DALLAS — Marcus & Millichap has arranged the sale of Village Oaks Condominiums, a 41-unit apartment property in Dallas, for an undisclosed price. Constructed in 1982, the one-story, Class B asset is situated on approximately 3.5 acres of land. Village Oaks Condominiums includes 17 one-bedroom, one-bath units and 24 two-bedroom, two-bath units. The property features 35,624 square feet of rentable space, for an average of 869 square feet per unit. Stephen Crittenden, senior associate with Marcus & Millichap, represented the seller and the buyer, both private investors, in the transaction. The seller acquired Village Oaks out of foreclosure through an all-cash transaction. The buyer is looking to expand its multifamily portfolio after a long history of medical, industrial and single-tenant ownership.
DALLAS — Lee & Associates has arranged the sale of a 27,613-square-foot warehouse located at 1380 N. Cockrell Hill in Dallas. Robert Miller of Lee & Associates represented the seller, QC40 Development LLC, in the transaction. Todd Lambeth of Colliers International represented the buyer, J&H Texas LLC.
HARTFORD, CONN. AND PLANO, TEXAS — Cornerstone Real Estate Advisers has agreed to acquire ACRE Capital Holdings LLC, the agency lending subsidiary of Ares Commercial Real Estate Corp. (NYSE: ACRE). The $93 million transaction could close as early as the third quarter of this year. The acquisition of ACRE Capital expands Cornerstone’s commercial loan origination platform, nearly doubling the size of the company’s multifamily loan portfolio from approximately $5 billion to $10 billion. Cornerstone traditionally originates larger balance loans, while ACRE Capital typically focuses on smaller balance loans on behalf of Fannie Mae, Freddie Mac and HUD. In addition to being complementary firms, the acquisition will allow Cornerstone to address the need for affordable housing financing in the marketplace, according to Scott Brown, global president and CEO of Cornerstone. “The affordable housing segment of the marketplace is underserved, and acquiring ACRE Capital will allow us to meaningfully address the current and looming scarcity in affordable residential housing and increase lending to communities nationwide,” says Brown. “We look forward to joining forces with the professionals at ACRE Capital to expand opportunities for their borrowers.” ACRE Capital originates and services multifamily mortgages and seniors housing and healthcare facility loans. The company is …
DALLAS — The Kislak Organization has purchased McKinney Uptown, a 144-unit, midrise apartment complex located at 3324 McKinney Ave. in Dallas. Built in 2003, the nine-story property is situated atop a three-level parking garage in the West Village neighborhood in Uptown Dallas. The community features a salon, third-floor pool and sundeck and a 10th-floor fitness center with panoramic views of Dallas. The property is located along the M-Line Trolley route and near the DART CityPlace Light Rail station. Team Mozer with George Smith Partners arranged the acquisition financing on behalf of Kislak Organization through Los Angeles-based Mesa West Capital. A portion of the loan proceeds will be used to finance interior and exterior upgrades, including installing washers and dryers and upgrading the lobby, common areas and amenities. Cottonwood Residential, Kislak’s property management partner, will be responsible for day-to-day operations. McKinney Uptown is the third Dallas property in Kislak’s property portfolio.
FRISCO, TEXAS — Bethesda Senior Living Communities, a Colorado-based nonprofit developer and operator, has acquired Rambling Oaks Courtyard, an 80-unit assisted living community in Frisco. The acquisition was part of a $27 million financing from Compass Bank of Denver that also included $13 million in construction financing for a new community in Colorado. Bethesda will rebrand the community as Bethesda Gardens Frisco. The site also features developable acreage around the existing building. Bethesda plans to expand services at the community. With the acquisition and new development, Bethesda now operates 18 seniors housing communities in Arizona, Indiana, Nebraska, Missouri, Colorado and Texas.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Center Street East, a 14,114-square-foot retail strip center located at 457 E. I-20 in Arlington. Situated adjacent to Gander Mountain, the property is fully leased to tenants such as Andalous Mediterranean Grill, Eva Nails Spa and Snuffer’s Restaurant & Bar, all of which have committed to long-term, triple-net leases. United Commercial Development (UCD) developed Center Street East in 2015 in conjunction with Gander Mountain. Philip Levy of Marcus & Millichap’s Fort Worth office and Blake Burnett of the firm’s Dallas office represented the seller, Robert Dorazil of UCD and general partner David Dunning. Levy and Burnett also procured the buyer, a Dallas-based investor with international partners.
FORT WORTH, TEXAS — Pollo Regio and Canales Furniture have expanded their footprint at La Gran Plaza Mall, a regional mall located on the northwest corner of Seminary Drive and I-35W in Fort Worth. Fast food chain Pollo Regio has expanded from 1,650 square feet of space at the mall to 4,350 square feet, and Canales Furniture has expanded from 5,130 square feet of retail space to 14,734 square feet. Leasing representative Beatrice Townsend negotiated both leases on behalf of Boxer Retail.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Meadow Breeze Apartments, a 24-unit apartment community located at 408 East Wonsley Drive in Austin. Built in 1972, the property offers a mix of one- and two-bedroom units. The community was renovated in the past three years with tile flooring and individual HVAC units. Mike Moffitt Jr. and Josh Kantor of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was undisclosed.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of the Historic Electric Building Apartments, an 18-story high-rise development located at 410 W. 7th St. in downtown Fort Worth. The property features 106 loft-style apartment residences and 10,000 square feet of ground-level retail space. Listed on the National Register of Historic Places, the property was built in 1928 and converted to apartments and retail in 1994. The asset is located within walking distance of Burnett Park, the Fort Worth Convention Center and Sundance Square. John Barker of Marcus & Millichap’s Fort Worth office represented the seller and procured the buyer, both limited liability companies.
DALLAS — High Street Residential, in partnership with Northwestern Mutual Real Estate, has topped out Knox Heights, a six-story mixed-use development located along McKinney Avenue in Dallas. The project will feature 13,500 square feet of ground-floor retail, 182 luxury residential units, a 2,400-square-foot fitness facility and lounge, a 4,500-square-foot amenity deck and pool, and a three-level, 363-space subterranean parking garage. Construction on the Class A development is scheduled for completion in early 2017. Andres Construction Services serves as the general contractor for the development, and Good Fulton & Farrell is the project’s architect.