LOS ANGELES — Ready Capital has closed $17.3 million in financing for the acquisition, renovation and stabilization of a 94-unit apartment community in Los Angeles’ Norwalk submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan including taking care of deferred maintenance projects while renovating unit interiors, building exteriors and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
ATLANTA — Atlanta-based brokerage firm Hodges Ward Elliott (HWE) has arranged the sale of a portfolio of three select-service hotels in Texas totaling 280 rooms. The portfolio comprises the 109-room Fairfield Inn & Suites Waco North; the 83-room Fairfield Inn & Suites Marshall; and the 88-room Holiday Inn Express & Suites Dallas South Desoto. The hotels were respectively built in 2004, 2005 and 2007. Austin Brooks led the HWE team that represented the seller, Avatar Hotel Group, in the transaction. Houston-based hospitality investment firm Wolfgramm Capital purchased the portfolio for an undisclosed price. Wolfgramm Capital also acquired Avatar’s management operations as part of the deal.
SAN ANTONIO — Newmark has brokered the sale of The Joseph at Huebner, a 192-unit apartment community in north-central San Antonio. Built in 1983, the 16-building complex features one- and two-bedroom units with an average size of 846 square feet. Amenities include a pool, fitness center, outdoor grilling areas and a dog wash station. Matt Michelson and Patton Jones of Newmark represented the seller, a partnership between RSN Property Group and Wildhorn Capital, in the transaction. The buyer, First Capital Advisors, an investment and management firm with offices in Austin and Chicago, plans to implement a value-add program.
MINNEAPOLIS — JLL Capital Markets has negotiated the sale of a multifamily development site on Oak Grove Street in the Loring Park neighborhood of Minneapolis. The sales price was undisclosed. The buyer is an affiliate of Linden Street Investments, which also has developments in downtown east and the southwest suburbs of Minneapolis. Josh Talberg, Mox Gunderson, Dan Linnell and Adam Haydon of JLL represented the seller, The Woman’s Club of Minneapolis. The site is home to the club’s former parking lot. The buyer’s development plans were not released.
NEW BERLIN AND MENOMONEE FALLS, WIS. — Stan Johnson Co. has brokered the sale of two childcare centers net leased to The Learning Experience in suburban Milwaukee for $9.8 million. Both locations were built in 2020 and are situated in New Berlin and Menomonee Falls. Brandon Duff and Matt Spangenberg of Stan Johnson represented the sellers, two private entities based in Atlanta and Chicago. Milo Spector of Stan Johnson represented the San Francisco-based buyer, which completed a 1031 exchange.
ST. CHARLES AND BATAVIA, ILL. — Lee & Associates has arranged the sales of two industrial buildings totaling 168,636 square feet in central Kane County, which is located west of Chicago. In the first transaction, a 102,000-square-foot building in St. Charles sold to a publicly traded REIT. Michael Androwich Jr. of Lee & Associates represented the buyer, while Jeff Holmes of Regional Realty represented the seller, Wise Plastics. In the second transaction, Androwich represented buyer WP Industries in its purchase of a 66,636-square-foot building at 1260 Kingsland Drive in Batavia. Ellerman Commercial represented the undisclosed seller.
ROCHESTER, N.Y. — Harrison Street has acquired a majority ownership interest in APEX, a student housing community located across the street from the Rochester Institute of Technology in upstate New York. The seller, Michaels, has retained a 2 percent ownership in the property and will continue to oversee operations. The community offers one-, two-, four- and five-bedroom units. Shared amenities include an e-sports arena, outdoor fire pits, a virtual reality studio, electric car charging stations, dual hot tubs, ingenuity labs and a pet spa.
NEW HAVEN, CONN. — California-based brokerage firm Matthews Real Estate Investment Services has negotiated the sale of a 133,650-square-foot industrial property located near the Port of New Haven. Ryan Rapoport and Kyler Bean of Matthews represented the undisclosed seller in the transaction. New York-based Criterion Group LLC purchased the asset for $21.4 million.
SOUTH PORTLAND, MAINE — The RAM Cos., an investment firm based in Maine, has acquired a three-building, 74,000-square-foot office complex in South Portland. Jessica Estes and Drew Sigfridson of Boulos Co. represented the seller, an entity doing business as 341 Park LLC, in the transaction. Howard Goldenfarb, Todd Goldenfarb and Mark Campbell internally represented RAM Cos., which acquired the asset through its affiliate, Mile Market Investments. The new ownership plans to implement a value-add program and rebrand the complex as Atlantic Place Commerce Center. The property was fully leased at the time of sale.
ITASCA, ILL. — Sovereign Partners LLC has acquired Two Pierce Place, a 25-story office tower in Itasca. Piedmont Office Realty Trust sold the asset for approximately $24 million, according to Crain’s Chicago Business. The 489,876-square-foot property is situated within the 300-acre Hamilton Lakes Business Park. Two Pierce Place was built in 1991 and formerly served as the headquarters of Gallagher Insurance. Crain’s reports that the building is now more than 60 percent vacant. Amenities include a deli, sundry shop, fitness center, tenant lounge, covered parking and access to lakes and walking trails. Matthew Schoenfeldt of JLL arranged acquisition financing through an insurance company.