CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered the $38.1 million sale of a three-property multifamily portfolio in Charlotte. The 618-unit portfolio features apartment communities built between 1997 and 1999. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller, Mission Charlotte DST, in the transaction. LIV Apartment Partners LLC was the buyer. The properties include the 249-unit Mission Harris Pavilion located at the intersection of University City Boulevard and I-485, the 207-unit Mission Reedy Creek located on East WT Harris Boulevard and the 162-unit Mission Concord Place located off I-85 in the northern Charlotte suburb of Concord.
MIAMI BEACH, FLA. — Marriott Vacation Club, a brand segment of Marriott Vacations Worldwide, has purchased The Edgewater Hotel in Miami Beach’s South Beach neighborhood for $23.5 million. The company will rebrand the hotel as Marriott Vacation Club, South Beach and adopt the property into the Marriott Vacation Club Destinations Exchange Program. Located on the 1400 block on the north end of Ocean Drive, the hotel is within walking distance of South Beach and Lincoln Road, Miami’s high street retail destination. The hotel was originally built in 1936 and offers 49 studios and suites. The hotel will undergo renovations through 2016.
ORLANDO, FLA. — JLL has completed two new lease transactions totaling 309,400 square feet of warehouse distribution space in Orlando. The two tenants, Mattress Firm and Sherwood Bedding, will occupy adjacent 154,700-square-foot spaces in a brand new 478,400-square-foot cross-dock facility at Air Commerce Park, a 3 million-square-foot, 300-acre industrial park currently under construction just west of Orlando International Airport. Joe Hills and Josh Lipoff of JLL worked with Damian Riveria of E. Smith Realty Partners to represent the tenants in their respective lease transactions. Chicago-based Becknell Industrial, along with local planning consultants Mike Stuart and Florida Engineering Group, are developing Air Commerce Park.
AUSTIN, TEXAS — Castle Lanterra Properties (CLP) has acquired Villas Tech Ridge, a 350-unit apartment community in Austin. CLP’s managing director Austin Alexander has relocated to Austin to oversee the company’s operations in the market. Villas Tech Ridge is located just off I-35 and offers a mix of one-, two- and three-bedroom units. Built in 2008, the property was developed as part of the Austin Energy Green Builder Program, an environmentally driven program that requires special consideration for “green” and energy-saving opportunities. Units include open floor plans with nine-foot or vaulted ceilings along with granite countertops, mahogany cabinets, ceramic tile and vinyl plank flooring. The property features a pool with cabana, clubhouse, fitness center and pet park.
GRAND PRAIRIE, TEXAS — CBRE Capital Markets has brokered the sale of Terraces on the Parkway, a 297-unit multifamily community in the Dallas suburb of Grand Prairie. EB Real Estate Group purchased the asset from Terraces on the Parkway LP for an undisclosed price. Chris Deuillet and Nita Stewart of CBRE’s Dallas office represented the seller. The 263,555-square-foot asset, located at 1109 N. Carrier Parkway, was built in 1972. The complex includes 20 two-story residential buildings and offers efficiency, one-, two- and three-bedroom options. The community was 97 percent occupied at closing. Tenants have access to two pools with outdoor kitchens, a fitness center, updated resident center, dog park and soccer field. Interiors include black-on-black appliances, faux-wood flooring, faux granite countertops, glass tile kitchen backsplashes and two-inch blinds. Monument Real Estate Services will manage the property.
DALLAS — Dougherty Mortgage LLC has closed a $3.5 million Fannie Mae loan for the refinancing of Carpenters Cove Apartments, a 164-unit, market-rate multifamily apartment property located in Dallas. Property amenities include laundry facilities and a children’s playground. Dougherty’s Vienna, Va., office arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrower, Dallas Carpenters Cover Apartments Ltd.
NEW YORK CITY — Hodges Ward Elliott has arranged a $69 million loan on behalf of an institutional real estate investment firm for the refinancing of an office building. The property is located at 31 W. 27th St. in Manhattan’s Midtown South neighborhood. The 12-story, loft-style building offers 144,000 square feet of office space. The funding, which was provided by TD Bank, will allow the owner to complete its strategic business plan for the property, which was recently repositioned.
NEW YORK CITY — Besen & Associates has arranged the sale of a residential building located at 3873 Orloff Ave. in the Van Cortlandt Village neighborhood of the Bronx. A private investor sold the asset to an undisclosed buyer for $19.2 million, or $203 per square foot. Built in 1964, the 93,767-square-foot property features 90 apartments and a 56-car garage. Additionally, the building is serviced by two elevators. Amit Doshi and Lynda Blumberg of Besen & Associates handled the transaction.
LEWISVILLE, TEXAS — Bright Realty has sold a two-acre pad site in the Castle Hills area just off State Highway 121 in Lewisville. The pad site is located at the southeast corner of Josey Lane and Windhaven Parkway. The corner will be anchored by an ALDI grocery store and is adjacent to Nebraska Furniture Mart and The Realm, a planned 1.5 million-square-foot mixed-use Bright Realty development. An unnamed buyer purchased the pad site. Bright Realty was self-represented in the sale by Tim McNutt and Britton Lankford.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a retail condominium located at 37 Warren St., also known as 136 Church St., in Manhattan’s Tribeca neighborhood. HUBB NYC Properties acquired the corner property for $11.2 million, or $3,934 per square foot, in an all-cash transaction. The property features 2,847 square feet on the ground level and 1,364 square feet on the lower-level space. The property was vacant at the time of sale. Will Suarez of Cushman & Wakefield arranged the transaction.