AUSTIN, TEXAS — Austin-based Roscoe Properties has added eight new communities, totaling 2,040 rentable units, to its multifamily portfolio. The communities are: Westgate, a 312-unit complex in Houston; Sierra Royal, a 108-unit complex in San Antonio; Mariposa, a 132-unit complex in San Antonio; Elevation on Post Road a 342-unit complex in San Antonio; The Rail a 390-unit complex in College Station; Bristol Square, a 336-unit complex in Austin; The Beverly, a 120-unit complex in Austin, and; The Current, a 300-unit complex in Austin. Founded in 2002 by Jason Berkowitz, Roscoe Properties is an operator of multifamily communities. In addition to its headquarters in Austin, Roscoe Properties operates regional offices in Houston and San Antonio and manages approximately 10,000 units.
SAN ANTONIO — Laurus Corp., a Los Angeles-based real estate investment and development firm, has completed a reposition project for the Hilton San Antonio Airport hotel. The full-service hotel, located two miles from the San Antonio International Airport, has undergone a $12 million update, including a new restaurant, the Asado Seafood & Grill, and lounge. The hotels 384 guest rooms were also remodeled. Laurus’ hospitality portfolio also includes The Hunt Valley Inn in Baltimore, The Hilton Garden Inn in Philadelphia, The Marriott San Antonio Hotel and the 16-story, 474-room Warner Center Marriott Hotel in Los Angeles.
BALTIMORE — ZOM will commence construction in the third quarter on Banner Hill Apartments, a 349-unit luxury apartment community located in the Inner Harbor area of Baltimore. The project is a joint venture between ZOM and institutional investors advised by J.P. Morgan Asset Management. The general contractor is CBG Building Co. LLC, a division of Clark Construction Group. The property’s amenity package will include an e-lounge, fitness center, sports simulator, courtyards and a resort-style pool. The interior of the units will include kitchen islands, stainless steel appliances, granite countertops, stand-up showers, vinyl plank flooring, walk-in closets and private balconies. The units will range from 528 to 1,325 square feet. ZRS Management LLC will provide property management services upon completion. Pre-leasing for Banner Hill Apartments will begin in the first quarter of 2017.
ANNAPOLIS JUNCTION, MD. — St. John Properties Inc., in partnership with Somerset Construction Co., has revealed plans for the development of a new 100,000-square-foot office building at 10170 Junction Drive in Annapolis Junction, roughly 18 miles south of Baltimore. The new four-story property will be located within Annapolis Junction Town Center, a mixed-use transit-oriented development situated adjacent to the Savage Maryland Rail Commuter Rail (MARC) station. The project represents the office component of the development, which will also contain 416 luxury apartment homes, a 150-room hotel, 17,450 square feet of retail space and the recently completed MARC Station with a 700-space commuter parking garage. Southern Management Corp. and Somerset Construction Co. are developing the residential and retail portions of Annapolis Junction Town Center and are seeking a partner for the hospitality component. St. John Properties is constructing the office building to satisfy LEED Silver specifications for Core and Shell. The exterior of the building will comprise brick and glass and will feature 25,000-square-foot floorplates. St. John Properties plans to deliver the property in fall 2016. The company recently assumed control of this project, which was formerly being developed by Corporate Office Properties Trust.
NAPLES, FLA. — Inland Private Capital Corp. (IPCC) has sold the 146-unit Berkshire Reserve Townhomes located at 3536 Winifred Row Lane in Naples for $20.3 million. IPCC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs. Constructed in 2000, Berkshire Reserve comprises three-bedroom, two and one-half bath townhome apartments. Each unit contains 1,300 square feet of livable space and energy-efficient appliances, private patios, washers and dryers and a gourmet kitchen. The 189,800-square-foot property is located in the northern portion of the Naples-Marco Island metropolitan area, and is approximately five miles northeast of the Naples central business district. The multifamily residential complex includes 37 two-story apartment buildings and a clubhouse building with a swimming pool, barbeque area and children’s playground.
FREDERICK, MD. — Washington Property Co. (WPC) has acquired Ballenger Creek Plaza, a 75,527-square-foot shopping center located at 5830 Ballenger Creek Pike in Frederick, for $9.5 million. The property is fully leased to 13 tenants, including Wolf Furniture, Dollar General and Anytime Fitness. Andy Stape, Mat Adler and Vito Lupo of KLNB represented the seller, New York City-based Cohen Equities, in the transaction. WPC has tapped Paragon Commercial Property Management, the property management division of KLNB, to handle property management responsibilities.
BELMONT, N.C. — Avison Young has brokered the sale of a 124,213-square-foot distribution center located at 2100 The Oaks Parkway in Belmont, a suburb of Charlotte. GCP Capital Group purchased the facility from an unnamed institutional fund advisor for an undisclosed price. The property is fully leased to Industrial Distribution Group Inc. for use by its IDG USA division, which specializes in the distribution of maintenance, repair and operations supplies to industrial customers. Erik Foster, Mike Wilson and Chris Skibinski of Avison Young represented the seller in the transaction.
In Fairfield and New Haven counties, growing rental housing demand will keep apartment vacancy tight throughout the year, despite a second consecutive year of elevated completions. Developers will complete 1,300 units this year, representing a minor drop from the number of apartments delivered last year. More than 700 of these new rentals will be in New Haven County. Another 1,500 rentals, mostly in Fairfield Country, were under construction in the first quarter of 2015, with deliveries slated for next year. Key projects for completion include the 160-unit College & Crown in the city of New Haven. College & Crown is a modern luxury rental in a vibrant community, boasting galleries, shopping, dining and recreational activities, within walking distance to Yale’s main campus and the Yale School of Medicine. New apartments will modernize apartment stock and mark an ongoing effort among developers to tap into unfulfilled demand for newer, amenity-laden rentals. In the first quarter of 2015, recently completed apartments in Fairfield and New Haven counties have been well absorbed. An increase of rental housing inventory may also play a meaningful role in continued growth of the local economy by making it easier for local employers to recruit workers to the …
GIG HARBOR, WASH. — Ziegler, a specialty investment bank, has closed $145 million in bond financing for Heron’s Key, a nonprofit continuing care retirement community (CCRC) currently in development in Gig Harbor. Located on approximately 18 acres, Phase I of Heron’s Key’s development will include 194 independent living units, 36 assisted living units, and 45 skilled nursing units. The site, zoning and design allow for a future Phase II construction of an additional 88 independent living units and 32 memory care assisted living units.
CITY OF INDUSTRY, CALIF. — A private investor has acquired Puente Hills East, a shopping center located at 17603-17799 Colima Road in City of Industry. The James Campbell Company sold the 195,063-square-foot retail center for $36.7 million. The center is fully leased to Target, Ross Dress for Less, PetSmart, Old Navy, Ulta Beauty, Wells Fargo and Macaroni Grill. Ryan Swanson and Kurt Bruggman of Lee & Associates Irvine represented the buyer, who plans to hold the property for the long term. Dixie Walker, Charley Simpson and Andrew Milne of DTZ represented the seller in the transaction.