Acquisitions

5500-Greenwood-Plaza-Blvd-Greenwood-Village-CO

Focus Property Group Divests of 69,855 SF Office Building in Greenwood Village, Colorado

by Amy Works October 11, 2022

GREENWOOD VILLAGE, COLO. — Focus Property Group has completed the disposition of 5500 Greenwood, an office property in Greenwood Village. A private investor acquired the asset for $15.7 million. Located at 5500 Greenwood Plaza Blvd., the property offers 69,855 square feet of office space. Built in 1974, the two-story building is fully leased to seven tenants, including Galloway & Co. and Enterprise Coworking. The location features easy access to both Interstate 25 and C-470. Patrick Devereaux, James Brady, Campbell Davis and Chad Flynn of CBRE Capital Markets in Denver represented the seller in the transaction.

October 11, 2022

Acquisitions Multifamily Texas

180 Multifamily Properties Acquires 544-Unit Portfolio in East Dallas

by Taylor Williams October 10, 2022

DALLAS — Locally based investment firm 180 Multifamily Properties has acquired The Powers Properties Portfolio, a collection of 20 assets totaling 544 units that are located in historic neighborhoods in East Dallas. The properties, which were built between 1914 and 1962 and renovated in the late 1990s/early 2000s, were under the same ownership for 25 years, but the portfolio was put into a court-appointed receivership two years ago. Todd Franks, Ryan Quaid, Buck Poderski and Byron Griffith of GREA brokered the deal on behalf of the court-appointed receiver. The new ownership plans to implement a value-add program.

October 10, 2022

Acquisitions Multifamily Texas

Sentinel Real Estate Buys 331-Unit Debbie Lane Flats Apartments in Arlington

by Taylor Williams October 10, 2022

ARLINGTON, TEXAS — New York City-based investment firm Sentinel Real Estate Corp. has purchased Debbie Lane Flats, a 331-unit apartment community in Arlington. The property features one-, two- and three-bedroom units with an average size of 895 square feet. Residences are furnished with stainless steel appliances, quartz countertops, full-size washers and dryers, walk-in closets, smart thermostats and private balconies/patios. Amenities include a pool, fitness center, cybercafé, outdoor grilling areas, a business center, community kitchen, dog park, package lockers and valet dry cleaning service. Jorg Mast, Chris Paul and Danny Miller at Colliers represented the seller, Provident Realty Advisors, in the transaction.

October 10, 2022

Acquisitions Loans Multifamily Texas

Newmark Arranges Sale of 320-Unit Multifamily Property in San Antonio

by Taylor Williams October 10, 2022

SAN ANTONIO — Newmark has arranged the sale of Regency at Stone Oak, a 320-unit multifamily property located in the northern-central part in San Antonio. According to Apartments.com, the property was built in 2006 and offers one-, two-, three- and four-bedroom units that range in size from 600 to 1,954 square feet. The amenity package comprises a pool, fitness center, outdoor kitchen, dog park, business center and a children’s play area. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, a partnership between Internacional and CenterSquare Investment Management, in the transaction. The buyer was Atlantic | Pacific Cos. Regency at Stone Oak was 94 percent occupied at the time of sale. Andy Hill and Tyler Nowlin of Berkadia originated $33.4 million in Freddie Mac fixed-rate acquisition financing for the deal.

October 10, 2022

Acquisitions Multifamily Oregon Western

CBRE Negotiates $124M Sale of One Jefferson Apartments in Lake Oswego, Oregon

by Amy Works October 10, 2022

LAKE OSWEGO, ORE. — CBRE has brokered the sale of One Jefferson, a multifamily community located at 1 Jefferson Parkway in Lake Oswego. A joint venture associated with Security Properties sold the asset to an undisclosed buyer for $124 million. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the deal. Built in 1986, One Jefferson comprises 58 three-story buildings situated on 20.5 acres. The property offers 347 apartments, averaging 1,049 square feet, with floor plans ranging from studio to five-bedroom/five-bath layouts. The previous owners completed renovations in 2019, including the modernization of approximately 86 percent of units with stainless steel appliances, granite countertops, tile backsplashes, vinyl-plank flooring in wet areas and updated fixtures. Community amenities include a year-round pool, spa, dog park, fitness center, picnic areas, outdoor lounge, sundeck and 644 parking spaces.

October 10, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 240-Unit Mag & May Apartments in Fort Worth

by Taylor Williams October 10, 2022

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Mag & May, a 240-unit apartment community in Fort Worth’s Near Southside District. Built on two acres in 2019, the property offers studio, one- and two-bedroom units with an average size of 778 square feet. Amenities include a pool, outdoor grilling and dining stations, a fitness center, clubhouse and package lockers. Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, Abacus Capital Group, in the transaction. Brian Eisendrath, Cameron Chalfant and Jake Vitta, also with IPA, arranged an undisclosed amount of acquisition financing through a debt fund on behalf of the buyer, Sapient Capital Group.

October 10, 2022

Acquisitions Multifamily Nevada Western

Bridge Investment Acquires 344-Unit Monterra Multifamily Property in Las Vegas for $73.2M

by Amy Works October 10, 2022

LAS VEGAS — Bridge Investment Group has purchased Monterra, an apartment community situated on 18 acres in Las Vegas, from an undisclosed seller for $73.2 million, or $212,936 per unit. Constructed in 1999, Monterra features 344 apartments in a mix of one-, two- and three-bedroom residences with air conditioning, hardwood-style floors, vaulted ceilings and walk-closets. The units range in size from 700 square feet to 1,156 square feet. Community amenities include two swimming pools, a clubhouse, fitness center and gated, electronic entrance. Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer in the deal. Justin Forman of Marcus & Millichap served as broker of record in Nevada.

October 10, 2022

Acquisitions Arizona Industrial Western

Schnitzer Properties Buys 109,229 SF Industrial Building in Tucson, Arizona

by Amy Works October 10, 2022

TUCSON, ARIZ. — Schnitzer Properties LLC has acquired an industrial property located at 5580 S. Nogales Highway in Tucson. WAA Nogales Hwy LLC sold the asset for $7.3 million. Robert Glaser and Paul Hooker of Cushman & Wakefield | PICOR represented the seller in the transaction.

October 10, 2022

Acquisitions Connecticut Hospitality Northeast

Trinity Real Estate Acquires 373-Room Hotel in Greenwich, Connecticut

by Taylor Williams October 10, 2022

GREENWICH, CONN. — An affiliate of Hawaii-based Trinity Real Estate Investments has acquired the Hyatt Regency Greenwich, a 373-room hotel in southern coastal Connecticut. The building served as a printing press for Condé Nast from 1921 to 1967 before being redeveloped into a hotel. Today, the Hyatt Regency Greenwich features an indoor pool, fitness center, salon and 35,000 square feet of meeting and event space. The new ownership plans to implement a value-add program. The seller was not disclosed. Hodges Ward Elliott brokered the transaction.

October 10, 2022

Acquisitions Industrial Massachusetts Northeast

Waldman & Associates Arranges Sale of 124,000 SF Industrial Portfolio in Bourne, Massachusetts

by Taylor Williams October 10, 2022

BOURNE, MASS. — Massachusetts-based brokerage firm Waldman & Associates has arranged the sale of a portfolio of seven industrial buildings totaling 124,000 square feet in Bourne, located at the nexus of Cape Cod and the mainland. The sales price was approximately $10.6 million. Dan Waldman of Waldman & Associates represented the undisclosed seller and procured the buyer, Unicorn Realty, in the transaction. Tenants at the portfolio include EOIS, Falmouth Toyota and Cape Cod Tennis & Court.

October 10, 2022

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