Acquisitions

NorthMarq Brokers $88.7M Sale of Park 17 Multifamily Community in Denver

by Amy Works August 31, 2021

DENVER — NorthMarq has arranged the sale of Park 17, an apartment property located at 1210 E. 17th Ave. in Denver. Kairoi Residential sold the asset to an undisclosed buyer for $88.7 million. Completed in July 2020, Park 17 features 190 apartments in 34 floor plans ranging from 504 square feet to 1,663 square feet with nine- to 12-foot ceilings, modern technology packages, Moen plumbing fixtures, glass and custom porcelain backsplashes, Nest thermostats, keyless entries, stall showers and side-by-side refrigerators. On-site amenities include a fourth-floor infinity pool overlooking the Denver skyline. Dave Martin and Brian Mooney of NorthMarq’s Denver office represented the seller in the deal. David Link and Jeff DeHarty of NorthMarq’s Denver debt/equity team arranged $45 million in acquisition financing for the borrower through its relationship with a life insurance company. The transaction was structured with a 10 years of interest-only payments.

August 31, 2021

Acquisitions Arizona Loans Multifamily Western

CBRE Arranges $29.4M Acquisition Loan for 208-Unit Apartment Property in Glendale, Arizona

by Amy Works August 31, 2021

GLENDALE, ARIZ. — CBRE has secured a $29.4 million loan for InTrust Property Group to acquire Sunflower and Veranda Apartments in Glendale. Terms of the acquisition were not released. Located at 6015 and 5959 W. Olive Ave., the gated multifamily properties offer a total of 208 units ranging from 450 square feet to 1,150 square feet. Community amenities include three swimming pools, grill and picnic areas and on-site property management. The Newport Beach, Calif.-based buyer plans to upgrade all units to include stainless steel appliances, new cabinetry and quartz countertops. The loan, which was structured with a three-year term and two one-year extensions, will provide funding for the future capital improvements and renovation of the asset. Shaun Moothart, Bob Ybarra, Bruce Francis and Doug Birrell of CBRE arranged the loan for the borrower.

August 31, 2021

Acquisitions Office Texas

Newmark Negotiates Sale of 512,269 SF Office Complex in Irving’s Las Colinas District

by Taylor Williams August 31, 2021

IRVING, TEXAS — Newmark has negotiated the sale of a 512,269-square-foot office complex located within Las Colinas Urban Center in Irving. The 22-story property overlooks Lake Carolyn and was 77 percent leased at the time of sale to a tenant roster that includes multifamily developer JPI. Onsite amenities include a deli, fitness center and a conference facility. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer, a partnership between Dominus Commercial Inc. and Convergent Capital Partners, plans toa invest about $20 million in capital improvements.

August 31, 2021

Acquisitions Office Texas

CenterSquare, Preferred Real Estate Buy 240,000 SF Office Property in Metro Dallas

by Taylor Williams August 31, 2021

LEWISVILLE, TEXAS — A joint venture between Metro Philadelphia-based CenterSquare Investment Management and Dallas-based Preferred Real Estate Investments Inc. has acquired Lake Vista 7, a 240,000-square-foot office property located in the northern Dallas suburb of Lewisville. An undisclosed Fortune 500 company is vacating the building, and the new ownership will implement a value-add program with enhanced amenities such as a fitness center, meeting rooms, outdoor collaboration spaces and multiple dining options.

August 31, 2021

Acquisitions Industrial Michigan Midwest

L. Mason Capitani CORFAC International Brokers Sale of Five-Building Industrial Portfolio in Canton, Michigan

by Kristin Harlow August 31, 2021

CANTON, MICH. — L. Mason Capitani CORFAC International has brokered the sale of a five-building industrial portfolio in Canton, about 30 miles west of Detroit. The sales price and seller were undisclosed. Vail Holdings LLC purchased the properties, which are located within Haggerty II Corporate Park. The sale also included 10 acres of vacant land. Three of the buildings are leased, while two are vacant and currently being offered for lease. Together, the five buildings total 261,241 square feet. Joseph DePonio III and Jason Capitani of L. Mason Capitani brokered the sale. The duo is also overseeing the marketing of the vacant assets.

August 31, 2021

Acquisitions Multifamily New Jersey Northeast

JLL Negotiates $92.1M Sale of Apartment Community in Princeton

by Taylor Williams August 31, 2021

PRINCETON, N.J. — JLL has negotiated the $92.1 million sale of Parc at Princeton Junction, a 232-unit luxury apartment community located about two miles from Princeton University’s campus. Built in 2018, the property features one-, two- and three-bedroom units that range in size from 750 to 1,349 square feet and that have private balconies and patios in select apartments. The building also houses 19,913 square feet of retail space. Amenities include a pool, fitness center, bocce ball court, dog spa and wash, two-story clubhouse, outdoor grills and fire pit, a courtyard and a sundeck. Jose Cruz, Michael Oliver, Kevin O’Hearn and Steve Simonelli of JLL represented the seller, a joint venture between Toll Brothers Apartment Living and The Davis Cos., in the transaction. An undisclosed private investor purchased the asset.

August 31, 2021

Acquisitions New Hampshire Northeast Retail

Torrington Properties Acquires 102,000 SF Newington Park Shopping Center in New Hampshire

by Taylor Williams August 31, 2021

NEWINGTON, N.H. — Torrington Properties, an investment firm with offices in Boston and Durham, New Hampshire, has acquired the 102,000-square-foot Newington Park Shopping Center. The property is located in the southern coastal part of the Granite State and sold for $13.3 million. The seller, Urstadt Biddle Properties Inc., had owned the 15-acre center since 1979. Torrington Properties purchased the asset in partnership with regional development and investment firm The Mount Vernon Co.

August 31, 2021

Acquisitions Industrial New York Northeast

CenterPoint Properties Buys 81,000 SF Warehouse in The Bronx

by Taylor Williams August 31, 2021

NEW YORK CITY — Chicago-based investment firm CenterPoint Properties has acquired an 81,000-square-foot warehouse located at 511 Barry St in The Bronx. Earlier this year, CenterPoint purchased an adjacent property at 1080 Leggett Ave; both buildings are occupied by an e-commerce tenant that the New York Business Journal reports is Amazon. The building covers about 32 percent of a 4.6-acre site, providing ample space for employee and trailer parking. Brian Fiumara, Doug Middleton and Ryan Silber of CBRE, along with Rob Kossar, Tyler Peck, Leslie Lanne and Andrew Scandalios of JLL, brokered the deal.

August 31, 2021

Acquisitions Affordable Housing California Company News Maryland Multifamily Southeast Top Stories Walker & Dunlop Western

Walker & Dunlop Bolsters Affordable Housing Business with $696M Acquisition of Alliant Capital, Affiliates

by John Nelson August 31, 2021

BETHESDA, MD. AND WOODLAND HILLS, CALIF. — Walker & Dunlop (NYSE: WD) has entered into a definitive agreement to acquire Alliant Capital Ltd., a privately held affordable housing asset management firm based in Woodland Hills. Under the terms of the purchase agreement, Walker & Dunlop will acquire Alliant and its affiliates, Alliant Strategic Investments and ADC Communities, at a total value of $696 million. Alliant is the sixth-largest syndicator of low-income housing tax credits (LIHTC) in the United States and has participated in the development of over 100,000 affordable units serving over 400,000 families. ADC Communities is the affordable housing development arm of Alliant, which has financed 29 developments and over 5,400 units in eight states since 2014. Alliant Strategic Investments focuses on non-LIHTC affordable housing preservation, workforce housing and opportunity zone investments. The acquisition will bring Walker & Dunlop’s total affordable housing assets under management to $16 billion, with $14 billion of those assets under management belonging to Alliant. The move is expected to be accretive to Walker & Dunlop’s existing $112 billion servicing portfolio. “Alliant is one of the largest and most respected tax credit syndicators and affordable housing developers in the country. The addition of their people, …

August 31, 2021

Acquisitions Multifamily Texas

Western Wealth Capital Buys 288-Unit Multifamily Property in Arlington

by Taylor Williams August 30, 2021

ARLINGTON, TEXAS — Canadian investment firm Western Wealth Capital has purchased Brookside Apartment Homes, a 288-unit multifamily property in Arlington that was originally built in 1983. According to Apartments.com, Brookside Apartment Homes features one- and two-bedroom units ranging in size from 650 to 990 square feet. Communal amenities include a pool, fitness center, resident clubhouse, business center, pet play area and outdoor picnic and grilling areas. The seller was not disclosed. Following this acquisition, Western Wealth Capital now owns 12 multifamily properties in the Dallas-Fort Worth area and 26 in Texas.

August 30, 2021

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