BOWLING GREEN, KY. — The Kirkland Co. has negotiated the sale of The Enclave, a 105-unit multifamily complex located in Bowling Green. Brian Devlin, Brandon Wilson and John Seale of Kirkland brokered the transaction between the buyer, JBT Partners LLC, and the seller, Village Green Apartment Partners LLC. The sales price was $8 million. Built in 1964, The Enclave includes studios, one- and two-bedroom floorplans with a monthly rent range of $739 to $929, according to Apartments.com. The units include walk-in closets, granite countertops, stainless steel appliances and a patio. Community amenities include a pool, laundry facilities, grill, storage space and a property manager onsite. Located at 1132 Fairview Ave., the property is close to retailers including Burger & Bowl, Hibachi Grill & Supreme Buffet, China Express and Shell. The property is also about 0.3 mile from the Fairview Plaza Shopping Center.
MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $4 million sale of Abbott Arms, a 25-unit apartment property located in Miami Beach. Evan Kristol and Felipe Echarte of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, Richard Shindler, the Trustee of Abbott Arms Trust. The buyer was not disclosed. Abbott Arms is made up on two separate properties that will be combined into one. Located at 7830 & 7834 Abbott Ave., Abbott Arms is situated 11.7 miles from downtown Miami. Built in 1963, 7830 Abbott Ave. is an eight-unit, two-story building. Built in 1940, the 7834 property is a 17-unit building. At both properties, the units feature a total of 16 one-bedroom units, eight two-bedroom units and one studio. The buildings sit on a corner site that includes three lots and has the potential to add 5,077 of rentable square feet. The community amenities for both properties include 12 onsite parking spaces, a pool, sundeck and basement for laundry and storage.
TERRE HAUTE, IND. — Marcus & Millichap has arranged the sale of The Village Quarter Apartments in Terre Haute, located approximately 77 miles southwest of Indianapolis and five miles east of the Illinois state line. The sales price was undisclosed. The multifamily property at 100 Village Drive includes 544 units across 56 buildings. Amenities include a pool, fitness center, internet café, laundromat, basketball courts and tennis courts. The property was sold by the original developer who had owned and operated it since 1984. Since 2018, the owner invested more than $2.9 million in capital improvements for siding, unit renovations, roofing, landscaping and sport courts. Aaron Kuroiwa and Austin Meeker of Marcus & Millichap’s Indianapolis office represented the seller. The duo also secured and represented the buyer, a limited liability company.
AURORA, ILL. — JLL Capital Markets has brokered the sale of Prairie Point Shopping Center in Aurora for an undisclosed price. Anchored by Mariano’s Fresh Market, the property spans 91,535 square feet. Other tenants include Pet People, Prairie Point Dental, Buchar Family Chiropractic and Hair Cuttery. Clinton Mitchell, Amy Sands and Michael Nieder of JLL represented the seller, Walton Street Capital. Buyer information was not provided.
AVON, IND. — An affiliate of Next Realty LLC has acquired Westridge Office Park in Avon, a western suburb of Indianapolis. The purchase price was undisclosed. The office and medical complex consists of two single-story buildings. Tenants include Indiana University Health Care Associates Inc., Indiana Department of Child Services, Kindred Hospice, Midwest Behavioral Health LLC, Allergy Partners and St. Vincent Medical Group. The acquisition marks the 12th and final acquisition made on behalf of Next Realty Fund IX LP. Kevin Dick, Paul Dick and Nicholas Miller of Bradley Co. represented the seller, Westridge Investments LLC.
TAMPA AND CLEARWATER, FLA. — 29th Street Capital (29SC) has acquired two apartment communities in the Tampa Bay area for $112 million. The properties, Henley Tampa Palms in Tampa and Enclave at Northwood in Clearwater, have a total of 503 units. Luis Elorza and Justin Hofford of NorthMarq represented the seller, Preston Giuliano Capital Partners, in the transaction. Mitch Sinberg, Brad Williamson, Justin Ownby and Wesley Moczul of Berkadia arranged $91 million in acquisition financing through PGIM Real Estate on behalf of 29SC. Trevor Arnholt of PGIM orginated the three-year, floating-rate loan with extension options. The loan includes $85.4 million in initial funding, with $6.1 million in future funding for capital improvements. Built in 1997, Henley Tampa Palms is located at 15350 Amberly Drive, and is about 20 miles from Tampa International Airport. The 315-unit property offers one-, two- and three-bedroom units with nine-foot ceilings, attached garages, oversized closets, stainless steel appliances, plank flooring, fireplaces and patios. Community amenities include a pool, fitness center, clubhouse, dog park and climate-controlled racquetball courts. Built in 1985, Enclave at Northwood is a 188-unit property with one-, two- and three-bedroom units. The units include a fireplace, hardwood floors, granite countertops, vaulted ceilings, walk-in closets, …
SALISBURY, N.C. — NorthPoint Development has purchased around 40 acres in Salisbury, about 36.5 miles north of Charlotte. NorthPoint bought the land in order to build I-85 Commerce Center, a speculative industrial project that will total 676,000 square feet. The seller and sales price were not disclosed. I-85 Commerce Center will feature 40-foot ceilings, 185-foot truck courts, auto and trailer parking, as well as immediate access to Interstate 85. The project is slated for completion by summer 2022. Avison Young will be in charge of leasing once the property is finished.
THE WOODLANDS, TEXAS — A joint venture led by Los Angeles-based investment firm Lowe has acquired three hotels in The Woodlands, located about 30 miles north of Houston, from The Howard Hughes Corp. (NYSE: HHC) for $252 million. The properties include The Woodlands Resort, a 402-room hotel that was built in 1972; Embassy Suites by Hilton, The Woodlands at Hughes Landing, a 205-room asset that was constructed in 2015; and The Westin at The Woodlands, a 302-room property that was completed in 2016. CoralTree Hospitality, a subsidiary of Lowe, will manage the hotels. In addition, the new ownership will invest approximately $25 million in capital improvements across all three properties.
HUTTO, TEXAS — JLL has negotiated the sale of Park 79 Self Storage, a 780-unit facility that is operated under the CubeSmart brand in Hutto, a northeastern suburb of Austin. The property was built on 3.2 acres in 2019. Brian Somoza and Steve Mellon of JLL represented the seller, a locally based entity doing business as Park 79 Storage LLC, in the transaction. The buyer was Wasatch Storage Partners.
WACO, TEXAS — MAG Capital Partners has acquired a 402,046-square-foot manufacturing and distribution property in Waco that has served as the headquarters of Hobbs Manufacturing since 1993. Hobbs Manufacturing, founded in 1953, employs about 200 people at the Waco plant, where it produces synthetic fiber batting and other fiberfill products for the apparel, home furnishings and industrial markets. Dax T. S. Mitchell and Andrew Gi of MAG Capital Partners negotiated the transaction directly with the seller. The sales price was not disclosed.