DALLAS — A joint venture between Mill Creek Residential and AEW Capital Management LP has acquired Lakewood on the Trail, a 352-unit multifamily property in Dallas. The garden-style community offers one- and two-bedroom apartments, as well as three pools, a fitness center, clubhouse, outdoor kitchen and covered parking. Located at 101 N. Brookside Drive, the community is in close proximity to Lakewood Country Club, Lakewood Village Shopping Center and the major thoroughfares of I-30 and U.S. Highway 75. Mill Creek Residential is also developing the Avenue H Apartments in the nearby Knox neighborhood, and the acquisition of Lakewood on the Trail is part of the company’s “buy where we build” strategy.
Property Type
BUDA, TEXAS — HFF has brokered the sale of Silverado Crossing, a 300-unit multifamily property in the Austin suburb of Buda. The complex, which was constructed in 2013, is located at 1480 Cabelas Drive, just west of I-35. The community includes one-, two- and three-bedroom units averaging 852 square feet each, plus amenities including a swimming pool, fitness center, movie theater and sand volleyball court. Sean Sorrell of HFF represented the seller, JCI Residential, in the transaction. The Meagher Family Trust acquired the asset free and clear of debt.
HURST, TEXAS — Marcus & Millichap has brokered the sale of Gables of Notting Hill Apartments, a 176-unit multifamily property in the Fort Worth suburb of Hurst. Constructed in 1968, the garden-style complex is located at 601 Brown Trail, in proximity to the Bell Helicopter plant, a major area employer. The community offers one-, two- and three-bedroom residences, as well as two laundry facilities and two swimming pools. Al Silva of Marcus & Millichap represented the seller, Notting Hill Partners LP, and also secured the buyer, a Texas-based limited liability company. The property, which was 90 percent occupied at the time of the sale, attracted eight offers during a three-week marketing period.
SALT LAKE CITY — KBS Real Estate Investment Trust III has acquired a 426,657-sqare-foot office tower in Salt Lake City’s Central Business District for $170.5 million. The Class A tower is located at 222 Main near the TRAX Main Line light rail system stop. The tower was 85 percent leased at the time of sale. Its largest tenants include Goldman Sachs and Holland & Hart law firm. The structure was built in 2009 and was the first building in Utah to achieve LEED-Gold certification. KBS REIT III also owns the 198,324-square-foot Gateway Tech Center in Salt Lake City.
ROCKLIN, SANTA CLARITA, CALIF. — American Realty Capital (ARC) has acquired two luxury senior living communities in Southern California for $104 million. The purchase includes the 159-unit Casa de Santa Fe in Rocklin and the 134-unit Summerhill Villa in Santa Clarita. Casa de Santa Fe was built in 2001 at 3201 Santa Fe Way, just 20 miles north of Sacramento. It is currently 98.7 percent occupied. The community contains two independent living, one assisted living and one memory care facility, in addition to a community clubhouse. Summerhill Villa was also built in 2001. The assisted living and memory care community is located at 24431 Lyons Ave., just 30 miles northwest of Downtown Los Angeles. It is 98.4 percent occupied. The CBRE National Senior Housing Group represented the seller, MBK Senior Living, in this transaction. ARC represented itself. MBK will continue to manage the communities.
SAN JOSE, CALIF. — Rio Robles Technology Park, a 460,000-square-foot office and R&D portfolio in San Jose, has received $73.5 million in acquisition financing. The eight-building park is located on Rio Robles not far from San Jose International Airport. It is 70 percent leased to a variety of tech-centric tenants, including Hitachi and F5 Networks. The financing will be used by Brookfield Asset Management to acquire and reposition the property. This will include a significant capital improvement plan that will upgrade the buildings and outdoor areas. The first-mortgage debt was arranged by Rob Rubano and Greg Stampley of Eastdil Secured. It was originated by Jason Bressler of Mesa West Capital.
TORRANCE, CALIF. – A 28,500-square-foot industrial complex in Torrance has sold to Darren C. Moore Trust for $3.8 million. The two-building property is located at 23875 Madison Street near the Torrance Airport. The seller, The Conrow Family Trust, was represented by Warren Noack, Kimberly Noack and Travis Noack of NAI Capital’s South Bay office.
LAS VEGAS – A 24,034-square-foot retail building in Las Vegas has sold to Wyandotte, Inc. for $2.2 million. The building is located at 5050 E. Russell Road. It is currently occupied by a window company. Wyandotte was represented by Neil Dela Cruz of MDL Group. The seller, Kathleen & Adrian Varni Trust, was represented by Katherine Bergh of Marcus & Millichap.
CASSELBERRY, FLA. — CBRE has brokered the $40 million sale of the Harbor at Lake Howell, a 408-unit apartment community in Casselberry, about 13 miles north of Orlando. The apartment community features two swimming pools, a fitness center, tennis court and a private boat ramp for the onsite Lake Howell, a 450-acre recreational lake. The property was built in 1991 and was 94 percent occupied at the time of the sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction. The Atlanta-based buyer plans to implement a value-add strategy for the property to increase rents.
COLUMBIA, S.C. — Marcus & Millichap has arranged the $5.3 million sale of Chimneys at Brookfield, a 259-unit apartment community located at 7501 Brookfield Road in Columbia. Mark Boyce, Andrew Mays and Paul Vetter of Marcus & Millichap’s Atlanta and Charleston, S.C., offices represented the seller, a limited liability company, in the transaction. Chimneys at Brookfield features fully equipped kitchens and one-, two- and three-bedroom plans. The community, which was built in 1974, was 73 percent occupied at the time of sale.