SAN ANTONIO — The PPA Group LLC, an Austin-based investment firm, has acquired 5Fifty Apartment Homes, a 204-unit multifamily community in San Antonio. Floor plans feature one- and two-bedroom units. Amenities include a pool, clubhouse with java bar, fitness center, basketball court and a business center. Mark Brandenburg and Clint Coe of JLL secured an undisclosed amount of acquisition financing for the transaction through Bridge Investment Group. The seller was Frontline Holdings.
PIKESVILLE, MD. — Hunt Real Estate Capital has provided a $33.8 bridge loan for the acquisition and renovation of a 208-unit multifamily community in Pikesville, located roughly 15 miles northwest of downtown Baltimore. The community includes a mix of one- and two-bedroom apartment units and features a pool, resident clubhouse, fitness center and storage space. The undisclosed borrower plans to use proceeds of the loan to renovate the property. Interior upgrades include new quartz/granite countertops, stainless steel appliances, cabinet replacement and new doors and flooring throughout. Exterior upgrades will include parking lot repaving, exterior paint, exterior lighting and clubhouse improvements. The community was 95 percent occupied at the time of sale.
TAMARAC, FLA. — Aztec Group Inc. has secured a $28 million construction loan for the first phase of Tamarac Village, a multifamily project located at the northeast corner of West Commercial Boulevard and Northwest 94th Avenue in Tamarac. City National Bank of Florida provided the three-year loan on behalf of the project developer, JKM Developers. The first phase of Tamarac Village will include 211 rental units. The second phase will include an additional 190 units and 35,000 square feet of lifestyle and retail amenities. Community amenities will include a two-story clubhouse with gaming and entertainment rooms, fitness center, public park, swimming pool with private cabanas and an outdoor kitchen and bar. A construction timeline for Tamarac Village was not disclosed.
NEW IBERIA, LA. — EDGE Realty Capital Markets has arranged the sale of two shopping centers in New Iberia: Lagniappe Village and Iberia Plaza. Lagniappe Village totals 201,360 square feet and is home to tenants such as T.J. Maxx, Big Lots, Citi Trends and PetSmart. The center was 92 percent leased at the time of sale. The 131,630-square-foot Iberia Plaza was 99 percent leased at the time of sale. Super 1 Foods anchors the center. EDGE arranged the transaction on behalf of the seller, Brixmor Property Group. The name of the buyer and purchase price were not disclosed.
HOUSTON — Lee & Associates has brokered the sale of a 76,026-square-foot industrial facility located at 8130 McHard Road in Houston. The Class B, single-tenant property was built in 2013. Mike Spears and Thomas Leger of Lee & Associates represented the buyer, LHI LCC, in the transaction. Amy Silvey, also with Lee & Associates, represented the seller, Clay-McHard Road Partners LP.
AUSTIN, TEXAS — A joint venture between two California-based firms, Dekel Strategic Investors and Arrowroot Real Estate, has purchased Mueller Place, an 86-unit multifamily property in Austin. The new ownership will treat the investment as a value-add opportunity and renovate the unit interiors and property exteriors. The seller was not disclosed.
SEATTLE — Lincoln Property Co. has purchased 501 Eastlake, an office property located in Seattle’s South Lake Union submarket. LBA Realty sold the five-story property for $58.7 million, or $568 per square foot. Built in 2002, the 103,494-square-foot property features an on-site athletic facility and walkable amenities. At the time of sale, the building was 79 percent leased to a variety of tenants, including the regional headquarters of Capital One. Kevin Shannon, Nick Kucha, Michael Moll, Tim O’Keefe and James Childress of NKF Capital Markets represented the seller in the transaction.
SACRAMENTO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of Natomas Shopping Center in Sacramento. A Bakersfield-based private investor sold the property to another private investor for $10.7 million in an off-market transaction. CVS/pharmacy, Ace Hardware and Dollar Tree anchor the 50,168-square-foot property. Built in 2007, the asset is situated on 7.5 acres at 2000-2050 Club Center Drive. At the time of sale, the retail center was 100 percent occupied. Kevin Fryman and Bill Asher of Hanley Investment represented the seller, while the buyer was self-represented in the deal.
LAS VEGAS — Sun Commercial Real Estate has arranged the sale-leaseback of Windmill Place, an office property located at 370 E. Windmill Lane in Las Vegas. MSA Engineering Consultants sold the property to an East Coast-based buyer for $6.5 million, or $299 per square foot. The seller signed a new 10-year lease at closing for the 21,638-square-foot building. In operation since 1978, MSA Engineering is licensed in 40 states. Cathy Jones, Jessica Cegavske, Roy Fritz, Paul Miachika and Taylor Vasquez of Sun Commercial’s Investment Service Group brokered the transaction.
SAN FRANCISCO AND SPOKANE, WASH. — iBorrow, a private direct lender for commercial real estate, has provided two loans totaling $11.7 million for properties in San Francisco and Spokane. The lender funded a $5.6 million loan to refinance a four-story, 9,580-square-foot building, located at 131 Franklin St. in San Francisco. The asset is situated on a 2,395-square-foot lot in the Hayes Valley neighborhood. The name of the borrower was not disclosed. Additionally, iBorrow provided a $6.1 million to an undisclosed borrower for an office building located at 901 N. Monroe St. in Spokane. The three-story property features 76,814 square feet of office space. Brian Good, CEO of iBorrow, handled both transactions.
