Acquisitions

American Landmark Buys 286-Unit The Lotus Apartment Property in Glendale, Arizona

by Amy Works August 29, 2022

GLENDALE, ARIZ. — American Landmark Apartments has purchased Cabana 99th, a multifamily community located at 10000 W. Missouri Ave. in Glendale. The buyer has renamed the 286-unit property as The Lotus. Built in 2022, The Lotus features studio, one- and two-bedroom floor plans ranging from 468 square feet to 828 square feet. Apartments offer dishwashers, full-size washers/dryers, large energy-efficient windows, stainless steel appliances, nine-foot ceiling heights, wood-style vinyl plank flooring and workstation desks in select units. Community amenities include a swimming pool, electric vehicle charging stations, a hammock garden, keyless entry locks, monthly resident events, a business center, multi-purpose lawn, outdoor fitness space, secured bike storage and outdoor barbecue area. Terms of the transaction were not released.

August 29, 2022

Acquisitions California Hospitality Western

Pebblebrook Sells Hotel Spero in San Francisco for $71M

by Amy Works August 29, 2022

SAN FRANCISCO — Pebblebrook Hotel Trust has completed the sale of Hotel Spero, located at 405 Taylor St. in San Francisco. An undisclosed third party acquired the asset for $71 million. The hotel features 236 guest rooms. Proceeds of the sale will be used for general corporate purposes and reducing Pebblebrook’s outstanding debt associated with recent hotel acquisitions.

August 29, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Arranges Sale of 92-Unit Pinewood Terrace Seniors Housing Community in Colville, Washington

by Amy Works August 29, 2022

COLVILLE, WASH. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Pinewood Terrace, a 92-unit skilled nursing facility located in Colville, a tiny city of fewer than 5,000 residents in the northeastern corner of Washington State. Cascadia Healthcare acquired the property for an undisclosed price. The seller was looking to exit Washington for states with more favorable reimbursement rates and lower regulatory hurdles. Cascadia, meanwhile, is growing its regional team in the Washington and northern Idaho markets to help with quality of care and synergy between local buildings.

August 29, 2022

East-Vancouver-Self-Storage-Vancouver-WA

Acquisitions Industrial Self-Storage Washington Western

Marcus & Millichap Brokers $6M Sale of Self-Storage Facility in Vancouver, Washington

by Amy Works August 29, 2022

VANCOUVER, WASH. — Marcus & Millichap has arranged the sale of East Vancouver Self Storage, a self-storage facility at 515 E. 157th Ave. in Vancouver. A limited liability company sold the asset to another limited liability company for $6 million. Totaling 42,780 square feet, East Vancouver Self Storage features 390 units. At the time of sale, the property was 81 percent occupied. Christopher Secreto of Marcus & Millichap’s Seattle office represented the seller and buyer in the deal.

August 29, 2022

Acquisitions Colorado Industrial Western

Unique Properties Negotiates $4.8M Acquisition of Flex Property in Parker, Colorado

by Amy Works August 29, 2022

PARKER, COLO. — Unique Properties/TCN Worldwide has arranged the purchase of a flex property located at 10120 Twenty Mile Road in Parker. A California-based buyer acquired the asset from a local owner/developer for $4.8 million, or $365 per square foot. Brett MacDougall and Michael DeSantis of Unique Properties/TCN Worldwide represented the buyer in the deal. The approximately 1,315-square-foot building is fully occupied by two long-term tenants on triple-net leases.

August 29, 2022

Acquisitions Office Texas

Tishman Speyer Sells 240,000 SF Foundry Office Complex in East Austin

by Taylor Williams August 29, 2022

AUSTIN, TEXAS — Tishman Speyer has sold The Foundry, a 240,000-square-foot office complex in East Austin. The New York City-based real estate giant acquired the first of The Foundry’s two buildings in January 2021 and the second in July 2021 from locally based developer Cielo Property Group. Mike McDonald and Jonathan Napper of Cushman & Wakefield represented Tishman Speyer in the latest sale. Beacon Capital Partners purchased the asset, which was 96 percent leased at the time of sale, for an undisclosed price.

August 29, 2022

Acquisitions Multifamily Student Housing Texas

Apex Student Living Acquires Community in Stillwater, Oklahoma for $23.7M

by Taylor Williams August 29, 2022

STILLWATER, OKLA. — Apex Student Living has acquired Apex on Perkins, a 732-bed community located near Oklahoma State University in Stillwater, for $23.7 million. According to Apartments.com, the property offers a pool, fitness center, business center and a clubhouse. The seller was a partnership between two Manhattan-based investment firms, Ladder Capital and Tailwind Capital. Apex is a joint venture between Toronto-based Alexandra Capital and Connecticut-based Axela Group.

August 29, 2022

Acquisitions Multifamily Southeast Virginia

Northmarq Negotiates $43M Sale of Bayville Apartments in Virginia Beach

by John Nelson August 29, 2022

VIRGINIA BEACH, VA. — Northmarq has negotiated the $43 million sale of Bayville Apartments, a 240-unit, Class B multifamily property located at 1512 Kindly Lane in Virginia Beach. Wink Ewing, Mike Marshall and Matt Straughan of Northmarq represented the seller, Thalhimer Realty Partners, in the transaction. Keith Wells, Reina Abboud and Hunter Wood of Northmarq’s debt and equity team arranged an undisclosed amount of acquisition financing on behalf of the buyers, Linden Property Group and Matador Capital Management. Bayville Apartments consists of one-, two- and three-bedroom floor plans with short-term leases available for residents. Community amenities include a business center, bark park, onsite maintenance and management, package receiving, a playground and a pool.

August 29, 2022

Acquisitions Maryland Mixed-Use Retail Southeast

Stan Johnson Co. Brokers $26.8M Sale of Metro Baltimore Store Leased to Whole Foods

by John Nelson August 29, 2022

TOWSON, MD. — Stan Johnson Co. has brokered the sale of a newly built, single-tenant retail store located at 300 Towson Row in downtown Towson, about 10 miles north of Baltimore. Built in 2021 and opened in early 2022, the 63,750-square-foot retail property is triple-net-leased to Whole Foods Market, which anchors the 1.2 million-square-foot Towson Row mixed-use development. An unnamed 1031 exchange buyer based in New York purchased the store from locally based developer Greenberg Gibbons for $26.8 million. Jason Maier of Stan Johnson Co. represented the buyer in the transaction.

August 29, 2022

Acquisitions Multifamily New York Northeast

Davean Holdings Buys Multifamily Portfolio in Manhattan’s East Village for $25.5M

by Taylor Williams August 29, 2022

NEW YORK CITY — Locally based investment firm Davean Holdings has purchased a portfolio of three multifamily buildings totaling 19 apartments in Manhattan’s East Village area for $25.5 million. The portfolio includes seven commercial spaces. The buildings were completed between 1900 and 1920 and comprise 15 market-rate units and four rent-stabilized apartments. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented both Davean Holdings and the seller, the Halegua Family, in the off-market deal.

August 29, 2022

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