Acquisitions

Vision & Beyond Acquires 297-Unit Multifamily Property in Cincinnati

by Kristin Harlow August 18, 2021

CINCINNATI — Vision & Beyond Capital Investments has acquired Clifton Colony, a 297-unit multifamily property in Cincinnati’s Clifton neighborhood. The purchase price was undisclosed. The buyer plans to invest $5 million to install new HFAC, windows and landscaping. The development will continue to serve the workforce housing population. No tenants will be displaced while renovations are underway. Monthly rents start at $610. Vision & Beyond says it plans to implement nominal rent increases for units as they are renovated.

August 18, 2021

Acquisitions Healthcare Midwest Wisconsin

IRA Capital Buys Ambulatory Surgery Center Near Milwaukee in Sale-Leaseback

by Kristin Harlow August 18, 2021

WAUWATOSA, WIS. — IRA Capital has purchased an 11,200-square-foot ambulatory surgery center in Wauwatosa, about six miles west of Milwaukee. The purchase price was not disclosed. The property is fully occupied by Wauwatosa Surgery Center, a partner of Surgical Care Affiliates (SCA). The facility offers various outpatient services, including anesthesiology, general surgery and orthopedic surgery. IRA acquired the building in a sale-leaseback that was structured with SCA, which operates 230 ambulatory surgery centers across 35 states.

August 18, 2021

Acquisitions California Multifamily Top Stories Western

IPA Brokers $275M Sale of Two-Property Multifamily Portfolio in Hermosa Beach

by Kristin Harlow August 18, 2021

HERMOSA BEACH, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $275 million sale of two adjacent multifamily properties in Hermosa Beach, a beachfront city in Los Angeles County. The 285-unit Playa Pacifica sold for $162.5 million, while the 169-unit The Gallery sold for $112.5 million. Built in 1972, Playa Pacifica was partially renovated in 2015 and 2016. The average unit size is 590 square feet. Amenities include two solar-heated pools, a fitness center, business center, clubhouse, spa and outdoor lounge with barbecue area. The Gallery was built in 1971 and partially renovated in 2003 and 2004. Units average 831 square feet. Amenities include a pool, fitness center, spa, sauna and covered parking. Both communities are located near Hermosa Beach Pier. Neighborhood attractions include The Strand and Greenbelt Park, along with beachfront nightlife and restaurants. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller, an institutional investor, and procured the buyer, Prime Residential. Previously, the IPA team brokered the sale of the properties in 2006 for $133 million. “The sale represents the acquisition of 24 percent of the entire apartment stock in Hermosa Beach and nearly 70 percent of the like-kind …

August 18, 2021

Acquisitions Multifamily Texas

Strategic Realty Holdings Buys Two-Property Houston Apartment Portfolio for $34.3M

by Taylor Williams August 18, 2021

HOUSTON — California-based investment firm Strategic Realty Holdings has purchased a portfolio comprising two multifamily properties totaling 488 units in Houston for $34.3 million. Cypress Ridge Apartments was built in 1980 and totals 252 units in one- and two-bedroom floor plans ranging in size from 599 to 957 square feet. Highland Cross Apartments was also constructed in 1980 and comprises 236 units that also feature one- and two-bedroom formats and range in size from 685 to 1,140 square feet. Both properties have similar amenity packages that include pools, fitness centers, clubhouses and onsite laundry facilities. Electra Capital contributed a $6.2 million preferred equity investment to the transaction, the seller in which was not disclosed.

August 18, 2021

Acquisitions Retail Texas

JLL Negotiates Sale of 240,000 SF Shopping Center in Dallas

by Taylor Williams August 18, 2021

DALLAS — JLL has negotiated the sale of The Hill, a 240,000-square-foot shopping center located at the corner of Walnut Hill Lane and Central Expressway in north-central Dallas. Built in 1977, The Hill houses tenants such as Houndstooth Coffee, Hiatus Spa + Retreat, Snooze, Taco Deli, Hat Creek Burger Co. and Boardroom Salon for Men. Barry Brown, Ryan Shore, Chris Gerard and Jason Jacobs of JLL represented the seller, EB Arrow, in the transaction. North Carolina-based investment firm Asana Partners purchased the property for an undisclosed price in an off-market deal.

August 18, 2021

Acquisitions Multifamily Texas

Westmount Realty Capital Acquires 192-Unit Apartment Community in West Houston

by Taylor Williams August 18, 2021

HOUSTON — Dallas-based Westmount Realty Capital has acquired West End on Eldridge, a 192-unit apartment community in the Energy Corridor area of West Houston. The property was built in 1999 and features one- and two-bedroom units averaging 911 square feet. Amenities include a pool with a sundeck, outdoor grilling and lounge areas, a fitness center with a yoga room and a dog park. Westmount plans to implement a value-add program to unit interiors that will add stainless steel appliances, quartz countertops and tile backsplashes. In addition, the company will upgrade the amenity spaces and rebrand the community as Westmount at Eldridge. The seller was not disclosed.

August 18, 2021

Acquisitions Industrial New York Northeast

Simone Development Sells 15-Acre Former Manufacturing Plant in Hicksville, New York

by Taylor Williams August 18, 2021

HICKSVILLE, N.Y. — Simone Development Cos. has sold the 15-acre site of the former Rubber Co. of American Polymer Corp. manufacturing plant in the Long Island community of Hicksville. The facility was originally constructed in 1945 to produce plastics and latex and in subsequent years has been owned by various manufacturers, including Occidental Chemical Corp, Sybron Corp. and Bayer Corp. Paul Leone of CBRE represented the buyer, a fund backed by Brookfield Asset Management, in the transaction. Jim MacDonald negotiated the sale on an internal basis for Simone Development. The new ownership plans to develop a warehouse/distribution center on the site.

August 18, 2021

Acquisitions Restaurant Retail Utah Western

Cushman & Wakefield Brokers $51M Sale of Foothill Village Shopping Center in Salt Lake City

by Amy Works August 17, 2021

SALT LAKE CITY — Cushman & Wakefield has brokered the sale of Foothill Village, a neighborhood retail center located at 1400 S. Foothill Drive in Salt Lake City. JTJG Foothill sold the asset to Charlotte, N.C.-based Asana Partners for $51 million. A premier grocery store anchors the 270,000-square-foot property, which also features a mix of restaurants, retailers, spas and salons. Asana plans to renovate the existing buildings and parking garage on the 11-acre site. The shopping center was originally developed in 1954. Renovations are slated to begin next spring with completion scheduled for the end of 2022. Kip Paul of Cushman & Wakefield and James Burgess of The Burgess Co. represented the buyer and seller in the deal.

August 17, 2021

Acquisitions District of Columbia Office Southeast

JLL Closes $766M Sale of WashREIT Office Portfolio in Metro D.C., Virginia

by Julia Sanders August 17, 2021

WASHINGTON, D.C. — JLL has closed the $766 million sale of a 12-property office portfolio totaling 2.3 million square feet in metro Washington, D.C., and Virginia. Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir, Dave Baker and Chris Capece of JLL represented the seller, WashREIT. Brookfield Asset Management was the buyer. The portfolio sale, which was announced in mid-June, includes six office properties across Northern Virginia and six in Washington, D.C.’s central business district. WashREIT is a Washington, D.C.-based owner and operator of office, retail and multifamily properties in the metro Washington area. The firm has a portfolio of 31 properties with 7,059 multifamily apartment units and about 1 million square feet of commercial space. The sale goes along with WashREIT’s multi-year plan of transforming into a multifamily REIT. The company also plans to sell its remaining eight retail assets and expects to complete that sale in the third quarter of this year.

August 17, 2021

Acquisitions Loans Multifamily Southeast Tennessee

Berkadia Arranges Sale, Financing of 1,002-Unit Waterview Apartment Complex in Memphis

by Julia Sanders August 17, 2021

MEMPHIS, TENN. — Berkadia has arranged the sale and financing of Waterview Apartment Homes, a 1,002-unit multifamily community in southeast Memphis. Patrick Jordan of Berkadia represented the seller, CapReit, in the transaction. Blue Magma Residential, a Tampa-based real estate firm, acquired the property for an undisclosed price. Charles Foschini and Christopher Apone of Berkadia arranged acquisition financing on behalf of Blue Magma. Arbor Realty Trust provided the $82 million bridge loan, which is a non-recourse, floating-rate, three-year, interest-only loan that includes two one-year extension options. Located at 6860 Quince Road, Waterview is located close to Interstate 240 and Bethel University and approximately 18.4 miles from downtown Memphis. Built in 1985, the property offers one- and two-bedroom apartments ranging from 533 square feet to 1,160 square feet. Individual units are cable ready and feature vaulted ceilings and ceiling fans. Some units will include washers and dryers, wood-burning fireplaces and built-in bookshelves. Community amenities include a fitness center, 22 acres of lakes with water features, tennis courts, indoor and outdoor pools and spas and a sundeck and lounge area.

August 17, 2021

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