TACOMA, WASH. — 6th & Alder Partners LLC has completed the disposition of Sixth & Alder, an apartment building in Tacoma, to an undisclosed buyer for $46.2 million. Austin Kelley and Ben Norbe of Kidder Mathews represented the buyer in the off-market transaction. Located at 3118 6th Ave., Sixth & Alder features 111 apartments and 75,240 square feet of retail space. Community amenities includes an on-site dog washing station, electric vehicle charging, fitness center and rooftop putting green.
LAS VEGAS — Davlyn Investments has purchased Rancho Destino, a multifamily community in Las Vegas, for $65.5 million. The buyer rebranded the 184-unit property as Aviara. Constructed in 1998 on 9.1 acres, the community features central heating and air conditioning, in-unit laundry, vaulted ceilings, fireplaces, arid landscaping, plentiful parking and an expansive amenity package. Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the undisclosed seller in the deal. Torrey Pines Bank provided acquisition financing for the buyer. The transaction marks Davlyn’s second acquisition in Nevada.
SAVANNAH, GA. — Trion Properties, a multifamily investor based in West Hollywood, Calif., has purchased two apartment communities in Savannah’s Southside submarket for $57.7 million. The 297-unit portfolio includes Osprey on the Bluffs and Heron on the Bluffs, which are situated one mile apart. Taylor Bird, Nelson Abels, Laura Aylor and Harrison Cheeley of Cushman & Wakefield brokered the transaction. Acquisition financing included debt arranged by Continental Partners through Capital One and preferred equity provided by Walker & Dunlop. The assets were 97 percent occupied at the time of sale and were both constructed in 1986. The previous ownership invested nearly $4.8 million in renovations across both properties, according to Trion. The company plans to invest in landscaping, parking lot renovations, pool deck redesigning, signage upgrades, new barbecue areas and a dog park.
BIRMINGHAM, ALA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sales of Inverness Corners and Inverness Plaza, two shopping centers in Birmingham totaling 311,000 square feet. Zach Taylor of IPA represented the Atlanta-based seller, Branch Properties, which sold the assets for a combined $48.4 million. First National Realty Partners acquired Inverness Corners, which is anchored by Kohl’s and Winn-Dixie, and Halpern Enterprises purchased Inverness Plaza, which is anchored by PGA Tour Superstore and Planet Fitness. “The Inverness properties are located on the busiest corridor in Birmingham with the strongest demographics in the state of Alabama,” says Taylor. “The quality of the underlying real estate combined with successful tenancy led to aggressive pricing in spite of the current volatility in the market.”
LOUISVILLE, KY. — Huff, Niehaus & Associates, Inc. has brokered the sale of the Comfort Suites Airport Louisville hotel in Louisville. The 81-room hotel is located at 6535 Paramount Park Drive, about 4.5 miles south of Louisville Muhammad Ali International Airport. Brandt Niehaus of Huff, Niehaus & Associates brokered the transaction. According to the property website, the hotel features an indoor heated pool, fitness center, laundry services, free airport transportation and a full buffet breakfast for guests. The undisclosed buyer has several Choice hotels in its portfolio and plans to use a third-party management company to operate the Comfort Suites Airport Louisville. The seller and sales price were not disclosed.
ABILENE, AMARILLO AND TYLER, TEXAS — Grandbridge Real Estate Capital has brokered the sale of three seniors housing properties totaling 664 units in Texas. The properties include Wesley Court in Abilene, The Craig in Amarillo and Meadow Lake in Tyler. The facilities offer a full continuum of services, including independent living, assisted living, memory care and skilled nursing. The properties were 90 percent occupied at the time of sale. Lifespace Communities acquired the properties from RSF Partners, Evergreen Senior Living Properties and ER Senior Management. The sales price was not disclosed. David Kliewer, Jay Jordan and David Rothschild of Grandbridge brokered the deal.
HOUSTON — Excelsa Properties, the real estate investment arm of global asset management firm Excelsa Holding, has sold Bend at Oak Forest, a 392-unit apartment community in Houston. The property offers one-, two- and three-bedroom units and amenities such as a pool, business center, fitness center and a coffee bar. Excelsa originally acquired the garden-style property in summer 2019 in partnership with GoldCor Capital Partners and implemented a value-add program. Specifically, the partnership upgraded roofing, landscaping and parking areas and refurbished 57 units with new floors, cabinets and countertops. The buyer and sales price were not disclosed.
HOUSTON — Colliers has arranged the sale of Vineyard Trace Apartments, a 238-unit multifamily complex in Houston’s Willowbrook submarket. The garden-style property sits on 8.4 acres and features one-, two- and three-bedroom units. Amenities include two pools, a playground, clubhouse, sports court, outdoor grilling stations and onsite laundry facilities. Bob Heard, Chip Nash and Jaleel Adatia of Colliers represented the seller, Windmill Investments LLC, in the transaction. The buyer and sales price were not disclosed.
CHICAGO AND WILMETTE, ILL. — Westport Properties has acquired two self-storage facilities in Chicagoland for an undisclosed price. The first property, located at 1516 N. Orleans Ave. in Chicago, totals 885 units and features wine storage, climate-controlled units, electronic gated access and 24-hour surveillance. The second asset, a 378-unit facility located at 3510 Wilmette Ave. in Wilmette, features RV and boat parking, climate-controlled units, electronic gated access and 24-hour surveillance. Westport will rebrand the properties under the US Storage Centers brand. The facilities mark Westport’s first two properties in Illinois. MJ Partners Self Storage Group represented the undisclosed seller.
TOLEDO, OHIO — Avison Young has brokered the sale of a three-building medical office complex totaling 110,780 square feet in Toledo for an undisclosed price. The Regency Medical Campus features a surgery center, exam rooms, numerous physician and patient amenities, waiting areas and treatment areas. Mike Wilson, Erik Foster and Chris Livingston of Avison Young represented the seller, Barone Enterprises. Global Medical REIT was the buyer.
