MARSHALL, MICH. — Marcus & Millichap has arranged the sale of the 62-room Quality Inn hotel in Marshall, about 47 miles south of Lansing. The sales price was undisclosed. Built in 1997, the property sits on two acres at 204 Winston Drive. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the seller, a private investor. The duo, along with colleague Steve Chaben, represented the buyer, a New York-based limited liability company. Marcus & Millichap’s Allan Miller and Chris Gomes were also listed on the deal as supporting brokers.
PHOENIX — Living Well Homes has completed the sale of Brookfield, an apartment property in Phoenix, to Rise48 Equity for $31 million, or $250,000 per unit. Built in 1984 on nearly five acres, the community features 124 one- and two-bedroom units, a pool and spa, fitness center, parcel lockers and grilling areas. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged the acquisition financing for the buyer.
TEMPE, ARIZ. — BH Properties has completed the disposition of Tempe Commerce Center, a flex office property in Tempe. JLNI LLC, a company formed by a private individual based in San Diego, purchased the asset for $14.1 million, or $215 per square foot. Located at 6420 S. Kyrene Road, Tempe Commerce Center offers 65,857 square feet of flex office space. At the time of sale, the building was 53 percent leased to a mix of commercial users. Situated on more than 5.5 acres, the property features a 5/1,000 parking ratio, 24-foot clear heights and floor-to-ceiling reflective windows in the main entry with reflective glass entries wrapping around the building. Eric Wichterman, Mike Coover, Tracy Cartledge and Bob Buckley of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.
MIDVALE, UTAH — Colorado-based Brinkman Real Estate has partnered with Nella Invest to acquire Onyx Apartments, a boutique multifamily community in Midvale. Terms of the transaction were not released. Built in 2021, Onyx Apartments features 48 one- and two-bedroom residences with in-unit laundry, stainless steel appliances, walk-in closets and balconies.
LAKE MARY, FLA. — CBRE has negotiated the sale of The Helix at Lake Mary, a newly built, 300-unit apartment community located at 962 Bentstation Lane in the northern Orlando suburb of Lake Mary. Los Angeles-based IMT Capital purchased the property for $125.1 million. Chip Wooten and Jeff Gray of CBRE represented the sellers, Jim Heistand of Parkway Properties and Mark Walsh and Brett Bossung of Silverpeak, in the transaction. Built in 2021, The Helix is a multifamily component of Lake Mary Wellness and Technology Park, a 153-acre master-planned community that is anchored by Orlando Health. The apartment property features one-, two- and three-bedroom floor plans averaging 1,122 square feet in size. Community amenities include a saltwater pool with lounge seating, grills, fire pit, cabana with a full kitchen, 24/7 fitness center, game room, bocce ball court, package lockers, storage units and private day workspaces.
IRVING, TEXAS — A partnership between Eagle Property Capital and Belay Investment Group has sold Woodchase & Clarendon, a 266-unit multifamily property in Irving. Built in phases between 1977 and 1983, the property features one-, two- and three-bedroom units and amenities such as a pool and a fitness center. The partnership acquired the asset in 2016 and implemented a capital improvement program. Dallas-based Lion Real Estate Group purchased Woodchase & Clarendon for an undisclosed price.
BOCA RATON, FLA. — Colliers has brokered the $51 million sale of South City Plaza, a four-story, 179,837-square-foot office building located at 1515 S. Federal Highway in Boca Raton. Mark Rubin, Bastian Laggerbauer and Jake Stauber of the Colliers South Florida Investment Services team represented the seller, locally based Penn-Florida Cos., in the transaction. Maria Gomez of Powerful Real Estate represented the buyer, New York-based Renaissance Properties. The property is situated near another Penn-Florida project, Via Mizner, a $1.2 billion mixed-use development that features a Mandarin Oriental Hotel, luxury apartments, private condominium homes, retail space and a golf course spanning three towers that are all connected by a sky bridge.
SAN ANTONIO — Northmarq has arranged the sale of Villa de Oro, a 150-unit apartment complex located southwest of downtown San Antonio. The property offers one- and two-bedroom units and amenities such as a pool, playground, clubhouse, basketball court and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the seller, Austin-based Achieve Investment Group, in the transaction. The buyer, a locally based limited liability company, plans to implement a value-add program.
PROSPECT, KY. — Capital Square has purchased Lyric at Norton Commons, a 273-unit multifamily community located at 11210 Peppermint St. in Prospect, a suburb of Louisville. The Richmond-based investor purchased the property on behalf of CS1031 Lyric at Norton Commons Apartments DST, a Delaware statutory trust that seeks to raise $68 million in equity from accredited investors. The seller and sales price were not disclosed. Lyric at Norton Commons offers one-, two- and three-bedroom units averaging 956 square feet in size. Community amenities include a 24-hour fitness center, resort-style saltwater swimming pool with poolside cabanas, resident lounge with a complimentary gourmet coffee bar and business center, pet spa, indoor meditation space, movie room with stadium seating and multiple outdoor courtyards that feature lawn games and grills. The property is located within the 600-acre Norton Commons master-planned neighborhood, which features a 150-acre system of parks, squares, plazas, walking trails, recreational and civic amenities. The development is home to more than 90 businesses, including restaurants, shops, salons, a post office, three schools, YMCA and Saint Bernadette Church.
BOSTON — The East Boston Community Development Corp. (EBCDC) has acquired a portfolio of multifamily properties totaling 114 units in East Boston for $47 million. The units are spread across 36 buildings in the Jeffries Point, Eagle Hill and Orient Heights neighborhoods and primarily feature one- and two-bedroom floor plans. Kellie Coveney, Jacqueline Meagher, Madeline Joyce and James Burr of JLL represented the seller, a joint venture between The Grossman Cos. and Hodara Real Estate Group, in the transaction. The new ownership plans to convert the assets to affordable housing. Of the 114 units, 28 units will be restricted to households earning 50 percent or less of the area median income (AMI); 40 apartments will be reserved for renters earning 60 percent or less of AMI; 26 residences will be earmarked for families earning 80 percent or less of AMI; and the remaining 20 units will be restricted to renters making 100 percent or less of AMI.