Property Type

TPA Group to Develop 330,000 SF Office Park in Broward County

by Camren Skelton July 18, 2017

PEMBROKE PINES, FLA. — Atlanta-based TPA Group has unveiled plans to develop The Edison Pembroke Pines, a 330,000-square-foot, Class A office park in Pembroke Pines. The project will include two, three-story buildings and a 5,000-square-foot central amenity building located along Interstate 75 at S.W. 145th Avenue. The buildings will feature high ceilings, surface parking, indoor and outdoor collaboration areas, a central clubhouse, gym, meeting space and a café. Greg Martin and Justin Cope of Avison Young will manage leasing and marketing of the property. The Edison Pembroke Pines will be constructed in two phases, and will mirror the aesthetic of TPA Group’s other projects under construction in Alpharetta, Ga., and Lake Mary, Fla.

July 18, 2017

Loans Multifamily Southeast Virginia

Capital One Secures $34.5M Loan for Refinancing of Multifamily Property in Northern Virginia

by Camren Skelton July 18, 2017

RESTON, VA. — Capital One has provided a $34.5 million loan for the refinancing of Springs at Reston, a 362-unit apartment community in Reston, approximately 23 miles west of Washington, D.C. Joel Willard and Michael Antonelli of Capital One secured the fixed-rate loan with 10 years of interest-only payments through Fannie Mae on behalf of the borrower, Lerner Enterprises. Constructed in 1972, Springs at Reston includes 27 three- and four-story garden-style apartment buildings and features a playground, picnic area and laundry facilities. All units are affordable for those making 80 percent or less of the area median income.

July 18, 2017

Alabama Multifamily Southeast

Cushman & Wakefield Arranges Sale of Multifamily Portfolio in Mobile

by Camren Skelton July 18, 2017

MOBILE, ALA. — Cushman & Wakefield has brokered the sale of Mobile Midtown, a multifamily portfolio in Mobile. The portfolio consists of three properties — Bel Air, Estates at Lafayette Square and Pine Bend & The Hamptons — totaling 1,329 units. Cushman & Wakefield’s Jimmy Adams represented the seller, Toronto-based Morguard North America Residential REIT, in the sale to New York-based Lightstone. The sales price was not disclosed.

July 18, 2017

Georgia Multifamily Southeast

Marcus & Millichap Brokers $5.3M Sale of Apartment Community in Brunswick, Georgia

by Camren Skelton July 18, 2017

BRUNSWICK, GA. — Marcus & Millichap has arranged the sale of Merritt Landing, a 128-unit multifamily community located at 5700 Altama Ave. in Brunswick, approximately seven miles west of St. Simons Island. Francesco Carriera, Michael Regan, Kurt McGarry and Rich Merryman of Marcus & Millichap represented the seller, a financial institution, and the buyer, a private investor. Michael Fasano of Marcus & Millichap also assisted in the transaction.

July 18, 2017

Multifamily Texas

CBRE Brokers Sale of Two Multifamily Properties Totaling 512 Units in Metro Houston

by Taylor Williams July 18, 2017

HUMBLE, TEXAS — CBRE has arranged the sale of two multifamily properties totaling 512 units in the Houston metro of Humble. The properties are Eagle Crest, a 200-unit community located at 5303 Atascosita Road, and Timberlakes at Atascosita, a 312-unit community located at 18551 Timber Forest Drive. Both properties were built about 15 years ago and feature pools, fitness centers and clubhouses. Clint Duncan and Matt Phillips of CBRE represented the seller, Gaia Real Estate. Houston-based Mosaic Residential purchased both assets for undisclosed prices.

July 18, 2017

Multifamily Texas

Lloyd Jones Capital Acquires 240-Unit Apartment Complex in Seabrook, Texas

by Taylor Williams July 18, 2017

SEABROOK, TEXAS — Lloyd Jones Capital, a Miami-based investment firm, has acquired Regatta Bay Apartments, a 240-unit multifamily complex located at 2555 Repsdorph Drive in Seabrook, a city about 35 miles southeast of Houston. Built in 2003, the three-story property features a mix of one-, two- and three-bedroom units, as well as a resort-style pool, fitness center and business center. FRBH Regatta Bay LLC sold the asset for an undisclosed price.

July 18, 2017

Retail Texas

SACA Brokers Sale of 8,890 SF Shopping Center in San Antonio

by Taylor Williams July 18, 2017

SAN ANTONIO — San Antonio Commercial Advisors (SACA) has brokered the sale of Oak Grove Square Shopping Center, an 8,890-square-foot shopping center located at 3203 Nacogdoches Road in San Antonio. The property was 75 percent leased at the time of sale to tenants such as Lefty’s Barbers, Primo Tax and Mobilex USA. Bradley Suttle of SACA represented the buyer, a California-based investor, in the transaction. Other terms of sale were not released.

July 18, 2017

Hospitality Loans Texas

Mission Capital Arranges $15.2M Acquisition Loan for 120-Room Hotel in Houston

by Taylor Williams July 18, 2017

HOUSTON — Mission Capital Advisors has arranged a $15.2 million acquisition loan for Staybridge Suites Houston — Medical Center, a newly constructed, 120-room hotel located at 9000 S. Main St. in Houston. Philip Justiss, Alex Draganiuk and Lexington Henn of Mission Capital arranged the recourse loan through IberiaBank Corp. on behalf of the borrower, St. Louis-based Midas Hospitality.

July 18, 2017

Loans Multifamily Texas

Dougherty Closes $14.8M Acquisition Loan for 168-Unit Apartment Community in San Marcos

by Taylor Williams July 18, 2017

SAN MARCOS, TEXAS — Dougherty Mortgage has closed a $14.8 million Fannie Mae loan for the acquisition of Park Hill Apartment Homes, a 168-unit multifamily community in San Marcos. The 12-year loan, which features a 30-year amortization schedule and three years of interest-only payments, was arranged through Old Capital Lending on behalf of the borrower, a partnership between Park Hill SM LLC and Prudential Investment Properties LLC.

July 18, 2017

Midwest Missouri Multifamily

CA Ventures, White Oak Open 250-Unit Luxury Apartment Complex in Suburban St. Louis

by Kristin Harlow July 18, 2017

CLAYTON, MO. — CA Ventures and White Oak Realty Partners have opened Two Twelve Clayton, a 250-unit luxury apartment complex in Clayton, a western suburb of St. Louis. The 26-story building is located at 212 S. Meramec Ave. Two Twelve includes studio, one-, two- and three-bedroom units ranging from 592 to 1,366 square feet. Monthly rents start at $1,706 and rise to $4,415 for the largest units. The property features 9,300 square feet of amenity space, including a rooftop deck with a resort-inspired pool, fire pit and outdoor dining area with grills, fitness center, yoga studio and resident lounge. First move-ins began earlier this month. The Habitat Co. is managing the property and overseeing leasing.

July 18, 2017

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