AUSTIN, TEXAS — Los Angeles-based Orion Real Estate Partners has acquired Triple Crown 2 Apartments, a 199-unit, value-add multifamily community in Austin. Built in 1973, the property is located at 1212 Westheimer Drive, approximately 4.5 miles from the University of Texas at Austin and 5.5 miles from downtown. CBRE arranged a 10-year acquisition loan through Fannie Mae’s Green Financing program on behalf of Orion for the transaction.
FEDERAL HEIGHTS, COLO. — A joint venture between Security Properties and Oaktree Capital Management has purchased The Lodge on 84th, a 300-unit apartment complex in Federal Heights, for $46.5 million. The community is located at 1327 W. 84th Ave. The Lodge is situated within the northern suburbs of Denver, between the Westminster and Thornton submarkets. The Class B, garden-style community was built in 1973. The property’s units are spread out across 25 residential buildings and 11 acres. Security Properties-affiliate Security Properties Residential will operate the community.
AURORA, COLO. — Inland Real Estate Acquisitions has purchased the 408-unit Après Apartments in Aurora for an undisclosed sum. The community is located at 1503 S. Galena Way. Après Apartments contains 17 three-story buildings with 196 one-bedroom and 212 two-bedroom units. Community amenities include a recently renovated clubhouse, fitness center, resident lounge, two swimming pools and a pet park. Units feature walk-in closets, washer and dryer, fireplace and a private balcony or patio.
SEATTLE — Harborview Capital Partners has closed three Freddie Mac loans for a total of $12.7 million. The loans were used to refinance three multifamily assets in Seattle. Harborview has now closed eight loans for this undisclosed Seattle client. The commercial real estate finance, equity and advisory firm closed two additional loans for multifamily assets in Tulsa, Okla., and West Haven, Conn. Jeffrey Fuchs originated all the transactions.
REDMOND, WASH. — WoodSpring Hotels has opened the 120-room WoodSpring Suites Seattle Redmond. West 77 Partners LLC developed the hotel, which WoodSpring Hotels Property Management will operate. Each room contains an in-room kitchen equipped with a full-size refrigerator, two-burner stovetop and microwave. The hotel is pet-friendly and offers free wireless Internet, vending machines and guest laundry. The hotel is located at 7045 180th Ave. NE in Redmond. It is situated near Microsoft’s office campus.
FONTANA, CALIF. — Faris Lee Investments has arranged the $3.2 million sale of a newly developed, 2,500-square-foot property triple-net-leased to Starbucks Coffee in Fontana. Christopher DePierro and Jeff Conover of Faris Lee arranged the transaction on behalf of the seller, Puente Hills Power Center LLC. Matt Brooks of Faris Lee represented the buyer, Fata Organization LLC. The single-tenant property is an outparcel of Palm Court Center, a 630,000-square-foot power center anchored by Super Target, Ross Dress for Less, T.J. Maxx and 24 Hour Fitness.
DORAL, FLA. — Terra has sold Doral Commons, a 140,000-square-foot shopping center in South Florida, for $72 million. Jamestown LP acquired the asset, located at the intersection of N.W. 74th Street and 107th Avenue in Doral. Publix anchors the center, which was 95 percent leased at the time of sale to tenants including T.J. Maxx, Citibank, GNC, AT&T and McDonald’s. Doral Commons was initially part of a 100-acre tract acquired by Terra in 2012. The company subdivided the land into commercial and residential uses, completing construction of Doral Commons in 2015. Terra’s 319-home housing development Modern Doral is located adjacent to the retail center.
KNIGHTDALE, N.C. — NorthMarq Capital has arranged the $23 million refinancing of Palisades at Legacy Oakes, a 240-unit apartment community in Knightdale, roughly 15 miles east of Raleigh. Bill Matone of NorthMarq arranged the 20-year loan with one year of interest-only payments and a 19-year amortization schedule through a correspondent life company on behalf of the borrower. Other terms of the deal were not disclosed. The newly constructed community features a fitness center, pool, playground, walking and biking trails and a picnic area.
FORT LAUDERDALE, FLA. — Hall Structured Finance (HSF) has provided a $19.2 million construction loan for the redevelopment of the Gale Hotel, a 96-room boutique hotel in Fort Lauderdale. Howard Taft and Charles Penan of Aztec Group arranged the loan on behalf of the borrower and developer, a joint venture between Newgard Development Group and Merrimac Ventures. The Gale Hotel site was first constructed in 1948 as the Escape Hotel, and operated as a hotel until the 1980s. The property was then transitioned into Tiffany House, an assisted living facility, until it was closed in 2005. The redeveloped Gale Hotel is expected to open in the first quarter of 2019. Menin Hospitality will manage the new hotel. The site, located one block west of A1A and Fort Lauderdale Beach, sits adjacent to Gale Residences, a 129-unit condominium tower that Newgard and Merrimac Ventures are also co-developing. HSF provided a $35.6 million construction loan for the tower in 2016.
ORLANDO, FLA. — Stan Johnson Co. has arranged the $15.1 million sale-leaseback of a 16,152-square-foot property in Orlando operating as Del Frisco’s Double Eagle Steakhouse. David Annett, Daniel Herrold, Campbell Black, Jennifer Cameron and Austin Duff of Stan Johnson Co. arranged the transaction on behalf of the seller, Del Frisco’s Restaurant Group. Boca Raton-based Amzak Capital Management acquired the property, and Del Frisco’s is retaining long-term operational control of the asset.
