Ascentris-Led Team Completes Doral Redevelopment Project
Ascentris, in partnership with Highline Real Estate Capital and Square2 Capital, completed a multi-phase repositioning of Westside Plaza, a three-building office campus in Doral totaling 382,637 square feet, resulting in the sale of Westside Plaza I and III, a stabilized office portfolio, and the redevelopment of Westside Plaza II into a 380-unit multifamily rental community in partnership with ZOM Living.
Originally acquired in 2021, the campus was repositioned through a multi-year strategy to concentrate tenancy, enhance the office assets and unlock a portion of the site for residential development, enabling two distinct paths for value creation.
The joint venture acquired the existing office building for $26.5 million as part of their redevelopment plan. The group secured a $92.3 million construction loan from PNC Bank to fund their redevelopment efforts for Westside Plaza II.
The sale of Westside Plaza I and III was brokered by CBRE’s Chris Lee, Sean Kelly, Tom Rappa and Matthew Lee.
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RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout