SAN ANTONIO — Presidium Group has acquired Hunter’s Ridge Apartments, an 81-unit multifamily property in northern San Antonio. The complex, which Presidium will rebrand as Elm Creek Apartments, is located at 2358 N.W. Military Highway. The new ownership has launched a $1.1 million capital improvements program, including enhancements to both interiors and exteriors and the addition of a fitness center. The property also offers proximity to the South Texas Medical Center, San Antonio International Airport and Hardberger Park.
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CARROLLTON, TEXAS — Lee & Associates has arranged the lease of a 75,000-square-foot industrial building in Carrollton, a northern suburb of the Dallas/Fort Worth Metroplex. Polyair Corporation, a manufacturer of protective packaging, will occupy the warehouse facility. Ken Wesson, Adam Graham and Scott Alexander of Lee & Associates represented the landlord, Cobalt Capital Partners. Mark Becker and Dan Cook of Cushman & Wakefield represented the tenant.
PLEASANTON, CALIF. –Stoneridge Creek Pleasanton retirement community has debuted in San Francisco’s East Bay. It is located at 3300 Stoneridge Creek Way in Pleasanton. Phase I of the project spans 46 acres and cost more than $100 million to build. It will eventually include up to 635 residences. The community includes a performing arts center, library, movie theater, wine room, pool, fitness center, salon, spa, short-game golf course, tennis courts, outdoor fireplace lounge, gardens and dog park, among other amenities. Construction on Stoneridge originally commenced in summer 2011. It is designed for residents ages 60 and older. The retirement community will soon sit adjacent to Creekview Health Center, which is scheduled for completion next year. The health center will provide skilled nursing, assisted living and dementia care services for residents.
SEATTLE — Invesco Real Estate has purchased 206 Bell, a new 122-unit apartment community in Seattle’s Belltown neighborhood, for an undisclosed sum. The community is located near the offices of Amazon, Twitter, Facebook, Google and the Bill and Melinda Gates Foundation. It was developed by HB Management. The transaction was executed by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle Capital Markets.
SAN JOSE, CALIF. — TruAmerica Multifamily has purchased the 168-unit Avenel Apartments in San Jose for $38 million. The Class B community is located at 750 N. King Road near the offices of Cisco Systems, eBay, Adobe and Intel. TruAmerica plans to execute an extensive renovation at the property. This acquisition was completed in partnership with Vista Investment Group and Western Investments Capital. TruAmerica Multifamily is led by Robert E. Hart and The Guardian Life Insurance Company of America. This is the investment firm’s second acquisition in two weeks. It also recently purchased Piazza D’Oro in Oceanside for $81 million. The seller, Fairfield Mabury Village LLC, was represented by Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni of Institutional Property Advisors.
CARLSBAD, CALIF. — Palomar Commons, a 184,896-square-foot retail complex in Carlsbad, has received $25 million in refinancing. The property is located at the southwest cornerofPalomar Airport Road and El Camino Real. The center’s two major tenants include Lowe’s and California Bank & Trust. The fixed-rate loan features a 10-year term with two years interest-only and a 25-year amortization schedule. It was arranged by Mike Dobbins of NorthMarq Capital’s San Diego regional office. The loan was placed wth a major life insurance company. Palomar Commons is owned by CSDI, LLC.
SAN JOSE, CALIF. — MWest Properties has acquired a three-campus portfolio in Silicon Valley for a reported $200 million. The acquisition includes 12 R&D and corporate office buildings that total 825,000 square feet throughout North San Jose. Notable tenants at the campuses include Boston Scientific, the North American headquarters of Taiwan Semiconductor Manufacturing Company and the corporate headquarters of Tessera. MWest Properties is a joint venture backed by DivcoWest, Ivanho
LAS VEGAS – The Bascom Group has purchased the 624-unit Eagle Crest Apartments in Las Vegas for an undisclosed sum. The Class A community is located at 5850 Sky Pointe Drive in the northwest part of the city. It was built in two phases between 1996 and 1997. This is Bascom’s 11th multifamily acquisition so far this year, and its second in Las Vegas.
SHERWOOD, ORE. — Merlone Geier has purchased Sherwood Market Center, a 124,259-square-foot retail center in Sherwood, for $22.2 million. The grocery-anchored center is located at 16030 SW Tualatin-Sherwood Road just southwest of Portland. It was built in 1996 on 14 acres. Notable tenants at the center include Albertson’s, Chase Bank, Burger King, UPS and GNC. This was the largest retail transaction in Oregon’s Washington County so far this year, according to Scott Frank, Michael Horwitz and Kevin Adatto of Capital Pacific. The trio represented both the buyer and the seller, Regency Centers, in this transaction.
CHARLOTTE, N.C. — A joint venture between Cambridge Development and USAA Real Estate Co. has broken ground on 1100 South, a 331-unit apartment community at 1100 S. Blvd. in Charlotte’s South End District. The new community’s amenities will include four courtyards, a rooftop terrace, clubhouse, fitness center, cycle room, cyber lounge with sidewalk café seating, a pool with Jacuzzi, electric vehicle charging stations, bike storage and complimentary cruiser bikes. The project team includes Dallas-based architect Humphrey & Partners and Birmingham, Ala.-based general contractor Capstone Building Co. SunTrust is providing construction financing for the project. The joint venture expects to deliver its first units in November 2014.