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Acquisitions

Salado-Springs-San-Antonio
AcquisitionsMultifamilyTexas

DB Capital Acquires 352-Unit Salado Springs Apartments in San Antonio

by Taylor Williams

SAN ANTONIO — Los Angeles-based investment firm DB Capital Management has acquired Salado Springs, a 352-unit apartment community located on the north-central side of San Antonio. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, playground, fitness center, clubhouse, pet play area and a media room. San Francisco-based Hamilton Zanze sold the property, which was originally built in 1997, to DB Capital for an undisclosed price. The new ownership plans to invest about $6.5 million in capital improvements and to rebrand the property as Summit at Salado Springs.

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The-Mont-Apartments-Austin
AcquisitionsMultifamilyTexas

AMAC Buys Apartment Community in Austin’s East Riverside Area for $61.9M

by Taylor Williams

AUSTIN, TEXAS — Arbor Management Acquisition Co. (AMAC) has purchased The Mont, a 288-unit apartment community in Austin’s East Riverside neighborhood, for $61.9 million. The newly built property features one- and two-bedroom units averaging 730 and 1,048 square feet, respectively. Residences are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies. Amenities include a pool with a tanning deck, fitness center with a yoga studio, courtyard, business center, game room and a dog park. The seller was not disclosed.

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AcquisitionsOfficeTexas

Colliers Negotiates Sale of 155,000 SF Search Plaza Office Building in Dallas

by Taylor Williams

DALLAS — Colliers has negotiated the sale of Search Plaza, a 155,000-square-foot office building located along the North Central Expressway in North Dallas. New Orleans-based Uhalt Investments purchased the asset from Pillar Commercial for an undisclosed price. Creighton Stark and Chris Boyd of Colliers brokered the deal. Pillar Commercial will continue to manage and lease the building, which was 91 percent leased at the time of sale.

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AcquisitionsMultifamilyTexas

The Multifamily Group Arranges Sale of 176-Unit Complex in San Antonio

by Taylor Williams

SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Mission Villas, a 176-unit apartment complex in San Antonio. Built on five acres in 1965, the property offers one- and two-bedroom units and amenities such as a pool, playground, picnic area and onsite laundry facilities. Paul Yazbeck of TMG represented the seller in the transaction, and Chris Siemasko of TMG procured the buyer, a California-based REIT.

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AcquisitionsColoradoMultifamilyWestern

Capstone Brokers Sale of Six-Property Multifamily Portfolio in Southwest Denver for $56.5M

by Amy Works

DENVER — Capstone Apartment Partners has completed the sale of a six-community apartment portfolio located in Southwest Denver. Monarch Investment and Management Group acquired the portfolio from a group of investors connected through Abiete Real Estate for $56.5 million. Totaling 325 apartments, the portfolio includes The Amherst, Federal Terrace, Autumn Ridge, Pinecrest Apartments, Elm Creek Apartments and The Hill Apartments. All six properties are located along South Federal Boulevard and were approximately 96 percent occupied at the time of closing. Jason Koch, Adam Riddle, Sean Holamon and Austin Smith of Capstone represented the seller in the deal.

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Maris-Martinez-CA
AcquisitionsCaliforniaMultifamilyWestern

MG Properties Buys 168-Unit Apartment Community in Martinez, California

by Amy Works

MARTINEZ, CALIF. — San Diego-based MG Properties Group has acquired Maris at Martinez, a multifamily property located at 142 Fig Tree Lane in Martinez. Terms of the transaction were not released. Formerly known as Terra Martinez, the 168-unit community was built in 1985. Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alexander Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. Institutional investors advised by JP Morgan Asset Management provided mortgage financing for the acquisition. Bryan Frazier, Andrew Schoene and Blake Hockenbury of Walker & Dunlop arranged the acquisition financing.

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The-Marco-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Colliers Negotiates $7.3M Acquisition of Marco Apartments in North Seattle

by Amy Works

SEATTLE — Colliers has arranged the purchase of The Marco, a multifamily property located in the Roosevelt submarket of North Seattle. An undisclosed seller sold the asset for $7.3 million. Tim McKay, Dan Chhan, Sam Wayne, Matt Kemper and Adam Groberman of Colliers represented the buyers, a local syndication group, in the transaction. Located at 9100 Roosevelt Way NE, The Marco features 25 apartments. The property was originally built in 1970 and is currently renting as market-rate apartments. Fourteen of the 25 units have been renovated over the last two years.

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5349-W-Baseline-Rd-Phoenix-AZ
AcquisitionsArizonaRetailWestern

Marcus & Millichap Arranges $2.1M Sale of O’Reilly Auto Parts-Occupied Property in Phoenix

by Amy Works

PHOENIX — Marcus & Millichap has brokered the sale of a retail building located at 5349 W. Baseline Road in Phoenix. A partnership sold the property to a limited liability company for $2.1 million. O’Reilly Auto Parts occupies the 7,000-square-foot property, which was built in 2006. The tenant recently executed its first five-year renewal option with 10 percent rental increases every five years. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

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AcquisitionsIowaMidwestMultifamilyStudent Housing

Centurion Property Group Acquires 422-Bed Student Housing Community Near Iowa State for $25M

by Kristin Harlow

AMES, IOWA — Centurion Property Group has acquired Aspen Ames, a 422-bed student housing community located near the Iowa State University campus in Ames, for $25 million. Built in 2017, the property offers a mix of two-, three- and four-bedroom floorplans with bed-to-bath parity across four buildings. Shared amenities include a fitness center, game room, computer lab and study room. Centurion plans to begin renovations on the community and add a pet park and basketball court.  Asset Living has been tapped to manage the property, which will be renamed The ONE at Ames. Scott Clifton and Stewart Hayes of JLL represented the undisclosed seller in the transaction. Aspen Ames marks the company’s third student housing acquisition in the past 18 months. 

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AcquisitionsMidwestRetailWisconsin

Matthews Brokers $10.7M Sale of Home Depot-Occupied Property in Racine, Wisconsin

by Kristin Harlow

RACINE, WIS. — Matthews Real Estate Investment Services has brokered the $10.7 million sale of a Home Depot-occupied retail property in Racine. The asset is located at 2429 S. Green Bay Road near the High Ridge Shopping Center. Rob Goldberg and Ben Snyder of Matthews represented the seller, a national private investor. An unnamed REIT was the buyer. 

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