BLACKSBURG, VA. — Hunt Real Estate Capital has provided a $9 million first mortgage bridge loan for the acquisition and renovation of a student housing portfolio located near Virginia Polytechnic Institute and State University (Virginia Tech) in Blacksburg. The acquisition includes two garden-style student housing communities — Carlton Scott Apartments and Stonegate Apartments — totaling 196 beds on two non-contiguous parcels at 500 Broce Drive and 600 Appalachian Drive. The portfolio consists of 13 two- and three-story buildings offering one-, two- and three-bedroom units. The borrower, Willow Creek, plans to begin exterior renovations on both properties upon closing. Renovations are set for completion in May 2019.
ROWLETT, TEXAS — Dallas-based REIT Transcontinental Realty Investors Inc. (NYSE: TCI) and its subsidiary, Abode Properties, have opened Terra Lago Apartments, a 451-unit multifamily community in Rowlett, a northeastern suburb of Dallas. The Class A property features one, two- and three-bedroom units and offers amenities such as a pool, fitness center, business center, conference room and a bocce ball court. The property also fronts Lake Ray Hubbard.
HOUSTON — 29th Street Capital, a privately held investment firm with offices in San Francisco and Chicago, has acquired Cali Sommerall Apartments, a 368-unit multifamily asset located in Houston’s Copperfield/Bear Creek submarket. The company will invest in new countertops and paint for the unit interiors, as well as upgrades to the amenity spaces, which include a pool, coffee bar, dog park, fitness center and a grilling station. The seller was not disclosed.
LOUISVILLE, KY. — Brennan Investment Group has acquired an industrial property located at 1300 W. Park Road in the Bullitt submarket of Louisville. Concurrent with the acquisition, the 194,519-square-foot property was leased back to the seller, a joint venture between Westfall Technik and a client of Arch Street Capital Advisors. The building is fully occupied by Amaray, a specialized global plastic packaging company, which was simultaneously acquired by Westfall Technik. Amaray has occupied the property since 2003.
HOUSTON — The Meritex Co., a Minnesota-based investment firm, has purchased Park 225, a 121,520-square-foot light industrial building located at the interchange of Highway 225 and Beltway 8 in Houston. The property was fully leased to four tenants at the time of sale. Tom Lynch of CBRE brokered the deal. Stream Realty Partners will manage the property. With this acquisition, Meritex now owns more than 500,000 square feet of industrial space in the metro Houston area.
NEW CANEY, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of Brookshire Brothers Shopping Center, a 55,944-square-foot retail asset in New Caney, a northern suburb of Houston. The five-mile radius around the property, which is anchored by a 42,000-square-foot Brookshire Brothers, has seen its population increase by more than 25 percent since 2010. Daniel Wenz of STRIVE represented the Florida-based seller in the transaction and procured the local buyer. Both parties requested anonymity.
DALLAS — Chicago-based NXT Capital has provided a $25 million acquisition loan for a 252-unit apartment community in Dallas. Located one mile north of Interstate 30 and three miles from downtown, the property features a clubhouse, grill area, fitness center, pool, dog park and access to the Santa Fe Trail. Tony Stein of CBRE placed the loan on behalf of an undisclosed borrower. The property name was also undisclosed.
LOS ANGELES — Newmark Knight Frank (NKF) has negotiated the sale of Gateway Towers, an office property located at 970 and 990 190th St. in Los Angeles. Equity Office Properties sold the asset to The Ruth Group, along with Roxborough Group as its capital partner, for $106.5 million. Kevin Shannon, Ken White, Scott Schumacher and Guillermo Boisson of NKF represented the seller in transaction. Additionally, David Milestone and Brett Green, also of NKF, secured financing for the buyer. At the time of sale, the 443,517-square-foot asset was 91 percent leased. Herbalife International of America is the anchor tenant at the twin nine-story towers. The buyer plans to develop the land between the towers, creating restaurant, amenity and creative office space.
LAS VEGAS — Houston-based Weingarten Realty has completed the sale of Tropicana Beltway Shopping Center, a retail property located in Las Vegas. Affiliates of San Francisco-based The Krausz Cos. acquired the property for $59 million. Mark Lucescu of Lucescu Realty represented the seller and procured the buyer in the deal. Walmart Supercenter, Lowe’s, Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only (featuring a grocery department) and Pier 1 Imports anchor the 617,821-square-foot shopping center. At the time of sale, the property was 99.7 percent occupied. Additional tenants include Applebee’s, Bank of America, IHOP, Panera Bread, Chase Bank, Pacific Dental Services, Chipotle, Del Taco, Leslie’s Pool Supplies, Panda Express, T-Mobile, Club Pilates, Cricket Wireless, Sally Beauty Supply, Starbucks Coffee, MetroPCS, Subway, The UPS Store, GNC, GameStop, Sport Clips and The Joint Chiropractic. Neither Walmart Supercenter or Lowe’s Home Improvement Warehouse were included the in the sale.
CHANDLER, ARIZ. — Koelsch Communities is in the midst of construction for Park at Copper Creek, a luxury independent living community in the Phoenix suburb of Chandler. The three-story, 166,000-square-foot property will offer 135 apartments. Development costs were estimated at $40 million. RJ Development, which is partnering with Koelsch on the project, purchased the six-acre development site in 2017 for $3.2 million. PNC Bank provided $30.5 million in construction financing, while private investors funded the remainder of the costs. Koelsch Construction is acting as general contractor. Judy Koelsch and David Goularte of JSK Design will handle interior designs, and Koelsch Communities will operate the property. Construction is scheduled for completion in spring 2019.