SUMMERVILLE, S.C. — Woodfield Investments has opened The Passage, an apartment community located at 100 Underwood Drive in Summerville, roughly 20 miles northwest of Charleston. The 240-unit community includes studio, one-, two- and three-bedroom options, as well as amenities including a dog park, horseshoe pit, bocce ball, open-air cabanas and a saltwater pool featuring an in-pool sun shelf. The Passage’s fitness center includes yoga and spin studios, as well as instructor-led classes. CF Real Estate Services manages the community.
TAMPA, FLA. — The RADCO Cos. has acquired Cordova Apartment Homes in Tampa for $41.7 million. The Atlanta-based multifamily investment firm plans to spend $7.7 million in renovations to modernize the 536-unit, Class B property under a new name, Sunstone Palms. RADCO financed the acquisition using a $36.7 million loan from Prudential Financial and approximately $15.4 million in private capital. Located less than a mile from the University of South Florida, Sunstone Palms offers one-, two-, and three-bedroom units and features a fitness center, two pools, picnic and grilling areas, on-site laundry facilities, clubhouse, business center and a dog park. Renovations to the property will include updated cabinetry and appliances, new flooring, modern lighting, clubhouse remodel and the addition of a new fire pit and grilling area. RADCO Residential will manage Sunstone Palms, which is RADCO’s sixth acquisition in Tampa.
GRAND PRAIRIE AND KATY, TEXAS — Walker & Dunlop has secured $76.9 million in refinancing for a portfolio of three multifamily properties totaling 962 units in Grand Prairie and Katy. The refinancing package includes $28 million for Stone Lake Apartment Homes in Grand Prairie; $26.4 million for Cornerstone Ranch in Katy; and $22.5 million for Ashley House in Katy. Doug Hart of Walker & Dunlop led the origination team in securing the Fannie Mae loans, all of which have fixed interest rates, 10-year terms and 30-year amortization periods.
FRISCO, TEXAS — Hall Group, Austin Commercial and HKS have completed construction of 3201 Dallas Parkway, a Class A office building in Frisco. The 12-story building will be the tallest office property in Frisco upon completion, which is scheduled for December. The property will feature 300,000 square feet of office space and outdoor spaces with a water feature and an event lawn.
MCKINNEY, TEXAS — Playful Corp., a Texas-based gaming studio whose CEO previously headed the company that developed Words with Friends, will build a 53,000-square-foot, Class A office headquarters in downtown McKinney. Columbus Realty Partners will develop the property, which will be located adjacent to a mixed-use development currently under construction at the corner of Davis and Chestnut streets. Project plans also include construction of 125 parking spaces that will be available to the public on nights and weekends.
HILL COUNTRY VILLAGE, TEXAS — San Antonio Commercial Advisors (SACA) has brokered the sale of The Alley on Bitters, a 30,000-square-foot shopping center located at 555 W. Bitters Road in the San Antonio metro of Hill Country Village. Bradley Suttle of SACA marketed the property on behalf of the seller, Artisans’ Alley Inc. and procured the buyer, a private trust.
HOUSTON — CBRE has arranged the sale of a 120-room Staybridge Suites hotel located at 9000 S. Main Street in Houston. Michael Yu, Rahul Bijlani, Eric Guerrero and Agrama Mannapperuma of CBRE represented the undisclosed seller in the transaction. St. Louis-based Midas Hospitality purchased the asset, its first Texas-based acquisition, for an undisclosed price.
RALEIGH, N.C. — Electra America has acquired The Flats on 401, a 300-unit apartment community located at 5721 Goodstone Drive in Raleigh. HFF’s Jeff Glenn, Justin Good and Allan Lynch brokered the transaction on behalf of the seller, a local partnership. The sales price was not disclosed, but the Triangle Business Journal reports that the asset sold for $41.6 million. Constructed in 2015, the property will be rebranded as Level at 401 with approximately $1.5 million dedicated to renovations of individual units and common areas. Level at 401 includes studio, one- and two-bedroom units and features a swimming pool, clubhouse, fitness center, professional area, outdoor fireplace and cabana area, spin room and courtyard gardens.
CARTERSVILLE, GA. — Pattillo Industrial Real Estate has completed a 592,600-square-foot build-to-suit industrial warehouse for Zep Inc. in the Atlanta suburb of Cartersville. The company, a manufacturer of maintenance and cleaning solutions, will use the facility for distribution of its product line. The property is located within Cartersville Business Park, an industrial park owned and developed by Pattillo. Ben Stafford was the in-house representation for Pattillo, and Mike Paradoski of Pinnacle CREAS represented Zep in the lease transaction.
MCLEAN, VA. — PCCP LLC has provided a $39.4 million senior loan to Westport Capital Partners LLC for the acquisition and renovation of 2000 Corporate Ridge, a 10-story, 288,000-square-foot office building in the Tysons Corner market of McLean, roughly 10 miles west of Washington, D.C. Westport plans to invest approximately $10 million in renovations, which will include modernizing the lobby, atrium, elevators and bathrooms, as well as adding spec suites. Constructed in 1985, 2000 Corporate Ridge includes a four-story parking garage with 915 spaces. Acquired out of receivership, the property was 4 percent occupied at the time of sale.