ELMHURST, ILL. — A joint venture between Clear Height Properties and Harbert US Real Estate, an investment entity sponsored by Harbert Management Corp., has sold a seven-building industrial portfolio in Elmhurst for an undisclosed price. Hamilton Partners purchased the portfolio, which totals 140,796 square feet. The buildings are fully leased to 23 tenants that occupy space ranging in size from 1,300 to 14,000 square feet.
NEWBURGH, N.Y. — Castle Lanterra Active Adult, a division of Castle Lanterra, has acquired Reserve at Lakeside, a newly constructed active adult apartment complex in Newburgh. The community consists of one-bedroom units and two-bedroom apartments. Blue Foundry Bank provided acquisition financing. The seller, price and number of units were not disclosed.
ANAHEIM, ESCONDIDO AND LIVERMORE, CALIF. — Standard Communities, through a public-private partnership, has acquired three mixed-income seniors housing communities totaling 559 rental units in California. The total capitalization of the three-property portfolio is over $195 million, including more than $19 million in renovations. The properties include: Heritage Village Anaheim, totaling 196 units on 5.1 acres in Anaheim Heritage Park Escondido, totaling 196 units on five acres in Escondido Heritage Park Livermore, totaling 167 units on 8.2 in Livermore “We’re preserving and expanding affordable housing in some of the areas that need it most in California,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “Seniors are the fastest-growing population in California.” “In the city of Livermore for example, almost 20 percent of the population are seniors and 24 percent of them are renters,” adds Joon Lee, managing director of strategic capital for Standard. “The average price of a home in Livermore is over $1 million, which has increased nearly 30 percent year over year. It’s important to Standard to provide affordable housing options for seniors” Standard’s improvements at the three Heritage communities will consist of plumbing, HVAC, electrical, fire safety and security upgrades; roof, door and window repair or replacement; …
LAS VEGAS — Florida-based ZMR Capital has purchased Sunridge, an apartment property located at 4855 E. Vegas Valley Drive in Las Vegas, in an off-market transaction. The name of the seller was not released. Built in 1991, Sunridge features 216 apartments in a mix of one-, two- and three-bedroom layouts with in-unit washers/dryers and pre-installed Wi-Fi modems. Community amenities include two swimming pools and spas, a clubhouse with fireplace, business center, playground and covered parking.
PHOENIX — SDC Foothill Inc., a global investment manager, has completed the disposition of Foothills Corporate Centre I, a value-add office building in Phoenix. WG Group purchased the property for an undisclosed price as its first acquisition in the Phoenix market. Located at 14415 S. 50th St., the single-story Foothills Corporate Centre I features 110,360 square feet of office space. At the time of sale, the property was 64 percent leased to one tenant. The new owner plans to convert the property to flex/light industrial space. CJ Osbrink, Scott Scharlach and Kevin Shannon of Newmark represented the seller and buyer in the deal.
SEATTLE — Landmark Properties has acquired two development parcels, totaling 15,225 square feet, at 1200 NE 45th St. in Seattle’s U-District. Terms of the transaction were not released. Situated near the University of Washington campus and the U-District station on Sound Transit’s Link light rail system, the land is entitled for a 24-story, 237-unit multifamily property. The new light rail station, which opened in October 2021, is two stops from Capitol Hill and three stops from the Seattle central business district. By 2023, the rail station will also connect to the Eastside and downtown Bellevue. Kyle Yamamoto, Eli Hanacek, Jon Hallgrimson and Mark Zoffel of CBRE Capital Markets’ Seattle office brokered the transaction.
LONG BEACH, CALIF. — The Ovaness-Rostamian Group of Marcus & Millichap has brokered the sale of a medical office building located at 1525 Long Beach Blvd. in Long Beach. The property traded for $9.3 million, or $1,082 per square foot. Fresenius Medical Care occupies the 8,600-square-foot asset. Orbell Ovaness, Ara Rostamian, Aren Ohanian, Jason Anguiano, Peter Xiao, Austin Che, George Baltakian and Sean Matsuura of Marcus & Millichap’s Ovaness-Rostamian Group represented the undisclosed buyer, while Alvin Mansour and David Kern of Marcus & Millichap’s Mansour Group represented the undisclosed seller in the deal.
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.
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.
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.
