Acquisitions

ABI Multifamily Arranges $42M Sale of Rise Metro Apartments in Phoenix

by Amy Works April 7, 2022

PHOENIX — ABI Multifamily has arranged the sale of Rise Metro Apartments, a multifamily property located at 2045 W. Butler Drive in Phoenix. Arizona-based Rise48 Equity sold the asset to a Massachusetts-based buyer for $42 million, or $262,500 per unit. Built in 1981, Rise Metro Apartments features 160 garden-style units in a mix of 72 one-bedroom/one-bath, 36 two-bedroom/one-bath, 40 two-bedroom/two-bath and 12 three-bedroom/two-bath layouts. Each unit is individually metered for electricity and features individual HVACs. Unit amenities include a patio or balcony, ceiling fans, fireplaces in select units, walk-in closets in select units, extra storage space and high-speed internet/cable access. Additional unit amenities include refrigerators, dishwashers, garbage disposals and stacked washers/dryers. Community amenities include a swimming pool and spa, fitness center, business center, basketball court, barbecue/picnic area and dog walk. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.

April 7, 2022

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 279-Unit Self-Storage Facility in Tyler, Texas

by Taylor Williams April 7, 2022

TYLER, TEXAS — Marcus & Millichap has brokered the 1031 exchange sale of Paluxy Drive Self Storage, a 279-unit facility in Tyler, located about 100 miles east of Dallas. The property was built in phases between 1999 and 2010 and spans 35,892 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a locally based family partnership, in the transaction. Karr also procured the buyer, an East Texas-based investor.

April 7, 2022

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Negotiates Sale of Four Seniors Housing Communities in Oregon

by Amy Works April 7, 2022

BROOKINGS, GOLD BEACH AND SHERIDAN, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of four properties in Oregon: two properties in Brookings, one in Gold Beach and another in Sheridan. The combined communities consist of 169 units and 190 beds. Brookings is a city in Curry County, located on the coast. Gold Beach is located 30 miles north of Brookings on the coast. Sheridan is located approximately 50 miles southwest of Portland. These facilities combined total approximately 109,507 square feet and are situated on approximately 25.6 acres of land. The seller was an Oregon-based owner-operator looking to recycle the capital for additional expansion opportunities. The buyer is a joint venture between a Pacific Northwest-based operator and a California-based private equity company. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

April 7, 2022

Acquisitions Multifamily Texas

Western Wealth Capital Acquires 250-Unit Villas at Chase Oaks Apartments in Plano

by Taylor Williams April 7, 2022

PLANO, TEXAS — Canadian investment firm Western Wealth Capital has acquired Villas as Chase Oaks, a 250-unit apartment community located north of Dallas in Plano that was originally built in 1986. Units come in one-, two- and three-bedroom floor plans. Amenities include a pool, sports court, fitness center, dog park, clubhouse and a package locker system. The seller was not disclosed. Western Wealth Capital plans to renovate the unit interiors and building exteriors.

April 7, 2022

Acquisitions Multifamily New York Northeast Student Housing

Champion Real Estate Buys Student Housing Community Near Syracuse University for $65M

by Taylor Williams April 7, 2022

SYRACUSE, N.Y. — Champion Real Estate Co. has purchased Campus Hill Apartments, a 715-bed student housing community near Syracuse University, for $65 million. The property offers fully furnished units across 51 buildings. The community will be rebranded Victory at Syracuse and is set to undergo renovations imminently. Victory House Syracuse LLC, a subsidiary of Champion, will oversee community upgrades, including fresh paint and the addition of vinyl plank flooring, new cabinetry, quartz countertops, stainless steel appliances and modern fixtures. Ken Wellar and Douglas Sitt of Rittenhouse Realty represented Champion and the undisclosed seller in the transaction.

April 7, 2022

Acquisitions Arizona Industrial Western

Stonelake Capital Partners Buys Renovated Industrial Building in Gilbert, Arizona for $11.5M

by Amy Works April 7, 2022

GILBERT, ARIZ. — Dallas-based Stonelake Capital Partners has purchased a renovated industrial property located at 1503 W. San Pedro St. in Gilbert. Pallisides Trust sold the vacant asset for $11.5 million. Situated on five acres, the 65,531-square-foot building features 9,000 square feet of office space, 24-foot clear heights, LED lighting, air conditioning, a secured yard with motorized gate, advanced security system, new asphalt parking lot, multiple cranes, air compressors and grade-level loading. The property also includes 1.5 acres of excess yard. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield’s Phoenix office represented both parties in the deal.

April 7, 2022

Acquisitions Industrial New Jersey Northeast Self-Storage

Storage Post Acquires Self-Storage Facility in Linden, New Jersey

by Taylor Williams April 7, 2022

LINDEN, N.J. — Storage Post, an Atlanta-based self-storage owner-operator, has acquired a facility located at 1051 Edward St. in the Northern New Jersey community of Linden. The number of units was not disclosed, but the property spans approximately 107,000 square feet of net rentable climate-controlled space. The seller was also not disclosed. Storage Post will assume operations of the property, which previously conducted business under the Public Storage brand.

April 7, 2022

Acquisitions Company News Retail Texas Top Stories

Dave & Buster’s Agrees to Acquire Entertainment Concept Main Event for $835M

by Katie Sloan April 7, 2022

DALLAS AND COPPELL, TEXAS — Dave & Buster’s Entertainment Inc. (NASDAQ: PLAY) has agreed to acquire family entertainment concept Main Event for $835 million in an all-cash transaction. The seller is a joint venture between Ardent Leisure Group Limited and Red Bird Capital Partners, and the deal is expected to close later this year. Chris Morris, current CEO of Main Event, will serve as CEO of the combined entity upon closing. The move ends the search for a new Dave & Buster’s CEO, which has been ongoing for approximately seven months following the retirement of Brian Jenkins. The purchase price represents a valuation of approximately nine times Main Event’s 12-month adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as of Dec. 31. Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A. and BMO Capital Markets Corp. are the joint lead arrangers and joint book-runners on the transaction. “From a strategic fit perspective, Main Event’s business model, footprint and asset quality aligns well with Dave & Buster’s,” says Kevin Sheehan, board chair and interim CEO of the Coppell-based buyer. “Main Event targets a different demographic — families with younger children — while Dave & Buster’s primarily targets young adults,” he continues. …

April 7, 2022

Acquisitions Illinois Industrial Midwest

Conor Commercial Real Estate Sells Two-Building Industrial Development in Elgin, Illinois

by Kristin Harlow April 6, 2022

ELGIN, ILL. — Conor Commercial Real Estate has sold Northwest Pointe III in Elgin for an undisclosed price. The property consists of two industrial buildings totaling 349,080 square feet and is situated within Northwest Corporate Park. At the time of sale, the property was 72 percent leased to three tenants, including Continental Packaging. Both buildings feature a clear height of 32 feet and 20 dock doors. McShane Construction Co. served as general contractor and Ware Malcomb was the architect. Ed Halibert and John Hugenard of JLL represented Conor in the sale to the private buyer.

April 6, 2022

Acquisitions Multifamily Texas

S2 Capital Acquires Two Dallas-Area Apartment Communities Totaling 676 Units

by Taylor Williams April 6, 2022

DALLAS AND CARROLLTON, TEXAS — Locally based investment firm S2 Capital has acquired two garden-style apartment communities totaling 676 units in the Dallas area in a single transaction. Lake Highlands is a 356-unit property located on the city’s east side that was built on 12 acres in 1979. Carrollton Oaks is a 320-unit community that was constructed in 1981. Both properties offer one- and two-bedroom units. S2 Capital plans to invest about $5 million over the next two years in capital improvements to both assets. Renovations will include upgrades of unit interiors, building exteriors and landscaping, as well as amenity spaces such as the pools, clubhouses and leasing offices. Taylor Snoddy of Northmarq represented the undisclosed seller in the deal. Lauren Bresky and Lauren Heikenfeld of Northmarq arranged acquisition financing on behalf of S2 Capital.

April 6, 2022

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