Property Type

Moran & Co. Southeast Brokers $53.9M Sale of Apartment Community in Metro Atlanta

by John Nelson December 16, 2015

DULUTH, GA. — Moran & Co. Southeast has brokered the $53.9 million sale of Century Park, a 440-unit apartment community located at 2110 Preston Park Drive N.W. in Duluth, a suburb of Atlanta. The property’s units average 1,220 square feet and include black GE appliances, crown molding, 9-foot ceilings, private balconies/patios, walk-in closets and garden tubs. Select units have sunrooms, wood-burning fireplaces, built-in media desks and vaulted ceilings. Community amenities include gated access, a swimming pool, fitness center, DVD library, lighted tennis court, sand volleyball court, playground area, car care center, clubhouse and detached garages. Atlanta-based Cortland Partners purchased the asset from Atlanta-based Centennial Holding Co. for roughly $122,500 per unit. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast brokered the transaction.

December 16, 2015

Georgia Multifamily Southeast

Steadfast Apartment REIT Buys Apartment Community in Metro Atlanta for $51.4M

by John Nelson December 16, 2015

SMYRNA, GA. — Steadfast Apartment REIT has acquired Park Valley Apartments, a 496-unit, Class B multifamily community in the Atlanta suburb of Smyrna, for $51.4 million. Built in 1987, the apartment property features studio, one- and two-bedroom residences that range from 465 to 1,137 square feet. Unit interiors include stainless steel appliances, walk-in closets and vaulted ceilings. Community amenities include a swimming pool, cyber café, fitness center, weekly boot camp, three lighted tennis courts, car care center, picnic areas with grills and a fenced pet park. The property is currently 95 percent occupied and rents average $871 monthly. The multifamily REIT plans to upgrade all unit interiors and enhance amenities and common areas. Steadfast Apartment REIT’s portfolio now comprises 9,300 units across 28 properties in 11 states for an aggregate purchase price of $1.1 billion.

December 16, 2015

Kentucky Multifamily Southeast

Silvestri-Craig Realtors Brokers $11M Sale of Apartment Community in Lexington

by John Nelson December 16, 2015

LEXINGTON, KY. — Silvestri-Craig Realtors has brokered the $11 million sale of Turfland Apartments, a 314-unit apartment community located at 2070 Garden Springs Drive in Lexington. Ken Silvestri of Silvestri-Craig Realtors brokered the transaction. The buyer, a Philadelphia-based investment firm, plans to invest $7 million in upgrades at the property. The seller built Turfland Apartments in 1973 and managed the community up until the sale.

December 16, 2015

Pearl-Woodlake-apartments-morgan-houston

Multifamily Texas

Morgan Opens Pearl Woodlake Luxury Apartment Homes in Houston

by Haisten Willis December 16, 2015

HOUSTON — Morgan, a multifamily developer and manager, has opened Pearl Woodlake in Houston’s Westchase District. Located at 2033 S. Gessner Road between Westheimer and Briar Forest, construction started on the property in early 2014. Pearl Woodlake’s 376 studio, one-, two- and three-bedroom units range from 607 to 1,551 square feet. The units feature open floor plans, wood-style floors, track and pendant lighting, under-mount kitchen and bathroom sinks, kitchen islands in select units, full-size washers and dryers, walk-in closets, side-by-side refrigerators/freezers and patios and balconies in select units. Recreational amenities include a courtyard with a pool, outdoor kitchen and poolside cabanas, grilling stations, a dog park and dog wash station, a club room with pool table and catering kitchen and a gym. Car charging stations also are available. Rents for Pearl Woodlake units range from around $1,250 to $2,600 per unit.

December 16, 2015

Office Texas

Wellington Realty Brokers Office Lease at Thanksgiving Tower in Dallas

by Haisten Willis December 16, 2015

DALLAS — Wellington Realty, a commercial real estate services company serving the four major markets in Texas, has completed a leasing transaction on behalf of Black Shark Family Investments, a family office. Black Shark Family Investments has leased 9,670 square feet of office space in Thanksgiving Tower, a 50-story skyscraper located in downtown Dallas. Jack Allen of Wellington Realty represented the tenant. Mike Dement and Sam Meginnis of Wellington Realty represented the landlord, Altschuler & Co. Thanksgiving Tower is undergoing a $30 million renovation to its lobbies and common areas.

December 16, 2015

Industrial Texas

Lee & Associates Negotiates Sale of Industrial Property in Metro Houston

by Haisten Willis December 16, 2015

TOMBALL, TEXAS — Reed Vestal and Taylor Schmidt of Lee & Associates’ Houston office represented Worldwide Rock Enterprises in the purchase of 6.7 acres on Theis Lane in Tomball. Caldwell Cos.’ Keith Edwards, Clay Roper and Daniel Greco represented the unnamed seller. Wycoff Development & Construction will break ground in January on a 20,000-square-foot building on five acres of concrete for the buyer. Reed and Taylor also represented the buyer in the design-build and land re-zoning process.

December 16, 2015

Industrial Texas

M&M Arranges Sale of Self-Storage Facility in Houston

by Haisten Willis December 16, 2015

HOUSTON — Marcus & Millichap has arranged the sale of A-Alamo Storage, a 76,720-square-foot, 919-unit self-storage facility in Houston. Charles LeClaire of Marcus & Millichap’s Denver office, along with Dave Knobler of the firm’s Houston office, represented the seller and procured the buyer, Extra Space Storage. A-Alamo Storage is located less than two miles from downtown Houston. The property is located on 2.4 acres at 3535 Katy Freeway with frontage on the Katy Freeway. Constructed in 1999, A-Alamo Storage is composed of one three-story building and two two-story buildings, and consists of 854 storage units, 51 outdoor parking spaces and 14 postal boxes. The property’s amenities include a gated entrance with key code access, video surveillance, manager’s office, elevators and concrete driveways.

December 16, 2015

Indiana Midwest Multifamily

Flaherty & Collins Breaks Ground on $26.5M Multifamily Project In New Albany, Indiana

by Christina Cannon December 16, 2015

NEW ALBANY, IND. — Flaherty & Collins Properties has broken ground on a $26.5 million luxury apartment project in downtown New Albany, located across the Ohio River from Louisville, Ky. Flaherty & Collins is partnering with the city of New Albany and the Indiana Economic Development Corp. on the project. The Breakwater is being constructed on the site of the former Coyle Chevrolet property. The complex will feature 191 luxury units and 1,650 square feet of street-front retail space. Amenities will include a heated swimming pool with cabanas, an outdoor movie screen, bike storage, a pet washroom, a fitness club, dog park and an outdoor kitchen with grilling stations and a fire pit. Unit amenities will include 9-foot ceilings, granite countertops, over-sized tubs, faux wood flooring, washers and dryers and smart thermostats. The project is slated for completion in spring 2017. The developer is targeting residents with annual incomes between $50,000 and $60,000. The Breakwater will also be the first apartment project in Southern Indiana to offer gigabit Internet.

December 16, 2015

Illinois Midwest Mixed-Use

Baum Realty Brokers Purchase of $7.7M Mixed-Use Property in Chicago

by Christina Cannon December 16, 2015

CHICAGO — Baum Realty Group LLC has brokered the purchase of a loft building in Chicago for $7.7 million. CLK Properties, a New York-based developer, purchased the 31,050-square-foot building from an undisclosed seller. The property, located at 112 N. May St., is three stories and includes 28 surface parking spaces. The first floor consists of retail space and the second and third floors could be used for office or residential space. The building was 100 percent vacant at the time of sale. Danny Spitz and Greg Dietz of Baum Realty represented the buyer in the transaction.

December 16, 2015

Illinois Midwest Office

CBRE Arranges 265,000 SF Lease Extension for Law Firm Mayer Brown in Chicago

by Christina Cannon December 16, 2015

CHICAGO — CBRE has arranged a 265,000-square-feet lease extension for law firm Mayer Brown LLP at 71 S. Wacker Drive, a 48-story office building in Chicago. Mayer Brown has leased space at the office tower since it opened in 2005. The 1.5-million-square-foot building is 98 percent leased. Tenants at the building include Citizens Bank, Piper Jaffray, Legal & General, Towers Watson and Milliman. The office tower also features a restaurant, retail bank, cafeterias with catering service, a fitness center, conference center and public gardens. Henry Cobb of Pei Cobb Freed & Partners designed the building. Todd Lippman, James Whalen and Pete Delneky of CBRE represented Mayer Brown in the transaction. Brad Despot and Jon Copeland of Avison Young represented the landlord, Irvine Company Office Properties.

December 16, 2015

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