Property Type

Continental Realty Advisors Buys 256-Unit Apartment Complex in Westminster

by Nellie Day September 18, 2017

WESTMISNTER, COLO. — Continental Realty Advisors (CRA) has purchased the 256-unit Canyon Reserve at the Ranch Apartments in Westminster for an undisclosed price. The community is located at 2890 W. 116th Place. The property includes 16 two-story buildings with amenities like clubhouses, a resort-style pool, gym, dog park and business center. All apartments feature wood-burning fireplaces, vaulted ceilings, deep-bath garden tubs, and private patios or balconies. Canyon Reserve was built in 1984. CRA plans to upgrade both the common-area amenities and unit interiors as part of their value-add program. The firm partnered with GTIS on the acquisition. Amenity upgrades will include enhanced landscaping, new exterior paint, expansion and improvement of the pool surrounds, addition of fitness on demand, construction of a coffee lounge & patio, and expansion of the existing leasing center. Interior upgrades will consist of updated cabinetry, stainless steel appliances, plank flooring, modern lighting, hardware and paint.

September 18, 2017

Arizona Multifamily Seniors Housing Western

HJ Sims Structures $3.8M in Equity Financing in Assisted Living Community Near Tucson

by Nellie Day September 18, 2017

MARANA, ARIZ. — HJ Sims has completed a $3.8 million financing for The Watermark at Continental Ranch, a proposed 99-unit assisted living and memory care community in the Tucson suburb of Marana. Sims provided the financing to a joint venture between affiliates of Link Development LLC and Watermark Retirement Communities, which will also operate the property. Continental Ranch will be Link’s fourth seniors housing development in Arizona. Watermark manages 40 seniors housing communities in 21 states. Sims structured preferred equity on behalf of the joint venture owners, meeting regulatory requirements for the senior construction lender. A new entity, LW Development Funding I LLC, was formed to issue the $3.8 million of taxable bonds. High-net-worth accredited investors purchased the bonds. Sims then used to capital to fund the preferred equity investment.

September 18, 2017

Colorado Restaurant Retail Western

Chipotle Reopens Flagship Location Following First Renovation in 24 Years

by Nellie Day September 18, 2017

DENVER — Chipotle Mexican Grill has reopened its doors to the first-ever Chipotle restaurant in its hometown of Denver following a summer-long renovation. The original Chipotle location opened in the former Dolly Madison ice cream shop on East Evans Avenue across from the University of Denver, where founder, chairman and CEO Steve Ells prepared the food and served the very first Chipotle customers. Chipotle expanded the basement of the 850-square-foot restaurant to create additional storage and food prep space, allowing the small open kitchen — still a hallmark design element of all Chipotle locations — to be more efficient. Work in the dining room updated the style of the space, while preserving features of the first restaurant. Ells opened the second Chipotle in 1995 and the third in 1996. Today, Chipotle has more than 2,300 locations worldwide.

September 18, 2017

Loans Midwest Minnesota Multifamily

PCCP Provides $130M Construction Loan for Condominium Project in Minneapolis

by Kristin Harlow September 18, 2017

MINNEAPOLIS — PCCP has provided a $130 million construction loan for The Legacy, a 374-unit condominium project in Minneapolis. Located at 1240 S. 2nd St. in the Mill District, the project will consist of two towers. Amenities will include a fitness center, game room, community room and two roof decks with a pool and grilling areas. Dougherty Funding arranged the loan for the borrower, a joint venture between Provident Real Estate Ventures and Shamrock Properties Inc. Riverdale Ventures Legacy LLC, an affiliate of Shamrock Development, is developing the property, which is slated for completion in summer 2018.

September 18, 2017

Loans Midwest Missouri Multifamily

Dwight Capital Provides $63.1M Refinancing for Apartment Property in St. Louis

by Kristin Harlow September 18, 2017

ST. LOUIS — Dwight Capital has provided a $63.1 million loan for the refinancing of Park Pacific Apartments in St. Louis. The property is an adaptive reuse of the historic Missouri Pacific Railroad building located downtown. Originally built in the 1920s, the property was rehabilitated into a mixed-use development in 2011. Park Pacific now features 230 luxury apartments, 48,000 square feet of Class A office space, 28,000 square feet of ground-floor retail space and a 585-space parking garage. Adam Sasouness and Josh Hoffman of Dwight Capital originated the 40-year loan. The borrower, The Lawrence Group, will use about $300,000 of the funds to improve the energy efficiency of the property.

September 18, 2017

Hospitality Midwest Ohio

Home2 Suites by Hilton Opens in Dublin, Ohio

by Kristin Harlow September 18, 2017

DUBLIN, OHIO — Home2 Suites by Hilton Columbus Dublin has opened in suburban Columbus. The 126-room, extended-stay hotel is owned by Dublin-based Crawford Hoying and operated by Shaner Hotels. Located at 5000 Upper Metro Place, the property features an indoor pool and two outdoor patio areas. The hotel also features a laundry and fitness area and complimentary breakfast. The chain is aggressively expanding throughout the Midwest and the rest of the country.

September 18, 2017

Kansas Midwest Retail

NGZ, Gasperi Group Broker Sale of 23,652 SF Retail Center in Kansas City, Kansas

by Kristin Harlow September 18, 2017

KANSAS CITY, KAN. — Newmark Grubb Zimmer (NGZ) and Gasperi Group Commercial Real Estate LLC have brokered the sale of Parallel Parkway Center in Kansas City along Parallel Parkway. The sales price was not disclosed. Anchored by AutoZone, the 23,652-square-foot retail center was 100 percent leased at the time of sale to five tenants. Originally built in 1971, the property was fully renovated in 2014. Michael VanBuskirk and Chris Robertson of NGZ, along with Steve Gasperi of Gasperi Group, brokered the transaction on behalf of the undisclosed seller. A private West Coast-based investor purchased the property.

September 18, 2017

Illinois Midwest Restaurant Retail

Realty Metrix Commercial Arranges Sale of 4,122 SF Retail Property in Hampshire, Illinois

by Kristin Harlow September 18, 2017

HAMPSHIRE, ILL. — Realty Metrix Commercial has arranged the sale of the 4,122-square-foot retail property formerly occupied by Corkshire Pub in Hampshire, located in northern Illinois. The sales price was not disclosed. The 4,122-square-foot retail property, built in 1930, is located at 172 S. State St. The buyer, K&M Village Inc., plans to renovate the property and rename it Copper Barrel on State, which will offer modern cuisine as well as some of the old Corkshire Pub favorites. Completion is slated for January 2018. Linda Kost and Dave Schmidt of Realty Metrix Commercial represented both the buyer and the seller, Gayle Cork Trust.

September 18, 2017

Multifamily North Carolina Southeast

SunCap Property Begins Construction on Upscale Apartment Asset in Charlotte

by Camren Skelton September 18, 2017

CHARLOTTE, N.C. — SunCap Property Group has broken ground on Draper Place, a four-story, 47-unit apartment community located at the intersection of Randolph Road and Dotger Avenue in Charlotte. The high-end community will include two- and three-bedroom units ranging in size from 1,650 to 2,200 square feet, with rental rates starting at $3,400 per month. Individual units will feature gas stoves, under-cabinet lighting, dry bars with wine refrigerators, walk-in closets and 10-foot ceilings. Community amenities will include a community clubroom, private conference room, shared kitchen and an outdoor gas grill and custom fireplace. The first units at Draper Place are expected to deliver by late 2018. Cline Design is the architect for the project, Metrolina Builders is the general contractor and Rivergate KW Residential will lease and manage the community. Draper Place is SunCap’s first multifamily development in Charlotte.

September 18, 2017

Georgia Multifamily Southeast

PointOne Holdings, Biscayne Atlantic Sell Multifamily Community in Metro Atlanta for $33.5M

by Camren Skelton September 18, 2017

LITHIA SPRINGS, GA. — PointOne Holdings, in a joint venture with Biscayne Atlantic, has sold Waterford Point Apartments, a 344-unit multifamily community in Lithia Springs, for $33.5 million. The buyer was not disclosed. Located at 670 Thornton Road, Waterford Point is roughly 18 miles west of Atlanta. The joint venture originally acquired the property in 2014 for $18.7 million and invested roughly $2.5 million in capital improvements, including upgraded interiors, added amenities and updated infrastructure. Community amenities include a swimming pool, fitness center and clubhouse. At the time of sale, the community was 98 percent occupied.

September 18, 2017

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