Acquisitions

Carter Multifamily Acquires Four-Property Apartment Portfolio in Mobile for $121M

by Julia Sanders April 5, 2022

MOBILE, ALA. — Carter Multifamily has acquired a four-property apartment portfolio in Mobile for $121 million. The seller was not disclosed. The portfolio had a total of 876 units. The four properties include Arbor Gates (184 units), The Gates at Jubilee (248 units), Lenox Gates (228 units) and Regency Gates (216 units). Built between 1992 and 1999, the properties had overall occupancies ranging from 92 percent to 96 percent at the time of sale. Carter Multifamily intends to execute a value-add strategy that will feature operational improvements, including implementing institutionally based property management best practices, upgrades to community amenities and interior unit renovations.

April 5, 2022

Acquisitions Multifamily Texas

S2 Capital Acquires 266-Unit Residences at Preston Park Apartments in Plano

by Taylor Williams April 5, 2022

PLANO, TEXAS — Locally based investment firm S2 Capital has acquired Residences at Preston Park, a 266-unit apartment community in the northern Dallas suburb of Plano. Built on 15 acres in 1995, the garden-style property features one- and two-bedroom units with an average size of 1,114 square feet. Brian O’Boyle of Newmark represented the undisclosed seller in the transaction. Henry Stimler, Bill Weber and Ari Schwartzbard, also with Newmark, arranged acquisition financing on behalf of S2 Capital, which plans to implement a value-add program.

April 5, 2022

Acquisitions Georgia Retail Southeast

JLL Arranges Sale of 69,396 SF Abercorn Walk Shopping Center in Savannah

by Julia Sanders April 5, 2022

SAVANNAH, GA. — JLL Capital Markets has arranged the sale of Abercorn Walk, a 69,396-square-foot retail center in Savannah. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL marketed the property on behalf of the seller. Chattanooga-based GBT Realty Corp. purchased the property for an undisclosed price. Abercorn Walk is anchored by The Fresh Market. Other tenants at the property include Ethan Allen, Soma Intimates, White House Black Market, Chico’s, Nadeau, Jos. A. Bank, J. Jill, Talbots, StretchLab and Cycle Bar. Located at 5525 Abercorn St., the property is situated 20 miles from Tybee Island and 14.5 miles from the Savannah/Hilton Head International Airport.

April 5, 2022

Acquisitions Office Texas

Colliers Negotiates Sale of 21,258 SF Office Building in Grapevine, Texas

by Taylor Williams April 5, 2022

GRAPEVINE, TEXAS — Colliers has negotiated the sale of a 21,258-square-foot office building located at 4550 State Highway 360 in Grapevine, located on the northern central side of the metroplex. The property was built on 2.2 acres in 2008. Cody Payne, Austin Edelmon and Nick Miller of Colliers represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the all-cash transaction.

April 5, 2022

Acquisitions North Carolina Office Southeast

Montecito Medical Purchases 14,720 SF Medical Office Building in Metro Charlotte

by Julia Sanders April 5, 2022

CONCORD, N.C. — Nashville-based Montecito Medical Real Estate has purchased a 14,720-square-foot medical office building in Concord. The seller and sales price were not disclosed. The medical office building is fully occupied under a long-term lease by Northeast Digestive Health Center. Northeast Digestive Health has served Cabarrus County and surrounding communities for 40 years. The practice provides a range of consultative, diagnostic, treatment and procedural services for patients across the area. The property is situated just off Interstate 85, approximately 25 miles northeast of downtown Charlotte.

April 5, 2022

Acquisitions Hospitality Mississippi Southeast

CBRE Brokers Sale of Chancellor’s House Hotel in Oxford, Mississippi

by Julia Sanders April 5, 2022

OXFORD, MISS. — CBRE has arranged the sale of The Chancellor’s House, a 38-room boutique hotel in Oxford, to Nashville-based BNA Associates LLC. Natalie Castillo, Austin LaPoten and John Lamberson Jr. of CBRE represented the seller, an entity doing business as Chancellor House LLC. Built in 2017, The Chancellor’s House hotel offers two full-service restaurants, a lounge with an outdoor patio, rooftop and more than 2,800 square feet of meeting space. Located at 425 South Lamar Blvd., the property is situated less than one mile from the University of Mississippi and is just south of The University-Oxford Airport.

April 5, 2022

Acquisitions Multifamily New Hampshire Northeast

CBRE Brokers $121.5M Sale of Countryside Village Apartments in Manchester, New Hampshire

by Taylor Williams April 5, 2022

MANCHESTER, N.H. — CBRE has brokered the $121.5 million sale of Countryside Village, a 448-unit apartment community located near the Massachusetts-New Hampshire border in Manchester. The sales price equates to approximately $271,000 per unit. Built in phases between 1986 and 1987, the property comprises 17 three- and four-story residential buildings and a 7,000-square-foot clubhouse. Units come in one-, two- and three-bedroom floor plans, and 20 percent of the residences were recently renovated. According to Apartments.com, amenities include a pool, fitness center, playground, basketball court, grilling stations and onsite laundry facilities. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Pennsylvania-based Merion Realty Partners, in the transaction. The trio also procured the buyer, an affiliate of Boston-based DSF Group.

April 5, 2022

Acquisitions Connecticut Multifamily Northeast

KABR Group Acquires Two Apartment Communities in Stamford for $41.3M

by Taylor Williams April 5, 2022

STAMFORD, CONN. — New Jersey-based development and investment firm KABR Group has acquired The Verano and The Moderne, two apartment communities totaling 116 units in the southern coastal Connecticut city of Stamford, for $41.3 million. Both communities feature one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include fitness centers, theater rooms, lounges and rooftop decks. Steve Simonelli, Jose Cruz, Steve Rutman, Chris Hew, Michael Oliver, Kevin O’Hearn and Austin Pierce of JLL represented the seller, Navarino Capital Management LLC, in the transaction. KABR Group acquired the properties via a joint venture with an undisclosed private family office. Jared Kaufman of Greystone originated acquisition financing for the deal. The new ownership plans to implement value-add programs and rebrand the properties.

April 5, 2022

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $38M Sale of Multifamily Building in Montclair, New Jersey

by Taylor Williams April 5, 2022

MONTCLAIR, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $38 million sale of Hawthorne Towers, a 133-unit multifamily building in the Northern New Jersey community of Montclair. The property, which was originally built in 1962 and renovated multiple times over the years, offers studio, one- and two-bedroom units and amenities such as a pool and outdoor grilling and dining areas. Joseph Brecher and Ken Uranowitz of Gebroe-Hammer represented the seller, Hawthorne Towers LLC, in the transaction. David Oropeza, also with Gebroe-Hammer, procured the buyer, Rockledge Ventures LLC. Brad Domenico of Progress Capital arranged acquisition financing.

April 5, 2022

Acquisitions Development Industrial Lee & Associates Midwest Wisconsin

Lee & Associates Negotiates 132-Acre Land Sale for Planned Spec Industrial Development in Wisconsin

by Kristin Harlow April 5, 2022

SOMERS, WIS. — Lee & Associates has negotiated the sale of 132 acres of land located at 1735 120th Ave. in Somers, about 30 miles south of Milwaukee. The sales price was undisclosed. The buyer, Becknell Industrial, plans to build Somers Logistics Center. The development will consist of a 795,471-square-foot speculative industrial building with a clear height of 40 feet, 148 loading docks and 184 trailer parking spaces. Completion is slated for the fourth quarter. Tom Boyle of Lee & Associates represented Becknell in its purchase from a private owner. Lee & Associates will also market the project for lease.

April 5, 2022

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