Acquisitions

Draper Property Management Sells Royal Lani Apartment Community in Colorado Springs for $11.3M

by Amy Works January 12, 2022

COLORADO SPRINGS, COLO. — Draper Property Management has completed the disposition of Royal Lani, a multifamily property in Colorado Springs. California-based Turnstone Capital acquired the asset for $11.3 million. Located at 2010 Carmel Drive, the Royal Lani features two three-story buildings offering a total of 77 two-bedroom apartments, averaging 783 square feet. Since 2015, the property has undergone renovations, including new windows, new gates and roof repair. Saul Levy, Kevin McKenna, Mackenzie Walker and Jessica Graham of CBRE represented the seller in the deal.

January 12, 2022

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $132.6M Sale of Multifamily Community in Metro Atlanta

by Julia Sanders January 12, 2022

SANDY SPRINGS, GA. — Cushman & Wakefield has arranged the sale of Park at Abernathy Square, a 484-unit apartment community located in Sandy Springs, about 16.4 miles north of downtown Atlanta. The sales price was $132.6 million, or more than $274,000 per unit. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller, Atlanta-based Clark Ventures, in the transaction. San Francisco-based Stockbridge Capital Group acquired the property. Built in 1977 and renovated in 2019, Park at Abernathy Square offers one-, two- and three-bedroom floorplans with an average unit size of more than 1,100 square feet. Unit features include walk-in closets, patios and balconies, granite countertops, stainless steel appliances, pantries, dishwashers and washer and dryer hookups. Community amenities include a clubhouse, pool, laundry facilities, tennis court, picnic area, fitness center, business center, playground and a car charging station. Located at 6925 Roswell Road, the property is located off Ga. Highway 400 and is situated close to Buckhead, Roswell and Alpharetta. The apartment community is also 5.9 miles from Georgia Perimeter College and 3.1 miles from the Art Institute of Atlanta.

January 12, 2022

Acquisitions Industrial Kentucky Southeast

JLL Income Property Trust Acquires Industrial Facility in Louisville for $39.5M

by Julia Sanders January 12, 2022

LOUISVILLE, KY. — JLL Income Property Trust has acquired South Louisville Distribution Center, a 327,000-square-foot, newly constructed industrial property in Louisville. The sales price was $39.5 million. The seller was not disclosed. The South Louisville Distribution Center is fully leased to Rivian, an electric vehicle automaker and automotive technology company. The seven-year lease includes annual rent increases of 2.8 percent. Completed in August 2021, the property includes Class A features such as cross docking, 36-foot clear heights and LED lighting. The industrial property is located close to major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and Louisville Muhammad Ali International Airport.

January 12, 2022

Acquisitions Florida Hospitality Southeast

Berkadia Brokers Sale of 95-Room Hotel Indigo Sarasota

by Julia Sanders January 12, 2022

SARASOTA, FLA. — Berkadia Hotels & Hospitality has brokered the sale of Hotel Indigo Sarasota, a 95-room hotel located in Sarasota. Preston Reid and Michael Weinberg of Berkadia Hotels & Hospitality represented the seller, Peachtree Hotel Group. The sales price was not disclosed. Additionally, Michael Weinberg and Wyatt Krapf of Berkadia Hotels & Hospitality secured an undisclosed amount of acquisition financing on behalf of the borrower, Avistone. The lender, Access Point Financial, provided the three-year, adjustable-rate loan. The new owner will be using the proceeds to renovate and convert the hotel into one of IHG’s new upscale lifestyle brands. Located at 1223 Boulevard of the Arts, Hotel Indigo Sarasota features 64 king-bedrooms, 19-double queen rooms and 12 king suites. Hotel amenities include onsite dining area and meeting and conference facilities. The hotel is located three miles from Sarasota Bradenton International Airport.

January 12, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 484-Unit Meadow Ridge Apartments in Fort Worth

by Taylor Williams January 12, 2022

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Meadow Ridge, a 484-unit apartment community in Fort Worth. Built on 24 acres in 1981, Meadow Ridge offers one-, two- and three-bedroom units with private balconies/patios, as well as two pools and a tennis court. Al Silva of Marcus & Millichap represented the seller, Lubbock-based Madera Residential, in the transaction and procured the buyer, a Dallas-based private investment company. The new ownership plans to implement a value-add program.

January 12, 2022

Acquisitions Healthcare Texas

Cushman & Wakefield Brokers Sale of 117,597 SF Medical Office Complex in San Antonio

by Taylor Williams January 12, 2022

SAN ANTONIO — Cushman & Wakefield has brokered the sale of Sonterra Medical Park, a 117,597-square-foot healthcare property in San Antonio. The three-building complex is located adjacent to North Central Baptist Hospital on the city’s north side. Travis Ives, Gino Lollio, Todd Mills, Carrie Caesar and Hunter Mills of Cushman & Wakefield represented the seller, Stream Realty Partners, in the transaction. The buyer and sales price were not disclosed. At the time of sale, Sonterra Medical Park was 93 percent leased to tenants in the oncology, radiology and orthopedics sectors.

January 12, 2022

Acquisitions Florida Retail Southeast

SRS Negotiates Sale of Edgewood Isle Shopping Center in Metro Orlando for $7.5M

by Julia Sanders January 12, 2022

EDGEWOOD, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the $7.5 million sale of Edgewood Isle, a 78,647-square-foot, multi-tenant neighborhood retail center located in Edgewood. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller, an entity doing business as Dundurn USA Inc. LLC, in the transaction. Salim Valiani of Marcus & Millichap represented the buyer, an Orlando-based entity managed by Marcus & Millichap. Edgewood Isle is anchored by Dollar Tree, and has tenants including Cornerstone Hospice, Pizza Hut and Pinch-A-Penny: Pool, Patio and Spa. The shopping center is situated roughly five miles south of the downtown area, four miles from Orlando International Airport and six miles from Universal Orlando Resort. The property also has proximity to major highways, such as the Florida Turnpike and the Beachline Expressway.

January 12, 2022

Acquisitions Indiana Midwest Retail

JLL Brokers Sale of 150,163 SF Shopping Center in Fort Wayne, Indiana

by Kristin Harlow January 12, 2022

FORT WAYNE, IND. — JLL Capital Markets has brokered the sale of Apple Glen Crossing in Fort Wayne for an undisclosed price. The 150,163-square-foot property is an open-air power center anchored by Best Buy and Dick’s Sporting Goods. Apple Glen Crossing is 94 percent leased. Additional tenants include Shoe Carnival, PetSmart, Ulta Beauty, Cali Nails and Sports Clips. Built in 2000, the property sits on 17 acres along Apple Glen Boulevard. Amy Sands, Clinton Mitchell, Michael Nieder and Tim Murry of JLL represented the seller, Brixmor Property Group. Berengaria Development, the real estate arm of Marcus Investments LLC, was the buyer.

January 12, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $19.3M Sale of Apartment Building in Clarendon Hills, Illinois

by Kristin Harlow January 12, 2022

CLARENDON HILLS, ILL. — Interra Realty has negotiated the $19.3 million sale of 229 Park in Clarendon Hills, a southwest suburb of Chicago. The apartment building rises four stories with 43 units. Built in 2018, 229 Park is located at 229 Park Ave. and is fully leased. The property features one retail space that is occupied by Moda Eyecare. Craig Martin and Lucas Fryman of Interra represented the sellers, Hubbard Street Group, Centrum Realty & Development and Pine Grove Partners. The duo also represented the buyer, Chicago-based HP Ventures Group.

January 12, 2022

Acquisitions Midwest Multifamily Wisconsin

Next Realty Buys 64-Unit Multifamily Property in Suburban Milwaukee

by Kristin Harlow January 12, 2022

WAUWATOSA, WIS. — An affiliate of Next Realty has purchased Dolphin Square Apartments in Wauwatosa, a suburb of Milwaukee. The purchase price was undisclosed. Located at 10300 W. Bluemound Road, the multifamily property includes 64 units and 88 parking spaces. Next Realty plans to complete a renovation program that was started by the previous owner. Founders 3 Real Estate brokered the sale. Landmark Credit Union provided acquisition financing.

January 12, 2022

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