NORTH HAVEN, CONN. — Press/Cuozzo Realtors has brokered the $1.5 million sale of a development site located in North Haven. Located at 505 and 511 Washington Ave., the two contiguous parcels total 3.78 acres with 341 feet of frontage. The buyer, 511 Washington Avenue LLC, plans to reposition the site as a mixed-use development. Stephen Press of Press/Cuozzo Realtors represented the seller, Bryant Munson, and the buyer in the deal.
SAN ANTONIO — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Castle Hills Townhomes, a 149-unit, townhome-style apartment complex in San Antonio. The property was built in 1998 on eight acres and is located one block east of Northwest Military Highway. The complex is near the South Texas Medical Center and the United Services Automobile Association’s headquarters. Will Balthrope and Drew Kile of IPA represented the seller, Sendera Investment Group LLC of Austin. Hayden Properties, of Oregon, is the buyer. The previous owner completed an exterior renovation and the interiors of 63 percent of the apartments have been upgraded. Castle Hills Townhomes includes one-, two- and three-bedroom floorplans with an average unit size of 1,000 square feet.
AUSTIN — Transwestern has brokered the sale of Park Central to an investment partnership headed by Vista Equities Group of Houston. Park Central is a 114,091-square-foot office building located in Austin’s north submarket near the intersection of I-35 and Parmer Lane. The three-story building was 74 percent leased to six tenants at the time of sale. Hale Umstattd and Leah Gallagher of Transwestern represented the seller. The property was built in 2008. GE Capital Corp. provided financing for the acquisition, which Tyler Ford of HFF’s Houston office arranged.
HOUSTON — JLL Capital Markets has arranged the sale of 1500 CityWest, a 192,313-square-foot, Class A office building located in Houston’s Westchase submarket. Unilev Capital Corp. purchased the property and will manage the asset. Rudy Hubbard, Kevin McConn and Rick Goings led JLL’s sales team in the transaction. The 10-story property was built in 1981 and is located at the intersection of CityWest Boulevard and Briar Forest Drive, with direct access to West Sam Houston Parkway and the Westpark Tollway.
DALLAS — CBRE Capital Markets’ multifamily team has brokered the sale of The Villas on Fair Oaks on behalf of California-based CCC&R Investment Group. Vizao TTH Partners II LP purchased the apartment complex. Chris Deuillet with CBRE represented the seller. The Villas on Fair Oaks will be rebranded as Valenceo @ Midtown and is located at 7222 Fair Oaks Ave., in the Vickery Meadow area of Midtown Dallas. The property includes 284 apartment units and is 48 percent occupied. Vizao plans to make renovations and improvements at the property.
RALEIGH AND DURHAM, N.C. — Berkshire Group has acquired two Class A multifamily communities from Crescent Communities in the Raleigh-Durham area: Crescent Cameron Village in Raleigh and Crescent Ninth Street in Durham. Berkshire purchased the assets for an undisclosed price. Berkshire Communities, the property management division of Berkshire Group, will manage both properties. Cameron Village is a 282-unit community completed in 2014 that features a clubroom, business center, fitness center, pool and outdoor common spaces with a grilling area and fire pit. The 303-unit Ninth Street was also completed in 2014 and includes a fitness center, pool, business center with conference rooms, and outdoor common spaces with grilling areas and a dog park.
GREENSBORO, N.C. — Atlanta-based Hospitality Ventures Management Group (HVMG) has acquired the 299-room Greensboro-High Point Airport Marriott in Greensboro for an undisclosed amount. The company will manage the hotel, bringing its management portfolio to 38 hotels in 15 states. The hotel is located at One Marriott Drive, adjacent to the Piedmont Triad International Airport. HVMG will implement an $11 million renovation to update the hotel’s meeting space and guest rooms. The hotel underwent a $6 million renovation in 2012.
JACKSON, MISS. AND CAMPBELLSVILLE, KY. — Namdar Realty Group, a private real estate investment and management firm based in New York, has recently purchased a freestanding Dollar General store in Jackson and a freestanding Kroger in Campbellsville. CVS Caremark has subleased the 11,000-square-foot store in Jackson to Dollar General and the discount retailer has two years remaining on its lease agreement. Winston Rego sold the asset to Namdar Realty Group for an undisclosed price. Stan Johnson Co. brokered the transaction. The 34,000-square-foot Kroger is located at 1505 E. Broadway in Campbellsville and has three years remaining on its lease. The seller, a private group, sold the grocery store to Namdar Realty Group for an undisclosed price. Al Isaac of NAI Isaac brokered the transaction. Joel Gorjian of Namdar Realty Group led the company’s acquisition team in both deals.
HOUSTON — Carroll Organization has arranged the sale of ARIUM Westheimer and ARIUM Westheimer Villas. The properties are located at 13099 Westheimer Road and 2727 Synott Road in Houston. Carroll acquired the properties in 2013 with plans to implement a value-add renovation plan and streamline management operations. The two properties were built in 2006 and 2009 and are located within a block of the southern boundary of Houston’s Energy Corridor. The corridor includes more than 18 million square feet of office space, 1.4 million square feet of retail and 1.4 million square feet of industrial space. Each complex spans 330 units.
AUSTIN, TEXAS — Independence Realty Trust Inc. has acquired an apartment complex in Austin for $35.3 million. IRT used $26.7 million of cash and issued operating partnership common units valued at $8.6 million to acquire the complex. RAIT Presidential will provide property management services. The 300-unit apartment complex was built in 2001 and 2002 and has an average unit size of 1,055 square feet. The property was 96 percent occupied at the time of sale with an average effective rent per occupied unit of $1,146.