HOUSTON, TULSA AND OKLAHOMA CITY— The RADCO Companies, a value-add multifamily investment firm based in Atlanta, has sold a portfolio of 10 apartment properties totaling 2,769 units in Texas and Oklahoma. The communities were built in the 1970s and 1980s and are located in Houston, Tulsa and Oklahoma City. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE’s Southeast Multifamily team worked with CBRE’s Clint Duncan and Matt Phillips in Texas and Brian Donahue in Oklahoma to arrange the sale. The buyer was Wisconsin-based MLG Capital.
AZUSA, CALIF. — Buchanan Mortgage Holdings has closed a $55 million loan for construction of The Orchard, a mixed-used residential and retail development in Azusa, approximately 20 miles east of Los Angeles. The borrower, Serrano Development Group, will use the loan to construct 163 market-rate apartments and 31,700 square feet of retail space. The transit-oriented development will be located in downtown Azusa at the corner of North Azusa Avenue and U.S. Route 66. The project will consist of two Class A multifamily buildings connected via a second-story footbridge, subterranean parking and ground-floor retail space. The project marks the second collaboration between Serrano Development Group and Buchanan Mortgage Holdings.
PANAMA CITY BEACH, FLA. — A joint venture between the St. Joe Co. and Flournoy Development Co. will develop a 300-unit apartment complex in Panama City Beach’s Breakfast Point neighborhood. The community will feature four four-story buildings; one-, two- and three-bedroom floor plans; elevators; and air-conditioned corridors. Community amenities will include a pool, wellness and health studio, playground, covered boat and RV parking, dog parks and pickleball courts. Construction is expected to begin immediately, and the developers expect to begin leasing in summer 2021.
CYPRESS, TEXAS — Trammell Crow Residential is underway on construction of a 350-unit apartment project along Spring Cypress Road in the northwestern Houston suburb of Cypress. The Class A, garden-style community will be situated on 14.4 acres. The groundbreaking was held in December. Dosch Marshall Real Estate represented Trammell Crow in the land acquisition. The seller(s) in that transaction was not disclosed.
MONROE, GA. — MAB American Management plans to break ground in the first quarter on Monroe Pavilion, an $80 million shopping center situated on a 100-acre site in Monroe, an Atlanta suburb in Walton County. The property’s leasing agent, Retail Specialists, has signed several retailers to join the tenant roster of the 350,000-square-foot project, including Publix, Ross Dress for Less, Ulta Beauty, Marshalls, Rack Room Shoes and Five Below. Beau Young of Retail Specialists is also targeting restaurants and service-based retailers for the shopping center and its outparcels. MAB American Management, the U.S. affiliate firm of Australian-based developer MAB Corp., expects to deliver Monroe Pavilion in summer 2021.
ORLANDO, FLA. — Sysco Corp., a global food distribution and marketing organization, has completed the expansion of FreshPoint Central Florida, a food processing facility located at 8801 Exchange Drive in Orlando. FreshPoint, Sysco’s specialty produce company, operates the facility. The expansion doubles the facility’s size to 150,000 square feet and includes a new culinary center for demonstrations and staging, new equipment for produce processing, LED lighting, energy-efficient coolers and a new system for collecting produce waste. FreshPoint Central Florida stocks a wide variety of locally grown products throughout the year, including tomatoes, citrus, row crop vegetables, Zellwood Triple Sweet Corn, microgreens, peaches, specialty potatoes, tropical fruits, grapes and figs.
MOUNT LAUREL, N.J. — Capitol Seniors Housing has opened Arbor Terrace Mount Laurel, an 88-unit seniors housing community located on the eastern outskirts of Philadelphia. The 75,000-square-foot community offers assisted living and memory care services and amenities such as a bistro, theater room, art studio, technology lounge and fitness center. Meyer Senior Living Studio designed the community.
TRACY, CALIF. — Seefried Industrial Properties, as developer partner for Clarion Partners, has acquired a 76-acre land site for the development of a speculative, multi-warehouse project within the Northeast Area Specific Plan in Tracy, approximately 70 miles east of San Francisco. Located at the northeast corner of Grant Line and Chrisman roads, the yet-to-be-named project will total 1.1 million square feet of office and warehouse space spread across three buildings of 260,000 square feet, 517,000 square feet and 353,000 square feet. The project will offer tenants the opportunity to occupy space ranging from 18,000 square feet to 1.13 million square feet. The buildings will feature tilt-up construction, clear heights ranging from 32 feet to 36 feet, 185-foot truck courts, 339 trailer spaces combined, ESFR sprinkler systems and ample parking. Construction is slated to begin in June, with completion scheduled for June 2021. HPA Architecture is serving as architect and K&W is serving as civil engineer for the project. Mike Goldstein and John Steinbuch of Colliers International will lead the leasing and marketing efforts for the new development.
SEATTLE — Plymouth Housing has broken ground on an affordable housing development in downtown Seattle. Designed by SMR Architects, the 2nd & Mercer project will deliver 91 permanent housing apartments for adults who have previously experienced homelessness. The project will feature a ground-floor space for Path with Art, a local organization that utilizes art as a means to assist people recovering from homelessness, addiction or other trauma. In addition to operating out of 2nd & Mercer, Path with Art will offer classes and community arts space. The 2nd & Mercer property is slated to open in 2021. Plymouth Housing, a nonprofit developer, received low income tax credits early last year as part of an expansion to the Affordable Housing Tax Credit program. The project closed on financing in December. The City of Seattle is providing major funding for the project, with the city’s Office of Housing and Office of Arts and Culture making a first-time joint investment in an affordable housing and arts space. The site is the second of eight new buildings planned by Plymouth Housing to meet the need for housing for those experiencing chronic homelessness in King County.
CARMEL, IND. — WB Development Partners and New Era Cos. have purchased five acres at 1260 City Center Drive in Carmel and plan to develop a 46,395-square-foot inpatient rehabilitation hospital. Bruce Gordon of JLL brokered the land sale on behalf of the buyers. Known as the Indianapolis Rehabilitation Hospital, the property is expected to open in the fourth quarter of this year. Nobis Rehabilitation Partners will manage the hospital, which will offer services for patients with complex medical, nursing and rehabilitative needs.