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.
SAN ANTONIO — HFF has arranged the sale of Highpoint Towers, two 11-story office towers totaling 301,118 square feet adjacent to the South Texas Medical Center in San Antonio. HFF marketed the property on behalf of the seller, DNA Partners. Highpoint Towers is situated on a 13-acre site at 8401 and 8515 Datapoint Drive, which is accessible from I-10, Loop 410 and Loop 1604. The assets are located in the northwest office submarket and include views of the San Antonio skyline and hill country. The new ownership plans to make renovations to the project including upgrading the lobbies, adding exterior aesthetics, elevators and bathrooms. John Taylor, Kelsey Roop, Patrick McCord and Ryan McBride led the HFF sales team representing the seller.
NEW YORK CITY — Gaia Real Estate has completed the sale of an apartment building located at 11 Spencer Court in Brooklyn’s Bedford-Stuyvesant neighborhood. Persam White LLC purchased the 13-story residential property for $13 million. The 23-unit property features a mix of studio, two-bedroom and duplexes, private elevators, floor-to-ceiling windows, terraces, a gym and a lounge-style roof top deck with views of the Manhattan skyline.
MYRTLE BEACH, S.C. — KBS Strategic Opportunity REIT II has acquired Springmaid Beach Resort, a 30-acre hotel and campground property in Myrtle Beach, for $40 million. KBS purchased the asset in a joint venture partnership with an affiliate of Integrated Capital LLC. The resort features 491 hotel rooms, a 36,000-square-foot conference center, 187-unit recreational vehicle campground and a 1,060-foot pier. The property’s primary hotel towers were built in 1992, 1995 and 2001. The new owners will operate the property as an independent resort until Hilton Worldwide repositions the asset into a DoubleTree Resort, which is expected to occur in 2016.
WINSTON-SALEM, N.C. — Inland Private Capital Corp. has sold BB&T headquarters, a 240,000-square-foot, 20-story office tower located in Winston-Salem, for approximately $25 million. Inland facilitated the sale of the property on behalf of one of its 1031 investment programs through a subsidiary, which serves as Inland’s asset manager.
RICHMOND, VA. — Capstone Apartment Partners has brokered the $17.5 million sale of Ashton Square Apartments, a 372-unit apartment community located in Richmond. The property, originally built in 1964, was 95.4 percent occupied at the time of sale. Kohn Family Trust purchased Ashton Square from Weinstein Properties for roughly $47,151 per unit. Todd Conner, Jared Alcorn and Beau McIntosh of Capstone represented Weinstein Properties in the transaction.
CHICAGO — Bernard Financial Group has arranged an $18.7 million CMBS loan to refinance a 23-story historic office building in Chicago’s Loop. The 198,698-square-foot property is located at 205 W. Randolph St. The sons of world-renowned architect Daniel H. Burnham designed the building. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan for the borrower, Randolph Acquisition LLC, through Deutsche Bank.
CEDAR PARK & SEAGOVILLE, TEXAS — BMC Capital has provided a $5.9 million acquisition loan for a 100-unit multifamily property located in Cedar Park, a suburb of Austin. BMC has also provided a $588,000 acquisition loan for a 16-unit multifamily located in the Dallas suburb of Seagoville. The first is a five-year loan that includes a 69 percent loan-to-value ratio, a 4 percent fixed interest rate and a 30-year amortization schedule. The second is a seven-year loan that includes a 70 percent loan-to-value ratio, a 4.75 percent interest rate and a 25-year amortization schedule. The loans were arranged through BMC’s correspondent banking relationships.
HOUSTON — NAI Houston has brokered the sale of a 45,000-square-foot industrial warehouse in Houston’s East End submarket. Ashley-Jordyn Properties LLC purchased the property located at 5633 Old Clinton Dr. Clay Pritchett of NAI Houston represented the buyer. Bill Locher and Wes Williamson of The Locher Group represented the seller, Amtech International Inc.
ADDISON, TEXAS — Lee & Associates has arranged the lease of a 74,031-square-foot industrial space located at 3799-3801 Arapaho Road in Addison. Nathan Denton, Adam Graham, Mark Graybill and Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the landlord, Lighting Propco I. Michael Carmichael of Colliers International represented the tenant, Encore Payment Systems, a company specializing in payment processing solutions.