HOUSTON — Developer JPI/TDI has begun construction on a 198-unit luxury multi-family community in Houston, within the Heights submarket along the Washington Corridor. The community, Jefferson Heights, is located at 1520 N. Memorial Way. Construction is expected to be completed in fall 2016. Jefferson Heights is being developed on 1.47 acres adjacent to downtown Houston. Apartment homes will offer one- and two-bedroom floor plans ranging from 607 to 1,253 square feet. Units will feature granite countertops, stainless steel appliances, nine-foot ceilings, large closets, garden tubs, separate showers, as well as washers and dryers. Jefferson Heights will offer amenities that include downtown views, a pool overlooking downtown, three courtyards, fire pits, outdoor kitchen and grill area, Wi-Fi in common areas, coffee bar and a fitness center. JLL LP arranged the remaining capitalization in the form of a mezzanine loan, which Parse Capital and equity financing provided.
Property Type
HOUSTON — Global Transportation has leased 10,719 square feet at the Norfolk Tower building, located at 2211 Norfolk St. in Houston. Griffin Jaggard and Terri Torregrossa of Moody Rambin represented the building owner, The Realty Associates Fund IX LP. Phil Arnett represented Global Transportation in negotiations.
HOUSTON — Ryan Watson, vice president of Q10 | Kinghorn, Driver, Hough & Co., has arranged $7.3 million in permanent, non-recourse financing on behalf of a Houston-based investor. The 10-year, fixed-rate loan was arranged through RAIT Financial Trust following the renovation of Bennington Square apartment homes in southwest Houston in 2012 and 2013. The 288,000-square-foot, 313-unit Bennington Square community is located at 6300 W. Bellfort St. The non-recourse financing with cash-out option to the borrower allowed the initial investment capital to be returned to the original investors.
LOS ANGELES – A 17-unit apartment building in the Faircrest Heights neighborhood of Los Angeles has sold to a local private investor for $7.8 million. The community is located at 1520-1522 South Hayworth Ave. It was built in 1990 and fully renovated in 2013. The seller, SHI Properties, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company. SHI is an LLC owned by Oak Coast Properties.
COLORADO SPRINGS, COLO. – A 6,166-square-foot retail property in Colorado Springs has sold to Bahia Cypress Properties LLC for $4 million. The property is located at 1520 Briargate Blvd. It is an outparcel property of Chapel Hills Mall that is currently occupied by US Bank. The bank has 10 years remaining on the lease. Bahia was represented by Rick Puttkammer of Colliers International. The seller, W&G Company, was represented by Sam Zaitz of Legend Retail.
LOS ANGELES – A 10-unit apartment building in West Hollywood has sold to a local private investor for $3.3 million. The community is located at 1220 N. Formosa Ave. It was built in 1960. Kimberly Roberts Stepp of Charles Dunn Company represented both the buyer and the seller, Aquat 9 LLC, in this transaction.
EL MONTE, CALIF. – A 21,288-square-foot industrial property in El Monte has sold to an individual/personal trust for $2 million. The property is located at 3614 Arden Drive. Pablo Rodriguez and Richard Vincent of Marcus & Millichap’s Ontario office represented both the buyer and the seller, a private investor, in this transaction.
LOS ANGELES — Face First has signed a five-year lease for 6,331 square feet at LC3: Lindero Canyon Creative Campus in the Los Angeles submarket of Westlake Village. The creative office campus is located at 31416 Agoura Road. Face First was represented by Ryan Harding of Newmark Grubb Knight Frank. The landlord, Agoura and Lindero Associates LLC, was represented by CBRE’s Michael Slater and Tom Dwyer. LC3 was only 36 percent occupied when it was originally purchased by the LLC in late 2012. The occupancy rate now stands at 95 percent.
JACKSONVILLE, FLA. — Meridian Capital Group LLC has secured a $9.9 million acquisition loan for San Pablo Apartments, a 200-unit multifamily community located at 14401 Jose Vedra Blvd. in Jacksonville. Michael Brown and Noam Kaminetzky of Meridian Capital’s Boca Raton office arranged the 10-year Fannie Mae loan with a fixed interest rate of 4.69 percent on behalf of the unnamed borrower.
TAMPA, FLA. — Avison Young has brokered the $3.5 million sale of Stadium Executive Center, a 27,503-square-foot, Class B office building in Tampa. The two-story property is located at 4107 Himes Ave. Trey Carswell and Lauren Coup of Avison Young represented the seller, RMS Assets LLC, in the transaction. The buyer, Roche Surety & Casualty Co. Inc., will occupy the second floor of the property and maintain three leases on the first floor.