DALLAS — Canadian investment firm Pure Multifamily REIT LP (TSX: RUF.U), has entered into an agreement to acquire Farmers Market Apartments, a multifamily community located at 835 S. Good Latimer Expressway in Dallas, for roughly $66.3 million. Developed in 2016, the property totals 340 units averaging 824 square feet per unit. Amenities include a pool lounge, outdoor kitchen, fitness center and bicycle rental service. The transaction is expected to close in October.
AMARILLO, TEXAS — NewcrestImage has opened a 226-room Embassy Suites hotel in downtown Amarillo. The property features a mix of one-bedroom and studio suites; 18,000 square feet of meeting space, including a 10,000-square-foot ballroom; an indoor pool; and a restaurant and lounge. A 750-space parking garage was also delivered as part of the project. Construction began in October 2015.
SAN ANTONIO — Electra America, a multifamily investment and management firm with offices across the East Coast, has acquired Pecan Springs, a 344-unit multifamily community in San Antonio. Built in 2013, the property offers a mix of one-, two- and three-bedroom units and amenities such as a pool, fitness center and dog park. Electra America will add washers and dryers to all units and upgrade the exterior of the property, which was 95 percent occupied at the time of sale.
CLUTE, TEXAS — Marcus & Millichap has brokered the sale of Clute Affordable Storage, a 452-unit self-storage facility located at 508 E. Main St. in Clute, a Gulf Coast-area city approximately 50 miles south of Houston. Nicholas Ling of Marcus & Millichap represented the seller, an undisclosed partnership, in the transaction. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the buyer, a limited liability company. Other terms of sale were not released.
As America’s brick-and-mortar retail sector continues to come to grips with the impact of e-commerce on its long-term future, it is worthwhile to track the progress of the growing number of retailers who have chosen to step away from a web-only platform. These retailers are establishing an omni-channel presence by setting up operations in physical stores, and many are showing signs of success. Many such retailers are choosing to set up shop along the streets of New York City, with its massive and steadily growing population and its broad demographic mix. Despite the recent, well-publicized increase in the city’s available inventory of retail space, New York City remains the preferred market to launch a brand with aspirations of building a meaningful national profile. Considering the more-youthful and trendy profile of a large proportion of online shoppers, these “adding-bricks-to-our-clicks” companies are gravitating toward New York City submarkets that deliver this coveted, younger demographic. Moreover, e-commerce players possess a ton of data profiling their customers — including their buying behavior and their browsing interests and habits — and retailers tap this intelligence when making decisions about where to locate stores as well as how they should be merchandised to best cater to …
PLAINSBORO, N.J. — New York-based development and management firm Kushner has acquired Quail Ridge Apartments, a 1,032-unit multifamily community located in Plainsboro, roughly midway between Philadelphia and New York City, for $190 million. The garden-style property is situated on 52 acres at 2005 Quail Ridge Drive, approximately six miles from Princeton University. Amenities include two pools, basketball and tennis courts, a playground, 24-hour fitness center and an on-site dog park. American International Group Inc. (AIG) provided acquisition financing for the transaction. The sale is in line with Kushner’s larger strategy of acquiring multifamily properties with high investment potential. Most recently, Kushner closed on the $520 million purchase of a portfolio of 5,517 multifamily units in Maryland. The company says it will continue to target similar investment opportunities throughout the Northeast and Mid-Atlantic areas. “Quail Ridge presents an outstanding opportunity to continue the expansion of our multifamily portfolio while helping to improve an already-great community,” says Laurent Morali, president of Kushner. “It reflects our strategy of vigorously pursuing investment where we see significant value.” Kushner’s recent acquisition activity also includes The Watchtower, an 830,000-square-foot property in Brooklyn that it plans to convert into a corporate campus, as well as 203,000 square …
DALLAS — A partnership between Boston-based Cabot Properties Inc and Stream Realty Partners has broken ground on International Logistics Center, a 646,796-square-foot industrial asset located near the Dallas-Fort Worth International Airport. The property consists of three buildings: a 118,634-square-foot rear-load building, a 203,476-square-foot front-load building and a 324, 686-square-foot cross-dock building. International Logistics Center also offers access to State Highways 360 and 183. A timetable for completion has not yet been established
CYPRESS, TEXAS — HFF has arranged the sale of Villages at Cypress Creek, a 384-unit, Class A apartment community located in the northwest Houston suburb of Cypress. The property, which was 95 percent occupied at the time of sale, offers amenities such as two pools, a spa and massage room, media room, coffee bar and dog park. Todd Marix and Chris Curry of HFF represented the undisclosed seller in the transaction. Cortney Cole and Jordan Finch of HFF arranged an undisclosed amount of acquisition financing through a life insurance company on behalf of the purchaser, Hilltop Residential.
HOUSTON — CBRE has arranged the sale of Casa Verde Apartments, a two-story, 384-unit multifamily community located at 2 Goodson Drive on Houston’s north side. Clint Duncan and Matt Phillips of CBRE represented the seller, Goodson Avenue Investors LLC. Trinity Casa Verde LLC purchased the garden-style community for an undisclosed price.
DENISON, TEXAS — Oklahoma-based HeyDay Entertainment will open a roughly 50,000- square-foot location in the North Texas city of Denison. Situated within the 200,000-square-foot Shops at Gateway Village, the location will offer bowling, laser tag, mini-golf, a ropes course and a full-service bar and grill. The Denison location will be HeyDay’s third overall location and its first in Texas. The property is expected to open in fall 2018.
