LOS ANGELES — A private partnership has purchased a 22-unit apartment building in East Hollywood for $4.2 million. The community is located at 3933 Marathon St. It was built in 1990. The fully occupied complex is not rent controlled. Bryan Glenn of Charles Dunn Co. represented both the buyer and seller, a local private investment company in a 1031 exchange, in this transaction.
NAPA, CALIF. — An unnamed buyer has acquired Greenwood Business Center, a 226,044-square-foot distribution warehouse building in Napa, for an undisclosed sum. The Class A warehouse was fully leased to Adams Wine Group. It was built on spec in December 2015. New York Life Real Estate Investors sold the property on behalf of McMorgan Northern California Value Add/Development Fund.
ATLANTA — The Atlanta Housing Authority’s Board of Commissioners has selected Hunt Development Group and Atlanta-based Oakwood Development Group to redevelop the Herndon Homes site in Atlanta. The $150 million master plan calls for a mixed-use, mixed-income development that features 700 multifamily units of varying housing types, as well as retail and community spaces and a new fitness center. The site is located on 12 acres along Northside Drive, about one mile north of Mercedes-Benz Stadium, the future home of the Atlanta Falcons and Atlanta United FC. The development team has selected Moss to serve as the construction manager for the project.
WASHINGTON, D.C. — New York Life Real Estate Investors has originated a $140 million, 10-year loan for the leasehold interest in The Apartments at CityCenterDC in downtown Washington, D.C. The 458-unit, Class A apartment community is the multifamily component of CityCenterDC, a 10-acre mixed-use development under construction by Hines and Qatari Diar. The development will be located on the site of the former Washington Convention Center.
MIAMI — The city of Miami’s Urban Design Review Board has unanimously voted (6 to 0) to recommend approval of Wynwood 25, a 400,000-square-foot mixed-use development in Miami’s Wynwood neighborhood. Situated between N.W. 24th and 25th streets, the project will include 289 apartment residences, 31,000 square feet of retail space and 340 parking spaces. After receiving this recommendation and the approval by the Wynwood Design Review Committee, East End Capital, the developer of Wynwood 25, expects to break ground on the project in the first quarter of 2017. East End Capital anticipates for 80 percent of Wynwood 25’s residences to rent for less than $2,000 per month. The apartments will comprise mostly studios and one-bedroom layouts, all including 10-foot ceilings and full-sized washers and dryers. Amenities will include a fitness center with yoga studio, work-from-home spaces, coffee lounge, 12,000-square-foot green courtyard, bike storage, package storage and dog wash facilities, as well as a rooftop terrace with a pool, spa, barbecue areas and outdoor and covered work areas. Kobi Karp designed the project, which includes a paseo connecting 24th and 25th streets.
JACKSONVILLE, FLA. — Blue Rock Premier Properties LLC has purchased The Reserve at Beach Boulevard, a 360-unit apartment community located at 11990 Beach Blvd. in Jacksonville. Blue Rock Premier purchased the property from LLJ Multifamily Ventures for $24.6 million. The Tampa-based buyer plans to invest about $3.8 million in exterior and interior upgrades at The Reserve at Beach Boulevard, which will be rebranded as The Park at Levanzo. The asset was 95 percent occupied at the time of sale. Dhaval Patel and Brian Moulder of CBRE’s Jacksonville office brokered the off-market transaction. ARES Capital Corp. provided debt financing on behalf of Blue Rock Premier.
PORT ST. LUCIE, FLA. — Watercrest Senior Living Group plans to construct Watercrest of St. Lucie West Assisted Living and Memory Care Community, a 128-unit seniors housing community in Port St. Lucie, located along the east coast of Florida midway between Orlando and Miami. D2 Architecture designed the luxury community, which Walker & Co. is building. The facility is scheduled to open in fall 2017. When completed, there will be 102 assisted living units and 26 memory care units in a 112,000-square-foot building. Watercrest, the developer, will operate the community.
WASHINGTON, D.C. — First Potomac Realty Trust (NYSE: FPO) has sold Storey Park, a mixed-use project currently under development in the NoMa submarket of Washington, to 1005 LLC for $54.5 million. When completed, Storey Park will include 350,000 square feet of office space, 65,000 square feet of retail and 300 loft apartments. An estimated completion date was not disclosed. The buyer is a partnership between Perseus Realty LLC and W-G Capital LLC, an affiliate of Four Points LLC and Greencourt Capital. First Potomac and Perseus Realty jointly acquired the site in August 2011, with First Potomac owning a 97 percent interest. The proceeds from the sale were used to repay a $22 million land loan at the property, and First Potomac used its portion of the remaining proceeds to repay outstanding borrowings on its unsecured revolving credit facility. Perseus Realty began as a Washington, D.C.-focused investment firm in 2004 and has created a development portfolio within the metropolitan area. W-G Capital is a Washington, D.C.-based private equity firm focused on real estate investments in the United States with a particular focus on the northeast corridor and the nation’s capital. FPO is a real estate investment trust that owns, operates, develops and …
SAN FRANCISCO — NorthMarq Capital has arranged a $70 million refinancing for an apartment project in Silicon Valley. The recently completed property required a short-term bridge loan structured with an interest-only feature. NorthMarq’s John Kerslake arranged financing for the borrower through a life insurance company relationship.
CERRITOS, CALIF. — HFF has secured a $66 million refinancing for Plaza 183, a 360,875-square-foot, open-air retail center located in the Los Angeles suburb of Cerritos. The property began an extensive renovation in 2014, most of which was completed in 2015, with more renovations scheduled to begin later this year. The center is over 97 percent leased to tenants including Burlington Coat Factory, Nordstrom Rack, Saks Off Fifth, T.J. Maxx, Buffalo Wild Wings, Guitar Center, Olive Garden, Old Navy, Off Broadway, Jersey Mike’s, Lane Bryant and 24-hour Fitness. Paul Brindley, Eric Tupler and Steven Paskover of HFF worked on behalf of the borrower, Cerritos Retail CenterCal LLC, to secure the 10-year, fixed-rate loan with Principal Life Insurance Co. Principal Real Estate Investors advised the lender in the transaction. Loan proceeds are being used to refinance the original acquisition and renovation financing.
