Acquisitions

Joint Venture Sells Motion at Dadeland Apartments in Miami for $114M

by John Nelson October 22, 2021

MIAMI — Adler Group and 13th Floor Investments, in partnership with Barings LLC, has sold Motion at Dadeland, a transit-oriented multifamily development in Miami. Maryland-based Lerner Enterprises purchased the 25-story property for $114 million. Located at 8400 South Dixie Highway, Motion at Dadeland features 294 market-rate rental apartments and approximately 8,000 square feet of retail space adjacent to the Dadeland North Metrorail station and the Dadeland Station retail center. Built in 2019, Motion at Dadeland was 99 percent occupied at the time of sale. Avery Klann of Newmark represented the seller in the transaction, while Rob Carey and Ted Taylor of JLL, along with Matt Williams and Kassi Saridakis of Newmark’s Debt & Structured Finance team, represented the buyer.

October 22, 2021

Acquisitions Florida Multifamily Southeast

Versity Investments Acquires Apartment Community in Central Florida for $89M

by John Nelson October 22, 2021

CELEBRATION, FLA. — Versity Investments LLC has acquired Astoria, a 306-unit multifamily property located in Celebration, for $89 million. CGI+ Real Estate Strategies sold the 306-unit community in a 1031 exchange. Astoria is the first multifamily acquisition for Versity and was 97.1 percent occupied at the time of sale, according to Blake Wettengel of Versity. Built in 2015, Astoria is situated on 14.4 acres and features one-, two- and three-bedroom units. Community amenities include a pool, clubhouse, elevator access and a fitness studio.

October 22, 2021

Acquisitions Loans Louisiana Southeast Student Housing Tennessee Texas

Alliant Credit Union Provides Three Loans Totaling $51M for Student Housing Deals in Southeast, Texas

by John Nelson October 22, 2021

CHICAGO — Chicago-based Alliant Credit Union has provided over $51 million in financing for three student housing properties located near Louisiana State University (LSU) in Baton Rouge, Baylor University in Waco, Texas, and the University of Tennessee in Knoxville. In Baton Rouge, Alliant provided acquisition financing to Versity Investments for a student housing property comprising 244 residential units and 466 beds. Located one mile south of LSU, the property was 100 percent occupied at the time of sale for the 2021/2022 school year. The undisclosed seller completed renovations to offer interior and community amenities, including lounges, two pools, a coffee bar, fitness center and a grilling area. Josh Perew of Walker & Dunlop referred the transaction to Alliant. In Waco, Alliant Credit closed on acquisition financing for a student housing property located approximately one mile from Baylor. The complex includes 116 apartments in three buildings comprising a combined 455 beds. Community amenities include two resort-style pools and spas, sand volleyball court, basketball court, private jogging trail and a fitness center. Free high-speed internet and expanded cable TV are included in every unit. The flexible loan structure included a three-year term with extension options and a 30-year amortization schedule. Patrick Short …

October 22, 2021

Acquisitions Industrial North Carolina Southeast

Avison Young Brokers $14.6M Sale of Industrial Building in Charlotte

by Julia Sanders October 21, 2021

CHARLOTTE, N.C. — Avison Young has brokered the sale of a 128,000-square-foot industrial building located at 2345 Township Road in Charlotte, about 9.9 miles from downtown Charlotte. The sales price was $14.6 million. The seller and buyer were not disclosed. The industrial building is fully leased by Magellan Aviation Group, a global supplier of aftermarket aircraft products and services. Built in 2000, this property features pre-cast panel construction, an ESFR sprinkler system and multiple storefronts. Chris Loyd, Tom Tropeano and Chris Skibinski of Avison Young’s Charlotte industrial team facilitated the transaction on behalf of the private seller.

October 21, 2021

Acquisitions Office Texas

Group RMC Acquires 491,092 SF Office Building in Houston’s Galleria District

by Taylor Williams October 21, 2021

HOUSTON — Group RMC, a New York City-based investment firm focused on the office sector, has acquired a 491,092-square-foot building located at 5718 Westheimer Road in Houston’s Galleria District. The 22-story building was renovated in 2017 and offers a fitness center and a full-service café. Kevin McConn and Rick Goings of JLL represented the undisclosed seller in the transaction. John Ream, also with JLL, arranged an undisclosed amount of floating-rate acquisition financing through Sound Point Capital Management on behalf of Group RMC. At the time of sale, 5718 Westheimer was approximately 68 percent leased.

October 21, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 714-Unit Self-Storage Facility in Metro Dallas

by Taylor Williams October 21, 2021

MIDLOTHIAN, TEXAS — Marcus & Millichap has brokered the sale of Midlothian Self Storage, a 714-unit facility located on the southern outskirts of Dallas. The property spans 94,385 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a private owner, and procured the buyer, a 1031 exchange investor. Both parties involved in the transaction requested anonymity.

October 21, 2021

Acquisitions Multifamily Texas

Wellington Realty Arranges Sale of 85-Unit Crestview Apartments in Dallas

by Taylor Williams October 21, 2021

DALLAS — Locally based brokerage firm Wellington Realty has arranged the sale of Crestview Apartments, an 85-unit multifamily complex located near Highland Park in Dallas. According to Apartments.com, the property was built in 1962 and offers a picnic area and onsite laundry facilities. The buyer and seller were both undisclosed. David Shaffer, Caleb Jones and Will Miller of Wellington Realty brokered the deal.

October 21, 2021

Acquisitions California Multifamily Western

Klingbeil Capital Buys 137-Unit Avery at TownCentre Apartments in Brentwood, California for $49.5M

by Amy Works October 21, 2021

BRENTWOOD, CALIF. — Columbus, Ohio-based Klingbeil Capital Management has purchased Avery at TownCentre, a two-story apartment community in Brentwood. ConAm sold the asset for $49.5 million. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group in Northern California represented the seller in the deal. Comprising 13 buildings, Avery at TownCentre features 137 apartments in a mix of 56 one-bedroom units, 68 two-bedroom units, 12 three-bedroom units and one studio unit. The apartments feature stainless steel appliances, granite countertops, wood-style flooring and private patios/balconies. Some units also offer vaulted ceilings and washers/dryers. Community amenities include a pool, sundeck, fitness center, playground, on-site laundry facility and covered parking.

October 21, 2021

Acquisitions Montana Retail Western

Citivest Commercial, Sage Investco Acquire 116,992 SF Retail Property in Helena, Montana

by Amy Works October 21, 2021

HELENA, MONT. — Citivest Commercial Investments and Sage Investco have purchased a former department store building in Helena for an undisclosed price. The 116,992-square-foot asset also includes two pad development opportunities, with one ground finalized and another in negotiations. Shopko formerly occupied the building, which is situated within a larger center anchored by Albertsons, Target, JoAnn, Ross Dress for Less and other retailers. The buyers plan to implement a renovation program, including updating paint colors, landscaping and signage to maximize the center’s value. The name of the seller was not released.

October 21, 2021

Zen-Diamong-Valley-Senior-Living-Apts-Hemet-CA

Acquisitions California Multifamily Seniors Housing Western

IPA Brokers $23.9M Sale of Zen Diamond Valley Senior Living Apartments in Hemet, California

by Amy Works October 21, 2021

HEMET, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Zen Diamond Valley Senior Living Apartments, a 177-unit active adult community in the Inland Empire city of Hemet. Investment Concepts acquired the property for $23.9 million. “One of the fastest-growing submarkets in Southern California, the Inland Empire is well suited to meet demands for seniors housing,” says Bill Roblero, vice president of investments in Marcus & Millichap’s Ontario office. “Supported by the area’s strong economic fundamentals and demographics, Zen Diamond Valley Senior Living Apartments is an excellent candidate for an interior and exterior renovation program that will reposition it as a seniors housing market leader.” Roblero, Alexander Garcia Jr. and Christopher Zorbas represented the undisclosed seller.

October 21, 2021

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