Acquisitions

1620-14th-St-1621-Euclid-St-Santa-Monica-CA

Matthews Brokers Sale of 1,070-Unit Self-Storage Facility in Santa Monica

by Amy Works July 27, 2022

SANTA MONICA, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a self-storage facility located at 1620 14th St. and 1621 Euclid St. in Santa Monica. Invesco Real Estate acquired the asset. The seller and price were not released. The 56,490-square-foot facility features 1,070 units. The two-parcel facility sits on 1.3 acres at the intersections of Colorado Avenue and 14th Street. Bill Pedersen, Shane Avera and Maxx Bauman of Matthews represented the seller in the transaction.

July 27, 2022

Acquisitions Industrial New Jersey Northeast

CBRE Negotiates $15.2M Sale of Six Industrial Buildings, Vacant Parcel in Freehold, New Jersey

by Taylor Williams July 27, 2022

FREEHOLD, N.J. — CBRE has negotiated the $15.2 million sale of six industrial buildings totaling 90,677 square feet within Freehold Business Park in Central New Jersey. The sale included an additional acre that can support 13,750 square feet of new development. The park was built on 14.2 acres in 2007 and renovated in 2021. Charles Berger, Elli Klapper, Mark Silverman, Jeremy Wernick, Lou Belfer and Scott Belfer of CBRE represented the seller, Asbury Avenue Partners LLC, in the transaction. The buyer was an entity doing business as MT Freehold BPD LLC.

July 27, 2022

Acquisitions Healthcare New York Northeast

Seavest Healthcare Properties Acquires 57,000 SF Medical Office Building in Manhattan

by Taylor Williams July 27, 2022

NEW YORK CITY — Locally based investment firm Seavest Healthcare Properties has acquired a 57,000-square-foot medical office building located at 355 W. 52nd St. in Manhattan. NYU Langone Health anchors the eight-story building, which was fully leased at the time of sale to an array of specialty care practitioners. The seller and sales price were not disclosed.

July 27, 2022

Acquisitions Kentucky Office Southeast

Albany Road Acquires Two-Building Office Campus in Louisville for $42.5M

by John Nelson July 27, 2022

LOUISVILLE, KY. — Albany Road Real Estate Partners, an investment firm based in Boston, has purchased Hurstbourne Park & Place, a two-building office campus located off Shelbyville Road in Louisville. The seller and sales price were not disclosed, but Louisville Business First reports that the 344,000-square-foot campus sold for $42.5 million. Hurstbourne Park & Place was 93 percent leased at the time of sale to tenants including Bank of America, Carewise Health, New York Life, Stantec, DMLO and Central Bancshares, which together boast an average tenure of over 17 years. Patterson Real Estate Advisory Group arranged acquisition financing through First Horizon on behalf of Albany Road. This is the firm’s first investment in the Louisville trade area.

July 27, 2022

Acquisitions Florida Multifamily Southeast

Waypoint Residential Sells Two Apartment Communities on Florida’s Space Coast Totaling 576 Units

by John Nelson July 27, 2022

DAYTONA BEACH AND WEST MELBOURNE, FLA. — Waypoint Residential has sold two garden-style multifamily communities located along Florida’s Space Coast. Houston-based Venterra Realty purchased the properties — the 276-unit Tomoka Pointe in Daytona Beach and the 300-unit Luminary at 95 in West Melbourne — for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the Boca Raton, Fla.-based seller in the transaction. Both properties were constructed in 2019 and had a blended occupancy of 95 percent at the time of sale. Waypoint Residential acquired both assets in 2020.

July 27, 2022

Acquisitions Multifamily New York Northeast Top Stories

Harbor Group, Azure Purchase Avalon Green Apartments in New York’s Westchester County for $306M

by Kristin Harlow July 27, 2022

ELMSFORD, N.Y. — Affiliates of Harbor Group International (HGI) and Azure Partners have purchased Avalon Green in Elmsford, a city in Westchester County, for $306 million. The garden-style apartment community features 617 units. The seller was AvalonBay Communities Inc. Built in three phases in 1995, 2012 and 2016, Avalon Green includes a mix of townhomes, apartments and stacked flats. Residents have access to a clubhouse, resident lounge, two saltwater pools and detached garages. The buyers plan to implement a $9.2 million capital improvement program to refresh amenities and common areas and upgrade select units. The property offers access to I-287 and is five miles from the Metro-North train station, which provides direct service to Manhattan and Stamford, Conn. Additionally, Westchester County is home to corporate campuses of IBM, PepsiCo, Mastercard, Morgan Stanley and Regeneron. “Avalon Green is an attractive fit for HGI’s multifamily portfolio given its strategic location between several employment centers and transportation options along with the significant value-add potential of the community,” says Richard Litton, president of HGI. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.” Jose Cruz, Steve Simonelli, Michael Oliver, Andrew Scandalios, Marion Jones and Josh Stein of …

July 27, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of Two Adjoining Multifamily Properties Totaling 524 Units in Irving

by Taylor Williams July 26, 2022

IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of two adjoining multifamily properties in Irving totaling 524 units. Built in 1972and 1974, respectively, Rustic Ridge and Asher Park offer amenities such as a pools with a picnic areas, pergolas and dog parks, as well as package handling centers. IPA’s Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello, Asher Hall and Will Balthrope represented the undisclosed, Texas-based seller in the transaction. The team also procured the buyer, Touro Co. Brian Eisendrath and Cameron Chalfant, also with IPA, arranged an undisclosed amount of acquisition financing for the deal.

July 26, 2022

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 400-Unit Westchase Forest Apartments in Houston

by Taylor Williams July 26, 2022

HOUSTON — Berkadia has brokered the sale of Westchase Forest, a 400-unit apartment community located at 11355 Richmond Ave. in Houston. Westchase Forest offers one-, two- and three-bedroom apartments ranging in size from 570 to 1,242 square feet. Units feature stainless steel appliances, breakfast bars, private patios and in-unit washer and dryers. Communal amenities include a business center, clubhouse, internet café, media room, picnic area with a barbecue pavilion, two pools and a fitness center. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Southern California-based investment firm Nimes Real Estate, in the deal. The buyer was not disclosed.

July 26, 2022

Acquisitions Build-to-Rent Multifamily Single-Family Rental Texas

Partnership Buys Two Residential Properties Totaling 371 Units Near Corpus Christi

by Taylor Williams July 26, 2022

ARANSAS PASS AND ROCKPORT, TEXAS — Dallas-based RREAF Holdings and its two Florida-based equity partners, DLP Capital and Miami-based 3650 REIT, have purchased two residential properties totaling 371 units that are located on the outskirts of Corpus Christi. Windy Shores is a 155-unit build-to-rent community in Aransas Pass that was constructed in 2004, and Pearl Point is a 216-unit, garden-style apartment complex in Rockport that was completed in 2020. Nathan Stone and Guy Griffith of Berkadia provided an undisclosed amount of Freddie Mac acquisition financing to the partnership, which plans to renovate unit interiors and common areas at both properties.

July 26, 2022

Acquisitions Industrial Texas

Westcore Acquires Eisenhauer Business Park in San Antonio for $36.6M

by Taylor Williams July 26, 2022

SAN ANTONIO — San Diego-based investment firm Westcore has acquired Eisenhauer Business Park, a 377,318-square-foot industrial development in San Antonio, for $36.6 million. The newly built, four-building property was 95 percent leased at the time of sale. Building features include dock-high and grade-level loading doors and clear heights ranging from 28 to 32 feet. Michael Kent of Stream Realty Partners represented the seller, NIT Industrial, in the transaction. Westcore was self-represented.

July 26, 2022

Newer Posts

Older Posts