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Acquisitions

AcquisitionsHospitalitySoutheastVirginia

Hunter Brokers Sale of 295-Room Delta Hotel in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Hunter Hotel Advisors has brokered the sale of Delta Hotel by Marriott Virginia Beach Bayfront Suite, a 295-room hotel located on the north shore of Virginia Beach. The beachfront hotel was renovated in 2020 and features three food and beverage options, including Tin Cup Kitchen + Oyster Bar, as well as a fitness center and outdoor pool. Lingerfelt CommonWealth Partners sold Delta Hotel to a joint venture between BlackPearl Capital and an affiliate of Paceline Equity Partners for an undisclosed price. Trey Scott and Spencer Davidson of Hunter Hotel Advisors represented the seller in the transaction.

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AcquisitionsMultifamilyTexasTop Stories

SWBC Real Estate Sells Five-Property Multifamily Portfolio in Texas for $350M

by Kristin Harlow

TEXAS — SWBC Real Estate LLC has sold a five-property multifamily portfolio totaling 1,437 units in Texas for $350 million. The communities include: The Royalton at Grand Prairie in Grand Prairie; Central Park at Craig Ranch and The Royalton at Craig Ranch in McKinney; The Royalton at Rockwall Downes in Rockwall; and The Royalton at Sunfield in Buda. Lightbulb Capital Group, the family office of developer and investor Jay Schuminsky, acquired the properties in the Dallas-Fort Worth metroplex, including those in Grand Prairie, McKinney and Rockwall. Brixton Capital purchased the community in Buda, which is a southern suburb of Austin. Both buyers are based in California. “It’s apparent that there is still a very aggressive appetite for new multifamily properties in the Dallas and Austin markets, as there was a large amount of interest in the sale of these properties,” says Stuart Smith, COO of SWBC. “The recent uptick in interest rates is causing some concern with the future values of commercial real estate properties. However, the continued interest in the multifamily sector in well-located areas throughout Texas has remained strong at this time.” Joey Tumminello, Will Balthrope and Drew Kile of Marcus & Millichap’s Institutional Property Advisors led the …

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Magma Equities Acquires Litchford 315 Apartments in Raleigh for $83M

by John Nelson

RALEIGH, N.C. — Magma Equities has purchased Litchford 315 Apartments, a 240-unit multifamily community in Raleigh that was delivered in January. The Southern California-based investor purchased the property in an off-market transaction for $83 million, which represents the company’s fourth investment in North Carolina this year and its largest single-property acquisition in the state. Litchford 315 features one-, two- and three-bedroom apartments across 10 buildings. Community amenities include a clubhouse, resort-style swimming pool, fitness center, billiards and gaming lounge and a dog park. Litchford 315 was 96 percent occupied at the time of sale. The seller/developer was not disclosed.

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AcquisitionsKentuckyLoansSoutheast

Colliers Mortgage Provides Acquisition Loan for Brookefield Apartments in Elizabethtown, Kentucky

by John Nelson

ELIZABETHTOWN, KY. — Colliers Mortgage has provided a Fannie Mae acquisition loan for Brookefield Apartment Homes, a 91-unit, market-rate multifamily community in Elizabethtown. Built in 2020, the property features attached garages, 24-hour emergency maintenance, a clubhouse, pool, fitness center, dog park and a pet wash station. Colliers Mortgage and partner Old Capital Lending provided the undisclosed amount of financing to the borrower, an entity doing business as BFA202 LLC. The 10-year loan features a 30-year amortization schedule.

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ReNew-at-TPC-San-Antonio
AcquisitionsMultifamilyTexas

Newmark Brokers Sale of 408-Unit Apartment Community in Northeast San Antonio

by Taylor Williams

SAN ANTONIO — Newmark has brokered the sale of ReNew at TPC, a 408-unit apartment community in northeast San Antonio. The property features a mix of studio, one-, two-, three- and four-bedroom units with an average size of 905 square feet. Units are furnished with hardwood-style flooring, stainless steel appliances, granite countertops and walk-in closets. Amenities include a pool, grilling areas, a resident lounge, business center, fitness center and a dog park. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, San Francisco-based FPA Multifamily, in the transaction. California-based DB Capital Management purchased the property for an undisclosed price with plans to implement a value-add program.

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AcquisitionsMultifamilyTexas

Camino Verde Group, Bakerson Buy 152-Unit Multifamily Property in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A joint venture between Las Vegas-based investment firm Camino Verde Group and Arizona-based Bakerson has purchased Antigua Village, a 152-unit multifamily property located about six miles east of downtown Fort Worth. Built in 1968, the complex comprises 10 two-story buildings on a 7.3-acre site. Units come in one-, two- and three-bedroom floor plans, and amenities include a business center and a playground. The new ownership plans to make capital improvements and to rebrand the property as Apex Apartments. Global Real Estate Investors (GREA) brokered the sale.

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AcquisitionsIndianaIndustrialMidwest

NAI Hiffman Brokers Sale of 1.1 MSF Industrial Property in Gary, Indiana

by Kristin Harlow

GARY, IND. — NAI Hiffman has brokered the sale of Chase Street Industrial Center, a two-building industrial property totaling nearly 1.1 million square feet in Gary. The sales price was undisclosed. Located at 700 Chase St., the property sits on 98 acres and is home to four tenants, which have operated out of the buildings for an average of 18 years. Chase Street Industrial Center consists of a heavy manufacturing and warehouse property that totals 1 million square feet and is occupied by three tenants and an 80,000-square-foot facility that is home to a single tenant. Patrick Sullivan, Ryan Chambers and Chris Gary of NAI Hiffman represented the seller, Chicago-based RJB & Co. Los Angeles-based Cannon Commercial Inc. was the buyer.

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AcquisitionsLife SciencesMichiganMidwest

MI-HQ Acquires Former Eastern Michigan University College of Business Building

by Kristin Harlow

YPSILANTI, MICH. — Michigan Innovation Headquarters (MI-HQ), a provider of life sciences and technology workspaces, has entered into a purchase agreement for Eastern Michigan University’s former College of Business headquarters building in downtown Ypsilanti for $2.6 million. The buyer plans to undertake $10 million in renovations to build shared workspaces for science, technology, engineering and mathematics (STEM) companies. Plans call for free onsite parking, research and development wet labs, medical offices, a 160-seat auditorium, exterior courtyard, café, gym and food truck area. Formerly known as the Gary Owens Building, the asset spans 130,000 square feet and is located at 300 W. Michigan Ave. The renovated building is slated to open in the first quarter of 2023 and will serve as MI-HQ’s fourth location.

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AcquisitionsMichiganMidwestMultifamily

Friedman Real Estate Arranges $2.9M Sale of Multifamily Property in Baldwin, Michigan

by Kristin Harlow

BALDWIN, MICH. — Friedman Real Estate has arranged the $2.9 million sale of Majestic Pines Apartments in Baldwin, a city in northwestern Michigan. The 72-unit multifamily property is situated north of Ferris State University and east of Lake Michigan. Peter Jankowski of Friedman represented the undisclosed seller. The buyer was also not provided.

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AcquisitionsMultifamilyNortheastRhode Island

CBRE Brokers $37M Sale of Apartment Community in Middletown, Rhode Island

by Taylor Williams

MIDDLETOWN, R.I. — CBRE has brokered the $37 million sale of Northgate Apartments, a 179-unit multifamily complex in Middletown. Built in phases between 1969 and 1972, the property offers one-, two- and three-bedroom units with an average size of 888 square feet. Amenities include a pool, fitness center and a leasing office. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based Eden Properties, in the transaction. The team also procured the buyer.

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