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IPA Arranges Sale of 350-Unit Apartment Community in Corpus Christi

by Taylor Williams May 22, 2018

CORPUS CHRISTI, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sendera Baypoint, a 350-unit multifamily community in Corpus Christi. The property was built in 1998 and offers amenities such as two pools, a sports court, business center, putting green, pet park, 24-hour fitness center and outdoor picnic and grilling areas. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller, Austin-based Sendera Investment Group, in the transaction. The trio also procured the buyer, New York-based Castle Lanterra Properties.

May 22, 2018

Delaware Northeast Office

Chemours Developing $150M Research Facility in Newark, Delaware

by Amy Works February 28, 2018

NEWARK, DEL. — The Chemours Co. is developing Chemours Discovery Hub, a 312,000-square-foot research facility located on the University of Delaware’s Science Technology and Advanced Research Campus in Newark. IMC Construction broke ground on the $150 million project in December 2017. Designed by L2 Patridge, the 15-acre project will consolidate laboratories and offices for approximately 330 scientists, engineers and researchers who will be relocated from Chemours’ New Castle County facilities. The new facility will include more than 100 labs, 50 specialty rooms, cafes, conference rooms and 20 huddle rooms for small group meetings. Project members include Tetra Tech, RDK and O’Donnell & Naccarato. Completion of the four-story building is slated for early 2020. Trammell Crow is representing the owner in the project.

February 28, 2018

Multifamily Seniors Housing Washington Western

Aegis Opens 110-Unit, China-Themed Seniors Housing Community Near Seattle

by Nellie Day February 13, 2018

NEWCASTLE, WASH. — Aegis Living has opened Aegis Gardens, a 110-unit assisted living and memory care community “open to all who enjoy celebrating Chinese culture” in the Seattle suburb of Newcastle. Located on 7.5 acres on Lake Boren, the community features a community cultural center and a preschool to encourage intergenerational interactions. Chinese culture is accentuated in the architecture, cuisine, décor and activities. Staff is multilingual, speaking English, Mandarin and Cantonese. Rents start at $3,700 per month. Aegis Living operates 29 communities in Washington, California and Nevada with nine new communities in development.

February 13, 2018

New York Northeast Retail

Forest City Realty Trust Converts Ownership of 10 Retail Centers in Metro New York City

by Amy Works January 2, 2018

NEW YORK CITY — Forest City Realty Trust has completed the conversion of its common ownership interest to preferred interest in 10 specialty retail centers in the New York City metro area. The closing covers 10 of the 13 centers that are part of a joint venture between Forest City and Madison International Realty. Final closings on each of the individual centers are expected to occur as Forest City secures replacement assets into which to redeploy its preferred interest. The properties included in this round of closings are Shops at Gun Hill Road (Waring), Shops at Gun Hill Road (Ely) and Castle Center in the Bronx; Harlem Center in Manhattan; The Heights, Atlantic Terminal Mall and Atlantic Center in Brooklyn; Forest Avenue and Shops at Richmond Avenue in Staten Island; and Columbia Park Center in North Bergen, N.J. Closings on the conversions on the remaining two centers — Shops at Northern Boulevard and Queens Place — are expected by the end of the first quarter of 2018. The last center in the joint venture, a retail/entertainment complex on 42nd Street, is expected to transact at a later date upon resolution of the ground lease dispute with the city of New …

January 2, 2018

Loans Multifamily Texas

Walker & Dunlop Closes $33.5M Green Loan for Apartment Community in San Antonio

by Taylor Williams December 4, 2017

SAN ANTONIO — Walker & Dunlop has closed a $33.5 million green loan for the refinancing of The Place at Castle Hills, a 680-unit multifamily community located at 11800 Braesview Drive in north San Antonio. The Class B, garden-style property offers one- and two-bedroom units and amenities such as pools, a fitness center, spa and walking trails. Alex Inman of Walker & Dunlop placed the loan on behalf of the borrower, Arizona-based MC Cos. through Freddie Mac’s Green Up program. The proceeds will be used to refinance existing debt and to fund the installation of environmental improvements including low-flow kitchen/bathroom aerator faucets, toilets and showerheads.

December 4, 2017

Retail Utah Western

NKF Negotiates $33.2M Sale of Retail Center in St. George

by Nellie Day October 19, 2017

SAINT GEORGE, UTAH — Newmark Knight Frank (NKF) has arranged the $33.2 million sale of Red Rock Commons, a 134,152-square-foot retail center in Saint George, a city in southwest Utah. Pete Bethea, Rob Ippolito and Glenn Rudy of NKF represented the seller, ShopCore Properties, an affiliate of The Blackstone Group. Pacific Castle acquired the asset. Constructed in 2011 and 2012, Red Rock Commons includes four multi-tenant buildings and two freestanding pad sites. At the time of sale, the center was fully leased to tenants including Dick’s Sporting Goods, Old Navy, PetSmart, Ulta Beauty and The Gap.

October 19, 2017

Retail Texas

Bright Realty Sells 7,727 SF Retail Center in Metro Dallas

by Taylor Williams October 16, 2017

LEWISVILLE, TEXAS — Bright Realty has sold Castle Hills Commons, a 7,727-square-foot, Class A retail property located along State Highway 121 in the northern Dallas suburb of Lewisville. Built in 2016 and situated near the 1.8 million-square-foot Nebraska Furniture Mart, the property is anchored by Starbucks and houses tenants such as Planet Sub, Great Expressions Dental Care and F45 Training. An undisclosed private investor purchased the asset, which was 100 percent leased at the time of sale.

October 16, 2017

Multifamily Texas

Marcus & Millichap Brokers $36.7M Sale of Four Multifamily Assets in DFW

by Taylor Williams October 10, 2017

DALLAS AND FORT WORTH, TEXAS — Marcus & Millichap has brokered the sales of four multifamily properties totaling 573 units located throughout the Dallas-Fort Worth (DFW) area. The combined sales price was approximately $36.7 million. The properties include the 156-unit Castlewinds Apartments in the North Richland Hills submarket of Fort Worth; the 69-unit El Ranchito Apartments in western Fort Worth; the 188-unit Knollwood Apartments in Irving; and the 160-unit Holly Park Apartments in east Dallas. Al Silva, Ford Braly and Mark McCoy of Marcus & Millichap represented the private sellers and procured the buyers for all four transactions.

October 10, 2017

Loans Multifamily Texas

Arbor Realty Trust Provides $24M Refinancing for Apartment Community in San Antonio

by Taylor Williams September 29, 2017

SAN ANTONIO — Arbor Realty Trust Inc., a publicly traded REIT and direct lender, has provided a $24 million loan for the refinancing of Manor at Castle Hills, a 306-unit apartment community in San Antonio. Located at 1835 Lockhill Selma Road, the property offers amenities such as a pool, cyber café, billiards room, spa and a dog park. The 10-year, fixed-rate loan features a 30-year amortization schedule.

September 29, 2017

Indiana Midwest Multifamily

CBRE Arranges Sale of Three Multifamily Properties in Indianapolis Area for $69.1M

by Kristin Harlow September 26, 2017

INDIANAPOLIS — CBRE has arranged the sale of three multifamily properties in the Indianapolis area for $69.1 million. Steve LaMotte Jr. of CBRE represented the seller in each of the separate transactions. Philadelphia-based Gold/Oller retained a management interest in Lighthouse Landings, a 336-unit property completed in 2001. Covenant Capital acquired Columns of Castleton, a 398-unit property located on the northeast side of Indianapolis. CBRE represented the seller, Samuel Geltman & Co., which had owned the property for nearly 30 years. The community will undergo a full renovation, including possible construction of a clubhouse and amenity area. Sundance Bay LLC purchased Eagle Pointe Apartments, a 256-unit property located on the west side of Indianapolis. Gold/Oller was the seller.

September 26, 2017

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