Acquisitions

Interra Realty Brokers $5.8M Sale of Multifamily Property in Chicago’s Ravenswood Neighborhood

by Kristin Harlow March 13, 2023

CHICAGO — Interra Realty has brokered the sale of a 27-unit multifamily property in Chicago’s Ravenswood neighborhood for $5.8 million. Constructed in 1927, the property at 4401-11 N. Hamilton Ave. features 12 studios, 12 one-bedroom units and three commercial spaces. The building has recently undergone capital improvements. Joe Smazal of Interra represented the buyer and seller, both of which were local private investors. The transaction marks the first time the building has sold in over 50 years.

March 13, 2023

Acquisitions Midwest Multifamily Ohio

Marcus & Millichap Negotiates Sale of 24-Unit Apartment Building in Columbus

by Kristin Harlow March 13, 2023

COLUMBUS, OHIO — Marcus & Millichap has negotiated the sale of The Gemma in the Olde Towne East neighborhood of Columbus for an undisclosed price. The newly constructed apartment building features 24 units. The transaction also included the neighboring Carriage House, a newly constructed, two-townhome building. Matt Snyder and Lisa Sickinger of Marcus & Millichap represented the seller, a limited liability company. The buyer was a partnership between Maitland Property Management and ARZ Realty Capital, both headquartered in Dallas. Maitland Property Management will serve as property manager for both assets. Ari Raskas of ARZ Realty Capital arranged acquisition financing.

March 13, 2023

Acquisitions Iowa Midwest Retail

Matthews Real Estate Arranges Sale of Shine Shop Car Wash Portfolio in Iowa

by Kristin Harlow March 13, 2023

IOWA — Matthews Real Estate Investment Services has arranged the sale of four properties occupied by Shine Shop Car Wash in Iowa for an undisclosed price. The properties are located at 3301 N. Ankeny Blvd. in Ankeny, 1400 SE University Ave. in Waukee, 601 NE Cypress Drive in Grimes and 6035 Merle Hay Road in Johnston. Beryl Grant and Clay Smith of Matthews represented the buyer, Rocket Car Wash, a national chain looking to expand particularly in the Iowa market. The seller was a private investor.

March 13, 2023

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $24M Sale of Lexington Park Apartment Community in Metro Atlanta

by John Nelson March 13, 2023

SMYRNA, GA. — Cushman & Wakefield has arranged the sale of Lexington Park, a 156-unit multifamily community located in Smyrna, roughly 16 miles northwest of Atlanta. Travis Presnell, Nathan Swenson and James Wilber of Cushman & Wakefield represented the seller, Castlegate Property Group, in the $24 million transaction. Knickerbocker Asset Management acquired the property. Built in 1963, Lexington Park features amenities including a grill area, swimming pool, dog park and play area, laundry facility and a business center. Castlegate previously completed $500,000 in exterior renovations at the property.

March 13, 2023

Acquisitions North Carolina Retail Southeast

Legacy Brokers $16.2M Sale of Shopping Center in Metro Charlotte

by John Nelson March 13, 2023

INDIAN TRAIL, N.C. — Legacy Realty Group Advisors has arranged the sale of Union Town Center, a 102,360-square-foot shopping center located in Indian Trail, roughly 15 miles southeast of Charlotte. Food Lion, Workout Anytime and Dollar Tree anchor the property. Jacob Baruch and Daniel Baruch of Legacy represented both the buyer and seller in the $16.2 million transaction. Both parties requested anonymity.

March 13, 2023

Acquisitions Georgia Retail Southeast

ShopOne Acquires 68,271 SF Bethesda Walk Shopping Center in Metro Atlanta

by John Nelson March 13, 2023

LAWRENCEVILLE, GA. — ShopOne Centers REIT Inc., with joint venture partners Pantheon and an institutional investor, has acquired Bethesda Walk, a 68,271-square-foot shopping center located in Lawrenceville, roughly 30 miles northeast of Atlanta. Walmart Neighborhood Market anchors the property, which was 98 percent occupied at the time of sale. Other tenants at the center include Subway, Wingstop and Metro by T-Mobile. The seller and sales price were not disclosed.

March 13, 2023

Acquisitions Multifamily Texas

Midloch, WindMass Capital Buy 176-Unit Apartment Complex in Richardson, Texas

by Taylor Williams March 13, 2023

RICHARDSON, TEXAS — A joint venture between Midloch Investment Partners, a private equity firm with offices in the Midwest, and Dallas-based WindMass Capital has purchased a 176-unit apartment complex in the northeastern Dallas suburb of Richardson. Riverwalk Apartments was originally built in 1981 and offers one- and two-bedroom units. Amenities include a pool, fitness center, outdoor kitchen, package handling service and landscaped outdoor spaces. The seller and sales price were not disclosed.

March 13, 2023

Acquisitions Arizona Build-to-Rent Single-Family Rental Western

Private Portfolio Group Purchases Havenly Fountain Hills Build-to-Rent Community in Arizona for $68.3M

by Jeff Shaw March 13, 2023

FOUNTAIN HILLS, ARIZ. — Private Portfolio Group has acquired the 147-unit Havenly Fountain Hills for $68.3 million. The build-to-rent community is located at 16550 East Avenue of the Fountains in Fountain Hills, a suburb of north Scottsdale. Each rental home features 10-foot ceilings, fully fenced private backyards, front porches, high-end interior finishes, quartz countertops, stainless steel appliances and full-size washers and dryers. Mark Forrester of Berkadia represented the sellers, Arizona-based Keystone Homes and Lexin Capital, while Scott Holland of Berkadia Scottsdale secured life company acquisition financing on behalf of the buyer.

March 13, 2023

Acquisitions Arizona Multifamily Western

Hamilton Zanze Acquires 296-Unit Springs at Deer Valley Multifamily Property in Phoenix

by Jeff Shaw March 13, 2023

PHOENIX — Hamilton Zanze has purchased the 296-unit Springs at Deer Valley apartment community in Phoenix for an undisclosed sum. This purchase marks the firm’s seventh Arizona property within its current portfolio. The community will be rebranded as Ironwood at Happy Valley apartments. Built in 2021, Ironwood at Happy Valley is located at 24025 N. 23rd Ave., about 20 minutes from downtown Phoenix. The property is also close to the $12 billion Taiwan Semiconductor Manufacturing Co. manufacturing campus. Hamilton Zanze will execute a capital improvements campaign that includes building, amenity and green improvements. Management of the property has been transitioned to HZ affiliate Mission Rock Residential. Dan Woodward, David Potarf, Matt Barnett and Jake Young led the Walker & Dunlop investment sales team that marketed the property.

March 13, 2023

Acquisitions Retail Texas

SRS Real Estate Arranges $6.1M Sale of Retail Property in Fort Worth

by Taylor Williams March 13, 2023

FORT WORTH, TEXAS — SRS Real Estate Partners has arranged the $6.1 million sale of a 13,426-square-foot, single-tenant retail property in Fort Worth that is net leased to CVS. The property was built on 2.3 acres in 2020. Matt McNeill of SRS represented the buyer, a California-based private investor, in the transaction. Thomas Co. represented the undisclosed seller.

March 13, 2023

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