping and mechanical systems. The seller and sales price were not disclosed.

July 5, 2019

Acquisitions Lee & Associates Multifamily New York Northeast

Lee & Associates Brokers $36.5M Sale of Two Brooklyn Multifamily Buildings

by Taylor Williams July 5, 2019

BROOKLYN, N.Y. — Lee & Associates has brokered the sale of two multifamily buildings in Brooklyn for $36.5 million. The properties include 145 Henry St., a six-story, 45-unit elevator building; and 15-19 Wyckoff St., a four-story, 40-unit walkup property. The buyer, Isaac Abraham, plans to renovate the properties to modernize amenities. Both buildings are located close to public transportation lines. Chris Varjan, Vickram Jambu, George Steffani and Jonathan Braun of Lee & Associates represented both the buyer and seller, the estate of Alan Frank, which previously owned and managed the buildings for more than 40 years.

July 5, 2019

Acquisitions Connecticut Northeast Office

Marcus Partners Sells Two Office Buildings in Westport, Connecticut for $30M

by Taylor Williams July 5, 2019

WESTPORT, CONN. — Investment firm Marcus Partners has sold two office buildings in Westport for $30 million to New York-based Waterway Capital. The newly renovated buildings, located at 8 & 19 Wright St., total 83,964 square feet and are situated within walking distance of the Saugatuck River, as well as high-end retail and dining options. The buildings were 94 percent leased at the time of sale to tenants such as UBS, Regus Corp., Berkowitz, Energy Income Partners and Ameriprise Financial. CBRE’s Jeffrey Dunne, Steven Bardsley and Stuart MacKenzie represented the seller and procured the buyer.

July 5, 2019

Acquisitions Industrial Northeast Pennsylvania

Trout Daniel Arranges Sale of 175,000 SF Industrial Complex in Lancaster, Pennsylvania

by Taylor Williams July 5, 2019

LANCASTER, PA. — Maryland-based Trout Daniel & Associates (TDA) has arranged the sale of the historic Stehli Silk Mill, a two-building, 175,000-square-foot industrial facility in Lancaster, one of the oldest inland towns in the United States. The two-building facility is situated on nearly 11 acres at 701 Martha Ave. At the time of its original construction in 1897, the silk mill was the largest of its kind in the world. Gary Olschansky of TDA represented the buyer, Rhode Island-based developer Union Box Co., which plans to convert the existing structures into multifamily and commercial uses.

July 5, 2019

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Negotiates Sale of 447-Unit Self-Storage Facility in Pittsburgh

by Taylor Williams July 5, 2019

PITTSBURGH — Marcus & Millichap has negotiated the sale of Camp Horne Self Storage, a facility in Pittsburgh that includes 52,344 square feet of net rentable space across 447 units. The property was built in 2004 on 4.4 acres and was 94 percent occupied at the time of sale. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and buyer, both of which were undisclosed limited liability companies, in the transaction. Sean Beuche, a regional manager with Marcus & Millichap, assisted in closing the deal.

July 5, 2019

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