Acquisitions

American Landmark Purchases Two Multifamily Communities in North Carolina

by Julia Sanders March 28, 2022

CHARLOTTE AND HILLSBOROUGH, N.C. — Tampa, Fla.-based American Landmark Apartments has purchased two multifamily communities in North Carolina for an undisclosed price. The seller was also not disclosed. The two properties include Ardmore King’s Grant Apartments in Charlotte and the 270-unit Ardmore Cates Creek Apartments in Hillsborough. American Landmark plans to enhance both properties with landscaping and amenity upgrades, along with adding new subway tile kitchen backsplashes, upgraded cabinets, new faucets and lighting fixtures, new ceilings fans and new USB outlets to all units. Ardmore King’s Grant Apartments has been renamed Conrad at Concord Mills. Built in 2015 and located at 9015 Kings Grant Drive, Conrad at Concord Mills offers one-, two- and three-bedroom floorplans ranging from 740 to 1,430 square feet. Community amenities include a pool, grilling pavilions, fitness center, complimentary Starbucks Coffee bar, pet play area and pet wash station, car wash station and valet trash. Ardmore Cates Creek has been renamed Cadence at Cates Creek. Built in 2016 and located at 100 Waterstone Park Circle, Cadence at Cates Creek offers one-, two- and three-bedroom floorplans ranging from 753 to 1,509 square feet. Community amenities include a saltwater swimming pool, onsite clubhouse with resident lounge, business center, fitness …

March 28, 2022

Acquisitions Multifamily Washington Western

Everett Housing Authority Buys Huntington Park Apartments in Washington for $118M

by Amy Works March 28, 2022

EVERETT, WASH. — Everett Housing Authority (EHA) has acquired Huntington Park Apartments, an affordable multifamily property in Everett, for $118 million. The acquisition is part of EHA’s large-scale affordable housing preservation strategy. Built in 1991 on 14 acres, the property features 381 apartments, a fitness center, pool, dog park and clubhouse. EHA plans to renovate the property over the next several years with new windows, parking lot repair and sealcoat, roof replacements, and unit renovations as units turn over. KeyBanc Capital Markets’ public sector team arranged the 100 percent loan-to-cost short-term debt for the acquisition.

March 28, 2022

Acquisitions Arizona Industrial Western

Oxford, EverWest Acquire Chandler Airpark in Arizona for $26.3M

by Amy Works March 28, 2022

CHANDLER, ARIZ. — A joint venture between Oxford Properties Group and EverWest Real Estate Investors has acquired Chandler Airpark, a Class A industrial portfolio located in Chandler, for $26.3 million. The transaction completes the acquisition of a three-building, 261,940-square-foot, Class A industrial portfolio that was recently built. Chandler Airpark comprises 148,830 square feet in two buildings totaling 82,119 square feet and 66,711 square feet, respectively. Each building features 28-foot clear heights, dock-high and ground-level loading positions, concrete truck courts and generous power and parking. Oxford and EverWest began the acquisition of the portfolio in late 2021, with the purchase of 800 E. German Road for $20 million. Last month, the companies announced the building’s full, 113,100-square-foot lease-up to a sustainable technology company. Chandler Airpark and 800 E. German are located along E. German Road. Together the portfolio totals 261,940 square feet. Amr Ceran and Erik Good of EverWest arranged the transaction. Will Strong of Cushman & Wakefield brokered the sale.

March 28, 2022

Acquisitions California Industrial Western

Cohen Asset Management Purchases 65,000 SF Industrial Building in Pico Rivera, California

by Amy Works March 28, 2022

PICO RIVERA, CALIF. — Cohen Asset Management has purchased an industrial property located at 8640 Slauson Ave. in Pico Rivera. Terms of the transaction were not released. At the time of sale, the 65,000-square-foot building was 100 percent leased.

March 28, 2022

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $15M Sale of Multifamily Portfolio in Denver

by Amy Works March 28, 2022

DENVER — NorthPeak Commercial Advisors has arranged the sale of a multifamily portfolio located at 1635 and 1671 Cook St., and 1620 Adams St. in Denver. The assets traded for $15 million. Totaling 30,023 square feet, the portfolio features 52 apartments. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the undisclosed buyer, while Robert Lawson of Pinnacle Real Estate Advisors represented the undisclosed seller in the deal.

March 28, 2022

Acquisitions Multifamily Texas

Castle Lanterra Acquires 366-Unit Sovereign Twin Creeks Apartments in Metro Dallas

by Taylor Williams March 28, 2022

ALLEN, TEXAS — New York-based investment firm Castle Lanterra Properties has acquired Sovereign Twin Creeks, a 366-unit apartment community in the northeastern Dallas suburb of Allen. The property offers one-, two- and three-bedroom units that range in size from 786 to 1,416 square feet and are furnished with stainless steel appliances and granite countertops. Amenities include a pool with cabanas, fitness center with a yoga studio, Wi-Fi lounge with a coffee bar, outdoor grilling and dining areas and a conference room. Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. The seller was not disclosed.

March 28, 2022

Acquisitions Affordable Housing Connecticut Multifamily Northeast

CPP Acquires 176-Unit Woodland Hills Apartments in Torrington, Connecticut

by Taylor Williams March 28, 2022

TORRINGTON, CONN. — Community Preservation Partners (CPP) has acquired Woodland Hills Apartments, a 176-unit affordable housing community in Torrington, located west of Hartford. The property comprises 14 buildings on a 19-acre site. Units are reserved for households earning 50 percent or less of the area median income. The seller was not disclosed. Between acquisition and costs of executing a 10-month capital improvement program, CPP’s total investment is nearly $40 million.

March 28, 2022

Acquisitions Multifamily New York Northeast

TerraCRG Negotiates $42.5M Sale of Multifamily Development Site in Brooklyn

by Taylor Williams March 28, 2022

NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $42.5 million sale of a multifamily development site located at 575 Grand St. in the Williamsburg neighborhood of Brooklyn. The site spans 27,500 square feet and half a city block and can support up to 110,000 buildable square feet. Daniel Lebor and Dan Marks of TerrraCRG represented the undisclosed buyer in the transaction. The seller was also not disclosed.

March 28, 2022

Acquisitions Industrial Midwest Ohio Self-Storage

Marcus & Millichap Brokers Sale of Self-Storage Portfolio in Ohio

by Kristin Harlow March 28, 2022

COLUMBUS AND DUBLIN, OHIO — Marcus & Millichap has brokered the sale of a portfolio of three Tri-Village Self Storage facilities in Ohio for an undisclosed price. The properties, totaling 1,653 units, are located at 3490 Trabue Road in Columbus, 1123 Goodale Blvd. in Columbus and 5235 Avery Run Road in Dublin. Gabriel Coe and Brett Hatcher of Marcus & Millichap brokered the transaction. Buyer and seller information was not provided.

March 28, 2022

Acquisitions Healthcare Midwest Ohio

Stan Johnson Co. Arranges $5.6M Sale of Healthcare Lab Facility in Moraine, Ohio

by Kristin Harlow March 28, 2022

MORAINE, OHIO — Stan Johnson Co. has arranged the $5.6 million sale of a 64,000-square-foot healthcare lab facility in Moraine, a southern suburb of Dayton. Located at 2308 Sandridge Drive, the property is fully leased to CompuNet Clinical Laboratories, a full-service clinical laboratory that serves physicians, hospitals and health organizations throughout Southwest Ohio. The facility was built in 1986. Craig Tomlinson of Stan Johnson represented the California-based buyer, who completed a 1031 exchange. A Dayton-based private investor was the seller.

March 28, 2022

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