Acquisitions

CBRE Arranges $31.4M Sale of Boardwalk at Morris Bridge Student Housing Community in Tampa Bay Area

by Julia Sanders September 8, 2021

TEMPLE TERRACE, FLA. — CBRE has arranged the sale of Boardwalk at Morris Bridge, a 146-unit student housing property in the Tampa Bay area. Brooklyn, New York-based NorthEnd Equities purchased the property from Los Angeles-based Buff Management for $31.4 million. Michael Regan and Francesco Carriera of CBRE represented both the buyer and seller in the transaction. Built in 2001, Boardwalk at Morris Bridge is located at 8800 Boardwalk Trail Drive in Temple Terrace. The property is situated 2.9 miles from the University of South Florida and 4.8 miles from James A. Haley Veterans’ Hospital. The property offers two- and four-bedroom units with an average square footage of 1,548 square feet. All units are fully furnished and include living rooms with two sofas, coffee/end tables and a TV mounted to the wall. Community amenities include a swimming pool, fitness center, movie theater, study room, video game room and a hot tub. The property was 89 percent occupied at the end of July, and rents range from $1,360 to $2,400.

September 8, 2021

Acquisitions Multifamily Texas

Cushman & Wakefield Brokers Sale of 381-Unit Wilder Apartments in South Austin

by Taylor Williams September 8, 2021

AUSTIN, TEXAS — Cushman & Wakefield has brokered the sale of Wilder, a newly built, 381-unit apartment community in South Austin. Wilder features one- and two-bedroom units and amenities such as a pool with a lounge area, two dog parks with a pet washing station, fitness center with a private training room, gazebo will grilling stations, outdoor yoga space and a bowling alley. John Carr and Ben Fuller of Cushman & Wakefield represented the sellers, Hudgins Cos. and Maverick Development Group, in the transaction. Chicago-based Redwood Capital Group, in partnership with Pacific Life, acquired the asset for an undisclosed price.

September 8, 2021

Acquisitions Healthcare North Carolina Office Southeast

Montecito Medical Acquires Medical Office Property in Pittsboro, North Carolina

by Julia Sanders September 8, 2021

PITTSBORO, N.C. — Montecito Medical, a Nashville-based investor of healthcare-related properties, has acquired Chatham Park Medical Office Building, a 25,610-square-foot medical office property in Pittsboro, about 36.1 miles south of Durham. The sales price and seller were not disclosed. Built in 2016, Chatham Park is fully leased to UNC Health, a Chapel Hill-based healthcare system that is affiliated with the University of North Carolina School of Medicine and operates 12 hospitals across North Carolina. UNC Health provides family medicine, rheumatology, therapeutic infusion, cardiology, ENT, gastro, ophthalmology, orthopedics, urology, rehab, imaging and laboratory services at the Chatham Park clinic. Situated about 17 miles from Chapel Hill, the medical property is located close to Chatham Park, a 7,000-acre master-planned development that broke ground in 2014. Upon full buildout Chatham Park will include 22,000 single-family homes as well as onsite schools, 50 miles of walking and biking trails and 44 acres of retail, multifamily, restaurants, office and hospitality space.

September 8, 2021

Acquisitions Florida Retail Southeast

SRS Brokers Sale of Two Wawa-Occupied Convenience Stores in South Florida for $22.4M

by Julia Sanders September 8, 2021

FORT LAUDERDALE AND HIALEAH GARDENS, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of two convenience store and gas stations in South Florida that are leased to Wawa. The properties include a 6,119-square-foot Wawa currently under construction at 7878 N.W. 103rd St. in Hialeah Gardens and a newly built, 5,991-square-foot Wawa located at 6191 N. Powerline Road in Fort Lauderdale. Ferber Co. sold the Hialeah Gardens property for $11.6 million to an entity doing business as Hialeah WW LLC. Brightwork Real Estate sold the Fort Lauderdale Wawa for $10.8 million to an entity doing business as Powerline Wawa LLC. Patrick Nutt of SRS represented the sellers in both transactions.

September 8, 2021

Acquisitions Industrial Self-Storage Texas

Bellomy Negotiates Sale of 256-Unit Self-Storage Facility in North Houston

by Taylor Williams September 8, 2021

HOUSTON — Bellomy & Co. has negotiated the sale of Houston Mini Storage, a 256-unit self-storage facility located about four miles north of downtown Houston. The property spans 34,660 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a Utah-based limited liability company, in the transaction. The duo also procured the buyer, a locally based entity doing business as Houston Mini Storage LLC.

September 8, 2021

Acquisitions Arizona Multifamily Western

Bascom Arizona Ventures, Pacific Life Insurance Sell Two Apartment Communities in North Scottsdale for $312.5M

by Amy Works September 8, 2021

SCOTTSDALE, ARIZ. — A joint venture between Bascom Arizona Ventures and Pacific Life Insurance has completed the disposition of Ascend at Kierland and Elite North Scottsdale in Scottsdale. The Ezralow Co. acquired the assets for $312.5 million. Built in 1996 and 1998, the 364-unit Ascend at Kierland and the 360-unit Elite North Scottsdale are surrounded on three sides by the Westin Kierland Resort golf course. Unit interiors feature luxury finishes, including quartz countertops, new cabinets, kitchen backsplashes, undermount sinks, vinyl plank flooring, upgraded lighting and plumbing fixtures, tub-to-ceiling tile surround in master bath, ceiling fans, new baseboards, two-tone paint, new blinds and crown molding in the living and dining areas. The communities offer fitness centers with separate spin and yoga rooms, renovated resident clubhouses and heated swimming pools. Ascend at Kierland also features a putting green, dog park and electric car charging station, while Elite North Scottsdale features a new swimming pool, dog park and package locker system. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

September 8, 2021

Acquisitions Industrial Office Texas

Provident Realty Advisors Sells 176,000 SF Plano Commerce Park

by Taylor Williams September 8, 2021

PLANO, TEXAS — Locally based investment and financial services firm Provident Realty Advisors has sold Plano Commerce Park, a 176,000-square-foot industrial development located on the northern outskirts of Dallas. Plano Commerce Park consists of two buildings that comprise about 132,000 square feet of manufacturing and warehouse space and 44,000 square feet of office space. Stephen Bailey, Dustin Volz and Zach Riebe of JLL brokered the deal. The buyer was not disclosed. Plano Commerce Park was 100 percent leased at the time of sale.

September 8, 2021

Acquisitions Arizona Multifamily Western

Decron Properties Buys Broadstone Grand Multifamily Community in Phoenix for $106.5M

by Amy Works September 8, 2021

PHOENIX — Decron Properties has purchased Broadstone Grand, a multifamily property located at 1003 W. Washington St. in Phoenix. Developer Alliance Residential Co. and partner Appian Capital sold the community for $106.5 million. Built in 2020, Broadstone Grand features 300 apartments; a pool area with waterfall feature and indoor-outdoor pool house; fitness center with outdoor yoga lawn and Peloton bikes; resident club room with demonstration kitchen; lounge and fireplace; and outdoor gourmet grilling areas. Additionally, the community’s gaming lounge offers a pool table, shuffleboard table, arcade games and entertainment island for resident events. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers in the transaction.

September 8, 2021

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Negotiates $15.9M Sale of Thirteen 20 Apartments in Colorado Springs

by Amy Works September 8, 2021

COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Thirteen 20 Apartments, a multifamily community located at 1320 Potter Drive in Colorado Springs. The property traded hands for $15.9 million in an off-market transaction. The asset features 132 apartments. The buyer and seller were not disclosed. Michael Krebsbach and Kenny Clarke of Krebsbach Investment Group and Andrew Monette of the Johnson Ritter team assisted both parties in the transaction.

September 8, 2021

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $8.3M Sale of St. Louis Suites in Las Vegas

by Amy Works September 8, 2021

LAS VEGAS — Northcap Commercial has brokered the sale of St. Louis Suites, an apartment community in Las Vegas. Balubhai Patel Revocable Trust sold the multifamily property for $8.3 million, or $90,217 per unit. Located at 525 E. St. Louis Ave., St. Louis Suites features 92 apartments. The property was built in 1963. Robin Willett, Devin Lee, Jerad Roberts and Jason Dittenber of Northcap Commercial handled the all-cash transaction.

September 8, 2021

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