MCALLEN, TEXAS — Home2 Suites by Hilton has opened a 99-suite location in the McAllen, a city in south Texas near the Mexico border. Amenities include a combined laundry and fitness area, outdoor pool and meeting/event space that can accommodate up to 100 guests. Perspective Hospitality Management Services will manage the property, which is located at 525 S. Ware Road, approximately three miles from McAllen-Miller International Airport.
ARLINGTON, TEXAS — Transwestern has brokered the sale of a 22,666-square-foot office property located at 300 W. Arbrook Blvd. in Arlington. Jim Sager of Transwestern represented the seller, 300 Arbrook LP, in the transaction. The representative of the buyer, Arbrook Investment Properties LLC, was not specified.
NASHVILLE, TENN. — Proffitt Dixon Partners will host a grand opening for Peyton Stakes, a 249-unit apartment complex in Nashville, on March 31. Located at 1401 Third Avenue North in the city’s Germantown neighborhood, the property will feature a music studio that will host local bands throughout the year, a creative art studio, a clubroom with collaborative workspaces and a coffee bar. Interiors of all units feature designer countertops, custom cabinetry and wood-style flooring.
ROBINSONVILLE, MISS. — Penn National Gaming Inc., a Pennsylvania-based racetrack and casino operator, has entered into a deal to acquire Bally’s Casino Tunica and Resorts Casino Tunica for $44 million in cash, according to the Memphis Business Journal. Bally’s Casino Tunica features a 40,000-square-foot casino and a 238-room hotel; Resorts Casino Tunica features a 35,000-square-foot casino and a 201-room hotel. Both properties are located in Robinsonville, Miss., approximately 30 miles southwest of Memphis.
WASHINGTON, D.C. — The National Housing Partnership Foundation (NHPF) has purchased Takoma Place Apartments, a seven-building, 105-unit complex located at 6676 Georgia Ave. in Washington, D.C. The Department of Housing and Community Development committed $13.7 million to the $16 million transaction. Citibank and the undisclosed seller also provided bridge financing for the property.
OOLTEWAH, TENN. — Cushman & Wakefield has arranged the sale of Village at Apison Pike, a 248-unit apartment community located at 8605 Tradewind Circle in Ooltewah, an eastern suburb of Chattanooga. Built in 2015, the property features a resort-style pool, fitness center, outdoor lounge and a pet park. Robert Stickel and Jimmy Adams of Cushman & Wakefield represented the seller, StoneRiver Co., in the transaction. The representative of the buyer, Hudson Capital Properties, was not disclosed.
TAMPA, FLA. — Amgen, a California-based biopharmaceutical company, has leased 125,000 square feet of office space at Corporate Center, a 1.2 million-square-foot office building in the Tampa submarket of Westshore. Located at 2202 N. Westshore Blvd., the Class A property will house Amgen’s new, 450-employee business support center. Cousins Properties Inc., an Atlanta-based REIT that primarily invests in Class A office towers, represented Amgen in the transaction.
SEATTLE — Union Investment has purchased the 222-room Hilton Garden Inn in downtown Seattle for $90 million. The hotel is located at 1821 Boren Ave. This is the Hamburg-based real estate investment manager’s first acquisition on the West Coast.
CASA GRANDE, ARIZ. — HSL Desert Sands Properties has received $21.5 million in financing for a 323-unit apartment complex in Casa Grande. The community is located at 720 W. O’Neil Drive. The property was built in 2008. Casa Grande is about 45 miles south of the Phoenix central business district and 70 miles northwest of Tucson. The funds will be used to refinance the property. The 10-year Fannie Mae loan features a 30-year amortization schedule. HSL Desert Sands Properties LLC is an entity affiliated with HSL Properties and Humberto S. Lopez, who owns multifamily and other commercial real estate throughout the Southwest. Hunt Mortgage Group provided the loan.
SANTA MONICA, CALIF. — HFF has arranged a $12.6 million refinancing for 3202-3212 Wilshire Blvd., a 28,209-square-foot retail building located in Santa Monica. CVS/pharmacy and BevMo fully occupy the property. Jeff Sause, Paul Brindley and Ryan Ash of HFF worked on behalf of the borrower, a local family office advised by The Luzzatto Company Inc., to place the non-recourse, fixed-rate loan with a life insurance company. Loan proceeds were used to supplement the borrower’s planned long-term hold of the asset in their core portfolio.