Acquisitions

MELVILLE, N.Y. — Melville-based A&G Real Estate Partners has secured the sales of 21 properties in Maryland, Delaware and Florida at a real estate bankruptcy auction. All assets were formerly owned by the late Zebulon J. and Beatrice Brodie. In the Aug. 16 bankruptcy auction, 19 properties in Maryland and one each in Delaware and Florida fetched a total of $18.4 million. The transactions included: the $6.7 million sale to different buyers of four contiguous, largely undeveloped properties in a busy commercial district on Legion Road in Denton, Md.; the $1.5 million sale of the Carter Building at 300 Market St. in downtown Denton; the $2.1 million sale of the Alexander Building at 315 High St. in Chestertown, Md.; and the $2.2 million sale of 300 Bulle Rock Farm Lane in Centreville, Md., which is a family compound formerly owned by John Raskob, builder of the Empire State Building in Manhattan. “A&G’s comprehensive marketing campaign for this middle-market disposition triggered inquiries from more than 560 prospective buyers across the country, and nearly 50 of those interested parties eventually placed baseline, qualifying and/or prevailing bids, some for multiple properties,” says Emilio Amendola, co-president of A&G. After two rounds of bidding, 13 …

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AUSTIN, TEXAS — The Teacher Retirement System of Texas (TRS) has sold Waterloo Innovation Center, a 198,972-square-foot office complex located at 1000 Red River St. in downtown Austin that houses the organization’s headquarters. Russell Ingrum, Peter Jansen, Troy Holme, Jennifer Joseph, Patrick Benoist and Jared Chua of CBRE represented TRS, which will continue to operate out of the building for two more years until its new facility in northeast Austin is complete. The Austin Business Journal reports that Alexandria Real Estate Equities purchased the property for $108 million.

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KILLEEN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Hoodview Apartment Homes, a 150-unit property in the Central Texas city of Killeen. Built in 1975, the property primarily offers two- and three-bedroom units with an average size of 973 square feet and amenities such as a pool and onsite laundry facilities. Will Clarke of TMG represented the seller in the transaction, and Paul Yazbeck of TMG represented the buyer. Both parties requested anonymity.

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SAN ANTONIO — Northmarq has brokered the sale of Brooks Townhomes, a 135-unit multifamily property in San Antonio. Built in 1974 on the city’s south side, the property offers one- and two-bedroom units and amenities such as a pool, playground, basketball court, outdoor grilling and dining areas and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the seller, Austin-based Achieve Investment Group, in the transaction. The team also procured the buyer, Los Angeles-based Convergence Capital Management, which plans to implement a value-add program.

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NEW YORK CITY — JLL has arranged the $387.5 million sale of 685 1st Avenue, a 408-unit multifamily property in Manhattan’s Murray Hill neighborhood. Built in 2018, the property rises 43 stories and houses 408 market-rate residential units, 148 condominiums and 9,693 square feet of commercial space. Amenities include a pool, fitness center, coworking lounge, media room and a children’s play area. Rob Hinckley, Jeff Julien, Scott Panzer, Andrew Scandalios, Steve Rutman, John Taylor, Jon Faxon and Joy Ryoo of JLL represented the seller, Solow Building Co., in the transaction. The team also procured the buyer, GO Partners, which is a joint venture between two private investors.

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BEVERLY, MASS. — Marcus & Millichap has brokered the $3.8 million sale of a seven-unit apartment building in Beverly, a northeastern suburb of Boston. The unit mix comprises four one-bedroom apartments, one two-bedroom residence and two three-bedroom units, as well as two commercial spaces. Evan Griffith, Tony Pepdjonovic and Will Sanborn of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.

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KANSAS CITY, MO. — CBRE has brokered the sale of Wild Oak in Kansas City for an undisclosed price. The 348-unit multifamily property is located at 7987 NE Flintlock Road. Amenities include two pools, a recently renovated clubhouse and a fitness center. Jeff Stingley and Max Helgeson of CBRE represented the seller, Missouri-based Maxus. Florida-based Stoneweg US was the buyer.

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APPLETON, WIS. — Prairie Hill Holdings Fund I LP has acquired the Shops at Fox River in Appleton for $12.9 million. The 70,414-square-foot retail center is home to 11 tenants such as JoAnn Fabrics, Dollar Tree and Kirkland’s. The property is adjacent to the Fox River Mall, which is Wisconsin’s largest mall. The seller was undisclosed. Prairie Hill is a commercial real estate investment manager that owns and manages retail and industrial properties throughout the Midwest on behalf of its investors.

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Lodge on the Desert

TUCSON, ARIZ. — Lodge Partners has completed the disposition of The Lodge on the Desert, a hotel resort property located at 306 N. Alvernon Way in Tucson. Chicago-based Atira Hotels acquired the asset for an undisclosed price. Situated on five acres, The Lodge on the Desert offers 102 guest rooms. The property was first built in the 1934 as a residence and was converted to a guest ranch with seven rooms in 1936. The asset was expanded into a larger hotel property with the addition of deluxe guestrooms, a restaurant and outdoor space. Bill Murney and Jesse Heydorff of Cushman & Wakefield’s hospitality team in Phoenix represented the seller in the transaction.

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GLENDALE, ARIZ. — Rise48 Equity has acquired Aspire Glendale, a 120-unit multifamily property in Glendale, from Clear Capital for $29.2 million, or $243,333 per unit. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged floating-rate agency financing for the buyer. Built in 1983, the community features 60 percent one-bedroom units and 40 percent two-bedroom units with in-unit washers/dryers and patios or balconies. Community amenities include a 24/7 fitness center and swimming pool.

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