Acquisitions

29th Street Capital Buys 284-Unit Highbank Apartments in Houston

by Taylor Williams March 24, 2022

HOUSTON — Chicago-based investment firm 29th Street Capital has purchased The Highbank, a 284-unit multifamily property located near Texas Medical Center in Houston. Built in 2017, the community offers amenities such as a pool, outdoor grilling areas, a fitness center and a clubhouse with a wine lounge and library. The new ownership plans to upgrade the unit interiors. The seller and sales price were not disclosed. Haven Residential, an affiliate of 29th Street Capital, will assume management of the property.

March 24, 2022

Acquisitions Florida Multifamily Southeast

Park Partners, Independencia Acquire Multifamily Property in Orlando for $77.8M

by Julia Sanders March 23, 2022

ORLANDO, FLA. — Park Partners Residential and Independencia Asset Management have acquired The Commons, a 280-unit multifamily property in Orlando, for $77.8 million. The property was purchased from real estate funds managed by Ares Management. Jubeen Vaghefi, Denny St. Romain and Charles Crapse of Cushman & Wakefield brokered the sale. The joint venture between Boca Raton, Fla.-based Park Partners Residential and Miami-based Independencia Asset Management received a $58.5 million construction loan. American Real Estate Capital provided the loan, which will be used to fund a full renovation of the property’s 280 units, clubhouse and amenity spaces. The joint venture will renovate the pool, clubhouse and fitness areas along with the add a game room, co-working offices, dog parks and dog wash, a car washing station and outdoor activity deck with grill stations. Additions will also include an array of wellness-focused amenities including a gym, sports court and a basketball court along with a cardio gym with yoga and spinning areas. Located at 8050 Gables Commons Drive, The Commons is situated 16.4 miles from downtown Orlando. The property is also 2.3 miles from the Walt Disney World Resort.

March 23, 2022

Acquisitions Maryland Office Southeast

Byrnes Brokers Sale of 15-Story Office Building in Downtown Baltimore, Buyer Plans Multifamily Conversion

by Julia Sanders March 23, 2022

BALTIMORE — Byrnes & Associates Inc. has brokered the sale of 210 North Charles St., a 15-story, 232,000-square-foot office tower in downtown Baltimore. An entity known as 210 N. Charles Owner LLC, a joint venture partnership formed by Baltimore-based residential developer Trademark Properties and local investor Prab Thangarajah, has acquired the property for $6 million. Artemis Properties sold the property. Brad Byrnes of Baltimore-based Byrnes & Associates represented the buyer in the transaction. Built in 1894, 210 North Charles St., also known as The Fidelity & Deposit Building, will be converted into a multifamily property with about 220 apartment units. The property’s new ownership group intends to start the renovation process next month. The project will have a mix of studio, one- and two-bedroom floorplans ranging from 500 to 2,000 square feet. Construction is slated to be completed by spring 2024. The development cost is expected to be $34 million. The project will also feature a street-level restaurant component, featuring a corner vault room complete with an outdoor seating area that overlooks Center Plaza. In addition, two or three retail spaces will be carved out of the street-level and leased to end users, and the project will have underground parking …

March 23, 2022

Acquisitions Alabama Retail Southeast

Cushman & Wakefield Arranges $14.9M Sale of Publix at Bristol Park in Metro Tuscaloosa

by Julia Sanders March 23, 2022

NORTHPORT, ALA. — Cushman & Wakefield has arranged the $14.9 million sale of Publix at Bristol Park, a 58,887-square-foot, grocery-anchored shopping center in Northport, about 1.6 miles from Tuscaloosa. The sales price was $14.9 million, or $254 per square foot. Margaret Jones and Lane Breedlove of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer was not disclosed. Publix at Bristol Park was 96 percent leased at the time of sale. Built in 2019, the property includes a Publix, which occupies most of the shopping center. Other tenants at the property include Great Clips, Dos Amigos Mexican Restaurant, a nail salon and a wine and liquor store. Located at 13556 Hwy 69 North, the property is close to the intersection of Ala. Highway 69 and Mitt Larry Road. The property is also 8.3 miles from the University of Alabama.

March 23, 2022

Acquisitions Multifamily Texas

Eagle Property Capital Buys Three Apartment Communities Totaling 840 Units in Dallas-Fort Worth

by Taylor Williams March 23, 2022

GRAPEVINE, RICHARDSON AND CARROLLTON, TEXAS — A fund backed by Mexico City-based private equity firm Eagle Property Capital Investments has acquired a trio of apartment communities totaling 840 units in the Dallas-Fort Worth metroplex. Mustang Villas is a 246-unit property in Grapevine that was built in 1974 and offers one-, two- and three-bedroom units that range in size from 530 to 1,310 square feet. Prestonwood Apartment Homes in Richardson was constructed in 1979 and offers 194 residences in one- and two-bedroom floor plans ranging between 788 and 1,222 square feet. Bella Vista, which is located in Carrollton and was built in 1981, features 400 units in one- and two-bedroom formats spanning between 600 and 1,189 square feet. Amenities at Mustang Villa include a business center, fitness center, community room, playground and a sports court. Prestonwood Apartment Homes and Bella Vista have amenity packages that include pools, fitness centers and outdoor picnic and grilling areas, while Prestonwood features a playground and Bella Vista a sports court. The new ownership plans to invest in various capital improvements throughout the three properties.Brad Williamson, Mitch Sinberg, Matt Robbins and Abigail Beauchamp of Berkadia secured acquisition financing on behalf of the buyer.

March 23, 2022

Acquisitions Arizona Multifamily Western

AndMark Management Co. Sells Paseo Del Sol Multifamily Community in Tucson for $33.6M

by Amy Works March 23, 2022

TUCSON, ARIZ. — Los Angeles-based AndMark Management Co. has completed the disposition of Paseo Del Sol, a 152-unit multifamily property located at 6280 S. Campbell Ave. in Tucson. Los Angeles-based Element Property Co. acquired the asset for $33.6 million, or $221,382 per unit. Built in 1994, Paseo Del Sol features 38 two-story buildings offering 76 three-bedroom/two-bath and 76 four-bedroom/two-bath units that range in size from 1,050 square feet to 1,150 square feet. Onsite amenities include a pool, clubhouse and covered parking. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Investment Sales team represented the seller in the deal. Northmarq Phoenix’s Debt & Equity team of Griffin Martin, Brandon Harrington, Bryan Mummaq and Tyler Woodard arranged a $27.2 million bridge loan for the acquisition.

March 23, 2022

Acquisitions Office Texas

Dilweg Acquires 622,000 SF Office Campus in Irving, Plans Capital Improvements

by Taylor Williams March 23, 2022

IRVING, TEXAS — North Carolina-based investment firm Dilweg has acquired Royal Tech Business Park, an office campus in Irving’s Las Colinas district that comprises 11 buildings totaling 622,000 square feet, as well as undeveloped 9.2-acre parcel. Dilweg plans to implement capital improvements such as adding new landscaping and outdoor amenity spaces, modernizing building signage and upgrading the roofs, HVAC systems and parking areas. Randy Baird, Patrick Benoist, Jonathan Bryan, Jared Chua, Michael Dewey and Russell Ingrum of CBRE represented the undisclosed seller in the transaction. Tenants at Royal Tech Business Park include Wells Fargo, TekSystems Global Services, Coinmach Service Corp. and Whataburger Restaurant Corp. Dilweg has tapped JLL to lease the campus moving forward.

March 23, 2022

9012-9032-9142-W-Ken-Caryl-Ave-Littleton-CO

Acquisitions Colorado Retail Western

Pinnacle Real Estate Advisors Brokers Sale of 37,458 SF Shopping Center in Littleton, Colorado

by Amy Works March 23, 2022

LITTLETON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a retail property located at 9012, 9032 and 9142 W. Ken Caryl Ave. in Littleton. The shopping center traded for $4.5 million. The property features 37,458 square feet of multi-tenant retail space. Dallas Sandberg of Pinnacle Real Estate Advisors represented the undisclosed seller, while Thomas Graeve of Pinnacle Real Estate represented the buyer in the deal.

March 23, 2022

Acquisitions Hospitality Illinois Midwest

Sunstone Hotel Investors Sells Two Hotels in Chicago for $129.5M

by Kristin Harlow March 23, 2022

CHICAGO — Sunstone Hotel Investors Inc. (NYSE: SHO), a California-based lodging REIT, has sold two hotels in Chicago for a combined gross sales price of $129.5 million. The properties include the 368-room Embassy Suites Chicago and the 361-room Hilton Garden Inn Chicago Downtown/Magnificent Mile. Buyer information was not provided. The sale marks Sunstone’s exit from the Chicago market, which has been hindered by excess supply and an inability to drive meaningful rate and profitability growth, says CEO Bryan Giglia. For the month of February, Chicago’s hotel occupancy rate of 43.8 percent was the second-lowest rate across the nation, according to hospitality data firm STR. The average occupancy rate nationally for the month was 56.9 percent. Sunstone’s stock price opened at $11.69 per share Tuesday, March 22, down slightly from $12.82 per share one year ago.

March 23, 2022

Acquisitions Indiana Midwest Retail

Stan Johnson Co. Brokers Sale of Grocery Portfolio in Suburban Indianapolis for $18.7M

by Kristin Harlow March 23, 2022

FISHERS AND CARMEL, IND. — Stan Johnson Co. has brokered the sale of two retail properties occupied by Fresh Thyme Market in suburban Indianapolis for $18.7 million. The freestanding buildings span roughly 28,600 square feet each and are located in Fishers and Carmel. A Chicago-based private equity fund sold the portfolio to a private equity fund with headquarters in Mexico City. Mark Lovering of Stan Johnson represented both parties in the transaction.

March 23, 2022

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