LA PORTE, TEXAS — The LeClaire Group, a division of Marcus & Millichap, has brokered the sale of Spencer Mini Storage, a 595-unit self-storage facility in La Porte, an eastern suburb of Houston. The property consists of 226 climate-controlled units, 286 non-climate-controlled units and 83 vehicle parking spaces. The majority of the property was built between 1994 and 1999. Dave Knobler and Charles LeClaire of LeClaire Group represented the seller, a California-based family trust, in the transaction. The buyer was not disclosed.
AUSTIN, TEXAS — Avanath Capital Management (ACM), a Texas-based limited liability company, has acquired Blunn Creek Apartments, a 280-unit affordable apartment community in Austin. Built in 2002, the property features a pool, fitness center, business center, playground, resident clubhouse, outdoor picnic areas and onsite laundry facilities. Hunt Real Estate Capital provided a $19.5 million acquisition loan with four years of interest-only payments to ACM, which plans to implement a $2 million value-add program.
HOUSTON — New York City-based Madison Realty Capital has provided a $28 million loan for the refinancing of a 191,676-square-foot medical office building located at 1917 Ashland St. in the Heights area of Houston. The Class A property was 95 percent leased at the time of the loan closing to tenants such as St. Joseph Medical Center and CuraHealth. The borrower, a joint venture between two Houston-based medical office developers, will use a portion of the proceeds to fund building renovations and tenant improvements.
MISSOURI CITY, TEXAS — Davis Commercial has arranged the sale of a 3,000-square-foot office building in Missouri City, a southwestern suburb of Houston. The sale includes the two acres on which the property is situated. The buyer, Bereshith Properties LLC, plans to develop warehouses on the additional land. Ashley Casterlin of Davis Commercial represented the seller, a limited partnership, in the transaction.
JERSEY CITY, N.J. — HFF has brokered the sale of a 134,500-square-foot vacant industrial facility in Jersey City. The sales price was undisclosed. Located at 21 Caven Point Ave., the five-acre property is seven miles from New York City and nine miles from Port Newark-Elizabeth Marine Terminal and Newark Liberty International Airport. The facility includes a solar panel system and 13 docks. Michael Oliver, Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn and Steve Simonelli of HFF represented the private seller in the transaction. The Avidan Group and Elberon Development Group purchased the property.
NEW YORK CITY — Marcus & Millichap has negotiated the $2.6 million sale of a 6,000-square-foot mixed-use property in Brooklyn. The four-story property was built in 1920 and is located at 206 Bushwick Ave. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
ATLANTA — Caddis Healthcare Real Estate has unveiled plans for Heartis Buckhead, an 18-story high-rise seniors housing property in Atlanta’s Buckhead district. The 278,000-square-foot community will offer 213 units of independent living, assisted living and memory care. Construction is slated for completion in late 2021. The architect for the project is Englewood, Colo.-based Lantz-Boggio, and the general contractor is the Atlanta office of Brasfield & Gorrie. Caddis currently has 19 Heartis-branded seniors housing communities either opened or under development in five states. Heartis Buckhead will be the largest and “most ambitious” of those projects to date, according to Jud Jacobs, the company’s executive vice president of development. The company will also upgrade an adjacent 10-story, 72,923-square-foot medical office building. The project will include a landscaped plaza and a two-level parking structure that will serve both facilities. Both Heartis Buckhead and the medical office building are situated across from Piedmont Atlanta Hospital.
ATLANTA — TruAmerica Multifamily has partnered with Tokyu Land U.S. Corp. (TLUS) to purchase two apartment buildings in Atlanta for a total of $127.4 million. This is TruAmerica’s first joint venture with TLUS, a subsidiary of Tokyu Land Corp., one of the largest Japanese real estate firms that focuses on investments and developments in U.S. gateway markets. The joint venture acquired Vinings Corner, a 360-unit community in the Vinings/Cumberland submarket. Located at 2101 Paces Ferry Road in Smyrna, Vinings Corner will be rebranded as Junction at Vinings. Expected upgrades include new appliances, countertops, cabinets, flooring and upgraded plumbing and light fixtures. The other transaction was for The Prato at Midtown, a 342-unit complex located at 400 Central Park Place N.E. in the Old Fourth Ward. TruAmerica will upgrade The Prato similarly to Vinings Corner. Both acquisitions were financed with 10-year Freddie Mac loans. Brian Eisendrath of CBRE arranged the loan for the Vinings Corner acquisition, and Trevor Fase and Russell Dey of Walker & Dunlop arranged the acquisition loan for The Prato.
RICHMOND HILL, GA. — Cushman & Wakefield has arranged the $41.5 million sale of Lullwater at Richmond Hill, a 280-unit apartment community in Richmond Hill. The asset is situated about 22 miles southwest of downtown Savannah. Amenities include a fitness center, clubroom, outdoor kitchen, dog park, car care center, walking trail and a swimming pool. Taylor Bird, Nelson Abels and Robert Stickel of Cushman & Wakefield represented the seller, Fickling & Co., in the transaction. PEM Real Estate Group acquired the property.
BATON ROUGE, LA. — Istrouma Hospitality LLC has opened the new Courtyard by Marriott Baton Rouge Downtown, a 135-room hotel located at 260 3rd St., about three miles north of Louisiana State University (LSU). The new hotel features Courtyard’s latest room design, an innovative lobby and 48 balcony rooms. Some features of rooms include a mobile working desk, as well as a shower nook in the bathroom. Greenville, S.C.-based Windsor Aughtry developed the hotel on behalf of the owner, and Brentwood, Tenn.-based Hospitality America LLC is managing the property.