MADISON, WIS. — Northland has purchased Preserve West, a 318-unit apartment community in Madison. The purchase price and seller were undisclosed. The garden-style property was formerly named ReNew 78 West. The community features 17 buildings across roughly 20 acres. Amenities include a clubhouse, fitness center, coworking space and communal kitchen. Northland owns and operates a multifamily portfolio that includes more than 26,000 units across the U.S.
NEW YORK CITY — GAIA Real Estate has acquired a 28-unit multifamily building at 106 Norfolk St. on Manhattan’s Lower East Side for $14 million. The majority of the units at the fully occupied property, which features one- and two-bedroom floor plans, are rented at market rates. The building also houses two retail spaces that are occupied by food and beverage concepts. Bob Knackal of JLL represented the undisclosed seller in the transaction.
INDIANAPOLIS — MDH Partners has acquired Park 100 Building 71, a 193,348-square-foot industrial building in Indianapolis. The purchase price was undisclosed. Constructed in 1988, the facility features a clear height of 24 feet, 26 exterior dock doors and 90 car parking spaces. The property is 87 percent leased to DB Schenker, Watkins & Shepard Trucking Inc. and MKM Distribution Service. Alex Cantu and Alex Davenport of Colliers represented the undisclosed seller. Houston Hawley served as the acquisition lead for MDH Partners, which now owns more than 1 million square feet in Indiana.
TERRE HAUTE, IND. — Hanley Investment Group Real Estate Advisors has arranged the sale of South Pointe Crossing in Terre Haute for $10 million. The sale of the retail property was executed in two separate transactions. Dylan Mallory of Hanley, in association with ParaSell Inc., represented the seller, Thompson Thrift Commercial, a wholly owned company of Thompson Thrift. The first transaction consisted of a 2,212-square-foot single-tenant property occupied by Starbucks that sold for $1.8 million. The drive-thru building was constructed in 2007 and renovated in 2017. Drew Baldwin and Jake Duska of Baldwin Brothers Inc. represented the buyer, a Pennsylvania-based family office completing a 1031 exchange. The second transaction included a 41,633-square-foot retail center across four separate buildings. Built in 2002, the property was 97 percent occupied at the time of sale by tenants such as Sherwin-Williams, T-Mobile, Charles Schwab & Co., Papa John’s, Once Upon a Child, Plato’s Closet, Big Red Liquors and Indiana Farm Bureau Insurance. The sales price was $8.2 million. Scott Pollom and Jane Drew Pollom of F.C. Tucker Co. Inc. represented the buyer, an Indianapolis-based private partnership completing a 1031 exchange.
PLEASANT PRAIRIE, WIS. AND NORTH CHICAGO, ILL. — EQT Exeter, a global industrial and residential investment firm, has purchased an eight-property industrial portfolio in Wisconsin and Illinois totaling 3.8 million square feet. CenterPoint Properties, a warehouse and distribution center investor and developer based in Oak Brook, Ill., and an unnamed investment partner sold the portfolio to EQT Exeter. John Huguenard and Kurt Sarbaugh of JLL represented CenterPoint in the transaction. The sales price was not disclosed, but the Milwaukee Business Journal reports the assets traded for $290 million. The properties include seven facilities within the master-planned LakeView Corporate Park in Pleasant Prairie, which is situated near I-94 and provides users with connectivity to population centers in Milwaukee 40 miles north and Chicago 60 miles to the south. The lone Illinois asset was a facility located at 3200 Skokie Highway in North Chicago. The eight properties were fully leased at the time of sale to nine tenants. The facilities feature clear heights averaging 32 feet, ample loading options and fully circulating truck courts. “In these times of economic uncertainty, we are even more focused on selectively buying high-quality and well-located real estate like LakeView to serve our global tenant relationships,” says …
SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk Grove and Whitney Ranch at 711 University Ave. in Rocklin. The seniors housing properties includes Corsair Park Senior at 6920 Watt Ave. in North Highlands and Hurley Creek Senior at 4275 El Centro Road in Sacramento. Constructed between 2008 and 2017, the properties were built utilizing low-income housing tax credits through the California Tax Credit Allocation Committee and with bond financing via multiple agencies. Additionally, the assets benefit from the state of California’s Welfare Tax Exemption. Each community features a leasing center, central clubhouse, business center, fitness center, pool, laundry facilities, carports and garages. Avanath plans to implement sustainable and social-service measures at the properties, including energy-saving updates and resident impact programming. With this acquisition, Avanath now holds 12 total properties and manages 1,854 total units in the …
BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Tyner Ranch Apartments, a multifamily property in Bakersfield. Hardt Investments sold the property to a Modesto-based private investment group for nearly $31 million. Built in 2006-2007, Tyner Ranch features 168 apartments in two- and three-bedroom floor plans ranging in size from 788 square feet to 1,193 square feet. The apartments offer fully equipped kitchens, attached garages and private backyards with patios. Community amenities include picnic areas with grilling stations. Mark Bonas of TMG represented the seller in the deal.
GLENDALE, ARIZ. — Gantry has secured $13 million of permanent financing for the acquisition of a 11.57-acre parcel at Arrowhead Marketplace in Glendale. Tim Storey of Gantry’s Phoenix office secured the 10-year, fixed-rate loan featuring a 25-year amortization for the borrower, Arizona Partners, through a correspondent life company lender. Office Depot, Dollar Tree, Boot Barn, Party City and Salt Creek Home Furnishings are tenants at the 128,500-square-foot retail center.
BOISE, IDAHO — Blueprint Healthcare Real Estate Advisors has arranged the sale of Regency Columbia Village, a 60-unit seniors housing community in Southeast Boise. Regency Columbia Village consists of four pods with 15 units each. The type of care was not disclosed. The Cottages acquired the property from an undisclosed seller for an undisclosed price.
HOUSTON — Marcus & Millichap has brokered the sale of a portfolio of four self-storage facilities totaling 2,199 units in the greater Houston area. Two properties in the portfolio, which spans 429,169 net rentable square feet, are located within Houston, and the other two facilities are located in Baytown and Magnolia. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Georgia-based partnership, in the transaction. The duo also procured the buyer, a New York-based partnership. Both parties involved in the deal requested anonymity.
