KILLEEN, TEXAS — Partners, the Houston-based investment and brokerage firm formerly known as NAI Partners, has negotiated the sale of Williamsburg Apartments, a 64-unit multifamily complex located in the Central Texas city of Killeen. According to Apartments.com, the property was built in 1977 and offers one-bedroom units. Jason Chtay of Partners represented the seller, an entity doing business as AJH Williamsburg Ltd., in the transaction. The name and representative of the buyer were not disclosed.
WASHINGTON, D.C. — Greysteel has brokered the sale of a six-property multifamily portfolio in Northwest Washington, D.C., totaling 362 apartments. The six properties in the portfolio include Barclay, Ravenel, Park Meridian, Park Marconi, Richman Towers and Sarbin Towers. Van Metre Cos. and institutional investors advised by J.P. Morgan Asset Management sold the portfolio to four different buyers for approximately $76.7 million, three of which were sold to local nonprofit affordable housing provider Jubilee Housing. Kyle Tangney and Herbert Schwat of Greysteel represented the sellers in the transaction. Four of the assets will be preserved as affordable housing. All six properties were sold via an assignment of their respective tenant associations to third-party developers pursuant to D.C.’s Tenant Opportunity to Purchase Act (TOPA).
FREDERICKSBURG, VA. — Northmarq has arranged the $34.3 million sale of Timber Ridge Townhomes, a 147-unit affordable housing community located at 3500 Goldenfield Lane in Fredericksburg, a town equidistant between Richmond and Washington, D.C. Northmarq’s Richmond investment sales team of Wink Ewing, Mike Marshall and Matt Straughan represented the seller, CAPREIT, in the transaction. The firm’s Richmond debt placement team of Keith Wells, Reina Abboud and Hunter Wood originated an undisclosed amount of acquisition financing for the buyer, Linden Property Group, through an unnamed regional bank. Built in 1999, Timber Ridge is a LIHTC community that comprises 21 apartment buildings. The property had a waiting list at the time of sale, and the Virginia Housing Development Authority recently raised rent caps at the property by 12 percent, according to Northmarq. Community amenities include onsite property management, a pet play area, business center, fitness center and a pool, with Wi-Fi access available at the clubhouse and pool areas.
HUNTERSVILLE, N.C. — Cushman & Wakefield has negotiated the $32 million sale of a newly built, 159,492-square-foot industrial facility within Park at Huntersville, an industrial park in metro Charlotte. Rob Cochran, Nolan Ashton, Bill Harrison and Josh McGee of Cushman & Wakefield represented the seller, a joint venture between Edgewater Ventures and an institutional equity partner, in the transaction. The buyer was an undisclosed private investor. Located at 13359 Reese Blvd. in Huntersville, the facility was built on a speculative basis but was fully preleased at the time of sale to Safeguard Medical, a global provider of emergency medical products, technologies and skills training programs used by first responders and military personnel. The facility serves as Safeguard Medical’s global headquarters and houses the firm’s manufacturing, logistics and front office operations. The property features 30-foot clear heights, 49 potential dock-high positions, 28 trailer parking spaces, 155 auto parking spaces and a 130- to 200-foot truck court.
VIRGINIA BEACH, VA. — Red Mountain Group Inc., a retail redevelopment firm based in Southern California, has purchased a 4,925-square-foot, single-tenant net-lease restaurant in Virginia Beach for $1.6 million. The restaurant is leased to Dirty Buffalo, a wing chain based in Virginia’s Hampton Roads region. The property is an outparcel to Target and has roughly seven years remaining on its lease. Matthew Mousavi of SRS Real Estate Partners represented Red Mountain Group in the transaction. The seller was not disclosed.
NEW YORK CITY — Ariel Property Advisors has brokered the $107.5 million sale of a portfolio of four affordable housing properties totaling 477 units in The Bronx. The sale, which also included a 525,000-square-foot development site, involved properties in the Morrisania, High Bridge and Belmont neighborhoods. Victor Sozio, Shimon Shkury, Jason Gold, Daniel Mahfar and Evan Hirsch of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was a joint venture between Systima Capital Management, Gilbane Development Co., ELH Management LLC and TerreAlto.
ANAHEIM, CALIF. — Berkadia Institutional Solutions has arranged the sale of Anavia, an apartment community in Anaheim’s Platinum Triangle area. Essex sold the asset to Chapman University for an undisclosed price. Tom Moran of Berkadia Irvine handled the off-market transaction. Originally built as a for-sale condominium project, Anavia features 250-units/550 beds with an average unit size of 1,249 square feet. The buyer plans to convert the property into student housing.
CARSON CITY, NEV. — Sierra Nevada Media Group has completed the sale of 580 Mallory Way, an industrial property in Carson City. Greenlaw Partners acquired the asset for $11.3 million. The buyer plans to lease the 90,056-square-foot asset to Bruce Aerospace. Currently located in Dayton, Nev., the producer of aircraft interior lighting systems plans to occupy the property in 2023 after completing modifications. The building formerly served as corporate offices for the Sierra Nevada Media Group, dba Questor Corp., which is a media provider in destination communities around the west. The building features corporate offices, as well as a modern printing press that was disassembled and sold as part of the seller’s disposition process. The building offers more than 54,000 square feet of production area and 35,000 square feet of office space. Nick Knecht, Joel Fountain, Baker Krukow and Tom Fennell of DCG represented the seller in the transaction.
LAKE GEORGE, N.Y. — Boutique brokerage firm Muroff Hospitality Group has negotiated the sale of The Lakefront Terrace Resort, a 73-room waterfront resort near Lake George in Upstate New York. The property, which was originally built in 1963 and recently renovated, offers a pool, private beach and a cabana bar and grill. Mitch Muroff of Muroff Hospitality represented the seller, a limited liability company, in transaction. The buyer was also an undisclosed limited liability company that purchased the asset for $7.4 million.
SAN RAMON, CALIF. — University Avenue Partners has purchased a mixed-use property located at 2551 San Ramon Valley Blvd. in San Ramon. Terms of the transaction were not released. At the time of sale, the 52,149-square-foot asset was 90 percent leased to a diverse mix of office and retail tenants. Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak of Newmark facilitated the transaction. Nicholas Bicardo of Newmark advised on the retail component of the sale.