Acquisitions

Pathfinder Partners Sells Hadley Apartments in Thornton, Colorado for $38.5M

by Amy Works December 1, 2021

THORNTON, COLO. — San Diego-based Pathfinder Partners has completed the disposition of Hadley Apartments, a multifamily community located in Thornton. An undisclosed buyer acquired the asset for $38.5 million. Andy Hellman and Justin Hunt of CBRE’s Denver office brokered the transaction. Situated nine miles north of downtown Denver, Hadley Apartments features 140 apartments in a mix of one- and two-bedroom floorplans averaging 760 square feet. Community amenities include a clubhouse, yoga area, dog park and pool. Since purchasing the property in 2017, Pathfinder has installed new flooring, cabinets, stainless steel appliances, quartz countertops and new paint, finishes and fixtures.

December 1, 2021

Acquisitions Illinois Midwest Multifamily Student Housing

Harrison Street Sells Two Student Housing Portfolios Totaling Over 23,000 Beds for Combined $1.9B

by Kristin Harlow December 1, 2021

CHICAGO — Chicago-based Harrison Street has sold two student housing portfolios totaling over 23,000 beds for a combined $1.9 billion. The firm sold a 12-property portfolio totaling 8,182 beds to Global Student Accommodation (GSA) and a 25-property portfolio totaling 15,817 beds to a joint venture affiliated with The Scion Group. Both transactions were brokered by Peter Katz and Institutional Property Advisors (IPA) Student Housing. The portfolio sold to GSA — which includes The Hub at Tucson near the University of Arizona — is located across 12 university markets. The communities were owned by three distinct Harrison Street funds and four co-investment vehicles. GSA’s operating partner, Yugo, will provide management and oversight of the portfolio. Wells Fargo Bank provided financing for the senior acquisition loan, which was arranged by TSB Capital Advisors on behalf of GSA, with legal and tax advice provided by Greenberg Traurig. The portfolio acquired by a joint venture affiliated with Scion is located across 19 university markets and was owned through four separate Harrison Street funds and three co-investment vehicles. “The two large-scale transactions reflect Harrison Street’s longstanding strategy of acquiring or developing individual assets at leading universities, executing on defined business plans and exiting via strategic portfolio sales,” …

December 1, 2021

Acquisitions Indiana Industrial Midwest

Phoenix Investors Purchases 1.7 MSF Manufacturing Plant in Connersville, Indiana

by Kristin Harlow December 1, 2021

CONNVERSVILLE, IND. — An affiliate of Phoenix Investors has purchased a 1.7 million-square-foot manufacturing plant in Connersville, about 65 miles east of Indianapolis. The purchase price and seller were not disclosed. The facility sits on 186 acres at 4747 N. Western Ave. Philco Corp. built the first phase of the property in 1953. In 1961, Ford Motor Co. acquired Philco — a pioneer in battery, radio and television production — and renamed the division Philco-Ford in 1966. Ford expanded the Connersville plant in various phases throughout the 1960s. Ford operated the plant from 1961 until it spun the division off as Visteon Corp. in 2000. Visteon closed the plant in 2007. Since 2013, CliqStudios Cabinets has occupied one-third of the plant, which features a clear height of 30 feet, 50 docks and drive-in doors, two rail sidings. Phoenix plans to make upgrades to the facility.

December 1, 2021

Acquisitions Midwest Ohio Retail

JLL Brokers $17.7M Sale of Derby Square Shopping Center in Grove City, Ohio

by Kristin Harlow December 1, 2021

GROVE CITY, OHIO — JLL Capital Markets has brokered the $17.7 million sale of Derby Square in Grove City, a southern suburb of Columbus. Giant Eagle anchors the 125,250-square-foot shopping center, which is 99 percent leased. Additional tenants include Once Upon a Child, Plato’s Closet, Novacare Rehabilitation, Salon Lofts, City Barbeque, Batteries + Bulbs, H&R Block and Allstate Insurance. Derby Square is situated on 12 acres along Stringtown Road. Amy Sands, Clinton Mitchell, Michael Nieder and Bill Poffenberger of JLL represented the seller, a joint venture between Madison International Realty and SITE Centers Corp. A Midwest-based private buyer acquired the asset.

December 1, 2021

Acquisitions Illinois Midwest Multifamily

DMG Capital Acquires Three-Property Multifamily Portfolio in Suburban Chicago for $12M

by Kristin Harlow December 1, 2021

WINNETKA AND WILMETTE, ILL. — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group Inc., has acquired a three-property multifamily portfolio in Winnetka and Wilmette for $12 million. DMG acquired the assets, located in the North Shore suburbs of Chicago, in a joint venture with private equity real estate firm JDI Realty. DMG plans to rebrand the portfolio as Trevian Townhomes. Units average 1,525 square feet. The seller was not provided.

December 1, 2021

Acquisitions Florida Multifamily Southeast

TerraCap Management Acquires 371-Unit Apartment Complex in Orlando

by Julia Sanders November 30, 2021

ORLANDO, FLA. — TerraCap Management LLC has acquired The Place on Millenia, a 371-unit apartment community in Orlando. Scott Ramey of Newmark represented the undisclosed seller in the disposition. The sales price was also not disclosed. Built in 2007, The Place on Millenia features one-, two- and three-bedroom units. In certain units, features include quartz kitchen and bathroom countertops, new cabinetry and hardware and vinyl plank flooring. TerraCap plans to execute a renovation program to add the features to more of the units. Community amenities include a pool, outdoor kitchen and gas grills, fitness center, clubhouse with a media room and a billiards room. The property also has three interior lakes that provide tenants with water views. Naples, Fla.-based TerraCap is in the process of adding debt financing to the property post-close, and the financing is expected to close within the next few weeks. Matt Williams and Kyle Schlitt of Newmark were retained to help originate the debt. ZRS Management will be the property manager.

November 30, 2021

Acquisitions Industrial Texas

Dalfen Industrial Acquires 169,700 SF Century Center in Irving

by Taylor Williams November 30, 2021

IRVING, TEXAS — Locally based investment and development firm Dalfen Industrial has acquired Century Center, a 169,700-square-foot property located near Dallas-Fort Worth (DFW) International Airport in Irving. Built in 2014, the property was fully leased to three tenants at the time of sale. The seller and sales price were not disclosed. Following this transaction, Dalfen owns more than 3 million square feet of industrial space in DFW and has more than 2 million square feet of product in its development pipeline.

November 30, 2021

HamptonPark-SanMateo-SolanoSprings-Tucson-AZ

Acquisitions Arizona Multifamily Western

Bridge Investment Group Buys Three Multifamily Properties in Tucson for $75.1M

by Amy Works November 30, 2021

TUCSON, ARIZ. — Bridge Investment Group has acquired three multifamily communities in Tucson from Monarch Investment and Management Group for $75.1 million. The portfolio includes the 160-unit Hampton Park, which was built in 1973; the 254-unit San Mateo, which was built in 1987; and the 152-unit Solano Springs, which was built in 1982. Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 30, 2021

Acquisitions California Office Western

KBS Sells 99,552 SF Office Building in San Jose to Menlo Equities for $35M

by Amy Works November 30, 2021

SAN JOSE, CALIF. — KBS Real Estate Investment II has completed the disposition of 300 Holger Way, a Class A office building in San Jose. An affiliate of Menlo Equities acquired the property for $35 million. Constructed in 2000 and fully renovated in 2019, the three-story building features 99,552 square feet of office space on 4.8 acres. KBS invested more than $3 million in renovations to the property, including new interiors, upgraded exteriors, landscaping, a new outdoor amenity area, an upgraded parking lot and new HVAC system. The building is part of the eight-building District 237 office park, which KBS originally acquired in 2013. The 300 Holger Way property is the final asset to sell in the office park. Joseph Moriarty, Scott Prosser, Jack Depuy, Brad Zampa and Mike Walker of CBRE represented KBS in the transaction.

November 30, 2021

Acquisitions Affordable Housing Multifamily Nevada Western

Kairos Investment Acquires 195-Unit Siena Townhomes Affordable Community in Las Vegas

by Amy Works November 30, 2021

LAS VEGAS — Kairos Investment Management Co. has purchased Siena Townhomes, a 195-unit affordable multifamily property in Central Las Vegas. Terms of the off-market transaction were not released. Built in 2001, Siena Townhomes features 82 two-bedroom townhomes and 113 three-bedroom townhomes with full-size washers/dryers, walk-in closets and a private balcony or patio with extra storage. Community amenities include a clubhouse, pool and spa, fitness center, barbecue area, basketball court, business center, children’s play area and carports.

November 30, 2021

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