HOUSTON — Ryan Watson of Q10 Kinghorn, Driver, Hough & Co. has secured an $8.4 million acquisition loan for an apartment complex in Houston. The two-story property includes 356 units. Q10 Kinghorn, Driver, Hough & Co. is a Texas-based commercial mortgage banking company that arranges financing for developers and owners of commercial real estate.
IRVING, TEXAS — CBRE has arranged the sale of Casa del Sol, a 104-unit apartment complex in the Dallas suburb of Irving. Ken Durham purchased the asset from Elmstone Group CDS LLC through a tax-deferred 1031 exchange. At closing, the community was 100 percent occupied. Chris Deuillet of CBRE’s Dallas office represented the seller. The asset, located at 730 N. Nursery Road, was built in 1962. The four-building complex is comprised entirely of 432-square-foot, one-bedroom units.
CHICAGO — Harrison Street Real Estate Capital has acquired Dwight Lofts, a 771-bed student housing property located in Chicago’s South Loop neighborhood, for a reported $105 million. During the school year, the property serves as housing for students attending Columbia College Chicago, which recently executed an 11-year lease extension. The institution specializes in art and media disciplines. Harrison Street acquired the 178-unit building, built in 2009, from Bethesda, Md.-based ASB Capital Management. The high-quality amenities and central location of Dwight Lofts make the property an ideal living space for students as well as those seeking housing during the summer months, says Joey Harrison, Harrison Street’s core fund portfolio manager. Dwight Lofts is located a quarter-mile from the main campus building of Columbia College Chicago, and within walking distance of four CTA “L” stations, the LaSalle Street Metra Station, Grant Park, lakefront running and bike paths, and retail and restaurant establishments. The property offers two- and four-bedroom units that are fully furnished. The building features amenities designed to cater to Columbia students, including art studio space, music practice rooms, study lounges, a sky lounge, an on-site fitness center and three food-service providers. The Dinerstein Cos. will manage the property.
OVERLAND PARK, KAN. — Tower Properties will completely renovate and revitalize the 6601 College Boulevard building, when engineering and consulting firm Black & Veatch vacates the premises at the end of this year. The $20 million project will include a new glass façade, updated mechanical systems and new interior finishes and amenities. The renovation is expected to position the six-story, 101,000-square foot office building constructed in 1979 as one of the upper-echelon properties in the Overland Park office market. Tower Properties has hired RMTA Architects to design the improvements, and Jonkman Construction to renovate the building’s interior and exterior. The building’s mechanical systems will be designed by SNS Engineering and will be completely modernized. Construction will begin in January 2016, and Tower anticipates the renovated building will be available for occupancy in the fall of 2016. Tower Properties has retained Rollie Fors and Adam Tilton, both senior partners with Colliers International, to market the building. New tenants will benefit from the extensive natural light throughout the building and collaborative exterior green space, says Tilton. According to the Kansas City Business Journal, Black & Veatch is consolidating a total of 700 employees into a single 175,000-square-foot space at Overland Park Xchange, …
MINNEAPOLIS — WNC, a national investor in real estate and community development initiatives, has provided $3.2 million in low-income housing tax credit equity (LIHTC) to fund the development of Hi-Lake Triangle Apartments, a newly constructed 64-unit affordable seniors housing community in Minneapolis. Hi-Lake Triangle Apartments is a six-story building comprised of 53 one-bedroom and 11 two-bedroom units. Located at 2230 E. Lake St., approximately three miles from downtown Minneapolis, the elevator-serviced community is part of a mixed-use development containing 5,385 square feet of ground-floor retail space. Hi-Lake Triangle Apartments offers residents a rooftop terrace, outdoor picnic area, community room, recreational facility, common living room with a fireplace, laundry facilities, intercom access and onsite management. Each unit is equipped with central air conditioning. The building’s parking area includes 41 spaces reserved for tenants of Hi-Lake Triangle Apartments. Hi-Lake Triangle LLC served as the general partner of the project, while Stephen B. Wellington Jr. served as the project developer. Wellington Management Inc. received the LIHTC financing to help fund the development, which took nearly 10 months to complete.
APPLE VALLEY, MINN. — Marcus & Millichap has brokered the $2.55 million sale of a 6,260-square foot net-leased property occupied by Red Robin, a gourmet hamburger restaurant, in Apple Valley. The restaurant is located at 15560 Cedar Ave., about 19 miles south of Minneapolis. Mike Marzinske, Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. The transaction reflects the trend of capital gravitating from coastal markets to the Midwest for properties that are well located and occupied by strong-performing tenants, says Hazelton. “We have observed this trend throughout the year and foresee it remaining sustainable through the end of 2015.”
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has arranged an 11,754-square-foot office lease at Nine Mile Crossing, located at 17515 W. Nine Mile Road, Suite 600, in Southfield, a Detroit suburb. The landlord, TNHYIF TRS INC., leased the space to Language Center International Inc. (LCI), which teaches English as a second language. Established in 1987, the private language school provides citizens, immigrants and non-immigrants with language training for academic or personal purposes. Nine Mile Crossing is 12-story, 140,417-square-foot building that was constructed in 1969. Rick Tabbi of Friedman represented the landlord in the transaction.
WASHINGTON, D.C. — Capital One has closed a $110 million non-recourse bridge loan for the refinancing of a six-story office building located at 64 New York Ave. in Washington, D.C. Capital One served as sole lead agent, sole bookrunner and administrative agent for the loan. Capital One provided the loan on behalf of the borrower, a property fund managed by Brookfield Asset Management. The office building is primarily leased to the Washington, D.C., government, according to Capital One.
ST. PETERSBURG, FLA. — Cushman & Wakefield has brokered the $103 million sale of a 1.7 million-square-foot industrial portfolio in St. Petersburg. Evergreen Industrial Properties purchased the 34-building portfolio from Miami-based Fleeman Family Trust. The portfolio comprises five industrial parks, including Gateway Business Center, Gateway Business Park, Metropointe Commerce Park, Westbay Corporate Center and Joe’s Creek Industrial Park. The portfolio was 84 percent leased at the time of sale to tenants such as Lockheed Martin, Jabil, L–3 Communications, FedEx, MTS Systems, Worldpac, Digital Lightwave and Jagged Peak.
NASHVILLE, TENN. — Passco Cos. has acquired The Lexington Apartments, a 598-unit, Class-A garden-style multifamily community located in the Bellevue submarket of Nashville, for $93.5 million. According to Passco, The Lexington Apartments has maintained an average occupancy rate above 95 percent for the past three years. Located at 510 Old Hickory Blvd., the community comprises one-, two- and three- bedroom units and its community amenities include an indoor swimming pool, three outdoor pools, a fitness center, clubhouse, tennis courts, tanning beds, coffee bar and an outdoor grilling area. Vince Lefler of JLL’s Nashville office brokered the sale. The Lexington community was developed in two phases in 1997 and 1999, and all of the units were then remodeled between 2008 and 2012. The former owner began a new round of upgrades in 2012, which are still in progress today. Chris Black of KeyBank Real Estate Capital arranged $60.8 million in acquisition financing on behalf of Passco Cos.