NEW YORK CITY — A private investor has sold 21 Broadway Terrace, a 17-unit apartment property in New York City, for $1.7 million. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap represented the seller and the buyer, a private investor, in the transaction.
AUSTIN, TEXAS — Behringer Harvard Multifamily REIT I Inc. has provided equity capital for the construction of the 24-story Seven RIO, a 220-unit luxury high-rise development in the West Sixth Street District in downtown Austin. The multifamily tower will be located on the northeast corner of West Seventh Street and Rio Grande. CWS Capital Partners LLC, a real estate investment firm with co-headquarters in Austin and Newport Beach, Calif., will develop Seven RIO, which is slated to break ground this month. The new development's amenity package will include a resort-style pool, upscale fitness center, business center, club room and patio area with a fireplace and built-in grills. Behringer Harvard Multifamily REIT I Inc.'s portfolio includes investments in 52 multifamily communities in 14 states.
DALLAS — HEI Hotels & Resorts has acquired the 170-room Stoneleigh Hotel, a historic landmark hotel in uptown Dallas. The hotel opened in 1923 and will now be rebranded as a Le Meridien hotel. The hotel underwent a $36 million renovation in 2008, but HEI plans to update the hotel further with updated furniture in the lobby bar area and the addition of a courtyard garden area.
SAN ANTONIO — Hendricks-Berkadia has arranged the sale of Churchill Park, a 392-unit apartment community located at 1200 Patricia Drive in San Antonio. Mike Miller, Chris Ross and Will Caruth of Hendricks-Berkadia's San Antonio office negotiated the transaction between the seller, Centennial, Colo.-based Churchill Partners LLP, and the buyer, a private investor from California. According to Hendricks-Berkadia, the San Antonio metro vacancy rate for multifamily properties declined to 2.5 percent by the end of 2012 and rents advanced 1.2 percent to an average $746 per month.
HOUSTON — ARA has arranged the sale of the 250-unit Compass Pointe, a multifamily property located in Houston. The community was built in 1971 and is currently 75 percent occupied. Matt Saunders, Russell Jones and Zach Springer of ARA represented the seller, Arizona-based PEM Real Estate Group, in the transaction. The buyer was the Dallas-based Urban Southwest Capital, which plans to continue the community's rehab program that PEM began initially.
PLANO, TEXAS — Bradford Commercial Real Estate Services has added the 74,738-square-foot Preston Pointe Centre, a four-story office building located at 1400 Preston Road in Plano, to its office leasing portfolio. The owner, Dallas-based Intercity Investments, has selected Melanie Hughes and Sharon Friedberg of Bradford to spearhead the office's leasing responsibilities. Intercity Investments recently began renovating Preston Pointe with new spec suites, which are slated to be delivered this summer.
SAN DIEGO — An 18,695-square-foot industrial building in the San Diego submarket of El Cajon has sold to GTF Properties for $2.8 million. The building is located at 310 N. Johnson Ave. GTF was represented by Tucker Hohenstein, Mike Erwin, Victor Krebs and Rob Morgan of Colliers International. The seller, Coneen Family Trust, was represented by Mark Silverman and Jason Smithson of NAI San Diego.
VANCOUVER, WASH. – A 39,567-square-foot building that used to house the Vancouver City Hall has sold to Northwest Property Resources, LLC for $2 million. The building is located near the IQ Credit Union building and the Vancouver Community Library in Downtown Vancouver. City Hall had occupied this location for 44 years. Northwest Property plans to renovate the space before converting it into a multi-tenant office building. The seller, Vancouver Public Schools, was represented by Charlie Kleier and Doug Bartocci of NAI Norris, Beggs & Simpson.
CENTENNIAL, COLO. — Sierra Nevada Corp. has leased 85,935 square feet of office space in Centennial. The office is located at 11551 E. Arapahoe Road. Sierra Nevada was represented by Todd Wheeler of Cushman & Wakefield. The landlord, GECMC 201-3 Arapahoe Office, was represented by Dan Miller, Doug Wulf Jeff Halsey and Jim Brady of Cassidy Turley Colorado.
SANTA ANA, CALIF. — Kulicke & Soffa has leased 66,538 square feet at Irvine Corporate Center in Santa Ana. The center is located at 1821 E. Dyer Road. The semiconductor designer and manufacturer will be relocating from its current regional headquarters in Irvine. Irvine Corporate Center is located within the Irvine Business Complex. Kulicke & Soffa was represented by Ken Ward and Dillon Dummit of Cresa Orange County. The landlord, a joint venture between Hines and Oaktree Capital Management, was represented by Joe Bevan and Wade Clark of Jones Lang LaSalle Orange County.
