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Newmark Negotiates Sale of 142,765 SF Office Building in Boston

by Taylor Williams October 16, 2023

BOSTON — Newmark has negotiated the sale of 855 Boylston, a 142,765-square-foot office building in Boston’s Back Bay area. The building was fully leased to 13 tenants at the time of sale and offers an updated lobby and glass curtainwall, as well as multiple outdoor terraces and 32 below-grade parking spaces. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, an undisclosed global investment manager, in the transaction. The buyer and sales price were not disclosed.

October 16, 2023

Acquisitions Multifamily Texas

CIM Group Acquires 390-Unit Apartment Community in Northwest Austin

by Taylor Williams October 13, 2023

AUSTIN, TEXAS — Los Angeles-based CIM Group, in partnership with an undisclosed entity, has acquired Onyx183, a 390-unit apartment community in northwest Austin’s Parmer Corridor. Built on 21 acres in 1995, the recently renovated property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and tile backsplashes. Amenities include two pools, outdoor grilling and dining stations, a pet park and spa, fitness center and a resident clubhouse. The seller and sales price were not disclosed.

October 13, 2023

Acquisitions Development Multifamily New Jersey Northeast Office

Garden State Commercial Sells 240,000 SF Office Building in Trenton, Buyer Plans Residential Conversion

by Taylor Williams October 12, 2023

TRENTON, N.J. — Garden State Commercial Properties has sold a 240,000-square-foot office building located at 240 W. State St. in downtown Trenton to an undisclosed buyer that plans to redevelop the 16-story building for residential usage. The new complex will offer studio, one- and two-bedroom apartments and amenities such as a fitness center, pool and ground-floor café. In addition, the company will renovate the building’s enclosed parking garage. Completion of the conversion is slated for 2026. Jerry Fennelly of Fennelly Associates represented both parties in the sale.

October 12, 2023

Acquisitions Multifamily Texas

Newmark Brokers Sale of 376-Unit Stone Brook Apartments in Metro Houston

by Taylor Williams October 11, 2023

BAYTOWN, TEXAS — Newmark has brokered the sale of Stone Brook, a 376-unit apartment community located in the eastern Houston suburb of Baytown. Built in 2000, Stone Brook offers one-, two- and three-bedroom units and amenities such as a pool, playground and a dog park. Zach Springer of Newmark represented the seller, Dallas-based private equity firm Knightvest Capital, in the transaction. Tip Strickland, also with Newmark, originated an undisclosed amount of Freddie Mac acquisition financing on behalf of the buyer, Bluebird. The 10-year, fixed-rate loan was structured with a loan-to-value ratio above 80 percent and seven years of interest-only payments.

October 11, 2023

Acquisitions Multifamily Texas

CONAM Group Acquires 270-Unit Arise Craig Ranch Apartments in McKinney, Texas

by Taylor Williams October 10, 2023

MCKINNEY, TEXAS — The CONAM Group, a California-based investment firm, has acquired Arise Craig Ranch, a 270-unit apartment community located within the Craig Ranch master-planned development in the northern Dallas suburb of McKinney. Completed in 2018, Arise Craig Ranch offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops and tile backsplashes. Amenities include a pool, resident lounge, billiards room, courtyards, fitness center, movie theater, dog park and a business center. The seller and sales price were not disclosed.

October 10, 2023

Connection-Park-Logistics-Center-San-Antonio

Acquisitions Industrial Texas

JLL Arranges Sale of 490,083 SF Distribution Center in San Antonio

by Taylor Williams October 9, 2023

SAN ANTONIO — JLL has arranged the sale of Connection Park Logistics Center, a 490,083-square-foot distribution center in San Antonio. Completed earlier this year, Connection Park Logistics Center sits on 42.2 acres and features 36-foot clear heights, six ramped doors and 348 trailer and car parking spaces. Trent Agnew and Josh Villarreal of JLL represented the seller, Houston-based Triten Real Estate Partners, in the transaction and procured the buyer, CAPSTAR Real Estate. Jarrod McCabe and Blake Jones, also with JLL, arranged an equity partnership between CAPSTAR Real Estate and an undisclosed investor and secured a floating-rate, interest-only acquisition loan from Prime Finance for the buyer.

October 9, 2023

Acquisitions Multifamily Student Housing Texas

Vesper Holdings Acquires 427-Bed Student Housing Community Near the University of North Texas

by Taylor Williams October 9, 2023

DENTON, TEXAS — Vesper Holdings has acquired 33 North, a 427-bed student housing community located near the University of North Texas in Denton. Built in 2013, the mid-rise property offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a pool, fitness center, study lounge, clubroom, gaming centers, package lockers and an outdoor kitchen. The property was acquired in an off-market transaction, the terms of which were not disclosed. Vesper plans to implement capital improvements to the community’s clubhouse, fitness center and pool area. Technological upgrades will also be implemented throughout the property, which will be managed by Vesper’s in-house management firm, Campus Life & Style.

October 9, 2023

Acquisitions Multifamily Student Housing Texas

Newmark Arranges Sale of 382-Bed Student Housing Community Near University of Texas at Arlington

by Taylor Williams October 6, 2023

ARLINGTON, TEXAS — Newmark has arranged the sale of Maverick Place, a 382-bed student housing community located near the University of Texas at Arlington campus. The garden-style community offers a mix of one-, two- and four-bedroom units (117 total) with bed-to-bath parity. Shared amenities include a 24-hour fitness center, clubhouse, pool, game room, cybercafé and a dog park. Ryan Lang, Jack Brett and Ben Harkrider of Newmark represented the sellers in the transaction. Jordan Roeschlaub, Dustin Stolly, Ben Roelke, Ian Walker and Trent Houchin, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Axonic Properties LLC.

October 6, 2023

Acquisitions Multifamily Texas

Cushman & Wakefield Brokers Sale of 328-Unit Apartment Community in League City, Texas

by Taylor Williams October 6, 2023

LEAGUE CITY, TEXAS — Cushman & Wakefield has brokered the sale of Amalfi at Tuscan Lakes, a 328-unit apartment community located in the southeastern Houston suburb of League City. Built in 2008, the property offers one-, two- and three-bedroom units and amenities such as a pool, business center, coffee bar, fitness center, game room, multiple lounges and courtyards and a pet play area. John Carr, Jennifer Campbell, Ben Fuller, Josh Hoffman, Avery Klatt, Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, New York City-based Sachs Cos., in the transaction. The buyer and sales price were not disclosed.

October 6, 2023

Acquisitions Industrial Texas

Rosewood Property Acquires 170,000 SF Industrial Facility in Schertz, Texas

by Taylor Williams October 6, 2023

SCHERTZ, TEXAS — Dallas-based Rosewood Property Co. has acquired Four Oaks Distribution Center, a 170,000-square-foot industrial facility located northeast of San Antonio in Schertz. Rosewood co-developed the 6.5-acre property on a speculative basis with Phelan Bennett Development and is now purchasing the California-based investment firm’s interest. Four Oaks Distribution Center, which features 30-foot clear heights, 32 dock doors and 147-foot truck court depths, was fully leased at the time of sale to building materials provider MSI (65,000 square feet) and shipping company OnTrac (104,000 square feet). John Brownlee and John Bauman of JLL arranged acquisition financing through Lincoln Financial Group for the deal.

October 6, 2023

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