Acquisitions

Grosvenor Acquires 21-Story Apartment Tower in North Bethesda for $95M

by John Nelson July 21, 2022

BETHESDA, MD. — Grosvenor and an unnamed investment partner have acquired a 21-story apartment tower in North Bethesda that coincidentally shares a name with the private investor. Grosvenor Tower is located at 10301 Grosvenor Place and features 237 apartments. The acquisition price was not disclosed, but the Washington Business Journal reports that the asset traded for $95 million and that Grosvenor plans to invest $10 million to upgrade the property. The property was originally built in 1987, renovated in 2008 and includes 80 one-bedroom, one-bath apartments and 157 two-bedroom, two-bath apartments. Grosvenor has engaged Bozzuto Management to oversee day-to-day property management. The buyer plans to enhance energy and water efficiency at Grosvenor Tower as part of its $10 million value-add program.

July 21, 2022

Acquisitions Florida Retail Southeast

SRS Arranges $13.9M Sale of Publix-Anchored Shopping Center in Arcadia, Florida

by John Nelson July 21, 2022

ARCADIA, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the $13.9 million sale of Arcadia Crossing, a Publix-anchored shopping center about 40 miles east of Sarasota in Arcadia. Kevin Yaryan of SRS’ Orlando office worked with Kyle Stonis and Pierce Mayson of the firm’s Atlanta office to represent the buyer in the transaction. The seller was self-represented. Both parties requested anonymity. The 67,608-square-foot property is situated on 8.2 acres at the intersection of SE Highway 70 and Hog Bay Avenue. In addition to Publix, the center’s tenant roster includes Publix Liquors and Harbor Freight, among others.

July 21, 2022

Acquisitions California Retail Western

Faris Lee Negotiates $27.1M Sale of Santee Town Center Retail Property in California

by Amy Works July 21, 2022

SANTEE, CALIF. — Faris Lee Investments has arranged the $27.1 million sale of Santee Town Center, a shopping center in Santee. Brixton Capital acquired the asset from a Los Angeles-based private family office. Sean Cox and Alex Moore, Don MacLellan and Gene Ventura of Faris Lee represented the buyer and seller in the deal. At the time of sale, the 106,903-square-foot retail center was fully leased. Current tenants include Ross Dress for Less, Dollar Tree and Michaels.

July 21, 2022

Acquisitions Multifamily Washington Western

RISE Properties, Tokyu Land US Acquire 252-Unit Park South Apartments in Seattle

by Amy Works July 21, 2022

SEATTLE — RISE Properties Trust and Tokyu Land US Corp. have purchased Park South Apartments, a multifamily community in Seattle’s South Park neighborhood, from Jackson Square Properties for an undisclosed price. Located at 10102 8th Ave. S., the property features 252 units with in-unit washers/dryers, newly renovated interiors, wood-burning fireplaces and modern appliances. Community amenities include a pool, fitness center, business center, clubhouse, games and an outdoor entertainment area. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE’s multifamily team in Seattle represented the seller in the transaction.

July 21, 2022

Acquisitions California Net Lease Retail Western

Stan Johnson Brokers $5.5M Sale of Planet Fitness-Occupied Property in Palmdale, California

by Amy Works July 21, 2022

LOS ANGELES — Stan Johnson Co. has arranged the sale of a fitness and sports facility located at 40014 10th St. West in Palmdale. A New York City-based private investor sold the asset to the tenant, Planet Fitness, for $5.5 million. Prior to acquiring the real estate, Planet Fitness occupied the 18,000-square-foot property on a triple-net lease that features rental increases and option periods. Ronnie Givargis of Stan Johnson Co. represented the seller in the deal.

July 21, 2022

Acquisitions Multifamily Texas

SB Properties Acquires 276-Unit Vargos on the Lake Apartments in West Houston

by Taylor Williams July 21, 2022

HOUSTON — Arizona-based SB Properties has acquired Vargos on the Lake, a 276-unit apartment community in West Houston. The property offers one- and two-bedroom apartments and three-bedroom townhomes. Amenities include a pool with a sundeck, fitness center with yoga and kickboxing stations, resident lounge with billiards and poker tables, conference lounge and a dog park. Jennifer Ray and Ryan Epstein of Walker & Dunlop represented the seller, Berkshire Group, in the transaction. The sales price was not disclosed.

July 21, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 266-Site RV Park in Metro Houston

by Taylor Williams July 21, 2022

BAYTOWN, TEXAS — Marcus & Millichap has brokered the sale of Cedar Grove Park RV Resort, a 266-site RV park located in the eastern Houston suburb of Baytown. Robert Denninger of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company, in the transaction. Both parties involved in the deal requested anonymity. The property was roughly 90 percent occupied at the time of sale.

July 21, 2022

Acquisitions Multifamily Texas

180 Multifamily Properties Buys 224-Unit Complex in Arlington

by Taylor Williams July 21, 2022

ARLINGTON, TEXAS — Locally based investment firm 180 Multifamily Properties has purchased a 224-unit complex in Arlington. According to Apartments.com, the property at 834 Timberlake Drive offers one-, two- and three-bedroom units ranging in size from 600 to 1,010 square feet, as well as a business center and a clubhouse. The new ownership plans to implement a value-add program and rebrand the property as Oakmont Apartment Homes. The seller was Florida-based ZMR Capital.

July 21, 2022

Acquisitions Industrial Texas

NAI Partners Arranges Sale of Five Industrial Buildings Totaling 85,000 SF in Northwest Houston

by Taylor Williams July 21, 2022

HOUSTON — NAI Partners has arranged the sale of five freestanding industrial buildings totaling approximately 85,000 square feet in northwest Houston. Darren O’Conor of NAI Partners represented the seller and developer, Vault Partners, in the disposition of the buildings, which traded to four different buyers. Buyer representatives included Jeremy Kraus and Jordan Enger of CBRE; Gerrit Stryker of United Real Estate; Jason Gibbons and Jack Gaffney of Finial Group; and Rafael Melara of Hunington Properties

July 21, 2022

Acquisitions Multifamily New York Northeast

JLL Brokers $50.7M Sale of Multifamily Building on Manhattan’s Upper East Side

by Taylor Williams July 21, 2022

NEW YORK CITY — JLL has brokered the $50.7 million sale of a 101-unit multifamily building located at 740 West End Ave. on Manhattan’s Upper East Side. Constructed in 1915, the elevator building rises 14 stories and includes six commercial spaces and one superintendent’s apartment. Bob Knakal, Hall Oster, Jonathan Hageman, Paul Smadbeck, Teddy Galligan and Braedon Gait of JLL represented the seller, Wolk Properties, in the transaction, and procured the buyer, Aya Acquisitions.

July 21, 2022

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