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.
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.
POTTSTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $85.7 million sale of Upland Square, a 400,716-square-foot retail power center in Pottstown, located northwest of Philadelphia. Built in 2009 and expanded in 2019, Upland Square is anchored by a 76,500-square foot Giant Food grocery store. Other tenants include Burlington, LA Fitness, Five Below, Ross Dress for Less, Bed Bath & Beyond, Staples, T.J. Maxx, Petco and Ulta Beauty. Brad Nathanson of IPA represented the seller, New Jersey-based Paramount Realty Services Inc., and procured the buyer, United Hampshire US REIT, in the transaction. The property was 95 percent leased at the time of sale.
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.
POTTSTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $85.7 million sale of Upland Square, a 400,716-square-foot retail power center in Pottstown, located northwest of Philadelphia. Built in 2009 and expanded in 2019, Upland Square is anchored by a 76,500-square foot Giant Food grocery store. Other tenants include Burlington, LA Fitness, Five Below, Ross, Bed Bath & Beyond, Staples, T.J. Maxx, Petco and Ulta Beauty. Brad Nathanson of IPA represented the seller, New Jersey-based Paramount Realty Services Inc., and procured the buyer, United Hampshire US REIT, in the transaction.
CHULA VISTA, CALIF. — Coseo Properties completed the disposition of an office and medical building, located at 690 Otay Lakes Road in Chula Vista. A private investor acquired the asset for $8.8 million, or $318 per square foot. Built in 1979 and renovated in 2016, the two-story building features 28,700 square feet of office and medical space. Recent renovations include upgrades to the building and common areas. The property features a landscaped entryway, flexible suites ranging from 818 square feet to 4,380 square feet, 11-foot ceiling heights and ample natural light. Situated on 2.9 acres, the property also includes 154 parking spaces. At the time of sale, the property was fully occupied by New American Funding, Life Residential, Eastlake Rejuvenation and Wellness Center, Excel Speech Therapy Center, Boursa Investments and Edward Jones. Matt Pourcho, Anthony DeLorenzo, Matt Harris, Chris Williams and Ramin Salehi of CBRE represented the seller in the deal.
SCOTTSDALE, ARIZ. — CBRE National Senior Housing has arranged the sale of and acquisition financing for Andara Senior Living, a 170-unit luxury seniors housing community in Scottsdale. Built in 2010, the community is located in an affluent pocket of Scottsdale and nestled in the foothills of the McDowell Mountains. The campus features two three-story residential wings interconnected by a covered walkway. The community offers independent living and assisted living services. Reliant Group sold the property to a joint venture between Colonial Oaks Senior Living and Fortress Investment Group. Although the price wasn’t disclosed, CBRE provided a $37 million fixed-rate Freddie Mac acquisition loan in connection with the sale. This transaction represents CBRE’s third financing of the community after previously arranging acquisition financing on behalf of the seller in 2012 and an agency refinancing in 2018. The CBRE investment sales team consisting of John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented the seller, while the CBRE debt and structured finance team consisting of Aron Will, Austin Sacco and Adam Mincberg arranged the financing.