PHILADELPHIA — CBRE has arranged the $8 million sale of N15, a 75-bed student housing complex serving Temple University in Philadelphia. Built in 2012, the 36-unit, four-story building was 99 percent occupied at the time of sale. Adrian Sam and Spencer Yablon of CBRE represented the seller, North Broad Living, in the transaction. The buyer was an undisclosed private investor.
MOORESTOWN, N.J. — Colliers International has brokered the sale of a 22,500-square-foot warehouse located at 353 Crider Ave. in the Southern New Jersey city of Moorestown. A partnership between Quinlan Development Group and Atrium Real Estate Group purchased the building for an undisclosed price. The seller, Court Street Ventures, acquired the asset a year ago and implemented capital upgrades. Ian Richman of Colliers brokered the deal.
ARVADA, COLO. — Capstone has arranged the sale of Mesa Verde Apartments, a multifamily property located at 9700 W. 51st Place in Arvada. An undisclosed buyer acquired the property for $64.5 million. Mesa Verde Apartments features 276 apartments in a mix of one-, two- and three-bedroom layouts with individually controlled heating and air conditioning and walk-in closets. The community includes volleyball and basketball courts, an outdoor swimming pool, playground and picnic area, as well as off-street parking for residents. The buyer plans to perform interior renovations, add additional units to the community, build a clubhouse for resident use, add a gate surrounding the property and resurface the parking lots. Brandon Kaufman of Capstone represented the buyer in the deal.
DELRAY BEACH, FLA. — Mesa West Capital has provided a $77 million loan for the acquisition of Alta Congress, a 369-unit multifamily property in Delray Beach. The borrower is an undisclosed, privately held real estate management and development firm. Built in 2013, Alta Congress, which has been rebranded as Congress Grove Apartments, is a four-story apartment community. The asset offers studio, one-, two- and three-bedroom apartments with stainless steel appliances, hardwood style plank flooring, breakfast bars, granite countertops, walk‐in closets, in‐unit stackable washers/dryers and hurricane impact-resistant windows. Community amenities include a fitness center, clubhouse, lounge, dog park, green courtyards, package room and a heated pool with cabana seating. Located on 9.3 acres at 250 Congress Park Drive, the property was 96 percent leased at closing. The property is 8.9 miles from Boca Raton, seven miles from the Boca Raton Airport and 12.3 miles from Deerfield Beach. Purvesh Gosalia of Newmark Knight Frank arranged the five-year, floating-rate, non-recourse loan.
HAMPTON, VA. — Berkadia has arranged the sale of The Heritage at Settlers Landing, a 140-unit multifamily property in Hampton. Drew White, Carter Wood and David Hudgins of Berkadia completed the $27.7 million sale on behalf of the seller, Virginia-based Levco Management. New York-based Milrose Capital and VTS were the buyers. Located at 553 Settlers Landing Road, The Heritage at Settlers Landing features one-, two- and three-bedroom floor plans with various renovated units, in-unit washers/dryers and a private patio or balcony in select units. Community amenities include a fitness center, clubhouse, onsite maintenance and a business center. The property is located close to Interstate 64.
BLOOMINGTON, ILL. — Berkadia has negotiated the $39 million sale of Traditions Bloomington, a 396-unit apartment community in the Chicago suburb of Bloomington. Located at 901 Valley View Circle, the garden-style property consists of one-bedroom floor plans. Amenities include a fitness center, business center, conference room, two pools, community playgrounds and an outdoor grilling area. Ralph DePasquale, Jeff Irish and Brandon Grisham of Berkadia represented the seller, Minnesota-based Dominium. Georgia-based Traditions Harmony Housing LLC was the buyer.
CHICAGO — Jameson Commercial has brokered the sale of 212 E. Ontario in Chicago’s Streeterville neighborhood for $2.2 million. The 12,118-square-foot building, which dates back to 1885, is currently vacant. Edwin Getchell purchased the site from the estate of William Ogden, Chicago’s first mayor, and hired architecture firm Burling & Whitehouse to design the four-level property. At a later date, American portrait painter George Peter Alexander Healy purchased and inhabited the property. In the 1970s, the building was expanded to include an outdoor deck, garden and three-car garage. Jason Hiller of Jameson Commercial brokered the sale. Buyer and seller information was not provided.
TEMPE, ARIZ. — Strategic Office Partners has acquired a two-building office property located at 2114 and 2116 S. Freedom Way in Tempe. Boyer Co. sold the asset for $132 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller. According to CBRE, the sale is the highest priced and largest office transaction year-to-date in 2021 within the region. Bryan Taute and Charlie von Arentschildt of CBRE served as leasing agents for the property, securing the current tenant on a long-term basis. Totaling 300,000 square feet, the newly constructed buildings are situated within the 60-acre Rio2100 business park. The four-story office properties feature two parking structures, a commercial kitchen and 14- to 16-foot deck-to-deck ceiling heights. Freedom Financial Network fully occupies the two buildings.
BURBANK, CALIF. — GPI Cos. has acquired a medical office building, located at 2701 W. Alameda Ave. in Burbank, from a private real estate investor for $23.9 million, or $468 per square foot. The 50,986-square-foot building was 90.4 percent leased to 22 medical tenants, with most of the space occupied by doctors on staff at Providence Saint Joseph Medical Center. Mark Shaffer, Anthony DeLorenzo, Chris Bodnar, Lee Asher, Gerard Poutier and Cody Chiarella of CBRE represented the seller in the deal.
SAN DIEGO — Kawa Capital Management has partnered with CL Hotels LLC to purchase Hotel La Jolla, a Curio Collection Hilton hotel located in the La Jolla neighborhood of San Diego. Terms of the acquisition were not released. The partnership plans to implement a $5 million to $6 million improvement plan for the 11-story hotel, which features 110 guestrooms. The program will update the guest rooms, lobby, pool area, restaurant and meeting space. The renovation will not interrupt operations and will take approximately two years to complete.