Acquisitions

IMG Acquires Whitley Apartments Near Greenville for $42.5M

by John Nelson June 15, 2022

CENTRAL, S.C. — Investors Management Group Inc. (IMG) has acquired The Whitley Apartments, a 250-unit multifamily community located in the Greenville suburb of Central. Built in 1997, The Whitley is located near Clemson University and several Upstate South Carolina employers, including BMW. IMG plans to invest more than $2 million in capital improvements at the property. Will Mathews of Colliers brokered the transaction. IMG raised $21 million from 160 investor clients in 22 states to fund the acquisition, and eight investors completed 1031 exchanges by acquiring Tenant in Common (TIC) positions in the property. IMG also secured a 10-year, non-recourse Fannie Mae loan through Arbor Realty Trust. The loan was underwritten with a 30-year amortization schedule and a 60 percent loan-to-value ratio. Over the past year, IMG has sponsored the acquisition of over 1,700 total units totaling $372 million in transactions nationally. Last year the firm acquired the nearby Tapestry at Hollingsworth Park in Greenville.

June 15, 2022

Acquisitions District of Columbia Restaurant Retail Southeast

SRS Brokers Sales of Two Retail Properties in D.C. Totaling $9.2M

by John Nelson June 15, 2022

WASHINGTON, D.C. — SRS Real Estate Partners has brokered the sale of two urban retail properties in Washington, D.C., totaling $9.2 million. The properties include 2321 18th St. NW in the city’s Adams Morgan submarket and 1519 Wisconsin Ave. in the Georgetown district. Built in 1910 and renovated in 2020, the Adams Morgan property houses a single tenant (Ironworks Inc.) that operates three Asian fusion restaurants — Death Punch Bar, Shabu Plus and Shibuya — and has 10 years remaining on its lease. An unnamed private investor purchased the 4,500-square-foot property from a locally based developer for $3.5 million. Andrew Fallon and Rick Fernandez of SRS represented the seller in the transaction. The Georgetown property houses three retailers (a salon, nail parlor and mobile device repair shop) that are on triple-net leases. A local investor purchased the asset for $5.7 million in a 1031 exchange. Fallon and Fernandez represented the seller, a locally based, privately held investor and developer.

June 15, 2022

Acquisitions Retail Utah Western

Brixton Capital Acquires 149,928 SF Shopping Center in American Fork, Utah

by Amy Works June 14, 2022

AMERICAN FORK, UTAH — Brixton Capital has purchased American Fork Center, a retail center at 648 E. State St. in American Fork, located between Salt Lake City and Provo. A partnership between Western Avenue Capital and ALTO Funds sold the asset for an undisclosed price in an off-market transaction. At the time of sale, the 149,928-square-foot shopping center was fully leased. Tenants include Vasa Fitness, JOANN, Big Lots, Dollar Tree and Del Taco. Brixton plans to upgrade the center through repainting, parking lot resurfacing, landscaping improvements and signage upgrades. Scott Brady and Garrett Blomquist of Mountain West Commercial Real Estate sourced the opportunity for Brixton.

June 14, 2022

Acquisitions Multifamily Oregon Western

Security Properties, Oaktree Capital Buy River Ridge Apartments in Tualatin, Oregon for $70M

by Amy Works June 14, 2022

TUALATIN, ORE. — Security Properties and funds managed by Oaktree Capital Management have acquired River Ridge, a Class A apartment property located at 17865 SW Pacific Highway in Tualatin, for $70 million. Built in two phases from 2015 to 2017, River Ridge features 180 apartments spread across 14 residential buildings on nine acres. The apartments are a mix of one-, two- and three-bedroom layouts, averaging 977 square feet each. Units feature high ceilings, quartz countertops, large windows, walk-in closets, in-home washers/dryers and private balconies or patios with storage. Community amenities include a fitness center, resident clubhouse, resort-style outdoor pool, sundeck, basketball court, bocce ball court, playground, walking trail on the Tualatin River, 120 onsite storage units and 301 parking spaces. Security Properties Residential, an affiliate of Security Properties, will manage the community. Joe Nydahl, Josh McDonald and Phil Oester of CBRE represented the seller, Salem-based Mountain West Investment Corp., in the off-market transaction.

June 14, 2022

Acquisitions Multifamily Southeast Virginia

CRC Sells 101 North Ripley Apartments in Alexandria, Virginia for $50.1M

by John Nelson June 14, 2022

ALEXANDRIA, VA. — Continental Realty Corp. (CRC) has sold 101 North Ripley Apartments, a 189-unit multifamily community in Alexandria formerly known as Parkwood Court. CRC sold the property for $50.1 million, or approximately $265,000 per unit. The Baltimore-based company originally purchased the community in 2011 for $23 million, or $121,000 per unit. Washington, D.C.-based Willow Creek Partners purchased 101 North Ripley, which offers seven different floor plans in one-, two- and three-bedroom configurations. Bill Roohan, Robert Dean and Jonathan Greenberg of CBRE brokered the transaction. CRC recently invested in capital improvements at the apartment community, including the installation of new windows and sliding patio doors and the conversion of an outdoor pool into a parking lot with 45 spaces.

June 14, 2022

Acquisitions Georgia Industrial Southeast

JLL Arranges $28.1M Sale of Three-Property Industrial Portfolio in Metro Atlanta

by John Nelson June 14, 2022

KENNESAW AND NORCROSS, GA. — JLL Capital Markets has brokered the $28.1 million sale of a three-property light industrial and flex portfolio in metro Atlanta totaling 172,881 square feet. Matt Wirth, Ralph Smalley, Jim Freeman and Max Coffin of JLL represented the seller, Deerfield Beach, Fla-based Geneva Group, in the transaction. Miami-based Adler Real Estate Partners was the buyer. The properties included a 46,808-square-foot facility at 1965 Vaughn Road in Norcross, a 61,073-square-foot light industrial building at 4955 Avalon Ridge Parkway in Norcross and a 65,000-square-foot flex property at 1155 Roberts Blvd. in Kennesaw. Completed between 1992 and 1996, the Norcross buildings feature 22-foot clear heights, 27 dock-high doors, four drive-in doors and approximately 3.5 years of weighted average remaining lease term. The Kennesaw asset was built in 1991 and houses two unnamed, globally recognized tenants with over six years of weighted average remaining lease term.

June 14, 2022

Acquisitions Multifamily Texas

Three Pillars Capital Sells 243-Unit Red Pines Apartments in Metro Houston

by Taylor Williams June 14, 2022

PASADENA, TEXAS — Three Pillars Capital Group has sold Red Pines Apartments, a 243-unit multifamily property located in the eastern Houston suburb of Pasadena. Units come in one, two- and three-bedroom floor plans, and amenities include a pool, outdoor kitchen, dog park and a children’s play area. An undisclosed, Texas-based private equity firm purchased the asset. The sales price was also undisclosed, but the deal yielded an internal rate of return of 22 percent for Three Pillars Capital and its investment partners following its purchase in early 2021 and the implementation of a value-add program.

June 14, 2022

Acquisitions Office Texas

Colliers Brokers Sale of 160,000 SF Office Complex in North Dallas

by Taylor Williams June 14, 2022

DALLAS — Colliers has brokered the sale of a 160,000-square-foot office complex located at 12160 & 12170 Abrams Road in North Dallas. The two-building complex is situated within the East LBJ Freeway submarket. Cody Payne, Michael Tran and Austin Edelmon of Colliers represented the seller, a private investor, in the transaction. Payne also secured a private investor as the buyer. Both parties requested anonymity.

June 14, 2022

Acquisitions Illinois Midwest Multifamily

Monarch Realty Partners Negotiates $13M Sale of Apartment Complex in Suburban Chicago

by Kristin Harlow June 14, 2022

LAKE ZURICH, ILL. — Monarch Realty Partners has negotiated the sale of Somerset by the Lake Apartments in the Chicago suburb of Lake Zurich for $13 million. Constructed in 2019, the 48-unit apartment complex features one- and two-bedroom floor plans. The property features a large parking lot and is situated adjacent to Breezewald Park. Bill Baumann of Monarch brokered the transaction. Buyer and seller information was not provided.

June 14, 2022

Acquisitions Industrial Midwest Wisconsin

Colliers Arranges Sale of 270,290 SF Distribution Center in Kenosha, Wisconsin

by Kristin Harlow June 14, 2022

KENOSHA, WIS. — Colliers has arranged the sale of a 270,290-square-foot distribution center in Kenosha for an undisclosed price. The newly constructed building is located at 10200 55th St. The property features a clear height of 32 feet, 28 exterior docks, two drive-in doors and parking for 249 cars. Jeff Devine and Steve Disse of Colliers represented the seller, Panattoni Development Co. Pritzker Realty Group was the buyer.

June 14, 2022

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