Property Type

KKR Provides $95M in Financing for Marriott Uptown Dallas Hotel

by Taylor Williams January 22, 2025

DALLAS — Global private equity firm KKR has provided $95 million in financing for the 255-room Marriott Uptown Dallas hotel. The financing consists of $87.5 million in initial loan proceeds used to replace the property’s outstanding debt, as well as two future-funded earnout facilities that provide potential access to $7.5 million in additional capital. Completed in early 2021, the 14-story hotel is located at 3033 Fairmount St. and features a rooftop pool, lounge, ground-floor restaurant and 13,000 square feet of meeting and event space. A partnership between NexPoint Diversified Real Estate Trust (NYSE: NXDT) and Alamo Manhattan owns the hotel.

January 22, 2025

Development Multifamily Southeast Tennessee

Crescent Communities Breaks Ground on 309-Unit Multifamily Community in Murfreesboro, Tennessee

by John Nelson January 22, 2025

MURFREESBORO, TENN. — Crescent Communities has broken ground on RENDER Manchester Farm, a 309-unit apartment community located on a 35-acre farm in the Middle Tennessee city of Murfreesboro. The Charlotte-based developer expects to open first units in summer 2026. Situated 30 miles south of Nashville, RENDER Manchester Farm will feature a mix of one-, two- and three-bedroom units, as well as rural-centric amenities including a functioning farm, garden, fully stocked toolshed and a clubhouse with a front porch and swings. Other amenities will include a pool area with a smoker, fire pit and picnic tables, as well as a dog park and a fitness center with a yoga studio. The design-build team includes Crescent Communities Construction, Dwell Design Studio, Edge and Huddleston-Steele Engineering. Capital partners include ParkProperty Capital, BOK Financial and Cadence Bank.

January 22, 2025

Development Florida Loans Multifamily Southeast

Encore Multifamily Obtains $48.7M HUD-Insured Loan for Fort Myers Development

by John Nelson January 22, 2025

FORT MYERS, FLA. — Encore Multifamily, a division of Dallas-based Encore Enterprises, has obtained a $48.7 million HUD 221(d)(4) loan for the construction of a new apartment development in Fort Myers. The project, known as Encore Daniel Falls, will comprise 240 Class A apartments and be situated on 6.7 acres near I-75 and South Florida International Airport. Encore Multifamily broke ground on the development in December and expects to deliver the community by third-quarter 2026. Upon completion, Encore Daniels Falls will feature studio, one-, two- and three-bedroom units, as well as a clubhouse, fitness center, business center, pool, dog park and a 24-hour package room.

January 22, 2025

Acquisitions Multifamily Southeast Tennessee

Marcus & Millichap Brokers $20.1M Sale of Airport Place Apartments in Clarksville, Tennessee

by John Nelson January 22, 2025

CLARKSVILLE, TENN. — Marcus & Millichap has brokered the $20.1 million sale of Airport Place Apartments, a 121-unit multifamily community located on an eight-acre site near Clarksville Regional Airport and Fort Campbell. Charlie Smith of Marcus & Millichap procured the buyer, Mastermind Multifamily Investments, in the transaction. Gloria Gregory of Marcus & Millichap’s Knoxville office represented the seller, Todd Morris of Morris Properties. Jody McKibben served as Marcus & Millichap’s broker of record in Tennessee for the deal. Built in 2023, Airport Place features onsite property management and units include smart security systems, eat-in kitchens, washers and dryers and walk-in closets.

January 22, 2025

Acquisitions Healthcare Southeast Tennessee

Cypress West, TPG Angelo Gordon Acquire 47,000 SF Medical Office Building in Franklin, Tennessee

by John Nelson January 22, 2025

FRANKLIN, TENN. — A joint venture between Cypress West Partners and TPG Angelo Gordon has purchased Cool Springs Professional Center, a 47,000-square-foot medical office building located at 2001 Mallory Lane in Franklin, a suburb of Nashville. The seller and sales price were not disclosed. Built in 1996, the property’s tenant roster includes Vanderbilt University Rheumatology and Results Physiotherapy, among other medical practitioners that collectively have a weighted average lease term (WALT) of 4.9 years. Cool Springs Professional Center represents the first Tennessee acquisition and eighth purchase overall for the Cypress West-TPG Angelo Gordon joint venture, which seeks to acquire up to $300 million in medical office assets in West Coast and Sun Belt markets.

January 22, 2025

Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Five New Tenants Join Atlantic Station Roster in Midtown Atlanta

by John Nelson January 22, 2025

ATLANTA — Five new retailers and restaurants have joined the tenant roster at Atlantic Station, a 138-acre mixed-use development in Midtown Atlanta. Houston-based Hines, which has owned the retail portion of the property since 2015, recently signed donut and desserts eatery Yonutz; cookie concept Munster Cravings; candle-making experiential retailer Candleporium Fragrance House; and car wash and detailing shop Dirty Horse Paint Protection and Auto Detailing to the lineup. Additionally, Lucky Strike Entertainment has backfilled and rebranded Atlantic Station’s Bowlero bowling alley. Opened in 2005, Atlantic Station features 523,511 square feet of retail, entertainment and restaurant space; 2 million square feet of Class A office space, including offices for Microsoft; two full-service hotels; multiple apartments, lofts and luxury condo residences; and freestanding IKEA, Target and Dillard’s stores.

January 22, 2025

Acquisitions Industrial Texas

Baltisse, Ackerman Sell 307,000 SF Industrial Project Near San Antonio

by Taylor Williams January 22, 2025

SCHERTZ, TEXAS — Atlanta-based developer Ackerman & Co., in partnership with Baltisse US Inc., has sold Doerr Lane Logistics Center, a 307,000-square-foot industrial project in Schertz, a northeastern suburb of San Antonio. Completed in August 2023, the Class A, tilt-wall distribution center features 32-foot clear heights, 78 overhead dock doors, an ESFR sprinkler system and parking for 318 automobiles and 96 trailers. Trent Agnew, Kyle Mueller and Witt Westbrook of JLL represented the partnership in the sale. The buyer was not disclosed. Doerr Lane Logistics Center was fully leased at the time of sale to MEI Rigging & Crating (191,297 square feet) and Quality Custom Distribution (115,703 square feet).

January 22, 2025

Acquisitions California Mixed-Use Western

DJM Sells Stake in Bella Terra Mixed-Use Development in Huntington Beach, California

by Amy Works January 22, 2025

HUNTINGTON BEACH, CALIF. — DJM Capital Partners has sold its ownership stake of Bella Terra, a 1 million-square-foot mixed-use development in Huntington Beach. DJM has managed and co-owned the property since 2005. The property is now fully owned by PGIM Real Estate, DJM’s long-term partner in Bella Terra. Terms of the deal were not disclosed.

January 22, 2025

California Development Multifamily Student Housing Western

Gilbane Begins Development of 485-Bed Student Housing Community Near UC Berkeley

by Amy Works January 22, 2025

BERKELEY, CALIF. — Gilbane Development Co. has broken ground on Pique, a 485-bed student housing project located at 2587 Telegraph Ave. near the University of California (UC) Berkeley campus. The eight-story community will offer 52 units with bed-to-bath parity. Shared amenities will include an indoor and outdoor fitness center and yoga studio, outdoor study space, a cabana area, two rooftop decks, a coworking lounge, smart food lockers, private study pods and 2,900 square feet of ground-floor retail space. The project will begin leasing in fall 2025 with occupancy scheduled for summer 2026. The development site was formerly occupied by retailer Buffalo Exchange. “We are focused on making every inch count with efficiency, privacy and functionality at the core of the design, driving innovation that caters to the needs of Berkeley students at an affordable price point,” says Christian Cerria, development director with Gilbane.

January 22, 2025

CapRock-West-202-Logitsics-Ph2-Phoenix-AZ

Arizona Development Industrial Western

CapRock Partners Breaks Ground on 825,000 SF Spec Industrial Project in Phoenix

by Amy Works January 22, 2025

PHOENIX — CapRock Partners has broken ground on CapRock West 202 Logistics Phase II, the 820,000-square-foot final phase of a speculative industrial development on 43 acres in southwest Phoenix. Sitework began in January on Phase II with project completion slated for November. Upon completion, CapRock West 202 Logistics Phase II will feature a 301,771-square-foot Building F, 295,586-square-foot Building G and 227,107-square-foot Building H. The properties will offer clear heights ranging from 32 feet to 36 feet. Buildings F and G will feature 47 dock-high doors, and Building H will include 45 dock-high doors. All Phase II buildings will feature four drive-in ramp doors and speculative office suites, R-38 warehouse roofs, R-11 warehouse wall insulation, full-building HVAC, LED lighting in the warehouse, dock-high load levelers and ample parking. Payson MacWilliam and Don MacWilliam of Colliers are handling leasing efforts for CapRock West 202 Logistics. At total project completion, CapRock West 202 Logistics will consist of 3.4 million square feet of Class A industrial warehouse space on 183 acres. CapRock completed Phase I, which includes approximately 2.5 million square feet of Class A industrial warehouse space across five buildings on 140 acres, in July 2023.

January 22, 2025

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