PASADENA, CALIF. — JRW Realty, a Pasadena-based commercial real estate brokerage firm, has arranged the sale of six single-tenant retail stores in Louisiana net-leased to Walmart Neighborhood Market. Jennifer Rodriguez Ventura of JRW Realty represented the buyer, an unnamed institutional investor that purchased the portfolio for $84 million. Alex Sharrin of JLL represented the undisclosed seller. The six stores are located in the southern or coastal Louisiana towns of Meraux, Houma, Prairieville, New Iberia, Opelousas and Thibodaux. All purchases have single-tenant net leases in place, with individual prices ranging from $11.8 million to just under $16.5 million. The stores average approximately 43,000 square feet and the total square footage of the six stores is 257,427.
ATHENS, GA. — Hodges Ward Elliott (HWE) has arranged the sale of Hampton Inn Athens, a 112-room hotel located at 2220 W. Broad St. in Athens. Built in 1995, Hampton Inn Athens is situated about three miles west of the University of Georgia, downtown Athens and the Classic Center, the city’s premier convention center. The hotel features digital keys, pet-friendly rooms, an outdoor swimming pool, fitness center, business center and complimentary breakfast. Clint Hodges, B.J. Patel and Michael Brandes of HWE represented the seller, Germantown, Tenn.-based McNeill Hotel Co., in the negotiations. The undisclosed buyer purchased the hotel.
FORT WORTH, TEXAS — Austin-based HPI Real Estate Services & Investments has acquired 55 acres in North Fort Worth for the development of an 829-unit residential community. Preliminary plans for the development call for 636 multifamily units and 193 single-family rental units with attached garages and yards. Amenities will include clubhouses, pools, pickleball courts and walking trails. Davidson Bogel Real Estate brokered the sale of the site, which is located at the corner of Bonds Ranch and Blue Mound roads. A construction timeline has not yet been established.
HOUSTON — Los Angeles-based investment firm TruAmerica Multifamily has purchased Villas at West Road, a 240-unit apartment community in Houston. Built in 2006, Villas at West Road features a mix of one-, two- and three-bedroom apartment homes averaging 1,137 square feet. According to Apartments.com, amenities include a pool, fitness center, business center, dog park and outdoor grilling and dining stations. TruAmerica acquired the property in a joint venture with global asset management firm AX IM Alts, and the new ownership plans to implement a value-add program.
LITCHFIELD PARK AND GOODYEAR, ARIZ. — Chicago-based Blue Vista Capital Management has purchased land for two build-to-rent developments in Litchfield Park and Goodyear. The transaction, representing approximately $102 million in total capitalized value, is part of Blue Vista’s ongoing strategy of providing institutional investors with access to unique and differentiated core plus residential real estate opportunities. Located near the intersection of Dysart and Camelback roads, the Litchfield Park community will offer 153 residences with 54 one-bedroom duplex units and 99 detached two-bedroom, single-family units totaling 137,043 square feet. Situated near the intersection of Sarival Avenue and Yuma Road, the Goodyear community will feature 151 units in a mix of 60 one-bedroom duplexes and 91 detached two-bedroom, single-family units totaling 132,985 square feet. Upon completion, the projects will offer more than 300 homes with secure private gated entrances, private outdoor space, simulated wooden flooring, quartz countertops, stainless steel appliances, in-unit washers/dryers and nine- to 10-foot ceilings. Community amenities will include resort-style pools, clubhouses and outdoor lounge areas with grills.
ONTARIO, CALIF. — Waterton has purchased Terracina, a multifamily property located at 3303 S. Archibald Ave. in Ontario. The 41.3-acre community will be rebranded as Citrine Hills. Terms of the transaction were not released. Comprised of 46 two-story residential buildings, the 736-unit property comprises 288 one-bedroom, 128 two-bedroom/one-bath and 320 two-bedroom/two-bath layouts with an average unit size of 874 square feet. The buyer plans to renovate the property, which was built in 1989, with updates to existing finishes in all residences. These features will include vinyl plank flooring, new carpet, stainless steel appliances, quartz countertops and washers and dryers in each unit. The renovation program also includes upgrades to common areas and building and mechanical systems. Community amenities include four pools, two hot tubs, two fitness centers, two soccer fields with surrounding running paths, two dog parks, a pet wash, outdoor barbecue areas, a tennis court, business center, furnished sundecks and water features throughout the grounds. Additionally, the property features 84 garages and 801 carports.
PHOENIX — Rincon Partners has completed the sale of Madison Grove, a multifamily community in Phoenix, to Brass Enterprises for $51.3 million, or $300,000 per unit. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Constructed in 1976, Madison Grove features 171 apartments with contemporary kitchens, wood-style vinyl flooring, wall-mounted flatscreen TVs and dual-pane windows. Community amenities include a fitness center, pool, grilling stations and picnic seating, a fire pit, laundry care facility and a dog park. The garden-style property was recently renovated to include a complete unit interior redesign and property systems overhauls. Ownership also added new roofs, upgraded leasing and clubhouse spaces and a new fitness center and swimming pool.
PALO ALTO, CALIF. — Newmark has arranged the sale of 250 Cambridge, a three-story, transit-oriented office property in Palo Alto. Tarlton Properties sold the asset to an entity doing business as 250 Cambridge LP for $39.3 million. The new ownership plans to renovate the building. Steven Golubchik, Seth McKinnon, Jonathan Schaefler and Darren Hollak of Newmark brokered the transaction. Ramsey Daya and Chris Mortiz, also with Newmark, arranged the acquisition financing for the buyer through a regional bank. The property features 34,558 square feet of office space along with a 29-stall onsite parking garage and is located near Stanford Research Park, a life sciences development that houses tenants such as VMWare, Guardant Health, Kodiak Bioscience, Tesla and SAP.
HENDERSON, NEV. — RealComm Advisors has brokered the sale of The Palms @ Green Valley Business Park, an industrial property in Henderson. Located at 6 and 8 Sunset Way, the asset features 30,483 square feet of space. Washington Street Development sold the property to S&S River Road LLC for $6.9 million. Jennifer Levine and Elizabeth Moore of RealComm Advisors represented the seller in the deal.
ROSELAND, N.J. — Invesco Real Estate Income Trust has acquired a majority interest in Everly Roseland, a 360-unit apartment community in Northern New Jersey. The percentage was not disclosed. The garden-style property was built in 1980 and was 95 percent leased at the time of sale. Invesco plans to implement a capital improvement program to unit interiors, building exteriors and common areas.