DALLAS — Greysteel has arranged the sale of Highland Hills, a 100-unit multifamily community in Dallas. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill represented Highland Hills Apartments LLC in the sale of Highland Hills to Mountain Creek View Apartments LLC. The property is a garden-style community located in the southern region of Dallas County with amenities including covered parking, an on-site laundry facility and a swimming pool.
WICHITA FALLS, TEXAS — Binswanger has negotiated a 10-year lease of 124,903 square feet at 8600 Central Freeway N. in Wichita Falls. American Fuel Cell and Coated Fabrics Co., a designer and fabricator of composite material products for aviation, aerospace, military ground forces and commercial transport industries, leased the property. The Wichita Falls site will be used for the manufacturing of composite materials. Formerly used by Delphi Automotive for the production of ceramic automobile oxygen sensors, the property consists of a 348,000-square-foot south building and 90,000-square-foot north building. Amenities include a 5-foot reinforced concrete floor, precast concrete panel walls with insulated core and ceiling heights ranging from 25 to 45 feet in the south building and 27.5 to 45.5 feet in the north building. The property is located on I-44 near highways 287 and 82. Holmes Davis of Binswanger’s Dallas office represented the landlord, First Bank, in the lease transaction.
HOUSTON — The Richland Cos. has acquired Lakes on Eldridge Centre in Houston. Located at 5630 N. Eldridge Parkway, the 30,049-square-foot retail center sits on 2.1 acres. Lakes on Eldridge Centre includes five entrances, two monument signs and is the only retail center located at the intersection. Tenants include the Dr. Shirazo dentist office, West Houston Animal Clinic, Professional Dry Cleaners, Tiny Treasures Child Care, Houston Faith Church, Edward Jones & Co. Financial Planning, 1st Community Credit Union, U Break I Phix, Rose’s Nails, Hair & Skin Care and several restaurants. The complex is 95 percent occupied. Richland will assume management responsibilities of the property.
EDINBURG, TEXAS — Domus Development is bringing a $27.7 million, off-campus student housing community to Edinburg in August 2017. The Dallas-based developer will break ground in May 2016 on Legends Edinburg, which will bring 566 beds to the apartments market near The University of Texas Rio Grande Valley in Edinburg. The complex will be located on the corner of Chapin Street and Sugar Road with amenities including a salt water pool, sand volleyball court, study rooms, a clubhouse with game room and a computer lounge. Floorplans will include one-, two- and four-bedroom options. The individual apartments will come fully furnished with granite countertops, ceiling fans and full-size washer and dryer units. The entire property is equipped with high-speed Wi-Fi, and will employ an on-site maintenance and management staff. Legends Edinburg will be the second off-campus purpose-built student housing community in the area.
TROY, N.Y. — Hudson Valley Community College (HVCC) has selected Troy-based United Group to develop a student housing community at the corner of Morrison and Vandenburgh avenues in Troy. Located within walking distance to HVCC’s campus, the proposed College Suites at Hudson Valley will house 268 students and feature a fitness center, laundry facilities, bike storage and on-site management offices. Additionally, each of the 72 apartment suites will be fully furnished and include all utilities.
MARLBOROUGH, MASS. — CBRE Strategic Partners U.S. Value 7 fund has acquired Bell Wheeler Hill, a multifamily property located at 21 Austen Way in Marlborough. The 274-unit, garden-style apartment was sold for an undisclosed price. At the time of sale, the community was 94 percent occupied. The fund plans to upgrade and rebrand the property as The Heights at Wheeler Hill. The name of the seller was not released.
NEW YORK CITY — Thor Equities has acquired a 55,000-square-foot mixed-use property located at 556-566 W. 126th St. in Harlem for an undisclosed price. The six-story property features 58 apartments and five commercial units with more than 100 feet of retail frontage. Additionally, the property is adjacent to the new $7 billion, 17-acre expansion of Columbia University and in close proximity to Morningside Park, Barnard College, Teachers College and Columbia’s main campus. The name of the seller was not released.
RICHMOND, VA. — In a previously announced transaction, Monument Partners LLC, an entity owned by Starwood Capital Group and Milestone Apartments Real Estate Investment Trust, has closed the $1.9 billion acquisition of Richmond-based Landmark Apartment Trust Inc. Landmark is a multifamily REIT with assets located in metropolitan areas throughout the Southern U.S., including Dallas, Atlanta, Orland, Tampa, Charlotte and Nashville. Landmark owns or has an ownership position in approximately 24,000 apartment units and provides management services for an additional 883 units owned by affiliates. Under the terms of the deal, Starwood Global Opportunity Fund X, through a controlled affiliate, will acquire Landmark Apartment Trust’s ownership interest in 19,615 units in 63 apartment communities. Milestone — which will acquire 4,172 units in 15 assets as part of the transaction — will serve as property manager for Starwood’s portion of the portfolio.
FORT LAUDERDALE, FLA. — Wurzak Hotel Group and DoveHill have selected Tutor Perini Building Corp. to construct a dual-branded Tribute Portfolio and Element by Westin hotel in downtown Fort Lauderdale. The new 24-story tower will feature a 209-room Tribute Portfolio hotel and a 114-room Element by Westin hotel. The property will also feature a rooftop lounge and restaurant, pool, gymnasium, parking within the projectg, ground-level retail space, a ballroom and several meeting rooms. Tutor Perini expects to break ground in the spring and wrap up construction in the fall of 2017.
PEACHTREE CORNERS, GA. — Avison Young has brokered the $9.4 million sale of a 221,000-square-foot industrial facility located at 5850 Peachtree Industrial Blvd. in Peachtree Corners, a northeastern suburb of Atlanta. Chip Watson and Brent Weitnauer of Avison Young’s Atlanta office represented the seller, Makim Holdings, in the transaction. The buyer, Gwinnett County Schools, plans to convert the facility and surrounding 20 acres of land into a new high school.