Acquisitions

Newmark Brokers Sale of 324-Unit Citizen House Decker Apartments in East Austin

by Taylor Williams January 5, 2022

AUSTIN, TEXAS — Newmark has brokered the sale of Citizen House Decker, a 324-unit apartment community in East Austin. According to Apartments.com, the property was built in 2021 and features one- and two-bedroom units that range in size from 650 to 1,250 square feet. Amenities include a pool, resident clubhouse with a kitchen, coworking spaces, an arcade, fitness center, business center and outdoor grilling areas. Locally based developer Endeavor Real Estate Group sold the asset to Toronto-based Prism Multifamily Group for an undisclosed price. Patton Jones and Andrew Dickson of Newmark brokered the deal. The new ownership will rebrand the property as Spectra Parks. Asia Capital Real Estate provided a $57.8 million bridge loan for the acquisition of the property. Mark Grace and Alison Williams of Walker & Dunlop arranged the debt.

January 5, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 234-Unit Switchyard Apartments in Carrollton, Texas

by Taylor Williams January 5, 2022

CARROLLTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Switchyard Apartments, a 234-unit multifamily community located in the northern Dallas suburb of Carrollton. Stoneleigh Cos. and Realty Capital Management developed the property in 2019. Amenities include a pool, fitness center and outdoor gathering areas. Drew Kile, Michael Ware, Joey Tumminello, Taylor Hill, Will Balthrope and Grant Raymond of IPA represented the seller, an entity doing business as SC Switchyard LLC, in the transaction. The team also procured the buyer, Tampa-based American Landmark. Switchyard Apartments was 96 percent occupied at the time of sale.

January 5, 2022

Acquisitions Industrial Midwest Ohio

Matthews Real Estate Brokers $34.2M Sale of Industrial Building Near Cleveland

by Kristin Harlow January 5, 2022

HIGHLAND HILLS, OHIO — Matthews Real Estate Investment Services has brokered the sale of a 145,000-square-foot industrial and office building in Highland Hills near Cleveland for $34.2 million. The property, occupied by ABB Inc., is located at 23000 Harvard Road. Chad Kurz of Matthews represented the buyer, a private investor completing a 1031 exchange. Seller information was not provided.

January 5, 2022

Acquisitions Industrial Midwest Ohio

Arden Logistics Parks Buys Three-Property Industrial Portfolio in Columbus, Ohio

by Kristin Harlow January 5, 2022

COLUMBUS, OHIO — Arden Logistics Parks has purchased the Parkway Columbus portfolio, a three-property industrial portfolio totaling 172,800 square feet in the West Columbus submarket. The purchase price was undisclosed. The buildings, which range in size from 28,000 to 116,000 square feet, are fully occupied by 23 tenants. The seller, Parkway Business Partners LLC, is comprised of a group of local investors. Ross Bratcher and Joe Davis of JLL brokered the transaction.

January 5, 2022

Acquisitions Indiana Midwest Multifamily

Triad Real Estate Partners Arranges $9.3M Sale of Apartment Building in Frankfort, Indiana

by Kristin Harlow January 5, 2022

FRANKFORT, IND. — Triad Real Estate Partners has arranged the $9.3 million sale of Nickel Plate Flats and Lofts in Frankfort, about 50 miles northwest of Indianapolis. Developed in 2018 and located at 55 N. Jackson St., the apartment building includes 79 units. The property was fully leased at the time of sale. An Indiana-based developer sold the asset to a Chicago-based private investor.

January 5, 2022

Acquisitions Kansas Midwest Retail

Marcus & Millichap Negotiates $7.7M Sale of Retail Property in Olathe, Kansas

by Kristin Harlow January 5, 2022

OLATHE, KAN. — Marcus & Millichap has negotiated the $7.7 million sale of Shops of Sunnybrook in Olathe, about 20 miles southwest of Kansas City. The 38,273-square-foot retail property is located at 11120 S. Lone Elm Road. Tenants include Austin’s Bar & Grill, Prairie Liquors, Pour Coffehouse, Subway, Hotworx and Performance Rehab. Shops of Sunnybrook was 86 percent occupied at the time of sale. The sale included three acres of developable land. Zach Turner, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap represented the seller, a Kansas City-based partnership. The team also secured the buyer, a Kansas City-based developer.

January 5, 2022

Acquisitions California Retail Western

Imperium Blue Purchases Chateau, Zalanta Retail Centers in South Lake Tahoe for $33M

by Amy Works January 5, 2022

SOUTH LAKE TAHOE, CALIF. — Florida-based Imperium Blue has acquired the Chateau and Zalanta retail centers in South Lake Tahoe for $33 million. Ready Capital sold the assets, which total 50,000 square feet of retail space. Tony Wood of KW Commercial Real Estate Services represented the seller, while Scott Campbell of SRS National Let Lease Group represented the buyer in the deal. The properties are part of a larger 20-acre development project that includes 400 residential condominiums and 100,000 square feet of retail space.

January 5, 2022

Acquisitions Arizona Multifamily Student Housing Western

INREIT Acquires 833-Bed Student Housing Community Near Arizona State University

by Amy Works January 5, 2022

TEMPE, ARIZ. — Invesco Real Estate Income Trust Inc. (INREIT) has acquired an 833-bed student housing community located near Arizona State University in Tempe. Developed in 2017, the 13-story property offers 384 units. The community was fully leased at the time of sale. Further details on the property and the seller were undisclosed. “We are excited to acquire a high-quality, 100 percent-occupied student housing property at one of the nation’s largest universities and in a high-growth market like Tempe,” says R. Scott Dennis, president and CEO of INREIT. “There continues to be strong demand for the student housing sector and we are seeing an increase in undergraduate enrollment at top universities, resulting in student housing occupancy reaching pre-COVID levels.”

January 5, 2022

Acquisitions Colorado Multifamily Western

Hudson Capital Sells Highland Point Apartments in Aurora to Thayer Manca

by Amy Works January 5, 2022

AURORA, COLO. — Hudson Capital has completed the disposition of Highland Point Apartments, a multifamily community in Aurora, to Seattle-based Thayer Manca for an undisclosed price. Justin Hunt, Andy Hellman, Kevin McKenna, Saul Levy, Katie Fergen and Jessica Graham of CBRE represented the seller in the deal. Situated on 13.6 acres at 16894 E. Arkansas Ave., Highland Point features 319 apartments, an outdoor swimming pool and fitness center.

January 5, 2022

Acquisitions California Office Western

Innovatus Capital Partners Buys 110,128 SF Office Building in San Diego

by Amy Works January 5, 2022

SAN DIEGO — Innovatus Capital Partners has purchased The Pinnacle, a five-story office building located in San Diego’s Rancho Bernardo neighborhood. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services. Located at 10920 Via Frontera, The Pinnacle features 110,128 square feet of Class A office space with 22,000-square-foot floor plates. At the time of sale, the property was fully occupied. Built in 2007, the building recently underwent a series of capital improvements, including lobby renovations, upgraded shower and locker rooms, new landscaping and electric vehicle charging stations. Terms of the transaction, including the seller and acquisition price, were not released.

January 5, 2022

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