Acquisitions

Berkadia Arranges Sale of 276-Unit Apartment Property in Fort Lauderdale

by Julia Sanders March 16, 2022

FORT LAUDERDALE, FLA. — Berkadia has arranged the sale of Riverland Apartments, a 276-unit, garden-style apartment community located in Fort Lauderdale. Roberto Pesant, Jaret Turkell, Omar Morales and Jose Mota of Berkadia represented the Houston-based seller, Morgan, in the transaction. The buyer and sales price were not disclosed. Developed by Morgan in 2021, Riverland Apartments features six, four-story buildings with a unit mix of 24 studios, 164 one-bedroom, 80 two-bedroom and eight three-bedroom apartments. Community amenities include a business center, internet lounge, clubroom for gatherings, entertaining kitchen, fitness center, mailroom with parcel lockers, covered seating area with gas grill stations, covered veranda for relaxation, pool pavilions, sunbathing deck, dog park and a heated pool that overlooks a lake. Located at 420 SW 27th Ave., the property is situated close to Interstate 95 and the Tri-Rail Station. Additionally, the property is situated two miles from downtown Fort Lauderdale and 7.8 miles from Fort Lauderdale-Hollywood International Airport.

March 16, 2022

Acquisitions Multifamily Texas

Lynd Group Sells Suburban Houston Apartment Community for $61.3M

by Taylor Williams March 16, 2022

HUMBLE, TEXAS — San Antonio-based multifamily investment firm The Lynd Group has sold Paramount at Kingwood, a 372-unit apartment community located on the northern outskirts of Houston. Massachusetts-based Colony Hills Capital purchased the property for $61.3 million. Built in 2000, Paramount at Kingwood features one-, two- and three- bedroom units and amenities such as a clubhouse, business center, pool and a fitness center. Lynd acquired the property in June 2021 for $44.5 million and implemented approximately $2 million in capital improvements.

March 16, 2022

Acquisitions Multifamily Texas

Sentinel Real Estate Buys 164-Unit Multifamily Property in Downtown Dallas

by Taylor Williams March 16, 2022

DALLAS — New York City-based Sentinel Real Estate Corp. has purchased Third Rail Lofts, a 164-unit multifamily property in downtown Dallas that also houses three retail spaces. The three-building complex features studio, one- and two-bedroom units with stainless steel appliances, walk-in closets, custom cabinetry and granite countertops. Amenities include a pool, bowling alley, billiards room, movie theater, wine tasting room, outdoor bar with a grilling area and a private dog walk. Sentinel plans to implement a value-add program and rebrand the community as Main 3 Downtown.

March 16, 2022

Acquisitions Retail Texas

SRS Real Estate Arranges $6M Sale of Retail Building in Midland

by Taylor Williams March 16, 2022

MIDLAND, TEXAS — Dallas-based brokerage firm SRS Real Estate Partners has arranged the $6 million sale of a 94,579-square-foot retail building in the West Texas city of Midland that is occupied by Kohls and Crunch Fitness. Both tenants operate on long-term, triple-net leases. The building was originally constructed in 2005 and is situated within a 250,000-square-foot shopping center that includes Ashley HomeStore, Cracker Barrel, Sherwin-Williams and Jack in the Box. Britt Raymond and Kyle Fant of SRS represented the seller, a Texas-based developer, in the transaction. Jake Bordelon of Marcus & Millichap represented the buyer, a California-based private investor.

March 16, 2022

Acquisitions Office Retail Texas

Stockdale Investment Group Acquires 85,000 SF Office, Retail Property in Dallas

by Taylor Williams March 16, 2022

DALLAS — Locally based firm Stockdale Investment Group has acquired Knox Park Village, an 85,000-square-foot office and retail property located in the Knox-Henderson area of Dallas. The two-acre property comprises roughly 59,000 square feet of office space and 26,000 square feet of retail space that is designed to accommodate about 30 tenants. Current retail users include Pei Wei Asian Diner, T-Mobile, Mattress Firm and Fadi’s Mediterranean Grill. The seller and sales price were not disclosed.

March 16, 2022

Acquisitions Multifamily Northeast Pennsylvania

OneFive Capital Acquires Modular Housing Community in Philadelphia for $88M

by Taylor Williams March 16, 2022

PHILADELPHIA — Locally based investment firm OneFive Capital has acquired Next LVL, a 281-unit modular housing community in Philadelphia’s University City neighborhood, for $88 million. The seven-story building includes 7,391 square feet of commercial space and 54 underground parking spots. Ken Wellar, Douglas Sitt, Mark Duszak and Corey Lonberger of Rittenhouse Realty Advisors represented the seller and developer, Philadelphia-based Alterra Property Group, in the transaction. The Rittenhouse team also procured OneFive Capital, which plans to rebrand the community as SOLO on Chestnut, as the buyer. ACORE Capital provided acquisition financing.

March 16, 2022

Acquisitions Build-to-Rent Kansas Midwest

Hunt Midwest, Park Place Partners Sell Build-to-Rent Community in Kansas for $45.2M

by Kristin Harlow March 16, 2022

LENEXA, KAN. — Hunt Midwest and Park Place Partners have sold The Fairways Villas at City Center in Lenexa, a southern suburb of Kansas City, for $42.5 million. Colorado-based Griffis/Blessing Inc. purchased the build-to-rent community, which features 80 homes and is situated next to Canyon Farms Golf Course. Hunt Midwest and Park Place Partners completed development of the property in early 2020. The homes average 2,289 square feet across two levels and include a two-car garage. Monthly rents start around $3,605.

March 16, 2022

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $8M Sale of Retail Center in Hammond, Indiana

by Kristin Harlow March 16, 2022

HAMMOND, IND. — Marcus & Millichap has brokered the $8 million sale of a 55,010-square-foot retail center in Hammond, about 25 miles south of Chicago. Dollar Tree and Ross Dress for Less anchor the property, which was constructed in 2016 and is located at 1105 5th Ave. Additional tenants at the fully leased center include Rainbow and Sadoni Beauty Supply. Nicholas Kanich and Mitchell Kiven of Marcus & Millichap represented the seller, Luke Brands. Friedman Real Estate represented the buyer, Canyon Park Capital.

March 16, 2022

Acquisitions Industrial Midwest Wisconsin

Venture One Acquires 196,300 SF Industrial Building in Pleasant Prairie, Wisconsin

by Kristin Harlow March 16, 2022

PLEASANT PRAIRIE, WIS. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 196,300-square-foot industrial building in Pleasant Prairie for an undisclosed price. Located at 10550 86th Ave. within LakeView Corporate Park, the property was partially leased to two tenants at the time of sale. The building features 20 exterior docks, three drive-in doors, parking for 160 cars and a clear height of 35 feet. Mike Tenteris, Adam Tyler and Keith Puritz of Cushman & Wakefield represented the undisclosed seller. Puritz, Eric Fischer and Marc Samuels of Cushman & Wakefield will market the remaining 47,932 square feet for lease. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.

March 16, 2022

Acquisitions California Healthcare Office Western

Harrison Street Sells Eight Medical Office Buildings in San Francisco, Los Angeles Areas for $215M

by Amy Works March 16, 2022

SAN FRANCISCO, SANTA ROSA, DALY CITY, ALAMEDA, GREENBRAE AND LOS ANGELES, CALIF. — Harrison Street has completed the disposition of a portfolio of eight medical office buildings valued at nearly $215 million across California. The properties were held across several of Harrison Street’s funds and managed in partnership with Pinnacle Capital Management Services. Totaling 380,000 rentable square feet, the portfolio is spread across San Francisco, Santa Rosa, Daly City, Alameda, Greenbrae and Los Angeles’ Van Nuys neighborhood. Tenants include leading regional health systems, such as Marin Health, Sutter Health, CommonSpirit Health and Kaiser Permanente. The seller invested more than $17 million in capital during its ownership, including recent building renovations, tenant improvements and leasing commissions. Chris Bodnar, Lee Asher, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany and Zack Holderman of CBRE’s U.S Healthcare & Life Sciences Capital Markets team represented Los Angeles-based Pinnacle Capital Management Services in the transaction.

March 16, 2022

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