AUSTIN, TEXAS — Passco Cos. has opened a new office in Austin. Shelli Cusack will oversee the company’s Austin office, and will also be responsible for a portion of Passco’s multifamily portfolio encompassing more than 3,000 units in North Carolina, South Carolina and Georgia. Cusack has been responsible for the management of more than $1 billion in real estate assets during her career. Passco Cos.’ new Austin office is located at 7000 N. Mopac Expressway, Suite 200. Passco focuses on the acquisition, development and management of multifamily and commercial properties throughout the United States.
LEXINGTON, KY. — Cushman & Wakefield and Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, have teamed up to broker the sale of three apartment communities in Lexington totaling 1,108 units. Priderock Capital Partners purchased the 480-unit Raintree Apartments and the 232-unit Stoney Brooke Apartments for $28.2 million and $13.9 million, respectively. Nashville-based Covenant Capital Group purchased the 396-unit Stoney Falls Apartments for $25.9 million. Mike Kemether of Cushman & Wakefield’s Atlanta office and Craig Collins of Commercial Kentucky represented the seller, Sterling Properties, a New York-based fund, in all three transactions.
COLUMBIA, MD. — Wood Partners LLC plans to break ground this month on Alta Wilde Lake, a $45 million, 230-unit multifamily community in downtown Columbia. The property will be located on 2.8 acres at 5420 Lynx Lane and be a component of the redevelopment at Wilde Lake Village Center. The property will feature two five-story apartment buildings connected via a three-level sky bridge over Lynx Lane. The property will feature a clubhouse with a sports lounge, café, business center, conference room, pet spa, bicycle storage and maintenance room, resort-style saltwater pool, fire pit, outdoor kitchen, grilling stations, fitness center and an aerobic studio. Alta Wilde Lake will also feature 5,000 square feet of ground-floor retail space. JDavis Architects designed the project, and Wood Residential Services will manage the property upon completion. Apartments will be available for lease in summer 2016.
ORLANDO, FLA. — Orlando-based general contractor Williams Co. Southeast is on schedule to complete Phase I of The Crosslands, a $30 million retail center in Orlando. The 427,000-square-foot property will be located at Orange Blossom Trail and Osceola Parkway and is scheduled for a July 30 completion. The development team includes Tupperware Brands Corp., O’Connor Capital Partners, Peter Bergner and ELEVEN18 Architecture.
SEVIERVILLE, TENN. — RealtyLink LLC has broken ground on River Landing, a $25 million shopping center in Sevierville. The 175,000-square-foot project will be located on a 16-acre site along Winfield Dunn Parkway at the site of the Old Reel Theatre. Phase I is slated for completion this September, and Phase II is expected to be complete in February 2016. The property is pre-leased to eight undisclosed retailers. The project team includes general contractor Vannoy Construction, architect Cor3 Design and sub-contractor Blalock Cos.
ABERDEEN, MD. — Meridian Capital Group has arranged $13.6 million in bridge and construction financing for two hotels in Aberdeen, roughly 32 miles north of Baltimore via I-95. The borrower, Cross Roads Hospitality, will use the financing to reposition an existing property at 793 W. Bel Air Ave. as an 80-room LaQuinta Inn & Suites hotel and construct a new 98-room Hampton hotel. Tal Bar-Or, Beau Williams and Judah Neuman of Meridian Capital Group’s New York City office arranged the two-year bridge and construction loan through a national bridge lender. The loan features interest-only payments for the full term.
ASPEN, COLO. — The 179-room St. Regis Aspen Resort has received a $100 million refinance. The resort is located at 315 E. Dean Street, at the base of Aspen Mountain in downtown Aspen. The property was acquired by 315 East Dean Associates, led by Stephane de Baets, in 2010. The company has since invested about $50 million to renovate the five-star resort. The first mortgage was provided by an affiliate of KSL Capital Partners Credit Opportunities Fund.
SEATTLE — The 92-unit Sunset Electric apartment community in Seattle has sold to ASB Real Estate for $41.7 million. The community is located at 1111 E. Pine Street. It features an open-air interior courtyard and a rooftop deck. Sunset Electric is one of the few LEED-Platinum apartment communities in the Pacific Northwest. The seller, the Wolff Companies, was represented by JLL’s David Young, Corey Marx, Seth Heikkila and Matt Kemper.
SEATTLE — ASB Real Estate has acquired the 108-unit REO Flats in Seattle for $47.1 million. The community is located at 1525 14th Ave. It features high-end finishes, a rooftop deck, skyline views and a preserved, historic brick façade. The sellers were Madrona Real Estate and Glenmont Capital Management. The sale was executed by JLL’s David Young, Corey Marx, Seth Heikkila and Matt Kemper.
PHOENIX — A partnership between Lincoln Property Company (LPC) and funds managed by Oaktree Capital Management has acquired Biltmore Commerce Center, a 259,000-square-foot office property in Phoenix, for $58 million. The Class A center is located at 3200 E. Camelback Road in the Camelback Corridor. The three-story property is currently 93 percent leased to tenants like HDR Engineering, Lee & Associates, United Way, Greystar, North American Title Company and Miller Russell & Associates. It is situated across the street from two retail projects that feature tenants like Central Bistro, Wells Fargo, Bank of America, Mexx 32, Tarbell’s, Tommy V’s Osteria and Pizzeria, Tomaso’s and Hava Java Café. Biltmore Commerce Center includes a newly remodeled, 11,000-square-foot, three-story atrium. It recently had its corridors and lobbies remodeled, in addition to upgraded landscaping and a new water feature. The seller, a joint venture between DPC Development Company and Bridge Investment Group, was represented by Chris Toci, Chad Littell, Jerry Noble, Pat Devine and Greg Mayer of Cushman & Wakefield. The institutional-quality office building’s property management strategy will be directed by LPC’s Alisa Timm.