MENOMONEE FALLS, WIS. — Mid-America Real Estate has negotiated a 23,496-square-foot lease for TJ Maxx at Whitestone Station in Menomonee Falls near Milwaukee. The 67-acre mixed-use development is located on Falls Parkway and is anchored by Costco. Dan Cohen and Tony Colvin of Mid-America represented TJ Maxx in the lease transaction.
MINNEAPOLIS — Marcus & Millichap has arranged the sale of 860 10th Ave. Southeast in Dinkytown, a commercial district within Minneapolis, for $1.3 million. The nine-unit student housing building was constructed in 1990 and features 24 beds. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The Marcus & Millichap team also represented the buyer, a private investor.
ST. CHARLES, MO. — Olivino has signed a 1,585-square-foot lease at The Streets of St. Charles near St. Louis. Olivino is a specialty shop and tasting bar offering olive oils, balsamic vinegars and more cooking items. Other recent additions to the 27-acre mixed-use property include Orangetheory Fitness, Think Pink Nail & Spa and Firebirds Wood Fired Grill. Construction on the new Drury Hotel is underway, with completion slated for summer 2017. Additional tenants will be announced in the coming months.
SAN ANTONIO — Draper and Kramer Inc. has acquired The View at Encino Commons Apartment Homes, a rental community situated in the Stone Oak area of north central San Antonio. Located at 21303 Encino Commons Blvd., the 27-building community features 324 apartments in a mix of one-, two- and three-bedroom layouts, ranging in size from 677 square feet to 1,497 square feet. On-site amenities include a resort-style pool with covered pavilion, kitchen and grilling area and outdoor televisions, and a clubhouse with a resident lounge, entertaining kitchen, theater room, business center and internet café and a fitness studio. Draper and Kramer will also take over management of the property through its residential management division.
SAN ANTONIO — MBP Capital has acquired Honey Hill Apartments, a multifamily asset located in San Antonio’s Medical District, for an undisclosed price. The company has hired Dallas-based Catalyst Multifamily to handle the day-to-day property management of the 346-unit asset. MBP Capital plans to invest $3 million in capital improvements, including full interior renovations, full exterior paint, new patio and balcony fencing, outdoor amenities, remodeled clubhouse and extensive landscaping upgrades. MBP Capital finished 2016 with more than $55 million of transactions in the fourth quarter. The company acquired the 96-unit Bradfield Place in Garland, Texas; the 201-unit Riverbend Village in Arlington, Texas; and sold the 160-unit The Monterey Apartments in Irving.
SAN ANTONIO, WACO AND CONROE, TEXAS, AND INDIANAPOLIS — KeyBank Real Estate Capital has provided a total of $43.2 million in financing to Harmony Housing, a 501(c)(3) nonprofit organization. KeyBank provided $24.4 million through an existing Fannie Mae master credit facility for Villas at Costa Brava in San Antonio and Park View at Beech Grove in Indianapolis. Additionally, the firm provided $18.8 million through FHA’s 223(f) mortgage insurance program for Brazos Village Apartments in Waco and Park Village Apartments in Conroe. The four affordable housing properties total 698 units. John Gilmore IV and Jeff Rodman of KeyBank arranged the financing for the borrower.
HOUSTON — Marcus & Millichap has arranged the sale of Memorial Mini Storage, a self-storage facility located at 1101 Tully Road in Houston. Bargain Storage acquired the 519-unit property for an undisclosed price. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and secured the buyer in the deal.
SAN MARCOS AND BURNET, TEXAS — Retail Solutions has arranged the sales of two retail properties located in the greater Austin area. In the first transaction, Popeye’s Fried Chicken purchased a retail property at StoneCreek Crossing in San Marcos. Nomoland Co. sold the property for an undisclosed price. Dave Burggraaf of Retail Solutions represented the buyer, and Jimbo Cotton of McAllister & Associates represented the seller in the deal. In the second deal, Isabel Reid acquired a 2,400-square-foot retail property located at 109 E. Jackson St. in Burnet. 7-Eleven Inc. sold the property for an undisclosed price. Preston Wolfe of Retail Solutions represented the seller, while Jane Hurst of Broker’s Realty represented the buyer in the transaction.
NEW YORK CITY — Emerald Equity Group has acquired a portfolio of 47 multifamily buildings from Fairstead Capital and E+M Associates for $357.5 million. The properties total 712,571 square feet and are located in Manhattan, predominantly within the neighborhood of East Harlem. Fairstead Capital and E+M Associates acquired the portfolio from a special servicer in 2013 for an undisclosed sum. The portfolio includes 112 E. 103rd St., 411 E. 118th St. and 291 Pleasant Ave. in East Harlem. British investment firm Dawnay Day owned the portfolio until the properties fell into foreclosure in September 2009, according to reports by The New York Times. The now-defunct firm acquired the properties in 2007 for $225 million. Brookfield Property Partners (NYSE: BPY) provided nearly $300 million in financing for the acquisition, according to reports by The Real Deal. A team led by Ariel Property Advisors’ Victor Sozio, Shimon Shkury and Michael Tortorici represented the seller and procured the buyer in the transaction. Mitchell Taras of Sadis & Goldberg provided legal representation to the seller, and Jeffrey Zwick of Jeffrey Zwick & Associates PC provided legal representation to the buyer. Emerald Equity Group is an investment and management firm specializing in rental apartments in …
The Orange County apartment market is currently enjoying strong fundamentals that comes from several sources. These include robust renter demand, strong local economy and historic low interest rates, all of which make for a perfect storm. As more renters enter the market due to strong employment numbers, it gives way to new household formation. While home prices in the region escalate, more would-be homebuyers are being priced out of the market and forced to remain in the rental pool, further driving competition for suitable housing and pushing rents to new levels. Orange County developers are responding to a growing demand for new multifamily housing developments, many of which are Class A projects targeting high-end tenant bases and price points. Many older properties, such as Class C or C+ buildings, are enjoying the blow back from these new developments when tenants seek out lower rents when compared to top-tier projects, resulting in robust rent increases. Investors looking to place capital in today’s multifamily market are taking advantage of strong fundamentals and cheap debt. Transaction volume has increased more than 10 percent in the past 12 months, with notable sales volume in the northern end of Orange County. Confident that upward rent …
