Acquisitions

Link Senior Development, Roxborough Group Buy 301-Unit Park Terrace Senior Living in Phoenix

by Amy Works June 16, 2022

PHOENIX — Link Senior Development and The Roxborough Group LLC have acquired Park Terrace Senior Living, a 301-unit independent living and assisted living community in Phoenix. The 15.3-acre campus features 12 residential buildings offering one- and two-bedroom units. Link and Roxborough intend to invest more than $3 million to convert the remaining assisted living units to independent living units. The partnership will also focus on making the community more sustainable by increasing water and energy efficiencies. “The substantial demand and need in the North Phoenix market for competitively priced independent living units are a very compelling story for us,” says Matthew McCormick, managing director for The Roxborough Group. “In addition, we are very bullish on the senior living space as it recovers from COVID-19. Changing demographics and an oncoming ‘silver tsunami’ create a unique opportunity to acquire communities well below replacement cost with favorable trends.” Park Terrace is Link’s eighth senior living project in Arizona and third under management through its vertically integrated operations division. Link has invested in bolstering its acquisitions platform with multiple acquisitions in Arizona, Oregon and Idaho over the past six months. The acquisition marks Roxborough’s entry into the seniors housing market and its fourth investment …

June 16, 2022

Acquisitions California Georgia Illinois Maryland Michigan Midwest Minnesota Northeast Pennsylvania Retail Southeast Texas Top Stories Western

JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio

by Katie Sloan June 16, 2022

OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc. The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post. The properties span 687,000 square feet and include: Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Ga.; Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas; Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, Calif.; Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Mich., outside of Detroit; City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minn.; Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, Calif.; Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pa., outside Philadelphia; and New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Md. Bill Moylan, Chris Angelone, Barry Brown, …

June 16, 2022

Acquisitions Multifamily Texas

NAI Partners Brokers Sale of 213-Acre Residential Development Site in Waller, Texas

by Taylor Williams June 15, 2022

WALLER, TEXAS — NAI Partners has brokered the sale of a 213-acre residential development site located at the corner of Field Store and Knebel roads in Waller, located northwest of Houston. Alex Makris and Jeff Pittman of NAI Partners represented the seller, Robert R Surratt LLC, in the transaction. The buyer was Phoenix-based Inspire Communities. Specific details about product type and construction timelines were not disclosed.

June 15, 2022

Acquisitions Industrial Texas

Gault, RTG Capital Buy 200,000 SF Industrial Facility in Forney, Texas

by Taylor Williams June 15, 2022

FORNEY, TEXAS — A partnership between Dallas-based developers Gault Co. and RTG Capital LLC has acquired a 200,000-square-foot, multi-tenant industrial facility located in the eastern Dallas suburb of Forney. David English, Grant English and Jeanie Gillock of RidgePoint Commercial Real Estate represented the partnership in the transaction. Additional terms of sale, including the name of the seller, were not disclosed.

June 15, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $28M Sale of Apartment Building on Chicago’s North Side

by Kristin Harlow June 15, 2022

CHICAGO — Interra Realty has brokered the sale of an 80-unit apartment building in Chicago’s Lakeview neighborhood for $28 million. All the units at the property, built in 1986, feature one bedroom and one bath. The building was fully leased at the time of sale. Joe Smazal of Interra represented the seller, an entity of Chicago-based Mo2 Properties, as well as the buyer, an affiliate of Chicago-based Beal Properties. The new owner plans to make cosmetic improvements to the property’s exterior and rebrand it as The Nines on Grace. Located at 944-54 W. Grace St., the asset is situated near Sydney R. Marovitz Golf Course.

June 15, 2022

Acquisitions Illinois Industrial Midwest

Clear Height Properties, Harbert Sell Seven-Building Industrial Portfolio in Elmhurst, Illinois

by Kristin Harlow June 15, 2022

ELMHURST, ILL. — A joint venture between Clear Height Properties and Harbert US Real Estate, an investment entity sponsored by Harbert Management Corp., has sold a seven-building industrial portfolio in Elmhurst for an undisclosed price. Hamilton Partners purchased the portfolio, which totals 140,796 square feet. The buildings are fully leased to 23 tenants that occupy space ranging in size from 1,300 to 14,000 square feet.

June 15, 2022

Acquisitions Multifamily New York Northeast Seniors Housing

Castle Lanterra Active Adult Acquires Reserve at Lakeside in Newburgh, New York

by Taylor Williams June 15, 2022

NEWBURGH, N.Y. — Castle Lanterra Active Adult, a division of Castle Lanterra, has acquired Reserve at Lakeside, a newly constructed active adult apartment complex in Newburgh. The community consists of one-bedroom units and two-bedroom apartments. Blue Foundry Bank provided acquisition financing. The seller, price and number of units were not disclosed.

June 15, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Standard Communities Acquires 559-Unit Affordable Seniors Housing Portfolio in California

by Amy Works June 15, 2022

ANAHEIM, ESCONDIDO AND LIVERMORE, CALIF. — Standard Communities, through a public-private partnership, has acquired three mixed-income seniors housing communities totaling 559 rental units in California. The total capitalization of the three-property portfolio is over $195 million, including more than $19 million in renovations. The properties include: Heritage Village Anaheim, totaling 196 units on 5.1 acres in Anaheim Heritage Park Escondido, totaling 196 units on five acres in Escondido Heritage Park Livermore, totaling 167 units on 8.2 in Livermore “We’re preserving and expanding affordable housing in some of the areas that need it most in California,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “Seniors are the fastest-growing population in California.” “In the city of Livermore for example, almost 20 percent of the population are seniors and 24 percent of them are renters,” adds Joon Lee, managing director of strategic capital for Standard. “The average price of a home in Livermore is over $1 million, which has increased nearly 30 percent year over year. It’s important to Standard to provide affordable housing options for seniors” Standard’s improvements at the three Heritage communities will consist of plumbing, HVAC, electrical, fire safety and security upgrades; roof, door and window repair or replacement; …

June 15, 2022

Acquisitions Multifamily Nevada Western

ZMR Capital Enters Las Vegas Market with $38.5M Multifamily Acquisition

by Amy Works June 15, 2022

LAS VEGAS — Florida-based ZMR Capital has purchased Sunridge, an apartment property located at 4855 E. Vegas Valley Drive in Las Vegas, in an off-market transaction. The name of the seller was not released. Built in 1991, Sunridge features 216 apartments in a mix of one-, two- and three-bedroom layouts with in-unit washers/dryers and pre-installed Wi-Fi modems. Community amenities include two swimming pools and spas, a clubhouse with fireplace, business center, playground and covered parking.

June 15, 2022

Acquisitions Arizona Office Western

SDC Foothills Sells 110,360 SF Office Building in Phoenix for Industrial Conversion

by Amy Works June 15, 2022

PHOENIX — SDC Foothill Inc., a global investment manager, has completed the disposition of Foothills Corporate Centre I, a value-add office building in Phoenix. WG Group purchased the property for an undisclosed price as its first acquisition in the Phoenix market. Located at 14415 S. 50th St., the single-story Foothills Corporate Centre I features 110,360 square feet of office space. At the time of sale, the property was 64 percent leased to one tenant. The new owner plans to convert the property to flex/light industrial space. CJ Osbrink, Scott Scharlach and Kevin Shannon of Newmark represented the seller and buyer in the deal.

June 15, 2022

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