HIRAM, GA. — Trez Forman Capital Group has provided a $13.5 million construction loan for the development of Greystone, a 115-unit apartment community in Hiram, roughly 26 miles northwest of Atlanta. Greystone Development Partners LLC is developing the community, which will feature townhome-style units. Community amenities will include a pool, outdoor cooking station, dog park, fitness center and a WiFi café. Trez Forman, a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group, is projected to complete more than $400 million in deals in 2018.
FAIRFIELD, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a two-property multifamily portfolio located in Fairfield. Jackson Square Properties purchased the portfolio from Fairfield Quail Terrace and Fairfield Sheffield Greens for $50 million, or $185,450 per unit. The 268-unit portfolio consists of Avery Park Apartments and Bennington Apartments. Constructed in 1986, both properties feature park-like settings with landscaped greenbelts. Avery Park Apartments and Bennington Apartments offer one- and two-bedroom floor plans with average unit sizes of 884 square feet and 864 square feet, respectively. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of IPA represented the sellers in the transaction.
SOUTH SAN FRANCISCO, CALIF. — The City Council of South San Francisco has approved SummerHill Apartment Communities’ plans for a mixed-use community at 988 El Camino Real in South San Francisco. Serving as the gateway to the city’s El Camino Real/Chestnut Area, the development is located across from the future site of the Community Civic Campus, adjacent to Centennial Way Trail and near the Bay Area Rapid Transit station. KTGY Architecture + Planning designed the six-story project featuring 172 apartments ranging in size from studios to two-bedroom units and 11,000 square feet of ground-floor retail space. On-site amenities will include a lounge, fitness studio, bike hub, dog park, club room, two resort-style courtyards with spa, fire pits, outdoor kitchen and dining areas, lounge areas, and spur trail connecting to Centennial Way Trail. Additionally, the project will feature commercial and visitor parking at the ground level, a 212-space underground parking garage for residents, 130 bike parking spaces and electric vehicle charging stations.
AUSTIN, TEXAS — Dallas-based StreetLights Residential will develop a 373-unit multifamily community within the 129-acre Austin Presidio development situated on Austin’s northwest side. The property, which has roughly $50 million in project costs, will be situated on 8.5 acres at the corner of Lakeline Mall Boulevard and Lyndhurst Street. The new community will be StreetLights’ second at Austin Presidio following The Michael, a 415-unit community that was completed in September 2016 and is approaching full occupancy. Steve Williamson of Transwestern represented StreetLights Residential in the land sale. Williamson also represented the seller, Austin 129 LLC, in that transaction.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Churchill on the Park, a 448-unit multifamily community located near the Interstate 635/U.S. Highway 75 interchange in north Dallas. The property offers one- and two-bedroom units and amenities such as a resort-style pool, fitness center with classes, access to jogging and biking trails, outdoor cabanas with fireplace and grills and a billiards room. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, a New York-based pension fund advisor, in the transaction. The IPA team also procured the buyer, TH Real Estate, a global investment firm.
SAN ANTONIO — Berkadia has arranged the sale of Legacy Flats, a 311-unit apartment community located in western San Antonio. Developed and built by White-Conlee Builders in 2016, the Class A property consists of one-, two- and three-bedroom units. Amenities include a 4,800-square-foot clubhouse, internet café, fitness center and an outdoor pool and kitchen area. Ryan Epstein, Will Caruth, Mike Miller, Cody Courtney, Wes Breeding and Scott Bray of Berkadia represented the seller, Legacy Flats Ltd., in the sale. Berkadia also represented the buyer, PEM Real Estate Group, an Arizona-based investment and management firm.
MINNEAPOLIS — Minnesota-based Cub Foods Inc. will be opening a 46,000-square-foot grocery store in the Longfellow neighborhood of Minneapolis. The store will anchor a five-story, 148-unit apartment development slated to open in spring 2019. The new Cub will feature a large deli area with made-to-order meals, a popcorn shop, produce section, floral gift space and pharmacy. An outdoor seating area will include bicycle parking and a walk-up window serving coffee, ice cream and cookie sandwiches. Oppidan Investment Co. is developing the apartment.
MCKINNEY, ALLEN AND LITTLE ELM, TEXAS — SHOP Cos. has brokered the sale of three retail properties totaling 68,771 square feet in the Dallas-Fort Worth (DFW) area. The properties are Craig Ranch North Plaza, a 38,265-square-foot retail center in McKinney; McDermott Commons North & BB&T Bank, a 24,389-square-foot center and freestanding pad site in Allen; and Cook Children’s & Frisco Elm Dental, a 6,035-square-foot center in Little Elm. The sellers were not disclosed, but all were based in Texas. An Arkansas-based limited liability company purchased Craig Ranch North Plaza, and a Texas-based limited liability company and a Texas-based limited partnership purchased the Allen and Little Elm properties, respectively. The sales prices were not released.
BROOKFIELD, WIS. — CBRE Hotels has brokered the sale of a Quality Inn in Brookfield, a western suburb of Milwaukee. The 129-room hotel is located at 20150 W. Bluemound Road across from The Corners, a $220 million mixed-use redevelopment project by IM Properties and Bradford Real Estate. The hotel is also near Brookfield Square Mall and the Milwaukee County Zoo. Brian Silberman, Scott Miller and Paul DeLucia of CBRE Hotels represented the seller, ABP Real Estate Holdings LLC. Neither the sales price nor the buyer were disclosed.
CHICAGO — Baum Realty Group LLC has negotiated the sale of a 23,562-square-foot retail center in Chicago for an undisclosed price. The property is located at 4701-4729 N. Pulaski Road. Tenants include a laundromat, dentist and beauty shop. Greg Dietz, Brad Teitelbaum and Danny Spitz of Baum represented the private seller. A local investment group acquired the property in a 1031 exchange.