Acquisitions

Lightstone Purchases 7,810-Unit Multifamily Portfolio in Suburban Detroit

by Kristin Harlow December 3, 2021

DETROIT — Lightstone has purchased a multifamily portfolio in suburban Detroit totaling 7,810 units across 27 properties in 19 different submarkets. The purchase price and seller were not disclosed. The portfolio also includes an 11,000-square-foot office building. Lightstone plans to add amenities, improve common areas and renovate unit interiors. The transaction increases Lightstone’s multifamily holdings in the Detroit market to more than 13,000 units. Lightstone operates its assets through its management company, Beacon Management.

December 3, 2021

Acquisitions Kansas Midwest Multifamily

Avanti Residential Buys Village West Apartments in Kansas City for $65M

by Kristin Harlow December 3, 2021

KANSAS CITY, KAN. — Avanti Residential has acquired Village West Apartments in Kansas City for $65 million. The 306-unit Class A apartment community is located at 8343 Leavenworth Road near Village West, a retail, dining and entertainment destination. Built in 2014, the property features amenities such as a clubhouse, media lounge, coworking lounge, fitness center and pool. Village West Apartments was 96 percent leased at the time of sale. Mac Crowther and Whittaker Potts of Newmark represented the seller, JVN Realty Corp. Avanti now owns four properties in the greater Kansas City area.

December 3, 2021

Acquisitions Michigan Midwest Multifamily Student Housing

Champion Real Estate Acquires 524-Bed Student Housing Portfolio Near Michigan State for $42M

by Kristin Harlow December 3, 2021

EAST LANSING, MICH. — Champion Real Estate Co. has acquired a portfolio of six student housing properties near Michigan State University for $42 million. The communities offer a total of 524 beds and are located at 635 Abbot Road, 129 Burcham Drive and 731-787 Burcham Drive in East Lansing. Champion MSU, a subsidiary of Champion, is set to begin a complete rebrand and gut renovation of the communities. Stewart Hayes, Scott Clifton and Dave MacDonald of JLL represented the seller, DTN Management Co.

December 3, 2021

Acquisitions California Multifamily Western

Decron Divests of Two-Property Multifamily Portfolio in Simi Valley, California for $190M

by Amy Works December 3, 2021

SIMI VALLEY, CALIF. — Decron Properties has completed the disposition of a two-property apartment property in Simi Valley. An undisclosed, private multifamily investment firm acquired the 504-unit portfolio for $190 million, or $376,984 per unit. The portfolio includes the 372-unit The Villas at Woodranch and the 132-unit Overlook at Woodranch. Both communities were constructed in 1986. Community amenities include two pools, tennis courts, fitness center and barbecue areas. Apartments feature hardwood floors, vaulted ceilings, bay windows and balconies. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

December 3, 2021

Acquisitions California Multifamily Western

HomeFed Acquires Solona at Grand Multifamily Community in Escondido, California for $167.5M

by Amy Works December 3, 2021

ESCONDIDO, CALIF. — HomeFed Corp. has purchased Solana at Grand, a 519-unit apartment property, from an undisclosed seller for $167.5 million. Kevin Mulhern of CBRE represented the buyer in the deal. Located at 1501 E. Grand Ave., Solana at Grand features a mix of studio, one- and two-bedroom layouts with remodeled interiors and patios/balconies. Community amenities include two swimming pools, a fitness center, spa with sundeck, clubhouse, tennis court, grilling area, coffee bar and laundry facilities. HomeFed plans to convert the property into middle-income affordable housing through a public-private partnership structure with the California Municipal Finance Authority and the City of Escondido.

December 3, 2021

Acquisitions Arizona Multifamily Western

Next Wave Investors Buys 160-Unit Willow Creek Apartments in Prescott, Arizona

by Amy Works December 3, 2021

PRESCOTT, ARIZ. — Next Wave Investors has purchased Willow Creek, a multifamily community in Prescott, from an entity doing business as 3137 Willow Creek Road LLC for $58 million, or $362,500 per unit. Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Completed in 2020, Willow Creek features 160 apartments averaging 860 square feet. Units feature nine-foot ceilings, custom dark wood cabinetry and full-size washers/dryers. Common area amenities include a leasing office and resident clubhouse, fitness center, courtyard with picnic seating and charcoal grilling stations, covered parking and detached garages.

December 3, 2021

Acquisitions Arizona Development Western

Shopoff Realty, Contour Purchases 54-Acre Site in Buckeye, Arizona for Industrial Development

by Amy Works December 3, 2021

BUCKEYE, ARIZ. — Shopoff Realty Investments and Contour Real Estate have acquired 54 acres of land in Buckeye for the development of two warehouse logistics-oriented buildings. Terms of the transaction were not released. Located at the southeast corner of Southern Avenue and Rainbow Road, the proposed development will feature 900,000 square feet of warehouse space. Additionally, the property is located immediately adjacent to the Union Pacific rail line.

December 3, 2021

Acquisitions Connecticut Northeast Retail

CBRE Negotiates $11M Sale of Milford Plaza Shopping Center in Connecticut

by Taylor Williams December 3, 2021

MILFORD, CONN. — CBRE has negotiated the sale of Milford Plaza, a 180,315-square-foot shopping center located in the southern coastal part of the state. Anchored by grocer G-Mart, Milford Plaza was 65 percent leased at the time of sale, with other tenants including Planet Fitness, Dollar Tree and Hartford Healthcare. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the owner, The Hampshire Cos., in the transaction. The team also procured the buyer, Northpath Investments. Michael Klein, Max Custer and Ryan Carroll of JLL arranged $9 million in fixed-rate acquisition financing through Easthampton Savings Bank on behalf of the new ownership.

December 3, 2021

Acquisitions Connecticut Industrial Northeast

Marcus & Millichap Brokers $5M Sale of Industrial Property in Bristol, Connecticut

by Taylor Williams December 3, 2021

BRISTOL, CONN. — Marcus & Millichap has brokered the $5 million sale of a 69,494-square-foot industrial property in Bristol, located in Hartford County. The property was built in 1969 and renovated in 2020. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer. Both parties requested anonymity.

December 3, 2021

Acquisitions Florida Multifamily Southeast

Nicol Investment Acquires Apartment Community in Daytona Beach for $68.5M

by John Nelson December 3, 2021

DAYTONA BEACH, FLA. — Nashville-based Nicol Investment Co. has acquired Madison Pointe, a 240-unit, four-story, garden-style apartment community located at the intersection of Interstate 95 and LPGA Boulevard in Daytona Beach. The purchase price was $68.5 million. The seller was not disclosed. Madison Pointe offers one-, two- and three-bedroom floorplans with a size range of 731 to 1,275 square feet, according to Apartments.com. Constructed in 2020, Madison Pointe units feature quartz countertops, stainless steel appliances, wood-style plank flooring and full-size washers and dryers. Community amenities include a pool, elevators, outdoor kitchen and gathering area, fitness center with a separate yoga and spin studio and a clubhouse with multiple gathering and game areas. Located at 1310 Tomaka Town Center Drive, the property is situated adjacent to the 125-acre Tomoka Town Center mixed-use project that features retail tenants including Dave & Busters, Sam’s Club and Academy Sports + Outdoors. Madison Pointe is also across from Tanger Factory Outlets and near employers such as AdventHealth Daytona Beach, Halifax Health Medical Center and Daytona International Speedway.

December 3, 2021

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