TEMPE AND GLENDALE, ARIZ. — Harrison Street has formed a joint venture with American Campus Communities (ACC) for the ownership of ACC’s existing eight-property Arizona State University on-campus student housing portfolio. Under the terms of the transaction, Harrison Street, as part of its social infrastructure platform, has acquired a 45 percent interest in the joint venture, with ACC owning the remaining interest. ACC will continue to manage the day-to-day operations in collaboration with ASU under the terms of the existing P3 (public-private partnership) contracts. The portfolio includes 8,187 beds across eight assets, which include seven buildings at ASU Tempe and one building at ASU’s West Campus in Glendale. The facilities feature core campus amenities including retail, cafés, fitness centers, dining halls, academic halls and outdoor recreation spaces. The communities provide a broad range of products including first-year residence halls, honors college housing, Greek housing and upper division apartment-style housing.
CITY OF INDUSTRY, CALIF. — Staley Point Capital has acquired an industrial asset, located at 18689 Arenth Ave. in City of Industry, for $22 million, or $227 per square foot, in an off-market transaction. Bain Capital Real Estate was a joint venture partner on the acquisition. The 97,000-square-foot property features 24-foot clear heights, eight dock-high positions and a functional concrete truck court. At the time of purchase, the property was 86 percent leased. Winston & Strawn served as legal counsel to Staley Point Capital for the transaction. JLL represented both the buyer and undisclosed seller in the deal, while JLL Capital Markets arranged loan financing for the acquisition.
HOUSTON — Dallas-based Westmount Realty Capital has purchased The Station at Mason Creek, a 291-unit apartment community in Houston. Built in 2001, the property offers one-, two- and three-bedroom units with an average size of 772 square feet. The amenity package consists of a pool with a splash pad, fitness center, coffee bar, clubhouse, business center and a dog park. The seller was not disclosed. Westmount plans to implement a value-add program to the unit interiors, building exteriors and landscaping, as well as to rebrand the property as Westmount at Mason Creek.
IRVING, TEXAS — Pegasus Real Estate has acquired a two-property industrial portfolio totaling 271,100 square feet in Irving. The portfolio comprises a fully leased, 92,051-square-foot building and a 12-building complex that was 93 percent leased at the time of sale. The properties were built in phases between 1981 and 1999 and feature 12- to 18-foot clear heights. Stephen Bailey, Dustin Volz, Wesley Gilmer and Pauli Kerr of JLL represented the seller, Fort Worth-based Fort Capital, in the transaction. Dustin Dulin and Wyatt Simmons, also with JLL, arranged floating-rate acquisition financing on behalf of Pegasus Real Estate.
LEANDER, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 22 North, a 240-unit apartment community located in the northern Austin suburb of Leander. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of 1,090 square feet. Amenities include a pool, fitness center, business center, grilling area and a media/game room. Will Balthrope, Kent Myers and Jordan Featherston of IPA represented the buyer and seller, both of which requested anonymity, in the transaction.
HOUSTON — NAI Partners has arranged the sale-leaseback of a 34,000-square-foot office and industrial property in Houston. The property is located at 1515 Witte Road on the city’s west side. Cary Latham and Wyatt Huff of NAI Partners represented the seller/tenant, Allpoints Group, a provider of surveying and other advisory services for the homebuilding industry, in the transaction. The duo also secured the buyer, locally based investment firm Triten Real Estate Partners.
NEW YORK CITY — Locally based investment firm Emmut Properties has acquired the 126-room Excelsior Hotel, located at 45 W. 81st St. in Manhattan, for $80 million. The new ownership plans to convert the property, which was built in the 1920s but has been closed since April 2020, into a 134-unit multifamily building. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia arranged acquisition financing through Franklin BSP Realty Trust for the deal.
PENNSAUKEN, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $18 million sale of The Point at Pennsauken, a 109,217-square-foot shopping center in Southern New Jersey. Anchored by convenience store Wawa, the property was 100 percent leased at the time of sale. Brad Nathanson of IPA represented the seller, WRDC, in the transaction and procured the buyer, Florida-based Select Properties Inc.
MEDFORD, MASS. — Locally based private equity firm Brookwood Financial Partners has purchased Ten Cabot, a 107,026-square-foot office building in the northwestern Boston suburb of Medford. The Class A, transit-oriented property was 97 percent leased at the time of sale. The seller and sales price were not disclosed.
PHOENIX — Davlyn Investments has purchased The Boulevard, an apartment property in Phoenix, for $112.5 million. The California-based buyer plans to rebrand the 294-unit community as Boulders at Lookout Mountain. Built in 1994 on 16.7 acres, the property features central heating and air conditioning, in-unit laundry, wood-burning fireplaces, walk-in closets with built-in shelving, arid landscaping, parking and an expansive community amenity package. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. Eric Flyckt of Northmarq arranged acquisition financing, which New York Life provided.