BOWIE, MD. — CBRE has brokered the sale of Meridian at Bowie, a 384-unit multifamily community in Bowie, a Maryland suburb of Washington, D.C. Friedkin Realty Group purchased the apartment community from an undisclosed seller for $71.8 million. Bill Roohan, Mike Muldowney, Andy Boyer, Brian Margerum, Michael Rudolph, Jonathan Greenberg and Martha Hastings of CBRE’s multifamily investment properties team in Washington, D.C., represented the seller in the transaction.
ST. PETERSBURG, FLA. — Passco Cos. LLC has purchased the 308-unit Azure Luxury Apartments, a Class A apartment community located at 540 Trinity Lane in St. Petersburg, a city within the Tampa Bay area. The newly constructed apartment community was 94 percent occupied at the time of sale. The property comprises one-, two- and three-bedroom units with stainless steel appliances, granite countertops and kitchen islands, plank wood flooring, washers and dryers, nine-foot ceilings and private patios and balconies. Azure’s amenity package includes a resort-style pool, fitness center, garages, sports lounge, dog park, outdoor fire pits, car washing stations and electric car charging stations. The seller was undisclosed.
NEW ORLEANS — The city of New Orleans will sell 1,786 adjudicated properties across the city through a new online auction process. The sale will provide winning bidders with full ownership of each property and with guaranteed title insurance. A property is adjudicated to the city when its property taxes have not been paid — becoming delinquent — and the city is unable to sell the property at a tax sale. The city will only auction properties where five years have elapsed from the date of an attempted tax sale. The first online auctions are expected to take place this summer.
BOCA RATON, FLA. — Integra Real Estate Capital has arranged a $3 million refinance of City Plaza, an 11,000-square-foot retail property located in downtown Boca Raton. Igor Goldenberg of Integra arranged the seven-year loan through an unnamed regional balance sheet lender at a fixed interest rate. The recently renovated City Plaza’s tenant roster includes Tendler Orthodontics, Little Caesars Pizza, GK BloDryBar & Salon, The Seed Coffee | Juice and G+O2 Fitness.
PORTSMOUTH, VA. — Growth Equity Group has acquired the Charlestowne Townhomes, a 50-unit townhome rental community located at 1590 Darren Circle in Portsmouth, part of the Hampton Roads region. The property features two- to four-bedroom units ranging from 940 to 1,254 square feet. Charlestowne Townhomes is located near Norfolk Naval Shipyard, Bon Secour’s Medical Center and the Portsmouth Marine Terminals. Growth Equity Group has also recently acquired the 32-unit Midlands Townhomes in Williamsburg, Va., and the 178-unit Timberwoods in Newport News, Va. Terms of the transaction were not disclosed.
Nashville is now an established growth leader regionally and nationally. The city was a national trailblazer as the U.S. economy recovered from the Great Recession. That head start positioned Nashville to take advantage of broader growth trends and stay ahead of the pack as the remainder of the region and country started to grow again. Moody’s Analytics places Nashville firmly in an expansion phase, with fourth quarter employment growth 330 basis points ahead of the prior year, in-migration driving single-family housing permits up 13 percent last year and accelerating wage growth. Quoting Moody’s, “With the commercial real estate market tightening quickly, the pace of hiring will soon be contingent on how quickly new offices can be built or renovated. Yet there is still a good chance office-using employment could beat expectations, especially after 2016.” Class A buildings continue to dominate growth. Overall absorption for 2014 totaled 666,639 square feet, while Class A absorption was 689,009 square feet. Absorption exceeded construction by over 200,000 square feet, and Class A vacancy dropped from 5 percent at the beginning of the year to 3.5 percent at year-end. Vacancy that low inhibits movement, as is obvious in Brentwood with only 45,000 square feet vacant, …
TERRE HAUTE, IND. — Mainstreet and Trilogy Health Services is opening Harrison’s Crossing Health Campus, a 102-bed, 68,000-square-foot transitional care (short-stay rehabilitation and therapy) and assisted living facility, this month. The property is located at 395 8th Ave. in Terre Haute. Construction on Harrison’s Crossing Health Campus began in November 2013. Mainstreet developed the facility and Trilogy operates the property. Harrison’s Crossing Health Campus will offer amenities including a large therapy gym, outdoor rehabilitation courtyard, movie theater, game room, spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 317 construction jobs and 100 permanent jobs.
MADISON, WIS. — ALTUS Commercial Real Estate Inc. has arranged a 2,139-square-foot office lease in Madison. Wisconsin Newspaper Association will occupy the space located at 34 Schroeder Court, Suite 2. Chuck Polenz of ALTUS represented the tenant, and Jeff Jansen of ALTUS represented the landlord.
OAKBROOK TERRACE, ILL. — Zilber Property Group has opened a new Chicago regional office in Oakbrook Terrace. Lead by Todd Vezza, director of industrial investments, the office is focused on the expansion of Zilber’s Chicago industrial portfolio through acquisition and development. The new location is located at One Oakbrook Terrace Suite 510. Zilber owns and manages more than 5 million square feet of commercial space and operates corporate offices in Milwaukee and operations in Arizona, California, Florida, Hawaii, Illinois, Indiana, Texas and Wisconsin.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Parc Bordeaux Apartments, a 208-unit apartment community in Indianapolis. The sale price was undisclosed, but the property was listed at $8.7 million. Originally built in 1968, Parc Bordeaux underwent a $3.2 million rehab in 2002 following a tornado. Tikijian Associates represented the seller, Fowler Property Acquisitions. The buyer was an affiliate of Birge & Held Asset Management LLC, an Indianapolis-based private equity and property management firm. The buyer plans to continue making upgrades at the property.
