Acquisitions

Security Properties Buys Sienna Pointe Apartments in Bend, Oregon for $49.5M

by Amy Works August 10, 2022

BEND, ORE. — Seattle-based Security Properties has acquired Sienna Pointe Apartments, a 168-unit multifamily community located at 1855 NE Lotus Drive in Bend, for $49.5 million. The name of the seller was not released. Built in 1991 on 9.1 acres, the property features 21 buildings with one- and two-bedroom units averaging 845 square feet. Unit amenities include washers/dryers in most units, stainless steel appliances, electric fireplaces and private decks and patios. Community amenities include a fitness center, pet play area, laundry and clubhouse facilities, onsite management and 264 parking spaces. Nick Santangelo of CBRE Capital Markets’ Debt & Structured Finance team in Portland secured a $31.4 million acquisition loan for the buyer. CBRE Multifamily Capital, an approved lender under Fannie Mae’s DUS program, provided the seven-year, fixed-rate, full-term, interest-only loan.

August 10, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 120-Unit Sun Valley Apartments in Portland, Texas

by Taylor Williams August 10, 2022

PORTLAND, TEXAS — Northmarq has arranged the sale of Sun Valley Apartments, a 120-unit multifamily complex in Portland, located outside of Corpus Christi in South Texas. The property was originally built in 1968 and offers a pool and onsite laundry facilities. Zar Haro and Phil Grafe of Northmarq represented the seller, McGuire Family Properties, in the transaction. The undisclosed buyer plans to implement a value-add program.

August 10, 2022

Acquisitions Healthcare Midwest Ohio

Cooper Group Brokers $1.8M Sale of Medical Office Building in Cleveland

by Kristin Harlow August 10, 2022

CLEVELAND — The Cooper Commercial Investment Group has brokered the sale of a single-tenant medical office building in Cleveland for nearly $1.8 million. Cleveland Clinic occupies the property. Dan Cooper of Cooper Group represented the seller, a Florida-based private investor. The California-based buyer purchased the property at the full asking price, which represents a cap rate of 6.5 percent.

August 10, 2022

Acquisitions Industrial New Jersey Northeast

Cushman & Wakefield Brokers Sale of 73,277 SF Industrial Portfolio in Linden, New Jersey

by Taylor Williams August 10, 2022

LINDEN, N.J. — Cushman & Wakefield has brokered the sale of a portfolio of two industrial buildings totaling 73,277 square feet in the Northern New Jersey community of Linden. The portfolio consists of a 46,674-square-foot industrial facility and a 26,603-square-foot industrial lab. The sale also included an adjacent 2.1-acre land site used as laydown yard. Gary Gabriel, Kyle Schmidt and Seth Zuidema of Cushman & Wakefield represented the seller, Hub Realty, in the transaction and procured the buyer, Modlo.

August 10, 2022

Acquisitions California Healthcare Net Lease Western

Newmark Arranges $18.2M Sale of Net-Leased Medical Office Building in Los Angeles

by Amy Works August 10, 2022

LOS ANGELES — Newmark has brokered the sale of a single-tenant net-leased medical office building in the Eagle Rock neighborhood of Los Angeles. Eastern Real Estate and Atlas Capital Group sold the asset to LaSalle Investment Management for $18.2 million. Sean Fulp, Bill Bauman, Kyle Miller, Mark Schuessler and Ryan Plummer of Newmark represented the seller in the deal. Adventist Health Glendale has occupied the 19,777-square-foot critical outpatient facility, located at 2560 Colorado Blvd., since 2003. The tenant operates a physical therapy and wellness center at the facility. The property is located one mile from the 515-bed Adventist Health Glendale hospital.

August 10, 2022

Acquisitions Florida Multifamily Southeast

JLL Brokers $70.6M Sale of Grand Reserve Apartments in Central Florida

by John Nelson August 9, 2022

OCALA, FLA. — JLL has brokered the $70.6 million sale of Grand Reserve Apartment Homes, a 263-unit value-add multifamily community located at 3001 SW 24th Ave. in Ocala. Ken Delvillar led the JLL team that represented the seller, ApexOne Investment Partners, in the transaction. Melissa Marcolini Quinn and Lee Weaver led the JLL Capital Markets team arranging debt and equity financing totaling $65 million for the buyer, JT Capital. The debt provider was an unnamed life insurance company, and the equity source was an undisclosed institutional investor. Built in 2003, Grand Reserve features one-, two- and three-bedroom units with an average size of 1,072 square feet. Renovated units feature walk-in closets, full-sized washers and dryers, breakfast bars, granite countertops, screened patios/balconies and stainless steel appliances. Community amenities include a resort-inspired pool and sundeck, a screened poolside gazebo with a TV lounge, firepit, 24-hour fitness center, business center, children’s playground and direct access garages.

August 9, 2022

Acquisitions Florida Retail Southeast

Longpoint Partners Acquires Grocery-Anchored Shopping Center in South Florida for $43.3M

by John Nelson August 9, 2022

HIALEAH, FLA. — Boston-based Longpoint Partners has acquired El Paraiso, a grocery-anchored shopping center in the Miami suburb of Hialeah, for $43.3 million. Anchored by Sedano’s, the property was 98 percent leased at the time of sale to tenants including University Healthcare, Regions Bank and Pet Supermarket, as well as more than 30 shops. The seller was not disclosed. In addition to El Paraiso, Longpoint currently owns and operates three additional specialty grocery-anchored shopping centers in Florida totaling nearly 450,000 square feet: the Sedano’s-anchored Pembroke Place, the Fresco y Mas-anchored Naranja Lakes near Miami and the Presidente-anchored Chickasaw Trail Shopping Center in Orlando.

August 9, 2022

Acquisitions Arizona Multifamily Western

Avanti Residential, KKR Sell Two-Property Multifamily Portfolio in Tempe, Arizona for $111.7M

by Amy Works August 9, 2022

TEMPE, ARIZ. — A joint venture between Avanti Residential and KKR Real Estate has completed the disposition of a two-property multifamily portfolio in Tempe. Denver-based Jason McCool acquired the assets for $111.7 million. The 369-unit portfolio includes Omnia on 8th, a 188-unit property, and Omnia McClintock, a 181-unit property. The communities were constructed between 1971 and 1984 and feature a mix of studio, one- and two-bedroom units. Brad Goff, Brett Polachek and Chris Canter of Newmark represented the seller in the transaction.

August 9, 2022

Acquisitions Arizona Loans Multifamily Western

Northmarq Brokers $63.1M Sale of The Residences of Central Phoenix Multifamily Property

by Amy Works August 9, 2022

PHOENIX — Northmarq has brokered the sale of The Residences of Central Phoenix, a 265-unit, garden-style community located at 2020 W. Glendale Ave. in Phoenix. Scottsdale-based Renue Properties sold the property to Newport Beach, Calif.-based InTrust Property Partners for $63.1 million. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Joe Giordani of Northmarq’s Newport Beach debt/equity team arranged financing for the acquisition with a $50.8 million bridge loan. Built in 1973, The Residences of Central Phoenix includes 27 two-story buildings with one-, two- and three-bedroom units ranging in size from 650 square feet to 1,150 square feet. Situated on 13 acres, the 242,825-square-foot community features a clubhouse, pool, hot tub, on-site laundry facilities, basketball court and children’s playground. At the time of sale, the property was 98 percent leased. Renue Properties recently invested $1.7 million into deferred maintenance and property enhancements at the property, including HVAC units, new roofs, windows, electrical panels and exterior paint.

August 9, 2022

Acquisitions Kentucky Multifamily Southeast

Rosewood Realty Negotiates $24M Sale of Apartment Community in Lexington, Kentucky

by John Nelson August 9, 2022

LEXINGTON, KY. — Rosewood Realty Group has negotiated the $24 million sale of Saddlebrook at Tates Creek, a 181-unit apartment complex located at 3543 Tates Creek Road in Lexington. Jay Weiner of Rosewood Realty represented the both the seller, Birmingham, Ala.-based Engel Realty Co., and the buyer, Wicker Park Capital Management, a real estate investment firm with offices in Savannah, Birmingham and Atlanta. Built in 1974, the market-rate apartment community features a clubhouse and a fitness center. Wicker Park plans to update both interior units and amenities during its ownership period, according to Weiner.

August 9, 2022

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