Acquisitions

37th Parallel Properties Buys 344-Unit Apartment Community in Fort Worth

by Taylor Williams August 16, 2022

FORT WORTH, TEXAS — Richmond, Va.-based investment firm 37th Parallel Properties has purchased Heights at Cityview, a 344-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units with an average size of 984 square feet and amenities such as a pool, fitness center, clubhouse and a putting green. Taylor Hill of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the transaction. Cutt Ableson of Berkadia originated an undisclosed amount of floating-rate agency financing for the acquisition.

August 16, 2022

Acquisitions Multifamily Seniors Housing Texas

Blueprint Arranges Sale of Four Skilled Nursing Facilities in Texas for $28M

by Taylor Williams August 16, 2022

WACO, HOUSTON AND FORT WORTH, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of four skilled nursing facilities totaling 704 licensed beds in Waco, Houston and Fort Worth. A national owner acquired the properties for $28 million and plans to lease the facilities out to multiple operators. Blueprint marketed the properties, which were all built in the 1960s, on behalf of a court-appointed receiver.

August 16, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 28-Unit Judson Meadows Apartments in San Antonio

by Taylor Williams August 16, 2022

SAN ANTONIO — Northmarq has brokered the sale of Judson Meadows, a 28-unit apartment complex in San Antonio. The property was built in 2007 and offers a playground, dog park and outdoor picnic areas. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the undisclosed seller in the transaction. The buyer and sales price were also undisclosed.

August 16, 2022

Acquisitions Multifamily New Hampshire Northeast

DSF Group Sells Halstead Manchester Apartments in New Hampshire for $164.6M

by Taylor Williams August 16, 2022

MANCHESTER, N.H. — An affiliate of Boston-based DSF Group has sold Halstead Manchester, a 640-unit apartment community located in the southern part of The Granite State, for $164.6 million. Originally built between 1981 and 1985, the market-rate property comprises 16 three-story buildings and two single-story amenity buildings on a 41-acre site. According to Apartments.com, Halstead Manchester offers one- and two-bedroom units that range in size from 650 to 1,100 square feet. Biria St. John, Simon Butler and John McLaughlin of CBRE represented DSF Group in the transaction. The buyer was not disclosed.

August 16, 2022

Acquisitions Loans North Carolina Seniors Housing Southeast

Ziegler Arranges Acquisition Financing for 203-Unit Seniors Housing Property in Burlington, North Carolina

by John Nelson August 16, 2022

BURLINGTON, N.C. — Ziegler has arranged three separate loans to fund the acquisition of The Village at Brookwood (TVAB), a continuing care retirement community (CCRC) in Burlington. Opened in 2003, TVAB features 155 independent living units, 12 assisted living units, 12 memory care units and 24 skilled nursing units on a 47-acre plot. The buyer, Well-Spring, is the current operator and also owns and operates a second CCRC in nearby Greensboro, N.C. Alamance Regional Medical Center originally developed TVAB, but the health system was acquired by Cone Health in 2011, after which Well-Spring was installed as operator. Ziegler served as the placement agent for the taxable loans with Pinnacle Bank as the lender. The amount of the financing was not disclosed. In addition to the acquisition, the transaction will fund capital improvements at the campus.

August 16, 2022

Acquisitions Florida Retail Southeast

Stan Johnson Co. Arranges $8.4M Sale of Retail Strip Center in Fort Walton Beach, Florida

by John Nelson August 16, 2022

FORT WALTON BEACH, FLA. — Stan Johnson Co. has arranged the $8.4 million sale of Beal Commons, a 15,982-square-foot retail strip center located at 575 Beal Parkway NW in Fort Walton Beach. Chase Dominguez of Stan Johnson Co. represented the seller, an undisclosed local developer, in the disposition of the property to an individual investor based in Arizona. Both parties were involved in 1031 exchanges. The center was built in 2006 and renovated in 2019. Tenants at the time of sale included Starbucks Coffee, FedEx Office, Verizon Wireless and Ruby Tuesday.

August 16, 2022

Acquisitions California Multifamily Western

SummerHill Sells 333-Unit Eleanor Multifamily Community in Milpitas, California for $193M

by Amy Works August 16, 2022

MILPITAS, CALIF. — SummerHill Apartment Communities has completed the sale of Eleanor, a multifamily property in the Silicon Valley city of Milpitas. MG Properties purchased the asset for $193 million, or $579,580 per unit. Completed in 2021, Eleanor features 333 apartments in one- and two-bedroom layouts, including penthouse units. The property is a five-minute walk from the Milpitas Transit Center, which offers BART and VTA Light Rail services. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

August 16, 2022

Acquisitions Multifamily Washington Western

AIMCO Divests of 135-Unit Apartment Complex in Seattle for $69M

by Amy Works August 16, 2022

SEATTLE — AIMCO has completed the disposition of 2900 on First, an apartment community located in Seattle’s Belltown neighborhood. An undisclosed buyer purchased the asset for $69 million, or $511,111 per unit. 2900 on First features 135 apartments spread across three connected seven-story residential towers. Apartments feature flat-panel cabinetry, full-size washers/dryers, keyless entries and Wi-Fi-enabled thermostats. Select apartments have wood-burning fireplaces and private balconies. Additionally, the community features a standalone amenity building atop a parking garage podium and a 14,644-square-foot retail space. Amenities include a leasing office with a resident clubhouse and kitchen, conference room, multi-level fitness center, courtyard and lawn. A restaurant, spa, bakery, beauty store and pizza delivery service occupy the street-level retail space. Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

August 16, 2022

Acquisitions Midwest Multifamily Nebraska

Marcus & Millichap Negotiates $27.5M Sale of Multifamily Portfolio in Metro Omaha

by Kristin Harlow August 16, 2022

OMAHA, NEB. — Marcus & Millichap has negotiated the sale of a two-property multifamily portfolio in metro Omaha for $27.5 million. Built in 2000 and 2001, Northridge and Flatwater total 192 units. The communities are located 10 miles apart and feature a mix of one- and two-bedroom floor plans. Jason Hornik, Greg Parker and Kent Guerin of Marcus & Millichap represented the seller and buyer, neither of which were disclosed.

August 16, 2022

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Negotiates Sale of 216-Unit Multifamily Property in Little Rock

by John Nelson August 16, 2022

LITTLE ROCK, ARK. — Cushman & Wakefield has negotiated the sale of Pinnacle Park at Chenal Valley, a 216-unit multifamily community located in Little Rock. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, entities doing business as Chenal Valley – Orchard LLC and Chenal Valley – Foxwood LLC, in the transaction. Greystone closed on the assumption of the Fannie Mae loan, which was originated in 2019. The sales price and loan amount were not disclosed. Built in 1999 on the west side of Little Rock, Pinnacle Park at Chenal Valley features a clubhouse, 24-hour virtual fitness center, swimming pool, coffee bar and a 24-hour package room.

August 16, 2022

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