PHILADELPHIA — Rittenhouse Realty Advisors, a member of GREA, has brokered the $23.5 million sale of Diamond Green, a 350-bed student housing community located near Temple University in Philadelphia. Orens Brothers Real Estate developed the 92-unit property using modular construction. The community features six retail spaces on the ground floor and a 28-stall parking garage. Apex Student Living, a joint venture between Alexandra Capital and Axela Group, acquired the property.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $9.9 million sale of a mixed-use building located in the Mount Hope area of The Bronx. The property comprises five market-rate apartments, 10,600 square feet of vacant office/community space and ground-floor retail space that is leased to T-Mobile and a regional pharmacy. Vanbarton Group sold the asset to an undisclosed buyer. Jason Gold, Victor Sozio and Daniel Mahfar of Ariel Property Advisors brokered the deal.
NEW YORK CITY — Chicago-based investment firm Syndicated Equities has acquired a 110-space parking garage located at 58 W. 58th St. in Manhattan’s Midtown East neighborhood. The structure house both ground-level and underground parking space. Syndicated Equities acquired the property, which is leased to Icon Garages, in partnership with Centerpark Realty, a locally based investment firm that specializes in the product type. The seller and sales price were not disclosed.
BROCKTON, MASS. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Connemara Senior Living, an 86-unit independent living, assisted living and memory care community located in the southern Boston suburb of Brockton. The community was originally built in 1990. Elevation Financial Group acquired the property and plans to convert it to an affordable seniors housing complex. The seller and price were not disclosed.
WASHINGTON, D.C. — Newmark has arranged the sale of Universal North and South, two Class B office buildings encompassing an entire city block near Dupont Circle in downtown Washington, D.C. Bethesda, Md.-based JBG Smith sold the assets to Philadelphia-based Post Brothers for $228 million. Totaling 659,459 square feet, the two-building office complex is located at 1825 and 1875 Connecticut Ave. NW. Universal North is a 12-story, 368,071-square-foot, value-add property, which was 40 percent leased at the time. Universal South is a 10-story, 291,387-square-foot, cash-flowing asset that was 98 percent leased at the time of sale. The project can accommodate an additional 73,428 square feet. Jud Ryan and James Cassidy of Newmark represented the seller in the deal.
NASHVILLE, TENN. — Dayton, Ohio-based The Conor Group has completed the disposition of Elliston 23, a multifamily community located at 2312 Elliston Place in Nashville’s West End submarket. San Diego-based Sunroad Enterprises acquired the asset for $162 million. Brett Carr and Kevin Geiger of CBRE represented the seller in the transaction, and Nate Sittema of CBRE’s Debt & Structured Financing Group arranged acquisition financing for the buyer. Elliston 23 features 331 apartments in a mix of studio, one- and two-bedroom floorplans averaging 844 square feet. Units offer in-suite washers/dryers, granite countertops and stainless steel appliances. Community amenities include a 24-four fitness center, year-round heated pool and sundeck area, 24-hour conference room, controlled access parking structure and a courtyard with gas grilling stations. Additionally, Elliston 23 features more than 15,000 square feet of ground-floor retail space, including multiple restaurants, a cycling studio, beauty salons and a spa.
ORLANDO — Foundry Commercial, in partnership with an investment fund managed by Morgan Stanley Real Estate Investing, has purchased the Spring Arbor Senior Living collection of 24 assisted living and memory care communities across the Mid-Atlantic. As part of the transaction, Foundry Commercial acquired the current operator, which will continue to manage the properties post-closing. The portfolio contains 1,424 units throughout Maryland, North Carolina and Virginia, with capacity for more than 1,800 residents. The Spring Arbor platform will continue operations under the Spring Arbor Senior Living brand. Capital Funding arranged financing for the transaction. Terms of the acquisition were not released.
CARROLLTON, GA. — A joint venture partnership between Memphis, Tenn.-based Fogelman Properties and Thackeray has purchased a 111-unit apartment property in Carrollton for an undisclosed price. The partnership has rebranded the community, formerly known as Renew at Carrollton, as Venue at Carrollton. Built in 1974, Venue at Carrollton features one-, two- and three-bedroom apartments ranging from 900 square feet to 1,200 square feet. At the time of sale, the property was 96 percent occupied. The partnership plans to renovate all of the unit interiors, pool, clubhouse and amenity areas.
HOUSTON — Marcus & Millichap has brokered the $56 million sale of three Houston multifamily properties. Ridgepoint Apartments totals 168 units, was built in 1980 and sold for $21.3 million. Green Tree Place comprises 196 units, was constructed in 1983 and traded for $22.6 million. Pine Lake Village consists of 96 units, was delivered in 1983 and fetched a price of $12.1 million. Matthew Peters and Matthew Roth of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.
CRAWFORDSVILLE, IND. — JLL Capital Markets has brokered the $18.5 million sale of Crawfordsville Square, a 273,249-square-foot shopping center in the Indianapolis suburb of Crawfordsville. Kroger is the anchor tenant at the property, which is 95 percent leased. Other tenants include Dunham’s Sports, Burke’s Outlet, H&R Block, Shoe Sensation, Pet Supplies Plus and Burger King. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, Lamar Cos. Essential Growth Properties acquired the asset.
