LOS ANGELES — Phoenix Realty Group (PRG) and Blackstone Real Estate Partners VIII have acquired a 16-property multifamily portfolio for $570 million. The portfolio contains a total of 3,800 units. Properties within the portfolio are located in Los Angeles, San Diego, Denver and South Florida. The assets were acquired from two closed-end private equity funds managed by PRG. The portfolio was listed once the funds reached the end of their intended investment period.
DENVER — Jackson Square Properties has acquired The Bluffs at Castle Rock, a 220-unit apartment property in the Denver submarket of Castle Rock, for $37.2 million. The Class B community is located at 483 Scott Blvd. It was built in 1998. Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Lynd Company, in this transaction.
PHOENIX — CBRE has arranged the $24.8 million sale of Village Center, a 171,129-square-foot shopping center located in Phoenix. Jesse Goldsmith, Steve Julius, George Good and Christian Williams of CBRE negotiated the sale. Camino Verde Center LLC acquired the property from an undisclosed seller.
SAN JOSE, CALIF. — CityView and Symphony Development, a Los Angeles-based commercial development firm, have selected Peak Campus to manage the 27 North student apartment project near San Jose State University. Located one block north of the school’s campus, the 478-bed student housing project is currently under construction and will be move-in ready for students at the start of the 2016 school year. Upon completion, 27 North will offer fully furnished units in two-, three- and four-bedroom floor plans, complete with washers and dryers and stainless steel appliances. The community will also feature amenities including a fitness center, resort-style pool, a business center and computer lab, group study lounges on every floor, tanning facilities, a fire pit and grilling areas.
MISSION VIEJO, CALIF. — NorthMarq capital has arranged $9.8 million in acquisition financing for Los Alisos Village, a 31,401-square-foot retail center located in Mission Viejo. David Blum and Nathan Prouty of NorthMarq arranged the transaction, which was structured with a three-year, interest-only loan.
DALLAS — High Street Residential, the residential subsidiary of Trammell Crow Co. (TCC), in partnership with Principal Real Estate Investors (PrinREI), has broken ground on M-Line Tower, a new 20-story, 262-unit residential tower located at 3200 McKinney Ave. in Dallas. The tower will also include ground-floor retail anchored by a 5,548-square-foot Café Express and a new McKinney Avenue Transit Authority (MATA) trolley barn and executive office. Sitting on 1.3 acres at the corner of McKinney Avenue and Bowen Street, M-Line Tower will feature one- and two-bedroom luxury rental units. Resident amenities include a resort-style pool, two-story fitness center, outdoor living space, clubroom, business center and a rooftop sky lounge with unobstructed views of downtown, Uptown and Turtle Creek. High Street Residential and PrinREI will be providing MATA with an allowance for a seventh trolley car, 1,730 square feet of space, a build-out allowance for its new space and new trolley tracks and switch along Bowen Street. U.S. Bank provided construction financing for the project. Andres Construction Services LLC is serving as the project’s general contractor.
SUGAR LAND, TEXAS — Alamo Drafthouse Cinema will open a new location in the Imperial Market development located in Sugar Land known as Alamo Drafthouse Cinema at Imperial Market. Imperial Market is an 850,000-square-foot mixed-use lifestyle center slated to open in the summer of 2017. Located at the historic home of the original Imperial Sugar Co. refinery, the development will retain a number of the architectural features of the building, which dates back to 1843. Construction will begin on the nine-screen theater in 2016 as part of a newly constructed, two-story retail building. Developed by Imperial Market LLC, the mixed-use development will feature a 274-unit apartment complex, 106,000 square feet of Class A office space and a 185-room hotel. Amenities will include the new Fort Bend Children’s Discovery Center, which is affiliated with the Houston Children’s Museum, the Sugar Land Heritage Foundation and more than two acres of greenery and park space. The development will also include 275,000 square feet of retail space.
HOUSTON — HFF has secured financing for Sunrise by the Park, a newly-built, 180-unit, Class A apartment community in Houston’s Inner Loop. Working on behalf of the borrower, Sunrise Luxury Living, HFF placed the 10-year, fixed-rate loan through LStar Capital Finance Inc. Loan proceeds were used to replace existing construction financing. Completed in January 2015, Sunrise by the Park is located near the intersection of Memorial Drive and Birdsall Street at the entrance to Memorial Park. Situated on 1.5 acres, the asset provides access to downtown Houston, the Galleria, Uptown, River Oaks, Upper Kirby, West Avenue and Highland Village. The four-story, podium-style building has units averaging 745 square feet and is built above a two-story, 268-space parking garage. Community amenities include a swimming pool with tanning ledge and spa, barbecue grills, fitness center, lounge with billiards, kitchen, business center, bike storage/repair station and access to nearby biking/jogging trails at Memorial Park. Cameron Cureton and Scott Galloway led the HFF debt placement team representing the borrower.
MISSION, TEXAS — In an off-market transaction, NewQuest Properties has acquired its first commercial property in the Rio Grande Valley, picking up a 99,424-square-foot Big Kmart on nearly 11 acres along the most heavily traveled route between McAllen and Monterrey, Mexico. The site is located at the northeast corner of Expressway 83/I-2 and South Bryan Road in Mission, used by more than 2.2 million vehicles per year in cross-border travel. NewQuest has purchased the property at 1405 E. Expressway 83 in Mission from Los Angeles-based Tishman International Cos. Meredith McLeod-Cobb and Michael McLeod-Cobb of Champions RE Group sourced and negotiated the off-market deal. Tishman was represented internally in the transaction. Developed in 1992, the Kmart is located six miles north of the Anzalduas International Bridge, a four-lane, three-mile span connecting Mission to Reynosa, Tamaulipas. NewQuest’s first investment in the region is situated at the western edge of the McAllen MSA, the retail crossroads for South Texas and Northern Mexico.
ROYSE CITY, TEXAS — A new Whataburger of Mesquite in Royse City will open at the northwest corner of I-30 and Erby Campbell. The one-acre pad site is located at the front of the new Walmart Super Center in Royse City. Construction is set to begin in January with an anticipated opening in summer 2016. W. Thurston Witt Jr. of CBRE|UCR represented the buyer, and Jim Wier with The Retail Connection represented the seller, Royse City 114.