Acquisitions

Kidder Mathews Arranges $5.5M Sale of Apartment Portfolio in Spokane, Washington

by Amy Works July 19, 2022

SPOKANE, WASH. — Kidder Mathews has arranged the combined $5.5 million sales of two multifamily properties in Spokane. Max Frame of Kidder Mathews represented the undisclosed separate buyers in each transaction. The Lloyd, a multifamily property located on the corner of West Mansfield Avenue and North Monroe Street in Spokane, sold for $4.3 million. Built in 1911, the property features 33 residential units and four commercial units. The buyer plans to renovate the entire building. Built in 1910, The Annie features two buildings offering a total of 11 units. The property, which is located at 1022 W. Sinto Ave., sold for $1.2 million.

July 19, 2022

Acquisitions Retail Texas

JLL Brokers Sale of 262,556 SF Retail Power Center in West Houston

by Taylor Williams July 18, 2022

HOUSTON — JLL has brokered the sale of Market Square at Eldridge, a 262,556-square-foot retail power center located near the Energy Corridor area in West Houston. At the time of sale, the property was 98 percent leased to tenants such as Burlington, Michaels, Party City, PetSmart, Dollar Tree, HomeGoods, Bath & Body Works, Ulta Beauty, Cato, Old Navy and Office Depot. Chris Gerard, Ryan West, Erin Lazarus and Megan Babovec of JLL represented the seller, Walton Street Capital, in the transaction. Locally based investment firm Wu Properties purchased the center for an undisclosed price.

July 18, 2022

Acquisitions Industrial Texas

Fort Capital Acquires 226,663 SF Industrial Portfolio in Euless, Texas

by Taylor Williams July 18, 2022

EULESS, TEXAS — Locally based investment firm Fort Capital has acquired a portfolio of 10 Class B industrial buildings totaling 226,663 square feet in Euless, located in the central part of the Dallas-Fort Worth metroplex. At the time of sale, the portfolio was 98 percent leased to a roster of 36 tenants in industries such as logistics, furniture and fabrication. All of the buildings were constructed between 1964 and 1985, with most construction dates trending toward the latter end of that range. The seller and sales price were not disclosed.

July 18, 2022

Acquisitions Multifamily New Jersey Northeast

JLL Brokers $31.9M Sale of Northern New Jersey Apartment Complex

by Taylor Williams July 18, 2022

JERSEY CITY, N.J. — JLL has brokered the $31.9 million sale of Solaris Lofts, a 72-unit apartment complex located within the Bergen-Lafayette neighborhood of Jersey City. Built in 2019, the property features one-, two- and three-bedroom units and amenities such as a fitness center, dog park, resident lounge, coworking areas and an onsite grocery store and deli. Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Josh Stein of JLL represented the seller, PERE Holdings, in the transaction. The buyer was New York City-based Beachwold Residential.

July 18, 2022

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates $12.5M Sale of Multifamily Property in Storrs, Connecticut

by Taylor Williams July 18, 2022

STORRS, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $12.5 million sale of Orchard Acres, a 96-unit multifamily property in Storrs, home of the University of Connecticut. Built in 1963, the property is situated adjacent to the north end of campus and exclusively offers one-bedroom units. Tom Boyle of Chozick Realty represented the seller, a Massachusetts-based entity doing business as Orchard Acres Apartments LLC, in the deal. Steve Pappas with Chozick Realty represented the buyer.

July 18, 2022

Acquisitions Affordable Housing Florida Multifamily Southeast

Marcus & Millichap Brokers $49M Sale of Affordable Housing Community in Fort Myers, Florida

by John Nelson July 18, 2022

FORT MYERS, FLA. — Marcus & Millichap has brokered the $49 million sale of The Brittany, a 320-unit affordable housing community located at 4050 Winkler Ave. in Fort Myers. Evan Kristol of Marcus & Millichap represented the seller, a private investment firm based in New York City, and procured the buyer, an entity doing business as Dominium Acquisition LLC. Built in two phases in 1999 and 2000, The Brittany features large floor plans ranging in size from 771 to 1,444 square feet, three-fourths of which are two-, three- and four-bedroom units. Amenities at the LIHTC property include a gated swimming pool with a large sundeck and cabanas, business center, fitness center, two playgrounds, basketball courts, a car wash and a community van. The new ownership will continue to operate The Brittany as affordable housing.

July 18, 2022

Acquisitions Maryland Multifamily Southeast

Hamilton Zanze Acquires 244-Unit Echelon at Odenton Apartments in Metro Baltimore

by John Nelson July 18, 2022

ODENTON, MD. — San Francisco-based Hamilton Zanze has purchased Echelon at Odenton Apartments, a 244-unit garden-style multifamily community located at 315 Nevada Ave. in Odenton, a suburb of Baltimore. Built in 2016, the apartment community was 97 percent occupied at the time of sale. The seller and sales price were not disclosed. Situated on 6.6 acres, Echelon at Odenton comprises two five-story residential buildings housing units ranging from 759 to 1,456 square feet, as well as a single-story clubhouse. Amenities include a theater, barbecue and grilling areas, clubhouse, TV lounge and bar, playground, game room, pool and covered bike storage.

July 18, 2022

Acquisitions Healthcare Iowa Midwest

PRECAP Brokers $16.4M Sale of Healthcare Portfolio in Waterloo, Iowa

by Kristin Harlow July 18, 2022

WATERLOO, IOWA — Physician Real Estate Capital Advisors (PRECAP) has brokered the sale of a two-property healthcare portfolio in Waterloo for $16.4 million. The buildings total 30,235 square feet and are located at 2413 W. Ridgeway Ave. and 419 Donald St. Allen Memorial Hospital, a subsidiary of UnityPoint Health, occupies both properties. Scott Niedergang of PRECAP, along with JDS Real Estate Services Inc., represented the seller, a physician partnership. The all-cash buyer was a net lease fund structured as a Delaware Statutory Trust.

July 18, 2022

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $4.3M Sale of Retail Property in Chesterton, Indiana

by Kristin Harlow July 18, 2022

CHESTERTON, IND. — Marcus & Millichap has arranged the $4.3 million sale of a 12,400-square-foot retail property in Chesterton, a city in Northwest Indiana. The newly constructed asset is located at 600 Gateway Blvd. and is leased to several local restaurants. Mitchell Kiven of Marcus & Millichap marketed the property for sale on behalf of the seller, a developer. Damien Yoder and Madison Harman of Marcus & Millichap represented the buyer, a Georgia-based limited liability company. The sales price was above the asking price.

July 18, 2022

Acquisitions Multifamily Washington Western

Kidder Mathews Negotiates $38.7M Sale of Apartment Community in Vancouver, Washington

by Amy Works July 18, 2022

VANCOUVER, WASH. — Kidder Mathews arranged the sale of 134th Street Lofts, a multifamily property in Vancouver. An undisclosed buyer acquired the asset from an undisclosed seller for $38.7 million in an off-market transaction. Newly constructed, 134th Street Lofts offers 124 apartments and is near Legacy Salmon Creek Medical Center, Washington State University Vancouver and a variety of local and national retailers. Dylan Simon, Max Frame and Jerrid Anderson of Kidder Mathews’ Simon and Anderson team represented the seller and sourced the buyer in the deal.

July 18, 2022

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