Property Type

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Oldham Goodwin Capital Arranges Sale of Student Housing Community in South Texas

by Haisten Willis October 24, 2016

BRYAN, TEXAS — Oldham Goodwin Capital (OGC) has arranged the sale of Javelina Station Apartments, a 360-bed student housing community located at 1300 W. Corral Ave. in Kingsville, to ApexOne Investment Partners. Oldham Goodwin Capital is a subsidiary of Oldham Goodwin Group LLC. Javelina Station Apartments is located within walking distance of Texas A&M University — Kingsville. Amenities include a swimming pool, outdoor kitchen and barbecue area, fitness center, theater room, game room, study room and coffee bar.

October 24, 2016

Multifamily Texas

IPA Brokers Sale of 276-Unit Apartment Complex in San Antonio

by Haisten Willis October 24, 2016

SAN ANTONIO — Institutional Property Advisors (IPA) a division of Marcus & Millichap, has brokered the sale of Boardwalk Med Center, a 276-unit apartment community in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer, an affiliate of Starlight U.S. Multi-Family. The property is located at 7838 Huebner Road, near the South Texas Medical Center, the University of Texas at San Antonio and the world headquarters of USAA. Completed in two phases in 2011 and 2014, Boardwalk Med Center’s community amenities include a swimming pool, fitness center, outdoor fire pit and a dog park. Unit amenities include granite countertops, black appliances and full-size washers and dryers.

October 24, 2016

Office Texas

Venture Commercial Negotiates 16,000 SF Office Sale in Plano

by Haisten Willis October 24, 2016

PLANO, TEXAS — Venture Commercial’s David Schnitzer has represented the firm of R. E. Lopez and Associates LP in the acquisition of a 16,000-square-foot office building in Plano for a relocation and expansion of its law offices. The two-story building, named The 550, is located at 550 E. 15th St. at the southeast quadrant of 15th Street and North Central Expressway. Lopez will occupy the top floor and will lease out the bottom floor of the building. Brandon Crow and Wilson Stafford of EDGE Realty Partners represented the seller, 4 Green House Holdings I LLC.

October 24, 2016

Georgia Multifamily Southeast

Bluerock Residential Growth REIT Buys Apartment Community in Metro Atlanta for $68.3M

by John Nelson October 24, 2016

SANDY SPRINGS, GA. — Bluerock Residential Growth REIT Inc. (BRG) has purchased the Nevadan Apartments, a 480-unit apartment community located in Sandy Springs, for $68.3 million. BRG purchased the asset in a joint venture transaction with the Carroll Organization. BRG invested $23 million in the transaction and sourced a $48 million senior loan for the acquisition and renovation. The Carroll Organization is a 10 percent stakeholder in the joint venture. Built in 1990 near I-285 and GA 400, Nevadan Apartments features a clubhouse, resort-style swimming pool, poolside grill/lounge, 24-hour fitness center, tennis courts and underground parking. Units average nearly 1,100 square feet. Bo Moore, Dan Phelan and John Weber of ARA Newmark represented the seller, AION Partners, in the transaction.

October 24, 2016

Florida Mixed-Use Retail Southeast

Madison Capital Purchases Retail, Parking Development in South Beach for $57.3M

by John Nelson October 24, 2016

MIAMI BEACH, FLA. — Madison Capital has acquired a retail and parking development located at 2000 Collins Ave. in Miami Beach’s South Beach district for $57.3 million. The property features a six-story parking deck and about 40,000 square feet of retail space leased to luxury retailers and upscale restaurants. The property is part of a mixed-use development built in 2010 that houses the Boulan South Beach hotel and occupies an entire city block between 20th and 21st streets and Collins and Liberty avenues. Newmark Grubb Knight Frank was the sole broker of the deal. Dockerty Romer arranged a five-year, $30.3 million acquisition loan through Wells Fargo on behalf of Madison Capital.

October 24, 2016

Florida Multifamily Southeast

IPA Brokers $29M Sale of Multifamily Community in Metro Orlando

by John Nelson October 24, 2016

WINTER PARK, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $29 million sale of Calibre Bend Apartments, a 212-unit multifamily community located at 3924 Calibre Bend Lane in Winter Park, a suburb of Orlando. Built in 1987, Calibre Bend features a clubhouse and leasing center, business center, resort-style swimming pool, a lighted tennis court and a car wash station. Units include built-in bookcases, full-size washers and dryers and private balconies or patios. Steve Witten, Frank Carriera, Victor Nolletti and Michael Regan of IPA represented the seller and procured the buyer, which plans to upgrade the property’s interiors.

October 24, 2016

District of Columbia Office Southeast

Trammell Crow Signs Federal Election Commission to 100,000 SF Lease in D.C.

by John Nelson October 24, 2016

WASHINGTON, D.C. — Trammell Crow Co. (TCC) has signed a long-term lease deal with the Federal Election Commission for nearly 100,000 square feet of office space at Sentinel Square II, a 280,000-square-foot office building located at 1050 First St. N.E. in Washington, D.C. The Federal Election Commission will occupy the top four floors of the building in November 2017. TCC owns Sentinel Square II with joint venture partners Cottonwood Partners and a subsidiary of a private real estate fund advised by Crow Holdings Capital-Real Estate. The LEED Silver-certified building is part of a 1.3 million-square-foot office development in Washington’s NoMa district. John Mowery and Eric Roberts of GSA and Jae Lee and Will Ruppe of JLL represented the Federal Election Commission in the lease deal.

October 24, 2016

Mixed-Use Texas Top Stories

Cordish Begins $250M Phase I of Texas Live! in Arlington

by Jeff Shaw October 24, 2016

ARLINGTON, TEXAS — The Cordish Companies has started construction of the first phase of Texas Live!, a $250 million mixed-use project located between the Texas Rangers’ Globe Life Park and the Dallas Cowboys’ AT&T Stadium in Arlington. The project will include 200,000 square feet of dining and entertainment space; a 5,000-capacity outdoor event pavilion; a full-service 300-room convention hotel; and a 35,000-square-foot meeting/convention facility. Texas Live! will bring more than 3,000 new jobs and three million new visitors to Arlington when it is completed in 2018, according to the developers. The dining and entertainment portion of the project will open in the spring of 2018. The hotel/convention facility will open the following fall. Anchors of the retail portion will include Rangers Republic fan clubhouse; Live! Arena, a multi-level central gathering place; Arlington Backyard, a 5,000-capacity outdoor event pavilion; and a flagship restaurant by Guy Fieri. The first phase of Texas Live! is part of a greater $4 billion vision of the Arlington stadium district, which includes additional phases of Texas Live!, the new Rangers Ballpark and the preservation and repurposing of Globe Life Park. “It is the Rangers’ intent to preserve the beautiful exterior façade of Globe Life Park,” says …

October 24, 2016

Market Reports Maryland Multifamily Southeast Southeast Market Reports

Job Growth, Proximity to D.C. Help Boost Baltimore Multifamily Rents, Supply

by John Nelson October 24, 2016

Historically overlooked along the East Coast, Millennial migration has symbolized the dawn of a new day in Charm City. The recent influx of a budding dynamic workforce to Baltimore’s urban core neighborhoods has driven the fourth largest increase in college-educated young professionals amongst metro areas nationwide. These young professionals followed substantial job migration resulting in a paradigm shift from Washington, D.C., and other major Mid-Atlantic employment centers. Baltimore’s labor market has demonstrated year-over-year gains since 2010. As of March 2016, Baltimore metro-area non-farm employment totaled 1.4 million, up 2.6 percent over the past year, as compared to 2 percent growth nationally over the same period, according to data from the U.S. Bureau of Labor Statistics. The professional and business services sector contributed the largest gains since March 2015, adding 13,500 jobs to Baltimore’s work force, representing a growth rate of 6 percent over the prior year. The recent surge in employment has driven sustained demand for rental housing, pushing vacancy rates to historic lows and placing upward pressure on rents. Despite its rapid ascension, Baltimore continues to benefit from its proximity to other East Coast cities, which have experienced economic expansion as well, with Baltimore remaining the most affordable of …

October 24, 2016

California Loans Multifamily Seniors Housing Western

iBorrow Provides $13.5M Loan to 199-Bed Assisted Living Community in Anaheim

by Nellie Day October 21, 2016

ANAHEIM, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $13.5 million loan to La Palma Royale, a 199-bed assisted living community in Anaheim. The 73,641-square-foot, two-story community was built in 1974, and has been remodeled twice since then. The borrower, Azure Leisure Living, plans to use the funds in addition to $8 million in equity to purchase the community. Azure started co-managing the property earlier this year and has improved the occupancy rate up to the national average, according to iBorrow.

October 21, 2016

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