MIDLAND AND ODESSA, TEXAS — Related Real Estate Recovery Fund has acquired a 21-property, 3,000-unit multifamily portfolio in Midland and Odessa. Orion Residential sold the assets, according to the local newspaper Odessa American. New ownership will invest in capital upgrades at the properties and expects to begin renovations within six months. An arm of New York-based Related Cos., Related Real Estate Recovery Fund closed in January 2012 after raising $825 million in equity commitments and has since invested in markets including Boston, Chicago and New York City.
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FARMERS BRANCH, TEXAS — Developer Billingsley Co. will break ground this quarter on a 165,000-square-foot office structure in Farmers Branch for home security system provider Monitronics International Inc. The building, which Monitronics will use as its new headquarters, is the first office project at Billingsley’s Mercer Business Park, a 225-acre development at the northwest corner of I-635 and I-35. Architect Good Fulton & Ferrell designed the three-story facility, which is slated for completion in the summer of 2015. Rick Hughes and Dean Collins of Cushman & Wakefield represented Monitronics in the build-to-suit deal.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Woodstone Apartments, a 200-unit multifamily property in Fort Worth. Built in 1984, the garden-style complex offers one- and two-bedroom apartments, as well as amenities including laundry facilities, a clubhouse, swimming pool and spa. The community was 95 percent occupied at the time of the sale and is located at 6051 Bridge St., in proximity to the interchange of Loop 820 and I-30. Al Silva of Marcus & Millichap marketed the asset on behalf of the seller, British Columbia-based Ergas Group, and also procured the buyer, a California LLC. The property garnered 10 offers over a four-week marketing period. The new owner received a 10-year Fannie Mae loan for funds to upgrade both building exteriors and residence interiors.
AUSTIN, TEXAS — BBL Medical Facilities has completed a 127,000-square-foot medical office building on the Dell Children’s Medical Center of Texas campus in Austin. The four-story structure includes an imaging center and six-operating room ambulatory surgery center on the first floor, as well as an attached 650-space parking garage. The property is anchored on the second and fourth floors by tenant ‘Specially for Children, a 26-physician multi-specialty practice. Developer BBL Medical Facilities finished the project four months ahead of schedule.
DENVER – The 141-unit Mint Urban Hilltop apartment complex in Denver has sold to Hilltop Residential, LLC, for $17.3 million. The newly renovated community is located at 805 and 825 Dahlia Street, and 820 and 880-890 Dexter Street. The five buildings were constructed between 1957 and 1967. They total 103,696 square feet. The Calame Lewallen Team at Pinnacle Real Estate Advisors represented both the buyer and seller, Cardinal Group Moana LLC, in this transaction.
BEAVERTON, ORE. – The 207-unit Quatama Village in Beaverton has received $11.9 million in refinancing. The community is located at 380 NW Gina Way. The loan features a 10-year term and 30-year amortization schedule. It was arranged by Bob Spiro of NorthMarq Capital’s Seattle office through the firm’s seller/servicer relationship with Freddie Mac. The borrower was not named.
EL CAJON, CALIF. — Master Halco has leased a 21,925-square-foot industrial property in El Cajon. The space is located at 485 North Raleigh Ave. The wholesale distributor and manufacturer of perimeter security and fencing was represented by Rusty Williams and Chris Roth of Lee & Associates – North San Diego County’s office in Carlsbad.
BERKELEY, CALIF. – A 9,325-square-foot retail property in Berkeley has sold to a private investor for $4.7 million. The property is located at 2000 San Pablo Ave. near the University Avenue exit of Interstate 80. It was built in 1969 and renovated in 2013. The center was anchored by 7-Eleven and T-Mobile at the time of sale. The buyer was represented by Kevin Turner of Marcus & Millichap’s Oakland office. The seller was not named.
EL CENTRO, CALIF. – A 9,591-square-foot Dialysis Center in El Centro has sold to an unnamed buyer for $2.3 million. The center is located at 110 S. 5th Street. It was purchased as a fully leased investment sale. Chris Migliori of DAUM’s Orange County office represented both thebuyer and the unnamed seller in this transaction.
CORAL GABLES, FLA. — HFF has arranged $74 million in financing for 4000 Ponce/ The Collection Building, a 295,088-square-foot trophy mixed-use property in Coral Gables. HFF, on behalf of the borrowers The Collection Properties LLC and The Collection LLC, arranged a 10-year, fixed-rate loan through a European-based insurance company. Proceeds will be used to repay the existing loan. The property, completed in 2002, is located at 4000 Ponce De Leon Blvd. It is 91 percent leased and includes 178,101 square feet of Class A office and retail space. The property also includes The Collection, an automotive dealership featuring the Ferrari, Maserati, McLaren, Aston Marin, Jaguar, Porsche and Audi brands. The HFF team representing the borrower included Paul Stasaitis, Jim Dockerty and Jose Carrazana. Bilzin Sumberg’s legal team, which consisted of Jim Shindell, Suzanne Amaducci-Adams and Alexandria Lehson, assisted in legal counseling.