Acquisitions

TAKOMA PARK, MD. — Cushman & Wakefield has brokered the sale of Takoma Langley Crossroads, a 125,245-square-foot, grocery-anchored shopping center in Takoma Park, a city in suburban Maryland’s Montgomery County. Granite Canyon Partners purchased the grocery-anchored center for an undisclosed price. Cushman & Wakefield’s John Owendoff represented the unnamed seller in the transaction. The recently renovated shopping center was nearly fully leased at the time of sale to tenants including Aldi, Walgreens, Citibank, Taco Bell and 7-Eleven. Situated on nearly 10 acres at the intersection of University Boulevard and New Hampshire Avenue, Takoma Langley is located across the street from the Takoma Langley Transit Center, the largest non-Metrorail transfer point in the metro Washington, D.C., region and the future home of a Purple Line Metro stop.

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Rojas-East-Distribution-Center-El-Paso

EL PASO, TEXAS — A fund backed by New York-based investment firm Clarion Partners has acquired Rojas East Distribution Center, a 369,310-square-foot distribution center in El Paso. The two-building facility was built on 21.2 acres in 2021 and was fully leased at the time of sale. Building features include 28- to 32-foot clear heights, 56 dock doors, ESFR sprinkler systems and combined parking for 42 trailers and 292 cars. Dustin Volz led a JLL team that marketed the property on behalf of the seller and developer, Dallas-based Hunt Southwest.

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HOUSTON — Locally based investment firm VIV Real Estate has acquired Envue Square, a 135-unit apartment complex in southeast Houston. The property offers one-, two- and three-bedroom units and amenities such as a pool, playground, clubhouse with a coffee bar, outdoor grilling and dining stations and onsite laundry facilities. VIV acquired the property in partnership with Texas Valley Group, and the new ownership plans to continue the value-add program put in place by the previous ownership. The seller and sales price were not disclosed.

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MISSION, TEXAS — Northmarq has arranged the sale of Bella Rose, an 84-unit apartment complex located in the Rio Grande Valley city of Mission. Built in 2008, the property features units with renovated interiors and amenities such as a pool, fitness center and onsite maintenance and management. Zar Haro, Moses Siller, Phillip Grafe and Bryan VanCura of Northmarq represented the seller in the transaction. The buyer, an entity doing business as AZTEX RE Investments LLC, plans to combine Bella Rose with the neighboring 80-unit property that it purchased earlier this year.

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WEST LAFAYETTE, IND. — Blue Vista Capital Management has acquired Wabash Landing Apartments in West Lafayette near Purdue University. The purchase price and seller were undisclosed. The property, which serves students, faculty and local professionals, features a mix of studio, one- and two-bedroom units. Amenities include a rooftop deck, fitness center, resident lounge, courtyard and study room. The property was fully leased as of July. Blue Vista’s affiliate student housing management company, PeakMade Real Estate, will manage the asset.

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CLAY AND BALDWINSVILLE, N.Y. — Marcus & Millichap has negotiated the sale of the Store Your Stuff Portfolio, a duo of self-storage facilities totaling 748 units in Upstate New York. The facilities, which comprise 83,550 net rentable square feet across 80 climate-controlled units and 668 non-climate-controlled units, are specifically located in Clay and Baldwinsville, both of which are northern suburbs of Syracuse. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. The trio also procured the buyer, a limited liability company. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.

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SOMERSET, N.J. — Cushman & Wakefield has brokered the $12.9 million sale of Franklin Court, a 42,116-square-foot retail center located in the Northern New Jersey community of Somerset. Tenants at the property include Walgreens and KFC. Andrew Schwartz, Jordan Sobel, Seth Pollack and Andre Balthazard of Cushman & Wakefield represented the seller, Adoni Property Group, and procured the buyer, LJL Realty Co., in the transaction.

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EDGEWATER, COLO. — Unique Properties/TCN Worldwide and the Unique Apartment Group have arranged the sale of Terra Village Apartments, a multifamily community located at 6201 26th Ave. in Edgewater. California-based Trion Properties acquired the asset for $110 million, or $273,631 per unit. Terra Village features 402 apartments. Recent renovations include new kitchen cabinets, stainless steel appliances, tile backsplashes, updated bathrooms and in-unit washers/dryers. Marc Lippitt, Elliott Polanchych, Will McCauley, Phil Dankner and Kevin Higgins of Unique Properties represented the undisclosed sellers in the deal.

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APACHE JUNCTION, ARIZ. — Scottsdale-based Sonoma Valley LLC has completed the sale of Sonoma Valley Apartments, located at 975 S. Royal Palm Road in Apache Junction. FSO Real Estate Services, a division of Phoenix-based FSO Capital Partners, acquired the property for $44.5 million. Built in 2001, the 176,000-square-foot community consists of 11 two-story residential buildings on 9.9 acres. The property features 88 two-bedroom/two-bath, 950-square-foot units and 88 three-bedroom/two-bath, 1,050-square-foot units. On-site amenities include a pool, hot tub, 24-hour fitness center, picnic areas, basketball court and playground. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of Northmarq’s Phoenix investment sales team brokered the transaction.

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AURORA, COLO. — Marcus & Millichap has negotiated the sale of The Fitz on 14th, an apartment property in Aurora. The community traded for $34.4 million, or $195,455 per unit. The names of the buyer and seller were not released. Constructed in 1973, Fitz on 14th features 176 apartments in a mix of 18 studios and 158 one-bedroom units with open kitchens. Community amenities include a resort-style pool, barbecue/picnic area, playground, dog park, on-site leasing office, laundry facilities and a fully equipped workout room. Jason Hornik and Greg Price of Marcus & Millichap’s Denver office represented the seller and buyer in the transaction.

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