OMAHA, NEB. — Haley Real Estate Group, an Omaha, Neb.-based real estate investment firm, has acquired five apartment communities for $64.3 million. The properties include Meadow Walk Apartments in Arkansas City, Kan.; Woodscape Apartments and Forest Lake Apartments in Newport News, Va.; Fox Run Apartments in Broken Arrow, Okla.; and Pryor Creek Apartments in Pryor, Okla. The company plans to invest an additional $3.4 million for capital improvements to the communities, which feature a combined total of 1,028 apartment homes. The addition of the properties increases Haley Real Estate Group’s portfolio to 46 communities representing 11,380 units in 13 states.
ST. LOUIS — Kwame Building Group Inc. (KWAME) will serve as the construction project manager for a new $6.2 million firehouse in St. Louis. KWAME will build a 30,000-square-foot brick and stone building for The Northeast Ambulance and Fire Protection District in St. Louis County. The building will include a lower level, a 17,500-square-foot main floor with five vehicle bays and a second floor. KWAME will serve as the liaison with district staff and officials, design firms and contractors on the construction, equipping and occupancy of the firehouse. KWAME will also review the district’s selection of a building site and evaluate the land for cost effectiveness, usefulness, code compliance, zoning and ability to meet the district’s goals and operational needs. JEMA will provide architectural services for the project.
HARTFORD, WIS. AND MECHANICSVILLE, VA. — Capital Square Realty Advisors has acquired two healthcare buildings for an undisclosed price in the Richmond suburb of Mechanicsville and the Milwaukee suburb of Hartford. The portfolio includes a 73,756-square-foot, two-story building located at 1550 Innovation Way in Hartford and a build-to-suit 20,066-square-foot, single-story medical office building located at 7515 Right Flank Road in Mechanicsville. Each of the healthcare properties are on long-term leases to tenants.
CHARLOTTE, N.C. — Trinity Capital Advisors, owner of the six-building Toringdon Office Park in Charlotte’s Ballantyne submarket, has struck a deal to bring a new Hampton Inn and Suites to one of the office park’s outparcels. The 120-room, six-story hotel will feature a fitness center, indoor/outdoor pool and meeting space. The new hotel will be Beacon IMG’s fourth hotel in the greater Charlotte area. Construction will begin in the fall and wrap up in late 2015 or early 2016. Trinity Capital Advisors has also signed TIAA-CREF to a 24,190-square-foot lease in the Toringdon 4 building. TIAA-CREF will have signage on the exterior of the building that is visible from nearby Interstate 485, as per the lease agreement. Josh Lebowitz and Rob Hinton of CBRE represented TIAA-CREF in the lease transaction. Rhea Greene and Jennifer Kurz represented Trinity Capital Advisors internally.
RALEIGH, N.C. — Lowe Enterprises Investors (LEI) has teamed up with Blue Ridge Realty to develop The Gramercy, a 203-unit multifamily property located at 401 Glenwood Ave. in Raleigh’s Glenwood South neighborhood. The community will sit atop 6,900 square feet of ground-floor retail space and a 260-space parking garage. Wells Fargo provided a $26 million construction loan, which was arranged by Howard Brooks of Medalist Capital. The six-story building will offer studio, one- and two-bedroom apartments with granite countertops, stainless steel appliances, nine-foot ceilings and individual balconies. Amenities include a clubhouse with a kitchen and lounge area, resort-style pool and a business center. The design team includes architect J. Davis and general contractor Choate Construction. Construction of the project has begun this week.
LAVERGNE, TENN. — Binswanger has brokered the sale of a single-story, 865,000-square-foot industrial facility located on a 53-acre site at 1714 Heil Quaker Blvd. in Lavergne. The property is located near I-24 and 12.5 miles away from Nashville International Airport. Ashley Capital purchased the asset from Whirlpool Corp. and plans to retrofit it. Ashley Capital has tapped Binswanger to sell the asset once the retrofit is complete. Michael Reid of Binswanger’s Atlanta office represented Ashley Capital in the transaction.
ATLANTA — Encore Hospitality, a subsidiary of Dallas-based Encore Enterprises Inc., has purchased a 154-room Doubletree Suites by Hilton hotel in Atlanta. The hotel is located in Cobb County immediately adjacent to SunTrust Park, the future ballpark of the Atlanta Braves that is slated to open by Opening Day 2017. Encore plans on investing $6 million to remodel the hotel to include a new lobby with a multi-story water feature and a sports-themed lounge. Encore purchased the hotel for an undisclosed price from Inland Hospitality. Atlanta-based Hodges Ward Elliott brokered the transaction.
CHARLESTON, S.C. — NAI Avant has brokered the $4 million sale of 150 Wentworth St. in downtown Charleston. Dexter Rumsey of NAI Avant represented the buyer, Harbor House Inc., in the transaction. Harbor House is a local nonprofit organization that plans to convert the existing property into South Carolina’s first Fisher House, a lodging option where families of military veterans or active duty members can stay for free while their loved ones receive medical care. Construction is slated to begin in 2016.
DALLAS — Greystone has provided a $19.5 million bridge loan for the acquisition of two apartment complexes in Dallas. JD Stettin of Greystone’s New York office originated the loan. The interest-only bridge loan for the properties, known as Vineyards and Villa Jolla, includes a two-year term for the borrower, Dallas-based Presidium Group. Presidium plans to invest more than $5 million in capital improvements for both properties for interior and exterior upgrades. Presidium will pursue long-term HUD financing through Greystone.
ROANOKE, LITTLE ELM AND ROCKWALL, TEXAS — Venture Commercial has arranged land transactions in the north Texas cities of Roanoke, Little Elm and Rockwall. Venture’s land division represented developer MQ Development Partners in the sale of a 2.2-acre pad site at the Roanoke Gateway development, located on the northwest corner of State Highways 170 and 114 in Roanoke. Ken Reimer, Edward Bogel and David Davidson of Venture Commercial represented MQ Development in the transaction. Kyle Anz of HGA Holdings represented the buyer, which will develop the site for an On the Border Mexican Grill & Cantina. Venture also arranged the sale of two pad sites in Little Elm. Clay Mote and Davidson, of Venture, represented the seller, Providence/380 Partners Ltd. in both transactions. The sites will be developed into an automotive business and an emergency care clinic. In the third transaction, Venture arranged the sale of a three-acre tract of land in Rockwall. Mote represented the seller in the transaction. Gary Halbrooks of Venue Properties Inc. represented the buyer, Fenton Motors, which will develop the property into an automotive dealership.