AUSTIN, TEXAS — Bluerock Residential Growth REIT Inc. has entered into an agreement to acquire Fox Hill Apartments, a 288-unit Class A apartment community in Austin. Bluerock plans to invest $10.6 million to acquire an 85.6 percent indirect joint venture interest in Fox Hill. The joint venture is expected to acquire Fox Hill for $38.2 million. The acquisition will be capitalized with a $26.7 million senior mortgage from Fannie Mae . The loan has a term of seven years with 3.6 percent interest, and will be interest-only for the first two years. Bluerock’s third-party joint venture partners in the transaction are expected to contribute 4.4 percent of the equity. Built in 2010, Fox Hill is a Class A multifamily community featuring one-, two- and three-bedroom unit layouts averaging 1,066 square feet. The community sits on 44 acres and features several amenities.
CHICAGO — Chicago Real Estate Resources has arranged the sale of a retail property in Chicago. The three storefronts totaled 3,828 square feet, two of which were leased at the time of sale to Snippet’s Mini-Cuts and Edible Arrangements. The property is located at 3722-26 N. Southport Ave., in Lakeview’s Southport Retail Corridor Nate Gautsche of Chicago Real Estate Resources’ commercial office represented the local buyer in the acquisition of the value-add retail property.
SAN ANTONIO — ARA has arranged the sale of Regency at Lookout Canyon, a 320-unit, Class A apartment complex located in San Antonio. The property was 95 percent occupied at the time of sale. ARA Newmark’s Patton Jones and Matt Michelson represented the seller, a private investment group out of Atlanta. Salt Lake City-based Bridge Investment Group Holdings was the buyer. Built in 2007, Regency at Lookout Canyon includes one-, two-, three- and four-bedroom units.
WYLIE, TEXAS — Marcus & Millichap has arranged the sale of 1st Wylie Shopping Center, a 12,115-square-foot retail property located in Wylie. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Wayne Bares, also of Marcus & Millichap’s Dallas office, procured the buyer, a local partnership. 1st Wylie Shopping Center is located at 620 N. Highway 78, southwest of East Brown Street. The property includes three freestanding, multi-tenant buildings and is situated on 1.5 acres along a major retail corridor for the city of Wylie. At the time of listing, tenants included Domino’s Pizza, Jackson Hewitt Tax Service, Diamond Nails & Spa and several others.
Austin is happening. The city was ranked No. 1 for small business growth by Forbes.com and No. 1 in Kiplinger Finance Magazine’s “10 Best Cities for the Next Decade.” Steady population growth has created demand for virtually all real estate product types in Austin. While the office market and vertical condo developments grab most of the headlines, the regional industrial real estate market has recovered significantly from the recession and is expanding in lock step with the overall economy. The Texas capital is now the 11th most populous city in the U.S. and the fourth largest in Texas. From a population of 132,459 in 1950, the city grew to 465,622 in 1990, 656,562 in 2000, 790,390 in 2010 and an estimated 865,504 today. More new industrial product was delivered in Austin last year, approximately 675,000 square feet, than any year since 2008. Another 550,000 square feet of industrial property is expected to deliver this year. In a market of 46 million square feet in total, these are robust years for industrial development. Net absorption for the year was 376,279 square feet, according to Xceligent. While positive, it was substantially less than the 887,544 square feet of net absorption in 2013. …
DESTIN, FLA. — Avison Young’s debt, joint venture and structured capital team in New York has secured a $44 million construction loan for Phase I of Henderson Beach Resort, a five-phase beachside resort along the Gulf of Mexico in Destin. Phase I comprises a 170-room hotel and conference center that Salamander Hotels & Resorts will manage. David Eyzenberg and Amanda Saltzman of Avison Young arranged the loan through Ozark Bank on behalf of the project sponsor, Dunavant Enterprises. In addition to the construction loan, the resort is being financed through an EB-5 funding component totaling approximately $50 million. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program, also known as the U.S. Immigrant Investor program, allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Henderson Beach Resort is $500,000.
HUNTSVILLE, ALA. — Inland Real Estate Corp. has purchased Westbury Square, a 115,000-square-foot shopping center in Huntsville, for $23.4 million in cash. The center is located at the intersection of Highway 53 (Memorial Parkway South) and Airport Road. Westbury Square was fully leased at the time of sale to tenants such as Stein Mart, TJ Maxx, Michaels, Jimmy John’s, Moe’s Southwest Grill, Jenny Craig and BB&T. The center is the publicly traded REIT’s fourth acquisition in the Southeast in the past 15 months.
DUNCAN, S.C. — CBRE has brokered the $12.6 million sale of Duncan Distribution Center, a 350,000-square-foot, Class B distribution center in Duncan, part of the Spartanburg West industrial submarket. Beacon Partners purchased the distribution center, which was fully occupied at the time of sale. Patrick Gildea, Brett Floyd and John Scott of CBRE represented the seller, Duncan Owner Corp., in the transaction. The center is located near I-85, the South Carolina Inland Port in Greer and BMW’s manufacturing plant.
RICHMOND AND SALEM, VA. — Multi Housing Advisors (MHA) has brokered the sale of two Virginia Apartment communities in two separate transactions. The properties include the 120-unit Laurel Pines in Richmond and the 132-unit Northview in Salem. Monument Real Estate Services acquired Laurel Pines from an undisclosed seller for $6.6 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the seller in the transaction. Additionally, Yorkshire Holdings LLC purchased Northview from Northview Associates for $4.6 million. Robinson, McCarley and Bryant also represented the seller in the transaction. The MHA team was the sole brokerage firm in both transactions.
ATLANTA — Marcus & Millichap has brokered the $6.4 million sale of the retail component of Windsor Glenridge Springs, a mixed-use development located at 5610 Glenridge Drive in Atlanta. The retail component totals roughly 20,000 square feet and is leased to tenants such as Sushi Nami, Blue Moon Pizza and Firehouse Subs. Built in 2011, Windsor Glenridge Springs also includes 168 luxury apartment residences, which were not part of the transaction. Craig Johnson and Tim Giambrone of Marcus & Millichap’s Atlanta office represented the buyer, an unnamed investment firm based in California.