SANTA ANA, CALIF. — Montgomery Partners has acquired the 62-unit Sherry Lane Garden Homes in Santa Ana for $19.8 million. The community is located at 1920 Sherry Lane. The property was built on 9.8 acres in 1964 near the 5, 22 and 55 freeways. Joseph Berkson of Marcus & Millichap represented both the buyer and unnamed seller in this transaction.
DENVER — A private capital firm has acquired the 53-unit Dwell Apartments in Denver for $12.8 million. The community is located at 600 – 624 N. Pennsylvania St. in the Capitol Hill neighborhood. The unit mix includes studios, one- and two-bedroom apartments that range from 505 to 829 square feet. Community amenities include a swimming pool, gym and off-street parking. Jacob and Nick Steele of Marcus & Millichap represented both the buyer and seller, another locally based private capital client, in this transaction.
PHOENIX — Scottsdale Investment Management has purchased a 38,238-square-foot office building in West Phoenix for an undisclosed sum. The property is located at 8800 N. 22nd Ave. It is fully occupied by the Department of Economic Security’s Family Assistance Administration division, which coordinates programs to support Arizona families in need. The space was built in 1986. Mindy Korth, Kirk Kuller and John Barnes of Colliers International and Greg Bamford of Bamford Southwest represented the locally based seller in this transaction.
IRVING, TEXAS — KBS Strategic Opportunity REIT, a private, California-based investment firm, has acquired two office properties totaling 442,039 square feet in Irving. The 18-story 125 East John Carpenter and six-story 5100 North O’Connor are a combined 84 percent leased. Both properties are located near the Gables Water Street mixed-use development and the Irving Music Factory, both of which offer retail, restaurant and entertainment options. The sellers were not disclosed.
SCHERTZ, TEXAS — CBRE has negotiated a 214,536-square-foot industrial lease at 9850 Doerr Lane in the San Antonio metro of Schertz on behalf of Ace Mart Restaurant Supply. The company will use the cross-dock facility as a distribution center for its 14 Texas stores. Rob Burlingame and Greg Pierce of CBRE represented Ace Mart in the lease negotiations. Joshua Aguilar of CBRE represented the landlord, HPI, which was also represented internally by Jordan Walker. HPI purchased the building in May and has brought it to full occupancy with this signing.
DENTON, TEXAS — Mason Joseph Co. Inc. has closed a $37 million loan for the construction and permanent financing of Discovery Park Apartments, a 283-unit multifamily community in Denton. Located at the intersection of North Elm Street and Riney Road, the garden-style property will be situated across from a 290-acre public/private research campus occupied by the University of North Texas College of Engineering. HUD provided the 40-year, non-recourse loan, which features a fixed interest rate, through its 221(d)(4) program. N.E. Construction LLP will serve as developer and general contractor for the project, which has a 24-month construction period.
COLLEGE STATION, TEXAS — Hilton Worldwide has opened Embassy Suites by Hilton College Station, a 162-room hotel located at 201 University Drive E in College Station, less than a mile from Texas A&M University’s campus. Managed by Aimbridge Hospitality, the hotel offers 4,500 square feet of meeting and banquet space, as well as a pool, fitness center and on-site bar and grill.
HOUSTON — Baker Katz has secured a 6,300-square-foot retail lease at Stonegate Shopping Center in Houston on behalf of American Family Care, a primary and urgent care provider. Ben Brown of Baker Katz and Jennifer Watson of Newmark Knight Frank represented the tenant in the lease negotiations. Jim Bayne of Investar Real Estate Services represented the undisclosed landlord. The clinic is expected to open during the fourth quarter.
NASHVILLE, TENN. — Atlanta-based North Point Hospitality Group has topped off construction of a 21-story, tri-branded Marriott hotel in Nashville’s SoBro neighborhood. The $140 million hotel, located at 410 5th Ave. S., includes a 125-room SpringHill Suites, a 136-room Residence Inn and a 209-room AC Hotel. The development is the country’s first tri-branded Marriott hotel. Guests of the three hotels will have access to the shared amenities, which will include an indoor/outdoor pool, pool bar, fitness center, 11,000 square feet of ground floor retail and restaurant space, 9,000 square feet of flexible meeting space and a top floor bar and patio with panoramic views of the Nashville skyline. North Point Hospitality will manage the property, and other project team members include architect Lindsay Pope Brayfield & Associates, interior designer Design Continuum Inc., general contractor JE Dunn Construction and construction management services provided by Acumen Development Partners. SunTrust Commercial Real Estate provided construction financing for the project. The hotel is slated to open to the public in the third quarter of 2018.
CHARLOTTE, N.C. — Dominion Realty Partners has broken ground on Whitehall Village Apartments, a 318-unit multifamily community in Charlotte. The Raleigh-based developer plans to obtain a green designation from the National Association of Home Builders for the $50 million project, which will feature Energy Star appliances and light fixtures; low flow bathroom and irrigation fixtures; high grade insulation systems; and oversized windows and sliding doors to reduce lighting and energy usage. Community amenities will include a fitness center with a yoga studio, game room, saltwater pool, two dog parks and outdoor kitchen grilling areas. Dominion is partnering with Edge Principal Advisors on the project. First Tennessee Bank is providing construction financing. Other team members include project designer Rule Joy Trammell + Rubio, general contractor VCC and civil engineer Land Design. Capstone Apartment Partners brokered the land sale and HFF provided financial advisory services. Whitehall Village will be within walking distance to Whitehall Commons Shopping Center, Publix, Lowe’s Home Improvement, Walmart Supercenter and Topgolf. The first units are slated to deliver in the fall of 2018.
