COLUMBUS, OHIO — The Columbus Metropolitan Housing Authority (CMHA) has acquired Copperleaf Apartments, a 108-unit affordable housing multifamily development in Columbus for $8.1 million. Built in 1989, the property sits on eight acres located off Sawmill Road on the city’s Northwest Side. The seller was a partnership of companies headed by local developers Don Kelley and Robert Weiler. Columbus Housing Enterprise (CHE), a newly formed nonprofit, has entered into a 75-year lease to operate the community on behalf of CMHA, ensuring the apartment complex will remain affordable for lower-wage-earning families, senior citizens and people with disabilities for the long run. According to The Columbus Dispatch, the nonprofit will target prospective renters making 80 percent or less of area median income, which is $52,500 for one person and $74,950 for a four-person household. Data from the Affordable Housing Alliance of Central Ohio (AHACO) shows only 29 affordable housing units are available for every 100 extremely low-income households in the Columbus and Franklin County area. AHACO estimates 54,000 low- and moderate-income households in Franklin County pay more than half their income toward housing costs. Central Ohio also faces a deficit of 11,000 to 14,000 new housing units every year to support a healthy housing …
MALDEN, MO. — Marcus & Millichap has brokered the sale of a 43,770-square-foot retail property occupied by Walmart in Malden, which is part of the Missouri Bootheel in the southeast portion of the state. A limited liability company purchased the net-leased property, located at 1007 N. Douglass St., for $2.9 million in an all-cash transaction. Walmart has five years remaining on its lease. Investment specialists Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles from Marcus & Millichap’s Cleveland and Columbus offices marketed the asset on behalf of the seller, a limited liability company and private investor. The buyer was also secured and represented by Shapiro, Fuller, Patton and Wiles with the assistance of David Saverin, Missouri broker of record.
BANNING, CALIF. — Marcus & Millichap has arranged the sale of Wilson Gardens, a multifamily property located at 5001 and 5059 W. Wilson St. in Banning. An individual/personal trust sold the asset to a private investor for $12.2 million, or $180,147 per unit. Douglas McCauley and David Covarrubias of Marcus & Millichap office represented the seller, while Bruce Rajaee of Marcus & Millichap represented the buyer in the deal. Built in 1972, the building features 68 one- and two-bedroom apartments. Onsite amenities include a swimming pool, garages, laundry facilities and a secured entrance.
PHOENIX — Stos Partners has purchased a freestanding industrial building located at 1002 S. 54th Ave. in Phoenix. A national window manufacturer and distributor bought the property for $10.9 million. Built in 1992, the vacant asset features 83,889 square feet of warehouse and distribution space and 7,000 square feet of office space. Situated on 4.2 acres, the building offers 25-foot warehouse clearance, a new roof, 17 dock-high doors, two drive-in, ground-level doors, HVAC in the warehouse space and an EVAP cooling system throughout the warehouse area, both powered by more than 2,500 amps of 277/440-volt power. Stos plans to upgrade the property to prepare the space for lease. Anna Josephson and Bo Mill of KBC Advisors represented Stos in the transaction. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield are marketing the asset for lease.
PARKER, COLO. — Armstrong Capital Development (ACD) has completed the sale Parker Keystone, a retail center in Parker. A publicly traded REIT acquired the asset for an undisclosed price. Located at the intersection of South Parker Road and Lincoln Avenue, the Class A, multi-tenant property was fully leased at the time of sale. The property totals 16,600 square feet. Current tenants include Bank of America, Wingstop, Dunkin’ Donuts and AAA Colorado. ACD completed the transaction on behalf of its ACD 2013 Fund LP. Cory Gross of Marcus & Millichap handled the transaction.
OMAHA, NEB. — Greystone Housing Impact Investors LP has sold two multifamily properties located in Omaha. Both properties, Vantage at Stone Creek and Vantage at Coventry, comprise 294 market-rate units and feature a swimming pool. No buyer information was provided. Greystone received net cash of approximately $27.7 million upon closing the sales, inclusive of the return of its contributed equity. Greystone’s investment in Vantage at Stone Creek originated in March 2018 and included $7.1 million in contributed equity during construction. Greystone’s investment in Vantage at Coventry originated in September 2018 and totaled $8.1 million in equity during construction.
CHICAGO — Marcus & Millichap has arranged the sale of two 12-unit apartment properties located in Chicago. The two properties, 922 West George Street and 855 West Grace Street, sold for a total of $6.2 million. Kyle Stengle of Marcus & Millichap marketed the property on behalf of the seller, Golub Co., and its Boston-based partner. The buyer is a New York-based investor who was secured and represented by Marcus & Millichap’s Steve Rachman and Benjamin Conte.
YPSILANTI, MICH. — Northmarq has arranged the $2.6 million sale of a single-tenant retail property located at 3100 Washtenaw Avenue in Ypsilanti, roughly five miles southeast of downtown Ann Arbor. AMERCO Real Estate Co. acquired the property, which sits on 11 acres and totals 91,743 square feet. Isaiah Harf of Northmarq’s Chicago office represented the seller, a New York-based institutional investor. Neighboring tenants include Fresh Thyme Market, Dollar General, Planet Fitness, Domino’s and Walgreens.
RICHARDSON, TEXAS — Chicago-based developer Dayton Street Partners has acquired a 65-acre manufacturing and distribution campus in the northeastern Dallas suburb of Richardson with plans to expand the site. The undisclosed seller has agreed to lease back 10 percent of the space at the 845,000-square-foot campus, and electronics manufacturer Celestica has leased 672,588 square feet. The seller also vacated the remaining 90,000-square-foot building, at which Dayton Street has launched a capital improvement program. The expansion will feature a 240,000-square-foot facility on a nine-acre parcel that is expected to be complete in early 2024. Larry Serota, Mike Hardage and Nora Hogan of Transwestern represented the seller in the transaction.
ALLEN, TEXAS — A joint venture between two investment firms, Oklahoma-based Hall Capital and Dallas-based Pillar Commercial, has acquired One Bethany West, a 190,745-square-foot office building located in the northeastern Dallas suburb of Allen. The building is located within the Watters Creek mixed-use development and is home to tenants such as MD7, Micron Technologies and Highland Residential. The seller was Kaizen Development Partners. JLL arranged acquisition financing through BancFirst on behalf of the new ownership.