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Woodridge College Station I LLC has plans to construct a student housing development in College Station.
COLLEGE STATION — Woodridge College Station I LLC has plans to construct a student housing development in two phases at the northwest corner of University Drive and Texas Avenue in College Station. The location once was home to the 17-story Plaza Hotel, which was imploded in May 2012 to make way for the new student housing property. Phase I of the development will include 928 beds and approximately 53,000 square feet of retail, restaurants and public space. Phase I is slated for a fall 2014 delivery. Phase II will include the addition of 1,000 beds and is slated for a fall 2015 delivery. Woodridge College Station is an affiliate of Los Angeles-based Woodridge Capital Partners. Woodridge College Station is developing the student housing property in partnership with funds managed by Oaktree Capital Management and in collaboration with Capstone Collegiate Communities. Construction is slated to begin in spring 2013.
WESTMOUNT REALTY ACQUIRES BEVERLY PALMS APTS.
HOUSTON — Dallas-based Westmount Realty Equities has provided joint venture equity to ParaWest Group to acquire the 360-unit Beverly Palms Apartments, located near the Galleria Shopping Mall in Houston. The apartment community is currently 98 percent occupied and is slated to undergo a planned $1 million renovation.
IPA SECURES SALE OF MULTIFAMILY PORTFOLIO
Pace's Cove Apartment Homes
DALLAS — Institutional Property Advisors (IPA), the multifamily brokerage division of Marcus & Millichap, has brokered the sale of a two-property apartment portfolio totaling 560 units in Dallas. The properties include the 328-unit Pace's Cove Apartment Homes, located at 13100 Pandora Drive, and the 232-unit Brookfield Apartment Homes, located at 4060 Preferred Road. Will Balthrope and Drew Kile of IPA represented the seller, Landmark Residential, in the transaction. Balthrope and Kile also represented the buyer, Peak Capital Partners.
FORMER MOVIE THEATER AND SYMPHONY HALL TO HOUSE H&M
MIAMI BEACH, FLA. — Miami Beach-based Savitar Realty Advisors has converted South Beach’s Lincoln Theatre from a historic movie theater and symphony hall into a 35,000-square-foot retail property. It is scheduled to open in November and will house Swedish retailer H&M’s 30,000-square-foot flagship store as well as smaller tenants like Swatch; Sabon; 4D Gelato; and 100 Montaditos, a Spanish tapas and sandwich style restaurant. Savitar Realty Advisors and a group of investors acquired Lincoln Theatre for $21.5 million in February 2010. The historic building was designed and built in 1935 by cinema architect Thomas Lamb in classic art deco style.
JLL ARRANGES SALE OF IMPERIAL SQUARE OFFICE BUILDING
IRVING — Jones Lang LaSalle has brokered the sale of the 129,321-square-foot Imperial Square, a one-story office building located at 2401-2477 Gateway Drive in Irving. Bo Bond and Larry McCorkle of Jones Lang LaSalle represented the seller, Rushmore Imperial Square LP, in the transaction. The buyer was Red River Imperial Square LLC.