PALATINE, ILL. — Albion Residential has purchased Birchwood on Sterling, a 719-unit apartment community in Palatine, a northwest suburb of Chicago. Matt Schoenfeldt of JLL Capital Markets arranged a $94.2 million loan on behalf of Albion through Voya Investment Management. Pete Evans of Berkadia Chicago and Richard Evans of Berkadia Milwaukee, along with support from local Berkadia colleagues, represented the undisclosed seller. Albion plans to undertake a $23 million renovation project, completion of which is slated for early 2024. All units that have not been recently updated will be modernized. Additional plans call for an expanded and updated club room, a newly built fitness center, renovation of the pool and the addition of fire pits, bocce ball and dog runs. Birchwood on Sterling was originally built in the 1970s.
SCHAUMBURG, ILL. — The Equitable Funds LLC has acquired 1340-1350 Remington Road in Schaumburg for an undisclosed price. The company plans to combine the two-building, one-story office property with an additional asset, 1305-1375 Remington Road, and create a campus known as One Story Schaumburg. The newest buildings total roughly 48,000 square feet and were 30 percent leased at the time of acquisition. When combined with the earlier acquisition, One Story Schaumburg will total more than 130,000 square feet. All of the buildings were constructed in the same style by one developer. The Equitable Funds plans to execute a renovation and repositioning program for all the buildings. A spec suite program will be implemented to offer move-in ready spaces ranging from 1,500 to 3,000 square feet. Plans also call for an amenity center and more outdoor seating. NAI Hiffman is the leasing agent. One Story LLC, a property management firm recently formed by Jonathan Berger and Joshua Silverglade, will manage the asset.
HOUSTON — NAI Partners has brokered the sale of a 35,634-square-foot industrial building located at 9260 Bryant St. in southeast Houston. According to LoopNet Inc., the single-tenant property as built on 2.5 acres in 1961. NAI Partners’ Darren O’Conor represented the buyer, TEHO International (USA) LLC, in the transaction. Ryan Fuselier and David Buescher with JLL represented the seller, an entity doing business as Bryant Street Building Ltd.
PHOENIX — Weidner Apartment Homes has completed the disposition of Accolade, an apartment community in Phoenix. Knightvest Capital acquired the asset for $155 million, or $282,847 per unit. Constructed in 1984 on 28 acres, Accolade features 548 apartments, four swimming pools, two spas, a resident clubhouse, leasing office, open-air conference room and cybercafé. Apartments offer full-size washers/dryers, wood-style vinyl flooring, walk-in closets and private patios or balconies. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
PICO RIVERA, CALIF. — DAUM Commercial Real Estate has arranged the acquisition of an industrial property located at 8500 Mercury Lane in the Los Angeles suburb of Pico Rivera. Chicago-based CenterPoint Properties acquired the property from the undisclosed occupant for $63 million in an off-market, sale-leaseback transaction. The 173,134-square-foot facility features a 32-foot clear heights, 24 dock-high doors with the potential for six additional doors and an ESFR sprinkler system. The asset is situated less than two miles from Interstate 5. Jordan Lara, Rudy Lara and Nick Peukpiboon of DAUM handled the transaction.
FOUNTAIN HILLS, ARIZ. — Focus Healthcare Partners and Life Care Services (LCS) have acquired Fountain View Village, a senior living community in Fountain Hills, a suburb of Phoenix. LCS will operate the community following the acquisition. Fountain View Village consists of 90 independent living units, 68 assisted living units, 45 memory care units and 48 units within its dedicated health center.
LAS VEGAS — Brass Cap Development has completed the disposition of Brass Diablo, an industrial property located at 5401 W. Diablo Ave. in Las Vegas. An undisclosed buyer acquired the recently completed asset for $5 million. Featuring more than 25,000 square feet, Brass Diablo offers three dock-high doors, one grade-level dock door, a 60-foot concrete dock apron and easy access to valley freeways and the Stadium District. LM Construction designed and built the property.
WASHINGTON, D.C. — JLL Capital Markets has arranged the sale of a portfolio of eight infill neighborhood retail assets totaling 695,991 square feet in Washington, D.C., northern Virginia and southern Maryland. Stephen Conley, Danny Finkle, Jordan Lex and Kim Flores of JLL represented the D.C.-based seller, WashREIT (NYSE: WRE), which sold the portfolio for $168.3 million. The buyers were Rosenthal Properties and an undisclosed institutional partner, according to the Washington Business Journal. The news outlet also reports the seller had acquired the eight properties over the span of five decades. The portfolio includes two properties in Washington, D.C., two in Northern Virginia and four in Maryland. The properties in D.C. include Chevy Chase Metro Center and Spring Valley Village. The Virginia properties are 800 S. Washington St. in Alexandria and Concord Centre in Springfield. The southern Maryland properties are Montrose Shopping Center and Randolph Shopping Center in Rockdale; Takoma Park Shopping Center in Takoma; and Westminster Shopping Center in Westminster. The properties are 82 percent leased collectively. Four of the shopping centers are grocery-anchored by stores such as Mom’s Organic Market at Montrose Shopping Center and Aldi at Springfield’s Concord Centre. Other grocery anchors include Food Lion and Giant. The …
ANDOVER AND STOUGHTON, MASS. — Los Angeles-based investment firm TruAmerica Multifamily has acquired Marquee at Andover and Lux at Stoughton, two apartment communities totaling 269 units in metro Boston. The properties, which were purchased in two separate transactions, respectively total 115 and 154 units. The sellers were not disclosed. TruAmerica plans to implement a value-add program focused on unit interiors and amenity spaces. Chris Phaneuf of JLL represented the seller in the Andover deal, and Simon Butler of CBRE represented the seller in the Stoughton deal. Following these transactions, TruAmerica now owns approximately 500 apartments in the Boston area.
NEW YORK CITY — Denver-based investment firm EverWest Real Estate Investors has purchased a 70,500-square-foot warehouse in Queens from Wharton Industrial for $57.2 million. The rear-load facility features a clear height of 30 feet and is situated on a 2.9-acre site in the Maspeth neighborhood. Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Diaz of Walker & Dunlop represented Wharton Industrial in the deal. Stephen Feinberg represented EverWest on an internal basis. The property was fully leased to multiple local food distributors at the time of sale.