REBusinessOnline

CBRE Negotiates Sale of 1,331-Unit Multifamily Portfolio in Houston

HOUSTON — CBRE has negotiated the sale of a portfolio of three multifamily communities totaling 1,331 units in Houston. The properties, which had an average overall occupancy of 91 percent at the time of sale, are Westchase Estates, Westchase Grand and Westchase Preserve. Matt Phillips and Clint Duncan of CBRE represented the seller, a partnership between Ascension Commercial Real Estate and Moriah Group, in the transaction. Michael Thompson of CBRE arranged acquisition financing for the deal …

37th Parallel Acquires 224-Unit Apartment Community in San Antonio

SAN ANTONIO — 37th Parallel Properties, a Virginia-based multifamily investment firm, has acquired Summit of Thousand Oaks, a 224-unit multifamily community in San Antonio. Built in 1983, the property consists of 144 one-bedroom units and 80 two-bedroom apartments. Amenities include a pool and a fitness center. The new ownership will add new retaining walls and landscaping, as well as upgrade the leasing center and unit interiors. Cutt Ableson of Berkadia arranged a Freddie Mac green loan for …

Marcus & Millichap Brokers Sale of 184-Unit Apartment Property in Fort Worth

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Village Creek Townhomes, a 184-unit multifamily property in Fort Worth. The community was built in 1970 and rebuilt in 1994 to offer two-, three- and four-bedroom floor plans. Al Silva of Marcus & Millichap represented the seller, a Dallas-based private investment group, in the transaction. Silva also procured the buyer, a Texas-based partnership. Both parties requested

CBRE Arranges $7.8M Sale of Three-Building Retail Center in Yorba Linda

YORBA LINDA, CALIF. — CBRE has brokered the sale of The Shops at Yorba Linda, a three-building center located at 4846-4854 Valley View Ave. in Yorba Linda. Solana Beach-based Midtown National Group sold the property to Los Angeles-based San Jose Central Travel for $7.8 million. At the time of sale, the property was fully occupied by a mix of quick-serve restaurants, service tenants, unique retailers and a Dunkin Donuts drive-thru. Sam Alison, Mike Philbin, Amar Goli and Patrick Larimore …

Pinnacle Real Estate Negotiates $2.8M Sale of Multifamily Property Near Denver

WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a multifamily property located at 6050-6054 W. 38th Ave. in Wheat Ridge, a western suburb of Denver. A local buyer acquired the asset for $2.8 million, or $149.55 per square foot. The asset includes a 19-unit multifamily building and 27 garages/storage units. Josh Newell of Pinnacle Real Estate represented the buyer and undisclosed seller in the

Taylor Street Real Estate Brokers $2.7M Sale of Estilo Apartments in Phoenix

PHOENIX — Taylor Street Real Estate Advisors has arranged the sale of Estilo Apartments, a multifamily community in Central Phoenix. A local private capital investment partner sold the property to an undisclosed buyer for $2.7 million, or $178,333 per unit. Brian Tranetzki and Eric Thomas of Taylor Street Real Estate Advisors represented the seller, while CBRE represented the buyer in the transaction. Located at 3025 N. 38th St., Estilo Apartments features 15 renovated apartments with …

Urban Investment Partners Acquires Apartment Building in D.C. for $42.5M

WASHINGTON, D.C. — A joint venture led by Urban Investment Partners (UIP) has acquired 3333 Wisconsin, a 100-unit apartment building located at 3333 Wisconsin Ave. N.W. in Washington, D.C.’s Cathedral Heights neighborhood. The sales price was not disclosed, but the Washington Business Journal reports the asset sold for $42.5 million. UIP did not name its joint venture partner. The community is situated across Wisconsin Avenue from Cathedral Commons, a mixed-use development that houses a …

Avison Young Brokers Land Sale Near Charlotte, Buyer Planning 600,000 SF Industrial Building

CONCORD, N.C. — Avison Young has brokered the sale of a 48-acre parcel located at 431 Goodman Road in Concord, roughly 25 miles northeast of Charlotte. Chris Skibinski, Henry Lobb and Tom Tropeana of Avison Young arranged the sale on behalf of the buyer, The Silverman Group, which plans to build a 600,000-square-foot speculative industrial building on the site. Dubbed Concord Industrial Center, the facility will feature 36-foot clear heights designed to suit a single tenant or multiple …

Farbman Group Brokers $1.5M Sale of Office Building in Dearborn, Michigan

DEARBORN, MICH. — NAI Farbman has arranged the sale of a 35,800-square-foot office building in Dearborn for $1.5 million. The property, originally built in 1972 and formerly the United Airlines building, spans two stories on a 4.5-acre site at 17501 Michigan Ave. Ali Haidar of Farbman represented the buyer, 17501 Michigan Ave. Acquisitions LLC. UA Investment Group LLC was the seller. Farbman will handle management and leasing for the property, which will be rebranded as Dearborn Office …

CBRE Brokers $8.1M Sale of Medical Office Building Near Philadelphia

PHOENIXVILLE, PA. — CBRE has brokered the $8.1 million sale of Phoenixville Medical Office Building I, a 62,175-square-foot medical office building in Phoenixville. Located at 824 N. Main St., the three-story property was built in 1991 and is currently 90 percent leased. The tenant roster includes Phoenixville Hospital, Clinical Care Associates and Tri-County Urologic. Phoenixville is approximately 27 miles northeast of Philadelphia. Peter Stevens of CBRE represented the seller, Phoenixville …