DENVER — Los Angeles-based Hybridge Capital Management, in partnership with Productive Capital Associates, has purchased The Villas, a 120-unit student housing community in Denver. Central Street Capital sold the asset for $40 million in an off-market transaction. Located at 2555 31st St., The Villas features 360 beds. The buyers plan to completely renovate the property and add a clubhouse, gym, pool and dog park to the community.
LAKEWOOD, COLO. — Gart Properties and Elkco Properties have completed the disposition of West Sixth Commerce Center, an industrial property located at 11111 West 6th Ave. in Lakewood. DocuVault acquired the asset for $17.8 million. DocuVault will occupy 52,877 square feet of the 154,950-square-foot building and lease the remaining space. The property features 32-foot clear heights and heavy power. Buzz Miller and Peter Beugg of Stream Realty Partners represented the seller, while Matt Capecelatro of Citywide Commercial Properties and Mark Dwyer of Lincoln Property Co. represented the buyer in the transaction.
CHICAGO — Marcus & Millichap has brokered the sale of a Starbucks-anchored retail center located at 5505 S. Kedzie Ave. in Chicago’s Gage Park neighborhood for $7 million. The Starbucks features a drive-thru, and the overall property spans 14,812 square feet. Other tenants are a mix of medical and retail users. Nicholas Kanich and Mitchell Kiven of Marcus & Millichap represented the seller, a Chicago-based developer. The asset sold to an all-cash buyer.
FORT WAYNE, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant retail property net leased to Planet Fitness in Fort Wayne for $2.4 million. Located at 7528 S. Anthony Blvd., the building spans 20,000 square feet. The former Kmart property was recently redeveloped into a Planet Fitness location as well as a self-storage facility. Dylan Mallory of Hanley represented the seller, a private partnership between locally based McCormack Development and Jackson Investment Group. A Southern California-based private investor was the buyer.
LYNDHURST, N.J. — JLL has negotiated the sale of The Union at Lyndhurst, a 328-unit apartment community in Northern New Jersey. The property offers studio, one- and two-bedroom units with an average size of 1,007 square feet. Residences are furnished with stainless steel appliances, individual washers and dryers and private patios/balconies. Amenities include a pool, fitness center, dog park and multiple courtyards. Jose Cruz, Michael Oliver, J.B. Bruno, Kevin O’Hearn and Steve Simonelli of JLL represented the seller, Mesirow Institutional Real Estate Direct Investments, in the transaction. Pacific Urban Investors acquired the asset for an undisclosed price.
SPRING VALLEY, N.Y. — Hudson Valley Property Group has purchased two affordable housing communities totaling 220 units in Spring Valley, about 35 miles north of New York City. The properties include the 144-unit Lakeview Village and the 76-unit Highview Apartments. The new ownership plans to invest in capital upgrades to preserve affordability; all apartments will subsequently be restricted to tenants earning 60 percent or less of the area median income (AMI). Renovations will include energy-efficient upgrades such as Energy Star-rated appliances, high-efficiency heating and cooling systems and LED bulbs; updated bathrooms and new flooring; ventilation upgrades; and other cosmetic improvements. Plans are also in place for common spaces to receive green building and cosmetic upgrades.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $7.2 million sale of a multifamily building located in the Bay Ridge neighborhood of Brooklyn. Built in 1961, the seven-story building spans 30,000 square feet and consists of 42 rent-stabilized residential units and one office unit. Aaron Jungreis and Nick Pappas of Rosewood Realty represented the seller, The Baldwin LLC, in the transaction. The duo also procured the buyer, Meridian Properties LLC.
SAN BERNARDINO, CALIF. — CBRE has arranged the sale of The Vue, an apartment community located in San Bernardino. Tailwind Investment Group acquired the property from Dalan Management and VM Management for $53.6 million. Situated on 11.9 acres at 1660 W. Kendall Drive, The Vue features 197 apartments, two swimming pools, a business center, sand volleyball court, half-court basketball court and barbecue areas. Apartments offer in-unit washers/dryers and central air conditioning. Dean Zander and Stewart Weston of CBRE represented the sellers in the transaction.
CORONA, CALIF. — Avanath Capital Management has purchased River Run Senior, an affordable seniors housing property located at 863 River Road in Corona. With this acquisition, Avanath now owns 11 properties in Southern California with 2,187 units under management in the region. Built in 2004, River Run consists of six three-story, garden-style residential buildings totaling 216,684 square feet. The community offers a mix of 306 one-bedroom units and 54 two-bedroom units. Units feature air conditioning, dishwashers, vinyl plank flooring, walk-in closets and private balconies or patios. Residential amenities include a community center, leasing office, business center, pool, elevator service, laundry rooms in each building and a gated entry. Avanath will implement social programming at River Run, in addition to its Wellbeats partnership program that allows residents to exercise from home. The company also plans to upgrade the property’s mechanical systems; replace roofs, HVAC systems and boilers; add a maintenance shop; and install security cameras near access gates. Avanath Communities will manage the asset.
SEATTLE — A joint venture between Staley Point Capital and Bain Capital Real Estate has acquired 2424 8th Avenue South, a warehouse property located in Seattle’s SODO neighborhood. The price was $31.6 million, or $351 per square foot. The 90,000-square-foot facility features 42 dock-high doors and is within 10 miles of the region’s most significant distribution hubs, including SeaTac International Airport and the BNSF and Union Pacific railway yards. Winston & Strawn LLP served as legal counsel to Staley Point Capital for the transaction. Newmark represented the undisclosed seller and JLL Capital Markets will arrange financing for the transaction.
