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Acquisitions

Villa-Serena-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Rise48 Equity Sells Villa Serena Apartments in Phoenix to Tides Equities for $32M

by Amy Works

PHOENIX — Rise48 Equity has completed the disposition of Villa Serena, a multifamily community located near Interstate 17 in Phoenix. Tides Equities acquired the property for $32 million, or $233,577 per unit. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Constructed in 1982 on five acres, Villa Serena features 137 apartments in a mix of one- and two-bedroom layouts, with 54 percent of the property being two-bedroom/two-bath units. All apartments include private patios or balconies with exterior storage space and washers/dryers. Community amenities include a swimming pool with poolside loungers and ramada, business center and reserved covered parking.

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AcquisitionsCaliforniaIndustrialWestern

Faris Lee Brokers Sale of 42,119 SF Industrial Park in Rancho Cucamonga, California

by Amy Works

RANCHO CUCAMONGA, CALIF. — Faris Lee Investments has arranged the sale of Hermosa Technology Center, an incubator industrial park located at Hermosa Avenue and Sixth Street in Rancho Cucamonga. A private family office based out of Riverside County, Calif., sold the asset to a Los Angeles-based family office for $11.4 million, or $271 per square foot. Nick Miller and Shaun Riley of Faris Lee represented the seller in the deal. At the time of sale, the 42,119-square-foot property was fully leased.

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AcquisitionsGeorgiaMultifamilySoutheast

Carroll Acquires Two Multifamily Properties in Atlanta for $175M

by Julia Sanders

ATLANTA — Atlanta-based Carroll has acquired two new multifamily properties in northeast Atlanta called The Artisan and Berkshires at Lenox Park for a combined purchase price of $175 million. Carroll paid $245,000 per unit with a total of 715 units between the two properties, according to the Atlanta Business Chronicle. The seller(s) was not disclosed. Both properties were acquired through Carroll’s institutional investment vehicle, Carroll Multifamily Venture VI LP. The Artisan and Berkshires at Lenox Park will also be managed by Carroll. Ashish Cholia, Colleen Hendrix, Don Hoffman and Shea Campbell of CBRE represented the seller of Berkshires at Lenox Park. The Artisan, which will rebranded as Arium Peachtree Creek, is a 340-unit garden-style community located off Interstate 85 and near Buford Highway. Located at 3001 Northeast Expy, the Artisan is 11.8 miles from downtown Atlanta. The property offers one-, two- and three-bedroom floorplans with walk-in closets, hardwood floors and in-unit washer and dryers. Community amenities include a pool, fitness center and a community business center. Berkshires at Lenox Park, which will be rebranded as Arium Lenox Park, is a 375-unit property located at the intersection of the Atlanta neighborhoods of Brookhaven and Buckhead. The property offers one-, two- and …

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River-Oaks-Apartments-Wylie-Texas
AcquisitionsMultifamilyTexas

Casoro Group Sells Five Multifamily Properties Totaling 1,070 Units in Dallas-Fort Worth

by Taylor Williams

AUSTIN, TEXAS — Austin-based investment firm Casoro Group has sold five multifamily properties totaling 1,070 units that are located throughout the Dallas-Fort Worth metroplex. The 216-unit Mariposa Villas and the 332-unit Vistas at Pinnacle Park were both constructed in 2003 and are located in Dallas. The 198-unit Huntington Ridge was built in 2007 in the southern suburb of DeSoto, and the 180-unit River Oaks is located in nearby Wylie and was built in 2002. Rounding out the portfolio is Savoy of Garland, located northeast of Dallas, which totals 144-units and was built in 2008. The buyer and sales price were not disclosed.

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AcquisitionsRetailTexas

JLL Negotiates Sale of 271,157 SF Regional Power Center in Metro Houston

by Taylor Williams

RICHMOND, TEXAS — JLL has negotiated the sale of The Shops of Bella Terra, a 271,157-square-foot regional power center in the southwestern Houston suburb of Richmond. Built in phases between 2008 and 2013, the property was 93 percent leased at the time of sale to tenants such as 24 Hour Fitness, Total Wine & More, Best Buy, Five Below, Ulta Beauty, Chick-fil-A and Whataburger. Barry Brown, Adam Howells, George Cushing, Wendy Vandeventer, Ethan Goldberg and Erin Lazarus of JLL represented the undisclosed seller in the transaction. Colby Mueck, James Brolan and Stuart Hepler of JLL arranged a 10-year, fixed-rate acquisition loan through Morgan Stanley on behalf of the buyer, Fidelis Realty Partners.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges $42.1M Sale of Multifamily Property in Largo, Florida

by Julia Sanders

LARGO, FLA. — Berkadia has arranged the sale of Mystic Bay Apartments, a 228-unit garden-style multifamily property in Largo. Jason Stanton, Cole Whitaker, David Etchison, Mary Beale, Lauren Gassie, Greg Rainey of Berkadia represented the seller, New York-based Ashcroft Capital, in the transaction. Indiana-based The Sterling Group purchased the property for $42.1 million. Mystic Bay Apartments features one-, two- and three-bedroom floor plans. The units include features such as walk-in closets, granite countertops and balconies. Community amenities include a pool, fitness center, tennis court and a business center. Located at 600 Starkey Road, the property is located 1.3 miles from the Largo Central Park Nature Preserve, a park with a lookout tower, pond, trails, butterfly garden and kayak launch. Mystic Bay Apartments is 5.1 miles from the St. Pete-Clearwater International Airport, 21.3 miles from Tampa and 5.8 miles from Clearwater.

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AcquisitionsMultifamilyTexas

Civitas Capital Acquires 312-Unit Rocco Apartments in East Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Dallas-based global investment management firm Civitas Capital Group has acquired Rocco Apartments, a 312-unit community located on the east side of Fort Worth. Built in 1984, the property offers one- and two-bedroom units that are furnished with stainless steel appliances and faux granite or quartz countertops, with individual washers and dryers and private balconies/patios available in select units. Communal amenities include a pool, fitness center, dog park, business center, clubhouse and a playground. The seller and sales price were not disclosed.

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AcquisitionsMultifamilyTexas

Brixton Capital Buys 172-Unit Carrington Place Apartments Near San Antonio

by Taylor Williams

BOERNE, TEXAS — California-based investment firm Brixton Capital has purchased Carrington Place, a 172-unit apartment community in the San Antonino suburb of Boerne that was built in 2003. Colton Burch of Rowan Multifamily Advisors represented Brixton Capital in the transaction, while Robert Arzola of JLL represented the seller, Dallas-based MHP Capital Partners. Brixton Capital plans to rebrand the property and upgrade building exteriors, amenity spaces and unit interiors.

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Eliot-on-Ocean-Revere-Massachusetts
AcquisitionsMassachusettsMultifamilyNortheast

JLL Negotiates $84.3M Sale of Metro Boston Apartment Community

by Taylor Williams

REVERE, MASS. — JLL has negotiated the $84.3 million sale of Eliot on Ocean, a 194-unit apartment community in the eastern Boston suburb of Revere. Built in 2016, Eliot on Ocean offers one-, two- and three-bedroom units averaging 738 square feet. Residences feature stainless steel appliances, quartz countertops and walk-in closets. Amenities include a fitness center with a yoga studio, sun deck, wine room, game room, clubhouse and a dog grooming station. Scott Aiese, Alex Staikos, Jackie Meagher and Hugh Doherty of JLL represented the seller, Westbrook Partners, in the transaction. Chris Phaneuf, Adam Dunn and Scott DiSciullo of JLL arranged $60.9 million in acquisition financing through Barings on behalf of the buyer, Invictus Real Estate Partners. The loan was structured with a three-year term and a floating interest rate.

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AcquisitionsIllinoisMidwestRetail

JLL Brokers $30.2M Sale of Suburban Chicago Retail Center

by Kristin Harlow

GLEN ELLYN, ILL. — JLL Capital Markets has brokered the sale of Market Plaza in the Chicago suburb of Glen Ellyn for $30.2 million. Jewel-Osco anchors the 166,572-square-foot retail center. Built in 1965 and renovated in 2009, Market Plaza is home to tenants such as Ross Dress for Less, Dollar Tree, Staples, Sherwin-Williams, Sweet Basil, H&R Block, Royal Nail and Spa and Goldfish Swim School. The property sits on 12 acres along Roosevelt Road. Amy Sands, Clinton Mitchell and Michael Nieder of JLL represented the seller, RPT Realty. North American Real Estate Group was the buyer.

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