Sale and financing secured for San Antonio, TX apartment complex

With an average unit size of 882 square feet, Park at Rialto apartments is situated on 9.3 acres and is National Green Building Standard certified.

Gary Williams

 SAN ANTONIO, TX -- Capital Markets announced it has closed the sale of and arranged acquisition financing for the Park at Rialto, a newly constructed, 274-unit, garden-style multi-housing community built by GenCap Partners, Inc. in the northwest part of San Antonio, Texas.

JLL worked on behalf of Covenant Capital Group, to secure the seven-year, fixed-rate loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital, LLC., a Freddie Mac Optigo℠ lender. 

Covenant Capital Group purchased the asset from GenCap Partners, Inc., in a JLL-brokered transaction.

Park at Rialto was constructed in 2018 and offers an urban lifestyle due to its proximity to major employment hubs, retail, entertainment and recreational amenities.

CW Sheehan 

 The community, with an average unit size of 882 square feet, is situated on 9.3 acres and is National Green Building Standard certified.

“The central Texas markets like San Antonio and Austin are very attractive investment markets right now, and we are seeing growing demand for not only new apartments but investors willing to invest in this growth,” says Gary Williams, CFO of GenCap Partners, Inc. “That is why we have three new starts in these growing suburban areas.”

The JLL Capital Markets team that led the financing efforts on behalf of the borrower was led by Senior Director CW Sheehan and Analysts Alastair Barnes and Scott Dickey. The JLL Capital Markets team representing the seller was led by Senior Managing Director Sean Sorrell. 

“Park at Rialto is a great acquisition for Covenant Capital Group, as they expand their portfolio in Texas,” Sheehan added. “The property offers excellent access to major employers and will benefit from the continued growth between Boerne and San Antonio.”  

Alastair Barnes

JLL delivers multi-housing investors a full range of solutions through one diverse, integrated platform. 

The division employs approximately 400 professionals who provide comprehensive investment sales and disposition services with access to thousands of domestic and foreign investors. 

JLL is also one of the nation’s largest affordable and conventional multi-housing and seniors housing lenders with comprehensive loan underwriting, asset management and loan servicing capabilities. 

Agency/GSE lending and loan servicing are performed by JLL Real Estate Capital, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license.

Scott Dickey

For more news, videos and research resources on JLL, please visit our newsroom.

About The GenCap Group

The GenCap Group is an independent real estate investment advisor and operator based in Dallas, Texas. 

The firm was founded in 1997 and provides investment advice and real estate investment products to pension funds, endowments, and private investors throughout Europe, Asia and the United States. 

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GenCap Partners, Inc., the real estate development and services arm of The GenCap Group, provides asset management, development, operations and related services to its investment partners. 

About Covenant Capital Group

Covenant Capital Group is a value-add investment manager with an exclusive focus on the acquisition and renovation of apartment communities in major southeastern and mid-Atlantic markets. 

Covenant focuses on revitalizing properties into premier, institutional quality assets. 

Through its process, it sustains valuable housing inventory in high-growth areas to positively impact communities. Covenant controls over 10,250 apartment units with over $1.2 billion of market value.

CONTACT:

Kimberly Steele 
kimberly.steele@am.jll.com

jll.com.

Covenant Capital Group 

Marcus & Millichap Brokers $2 Million Sale of 3,649-SF, Net Leased BB&T Site in Fort Myers, FL

BB&T, 18031 South Tamiami Trail, Fort Myers, FL 

FORT MYERS, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of BB&T, a 3,649-square foot net-leased property located in Fort Myers, Fla., according to Chris Travis, regional manager of the firm’s Tampa office. The asset sold for $2,000,000.

Reid Thedford

Reid Thedford, James Garner, James Medefind and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

“We are pleased to announce the sale of the BB&T (now Truist) bank branch located in Ft. Myers for $2,000,000, said Thedford.  "Amid the COVID-19 pandemic, our team listed the property, generated multiple offers, and successfully completed the transaction.

James Garner

"The subject property had two and half years remaining, on its initial fifteen-year lease.”.

BB&T is located at 18031 South Tamiami Trail in Fort Myers, Fla.  BB&T is located at a signalized intersection on South Tamiami Trail and Constitution Boulevard.

South Tamiami Trail is a major North-South thoroughfare that exposes this location to over 59,000 vehicles per day. There are dozens of national retailers in the immediate area including Publix, Planet Fitness, Bank of America, Regions Bank, CVS, Walgreens, McDonald’s, Burger King, Dunkin’ and more.

 James Medefind 

The population and average household income within a three-mile radius of the subject property are approximately 37,150 and $85,735, respectively.

           The Fort Myers market is a popular tourist destination and receives over 1.8 million visitors each year. 

Fort Myers is also a significant second-home market partly due to its convenient proximity to major cities, such as Miami and Tampa, which are both less than two hours away.

Jim Shiebler

Fort Myers is located in Lee County, which has a current population of over 700,000 full time residents. 

World-class fishing, award winning beaches, no state income taxes, and year-round beautiful weather are attracting new residents and visitors to this area at record breaking pace.

CONTACT:

ChrisTravis 

Chris.Travis@marcusmillichap.com

www.MarcusMillichap.com.

Marcus & Millichap Arranges Sale of Two Seniors Housing Properties in Mississippi

.

Krone Weidler

OXFORD, MS and SOUTHAVEN, MS – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced  the sale of Hermitage Gardens of Oxford and Hermitage Gardens of Southaven, two seniors housing properties combined at 69,526-square foot and located in Southaven, MS and Oxford, MS, according to Chris Travis, regional manager of the firm’s Tampa office.

 L.J. Tsunis

Krone Weidler and L.J. Tsunis, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a REIT.  

William Davis

The buyer, a private equity investment firm, was also secured and represented by the two brokers..  William Davis, Broker, assisted in closing this transaction.

“Our strategic and targeted marketing efforts brought forth a cash buyer for this value-add opportunity.

 "We negotiated a contract and assisted the buyer in completing due diligence as COVID-19 became more prevalent.  We managed to close the transaction timely with minimum interruption” explained Weidler.

Hermitage Gardens of Oxford, 1488 Belk Boulevard, Oxford, MS

Tsunis went on to say,  “the buyer is excited to add to their portfolio in the southeast. They like the value-add component and plan to make capital improvements of these assets over the next several months.”

Hermitage Gardens of Southaven, 108 Clarington Drive,
Southaven, MS. 

Hermitage Gardens of Oxford is located at 1488 Belk Blvd in Oxford, MS and Hermitage Gardens of Southaven is located at 108 Clarington Dr in Southaven, MS.  The properties are situated on 6.72 combined acres and include 116-units with 120 licensed beds.

CONTACT:

Whitney Davis

Whitney.Davis@marcusmillichap.com

www.MarcusMillichap.com.

Beacon Real Estate Group Acquires Sister Apartment Communities in Atlanta Area

MIAMI, FL and ATLANTA, GA – Commercial real estate firm Beacon Real Estate Group completed the $46.1 million purchase of 332 apartment units in the Decatur submarket of Atlanta.

The Miami-based firm acquired the 168-unit Domain at Cedar Creek and 164-unit Gateway at Cedar Brook.

 The transaction closed on Aug. 6. Beacon obtained acquisition financing from Fannie Mae and Berkadia.

Richard Kulick

 “We are thrilled to add these highly desirable communities to our expanding portfolio of multifamily assets in core markets,” Beacon Managing Partner Richard Kulick said. “These communities perfectly align with our investment focus targeting stabilized apartment properties with upside potential in strong submarkets.”

 Built in 1970 and 1972, respectively, Domain at Cedar Creek and Gateway at Cedar Brook are considered sister communities. They are located within one mile from each other.

The previous owner made substantial recent investments to upgrade roofs, siding, HVAC systems and clubhouses at the communities.

 Domain and Gateway are 99% occupied. Beacon plans to add value through extensive interior renovations.

 The communities’ location within the Decatur submarket provides access to more than 300,000 jobs in Atlanta’s Downtown, Midtown, Buckhead and Emory districts.

Beacon continues to aggressively pursue multifamily acquisition opportunities.

 “We are extremely well-capitalized and are stepping on the gas during a time when many investors are on the sidelines,” Beacon Managing Partner Carlos Imery said.

Carlos Imery 

 “The Greater Atlanta market continues to be a top target for us.”

 Beacon owns more than 6,000 multifamily units in the Southeast U.S., with a strong focus on secondary markets. 

The company’s portfolio also includes nearly 1 million square feet of office and retail properties in the region.

CONTACT:

Eric Kalis

Vice President 

BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

www.bcnreg.com.