Acquisitions

Breeden Receives Approval for $27M Mixed-Use Project in Richmond’s Scott’s Addition

by Julia Sanders November 2, 2021

RICHMOND, VA. — The Breeden Co. has received approval for a $27 million mixed-use project in Richmond’s Scott’s Addition area. The company is in the process of closing on 2 acres of land on Hermitage Road for the mixed-use project. The development will include a 142-unit multifamily community, as well as 24,000 square feet of commercial space, which will be the new corporate headquarters for Breeden Construction. The multifamily space, formally named Duplex Station on Hermitage, will feature one-, two- and three-bedroom apartments. Units will feature granite countertops, vinyl plank flooring and washers and dryers. Community amenities will include a pool, fitness center, rooftop lounge, electric car charging stations and bicycle storage. Breeden Construction will serve as the general contractor on the project. Construction is planned for early 2023.

November 2, 2021

Acquisitions Maryland Multifamily Southeast

Grosvenor Americas Sells 648-Unit Apartment Community in Gaithersburg, Maryland

by Julia Sanders November 2, 2021

GAITHERSBURG, MD. — Grosvenor Americas has sold Sawyer Flats, a 648-unit apartment community located at 9806 Mahogany Drive in Gaithersburg to an undisclosed buyer. The sales price was not disclosed. Newmark represented Grosvenor in the sale transaction. Sawyer Flats offers one-, two- and three-bedroom floorplans with unit sizes ranging from 715 to 1,556 square feet. Built in 1989, the property includes features such as in-unit washers and dryers, stainless steel appliances, built-in bookshelves, hardwood floors, walk-in closets and balconies and patios. Community amenities include onsite maintenance, package services, a pool, clubhouse, playground and a tennis court. Under Grosvenor’s ownership, the property had a comprehensive repositioning and rebranding program in 2016 to update unit interiors, landscaping and resident amenities. Other improvements include unit finishes, new outdoor fitness stations and fireside social lounges. Christian Siding was the general contractor for the property improvements. Grosvenor’s Environmental, Social and Governance (ESG) program allowed the firm to finalize an agreement with Montgomery County to offer several affordable units at Sawyer Flats.

November 2, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers Sale of 267-Unit Multifamily Community in Downtown Mobile

by Julia Sanders November 2, 2021

MOBILE, ALA. — Cushman & Wakefield has brokered the sale of Meridian at the Port, a 267-unit apartment community located in downtown Mobile. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the Nashville-based seller, Bristol Mobile Partners LLC, in the transaction. Houston-based ApexOne acquired the property for an undisclosed price. Built in 2019, Meridian at the Port offers one- and two-bedroom floorplans ranging from 602 to 1,308 square feet. Unit features include in-unit washers and dryers, granite countertops, walk-in closets and hardwood floors. Community amenities include a fitness center, saltwater swimming pool, pet spa, bark park, rooftop lounge, outdoor fireplace with kitchen, clubhouse, billiard and media room and a resident lounge. The property was 97 percent occupied at the time of sale. Located at 300 N. Water St., the property is situated within walking distance of downtown Mobile and about 10.8 miles from the University of Mobile.

November 2, 2021

Acquisitions Multifamily Texas

LYND Living Buys Legends Lakeline Apartments in North Austin for $46.6M

by Taylor Williams November 2, 2021

AUSTIN, TEXAS — San Antonio-based investment firm LYND Living has purchased Legends Lakeline, a 222-unit apartment community located in North Austin, for $46.6 million. Built in 2008, the property features one-, two- and three-bedroom units ranging in size from 675 to 1,717 square feet. Amenities include a pool, fitness center, grilling stations, resident clubhouse, business center and a dog run. The new ownership will invest about $4 million in capital improvements to the unit interiors, building exteriors and amenity spaces. The seller was not disclosed. Marc Suarez of Lument provided a $41.2 million acquisition loan for the deal.

November 2, 2021

Acquisitions Multifamily Oklahoma Texas

Wynmor Management Acquires Oklahoma City Apartment Complex for $13.6M

by Taylor Williams November 2, 2021

OKLAHOMA CITY — New York-based private equity firm Wynmor Management LLC has acquired Riverchase Apartments, a 252-unit multifamily community in Oklahoma City, for $13.6 million. Built in 1971, the property consists of 10 three-story buildings and an additional building that serves as an office, as well as a pool, basketball and tennis courts. The seller was Texas-based Casa Claire Apartments LLC. Wynmor plans to implement a value-add program.

November 2, 2021

Acquisitions Kansas Midwest Multifamily Northmarq

Northmarq Arranges $35.5M Sale of Apartment Complex in Shawnee, Kansas

by Kristin Harlow November 2, 2021

SHAWNEE, KAN. — Northmarq has arranged the sale of Park 67, a 352-unit apartment complex in Shawnee, for $35.5 million. Park 67 was built in 1969 and recently underwent renovations for 30 percent of the units. The property features a pool, fitness center, playground, business center and onsite laundry facilities. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Kansas City-based Worcester Investments. Charlotte, N.C.-based Greystone Capital Holdings LLC was the buyer.

November 2, 2021

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of Two Industrial Buildings Totaling 650,987 SF in Suburban Indianapolis

by Kristin Harlow November 2, 2021

MT. COMFORT, IND. — Colliers International has brokered the sale of Buildings 1 and 2 at Mount Comfort Commercial Park for an undisclosed price. The properties, totaling 650,987 square feet, are located on Enterprise Drive in Mt. Comfort, about 15 miles northeast of Indianapolis. Building 1 spans 260,406 square feet and features a clear height of 32 feet and 26 docks. Building 2 is a 390,581-square-foot facility with a clear height of 36 feet and 38 docks. Both buildings offer 135-foot trailer courts and were completed on a speculative basis. Alex Cantu, Jimmy Cohoat, Jason Speckman, Andrea Hopper and Alex Davenport of Colliers represented the sellers, Becknell Industrial and Cross Harbor Capital. An affiliate of EQT Exeter was the buyer.

November 2, 2021

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Negotiates $10.2M Sale of Industrial Facility in Lombard, Illinois

by Kristin Harlow November 2, 2021

LOMBARD, ILL. — Marcus & Millichap has negotiated the $10.2 million sale of Oak Creek Center in Lombard, a western suburb of Chicago. The 79,462-square-foot industrial facility is located on Oak Creek Drive. Tenants include Home Depot and Kia Motors. Peter Doughty of Marcus & Millichap represented the seller, a private investor. He also secured and represented the buyer, a private investor. Frank Montalto and Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer.

November 2, 2021

Acquisitions Hospitality Washington Western

SPI Hospitality Buys Five-Property Woodspring Suites Hotel Portfolio in Washington for $88M

by Amy Works November 2, 2021

REDMOND, TUKWILA, RICHLAND, LAKEWOOD AND VANCOUVER, WASH. — Dallas-based SPI Hospitality has acquired five Woodspring Suites properties in Washington for a total of $88 million. West77 Partners sold the portfolio for $88 million. The 596-room, extended-stay hotel portfolio includes Woodspring Suites Redmond at 7045 180th Ave. NE in Redmond, Woodspring Suites Tukwila at 15637 W. Valley Highway in Tukwila, Woodspring Suites Richland at 1370 Tapteal Drive in Richland, Woodspring Suites Lakewood at 11329 Pacific Highway in Lakewood and Woodspring Suites Vancouver at 200 NE 104th Ave. in Vancouver. The Redmond and Tukwila properties were completed in 2018, the Richland and Lakewood assets opened in late 2020 and the Vancouver hotel is slated to open in November. Matthew Behrens, Chris Burdett and Jordan Caudill of CBRE Hotels represented the seller in the transaction.

November 2, 2021

Acquisitions California Industrial Western

CapRock Partners Divests of 210,156 SF Distribution Facility in San Diego’s Otay Mesa

by Amy Works November 2, 2021

SAN DIEGO — CapRock Partners has completed the disposition of a newly renovated distribution center located at 1855 Dornoch Court in San Diego’s Otay Mesa submarket. An investment firm acquired the property for an undisclosed price. CapRock completed several million dollars in capital improvements to the 210,156-square-foot building, which was originally built in the late 1980s. Situated on 10.6 acres, the facility features functional divisibility with a variety of bay sizes, 26- to 28-foot clear heights, grade- and dock-high loading doors, ESFR sprinkler systems and concrete truck courts. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield represented the seller in the deal. Brant Aberg of Cushman & Wakefield along with Joe Anderson and Andy Irwin of JLL provided market leasing advisory.

November 2, 2021

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