COVINA, CALIF. — Sares-Regis Value-Add Multifamily Fund II has purchased the 216-unit Vista Pointe Apartment Homes in Covina for an undisclosed sum. The community is located at 1400 Grand Ave. This is the fund’s first acquisition. Sares-Regis plans to make major improvements and upgrades to the property as part of its repositioning strategy.
LEAGUE CITY, TEXAS — South Shore Harbour Resort and Conference Center is set to undergo a multi-million dollar renovation, themed “A new look. A new experience.” The renovation is designed to energize the hotel with a new design and enhanced guest experiences. Highlights will include a marina-side pool and deck, a re-appointed restaurant, 238 redesigned guest rooms and two multi-level penthouses, new exterior appointments and a lobby bar with panoramic views of the water, as well as an upgraded air conditioning system and LED energy-efficient lighting. The resort hotel and 25,000-square-foot conference center will remain open during the renovation, which is slated for completion in the second quarter of 2016. The property’s owner, American National Insurance Co., and management company, 1859 Historic Hotels, committed to the renovation based on recommendations from hospitality consultant T.R. Engel Group, which is also project manager for the renovation. Dallas-based Flick-Mars will redesign the hotel’s entrance, public spaces and guest rooms. Gilbane is the general contractor for the project, and landscape architect firm Landology will execute the redesign for the resort pool area. Looking onto the pool area will be a new fitness center outfitted with cardio and weightlifting equipment. The property’s total conference space …
SAN ANTONIO — The RADCO Cos. has acquired Stratford Apartments in San Antonio for $20.6 million. Now renamed City Summit, the property’s amenities include two swimming pools, barbeque areas, a business center, fitness facility and a newly upgraded soccer field and playground. City Summit is located two miles north of the perimeter and within walking distance to one of the largest Medical Center Districts in Texas. RADCO financed the acquisition with private capital and financing from Alostar Bank of Commerce. CBRE brokered the transaction. Built in 1982, one-third of the property comprises townhome-style units. Atlanta-based RADCO plans to spend $4 million to upgrade the exterior amenities and interior finishes. With this acquisition, RADCO now owns 13,955 multifamily units in eight states in the Southeast and Central U.S.
TYLER, TEXAS — BMC Capital has secured $3.7 million in cash-out refinancing for an apartment property in Tyler. The loan includes a 3.9 percent fixed interest rate and 30-year amortization schedule for the Class C property. BMC arranged the seven-year loan at a 75 percent loan-to-value ratio through a bank correspondent.
HOUSTON — Roka Akor Steak, Seafood & Sushi has signed a lease for 6,591 square feet of ground floor space at 2929 Weslayan, a 40-story residential building at the northeast corner of Weslayan and West Alabama streets in Houston. This will be Roka Akor’s first location in Texas. Developed in 2015 by PMRG, 2929 Weslayan features 254 multifamily units and 11,880 square feet of retail and restaurant space. Property amenities include a 20-foot wall fountain in the lobby, stone and wood material palette throughout, a half-acre terrace, pool, fitness center and aqua lounge. Units range in size from 850 to 4,000 square feet. The building offers three penthouse levels, terraces, downtown views and direct-access elevators. James Namken, Kyle Knight and Edward Heap with The Weitzman Group represented PMRG in the lease. Mike Wheeler with Streetwise Retail Advisors represented the restaurant.
LAGRANGE, GA. — On behalf of KEP LaGrange LLC, The Kalikow Group and EYC Cos. have sold Woodland Trail, a 236-unit, garden-style apartment community in LaGrange, for $22.8 million. Built in 2009, the apartment complex is located on a 20-acre site on North Davis Road, roughly 10 miles from Kia Motors Corp.’s $1.2 billion auto manufacturing facility that opened in 2011. Woodland Trail features one-, two- and three-bedroom units that include maple cabinets and granite countertops in the kitchen, nine-foot ceilings and walk-in closets. Community amenities include a fitness center and playroom, business center, swimming pool, screen porch terrace for poolside dining and a four-acre woodland preserve with nature trails.
ELKRIDGE, MD. — NAI KLNB has brokered the sales of two industrial assets in Baltimore’s Elkridge suburb totaling $21.6 million. FRP Port Capital LLC purchased a 120,758-square-foot property at 7700 Port Capital Drive from 6601 Little River Turnpike LLC for $9.9 million, and HSRE Fund V Holding Co. LP purchased a 168,000-square-foot facility at 6685 Santa Barbara Court from Santa Barbara Court LLC for $11.7 million. Model Home Interiors fully leases 7700 Port Capital Drive, and 6685 Santa Barbara Court, which is located in the Route 100 Industrial Park, is leased to five regional tenants. Christopher Kubler of NAI KLNB represented the sellers in both transactions.
TYSONS CORNER, VA. — Cambridge Property Group LLC has brokered the $21.5 million sale of a 101,440-square-foot office building located at 1760 Old Meadow Road in Tysons Corner. Built in 1999, the Class A office building features a two-story marble lobby and a five-level parking garage connected to the building via a covered breezeway. The buyer, Galaxy Metro LLC, plans to make capital improvements to the property and rename the building Cambridge Metro Outlook. Galaxy Metro has also retained Cambridge Property Group to manage and lease the five-story property. Galaxy Metro purchased the asset from TIAA-CREF. HFF represented the seller, and Cambridge Property Group represented the buyer in the transaction.
SARASOTA, FLA. — Paragon Realty Group has sold Sarasota Main Plaza, a 254,677-square-foot mixed-use retail center located at 1991 Main St. in Sarasota, for $18.1 million. Patrick Berman and Jason Donald of Cushman & Wakefield represented Paragon, and Steve Horn of Ian Black Real Estate represented the buyer, a joint venture between Baird Inc., JMB Parent LLC and GPS Industries LLC, in the transaction. The two-story center is home to tenants including Regal Cinemas, the Florida Department of Revenue, Sarasota Family YMCA, Seaside National Bank and Sarasota County municipal offices.
HORSHAM, PA. — Workspace Property Trust (WPT) has acquired 41 office and flex buildings in Horsham from Liberty Property Trust for $245.3 million. The portfolio comprises 2.3 million square feet of mixed property types and tenants. The acquisition is the first real estate transaction by WPT and represents the beginning of a strategic plan to build a portfolio of high-quality, well-positioned suburban real estate assets in the Northeast. The acquisition was financed with a $200 million loan provided by JPMorgan Chase Bank. Mike Tepedino, Michael Gigliotti, Ryan Ade and James Conley of HFF arranged the acquisition financing. A privately held, vertically integrated, full service commercial real estate company, WPT is a partnership between Rizk Ventures, Forum Partners, JMP Group and EverWatch Capital. The trust specializes in the development, management and operation of office and flex space in the Northeast.