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Acquisitions

Aspire-at-Live-Oak
AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 240-Unit Aspire at Live Oak Apartments Near San Antonio

by Taylor Williams

LIVE OAK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Aspire at Live Oak, a 240-unit apartment community located on the northeastern outskirts of San Antonio. The property was built on nine acres in 2020. Units average 888 square feet, and amenities include a pool, game room and a package handling system. Will Balthrope and Drew Garza of IPA represented the seller, Covenant Development, and procured the buyer, Maryland-based RailField Partners, in the transaction.

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Westlakes-Berwyn-Pennsylvania
AcquisitionsNortheastOfficePennsylvania

Accesso Acquires 455,183 SF Westlakes Office Campus in Metro Philadelphia

by Taylor Williams

BERWYN, PA. — Florida-based investment firm Accesso has acquired Westlakes, a four-building, 455,183-square-foot office campus located in the northwestern Philadelphia suburb of Berwyn. Situated on 40.4 acres, Westlakes was 92 percent leased at the time of sale with a weighted average remaining lease term of 4.7 years. Tenants include PNC Bank, Brinker Capital, Montgomery McCracken, Chartwell Investment Partners and Amring Pharmaceuticals. Amenities include multiple dining options, two fitness centers and walking trails. The seller was locally based investment and development firm Keystone Property Group. The sales price was not disclosed.

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Carmel Vista
AcquisitionsGeorgiaMultifamilySoutheast

Vista Realty Partners Sells Apartment Community in Metro Atlanta for $63.3M

by Julia Sanders

MCDONOUGH, GA. — Vista Realty Partners has sold Carmel Vista Apartments, a 228-unit multifamily community in McDonough. Equus Capital Partners Ltd. purchased the property for $63.3 million. David Gutting of Newmark represented Vista Realty in the transaction. Opened in Feb. 2021, Carmel Vista Apartments offers studio, one-, two- and three-bedroom floorplans. Unit amenities include stainless steel appliances, granite countertops, sunrooms, direct access attached garages, walk-in closets and washers and dryers. Community amenities include a business center, playground, dog park, fitness center, 24-hour package concierge lockers, controlled access gates, clubhouse with game room and coffee bar and pool. Located at 91 Mt. Carmel Road, Carmel Vista has access to Interstates 75 and 285. The property was fully occupied at the time of sale. Trustmark Bank provided an undisclosed amount of construction financing for the project. A joint venture among The Radco Cos. and Blue Vista Asset Management LLC., Eduard de Guardiola’s Family Office, provided an undisclosed amount of equity.

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AcquisitionsMultifamilyNortheastPennsylvania

CBRE Brokers $28M Sale of Philadelphia Multifamily Portfolio

by Taylor Williams

PHILADELPHIA — CBRE has brokered the $28 million sale of a portfolio of six multifamily properties totaling 78 units in Philadelphia’s Fairmount and Brewerytown neighborhoods. The portfolio consists of: The Fairmount Flats at 745-751 North 20th Street; 726 North 19th Street; 711 North 16th Street; 714 North 19th Street; The Fairmount Greenery at 817 North 20th Street; and The Porter at 2940 West Thompson Street. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Philadelphia-based Stamm Development Group, and procured the buyer, Treeco Cos., in the transaction.

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Sommerset Place
AcquisitionsMultifamilyNorth CarolinaSoutheast

Drucker + Falk Purchases Sommerset Place Apartments in Raleigh for $26.7M

by Julia Sanders

RALEIGH, N.C. — Drucker + Falk has purchased Sommerset Place Apartments, a 144-unit apartment community in Raleigh, for $26.7 million (or $185,000 per unit). Will Mathews of Colliers International represented the seller, Investors Management Group Inc. (IMG), in the transaction. Built in 1983, Sommerset Place offers one- and two-bedroom floor plans. Community amenities include a resort-style swimming pool with sundeck, grilling centers and a dog park. The property was built with a density of 16 units per acre. Located at 6717 Six Forks Road, the apartment community is situated close to Interstates 440 and 540, as well as about 16.9 miles from the Research Triangle in Durham and 13.1 miles from the Raleigh-Durham International Airport. IMG purchased Sommerset Place in December 2017 for $14.3 million and completed a $1 million renovation program. The new owner plans to continue capital improvements on the property.

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Courtyard by Marriott
AcquisitionsHospitalityMississippiSoutheast

MCR Acquires Courtyard by Marriott Oxford Hotel Near University of Mississippi

by Julia Sanders

OXFORD, MISS. — MCR, which has offices in New York City, Dallas, Chicago and Richmond, has acquired the Courtyard by Marriott Oxford in Oxford, near the University of Mississippi’s campus. The property is MCR’s first hotel in the state. The sales price and seller were not disclosed. The Courtyard by Marriott Oxford offers 121 guestrooms and suites. The property has 18 suites, including the Loft, which is a duplex with a private patio and wet bar, and the Presidential, a two-bedroom pad with sitting and dining areas. The property’s guestrooms include a microwave, mini refrigerator and Wi-Fi. The hotel amenities include a fitness center, indoor pool, 24-hour sundry shop, 24-hour business center and complimentary parking. Food and beverage options include The Bistro, which serves breakfast, dinner and specialty beverages, and the Green Roof Lounge, a rooftop bar serving cocktails and food with views of the Vaught-Hemingway Stadium. Located at 305 Jackson Ave. E., the Courtyard by Marriott Oxford is situated within walking distance from the University of Mississippi and the Burns-Belfry Museum and Multicultural Center. The property is also situated near The Square, Oxford’s downtown district that has over 70 restaurants, museums, art galleries and shops. Nearby retailers include Frutta …

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AcquisitionsMidwestMinnesotaRetail

Northwoods Management Acquires 205,009 SF Grocery-Anchored Shopping Center in Minnesota

by Kristin Harlow

ELK RIVER, MINN. — Northwoods Management has acquired Elk Park, a 205,009-square-foot shopping center in Elk River, about 34 miles northwest of Minneapolis. The purchase price was undisclosed. Grocer Cub Foods is the anchor tenant. The property, which is located at 19216 Freeport Ave., is also home to Planet Fitness, Famous Footwear and Maurice’s. CBRE represented the seller, Brixmor Property Group.

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AcquisitionsIndustrialMidwestMissouri

Matthews Brokers $7.8M Sale of FedEx-Occupied Industrial Facility in Joplin, Missouri

by Kristin Harlow

JOPLIN, MO. — Matthews Real Estate Investment Services has brokered the $7.8 million sale of a 79,454-square-foot industrial facility occupied by FedEx in the Southwest Missouri town of Joplin. The property is located at 3752 Enterprise Ave. Brett Davis and Alexander Harrold of Matthews brokered the transaction. Both the seller and buyer were private investors.

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AcquisitionsMichiganMidwestRetail

Marcus & Millichap Negotiates $6.2M Sale of Walgreens-Occupied Property in Lansing, Michigan

by Kristin Harlow

LANSING, MICH. — Marcus & Millichap has negotiated the sale of a 14,559-square-foot retail property net leased to Walgreens in Lansing for $6.2 million. Walgreens has over nine years remaining on its lease at the property, which is located at 6421 W. Saginaw Highway. James Ziegler, Keith Zelenika and Mitchell Kiven of Marcus & Millichap represented the seller, a Chicago-based private investor. A New York-based private investor completing a 1031 tax-deferred exchange was the buyer.

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AcquisitionsIndustrialMidwestMinnesota

KW Commercial | AMK Properties Arranges $3.1M Sale of Industrial Asset in Burnsville, Minnesota

by Kristin Harlow

BURNSVILLE, MINN. — KW Commercial | AMK Properties has arranged the $3.1 million sale of Ridgeview Business Center in Burnsville, about 20 miles south of Minneapolis. The 45,503-square-foot industrial property, located on Portland Avenue, features nine loading doors and a clear height of 14 feet. Matthew Klein and Andy Manthei of KW Commercial | AMK Properties represented the seller, Aaron Lake LLC. The undisclosed buyer will occupy space within the facility.

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