Acquisitions

Kaplan Buys Three Land Sites for a Total of $17.3M, Plans to Develop Build-to-Rent Townhomes

by Julia Sanders July 16, 2021

MIAMI AND ATLANTA — Kaplan Residential, a multifamily developer with offices in Miami and Atlanta, has acquired three land sites in Georgia and Florida for the development of three build-to-rent townhome communities. The firm acquired two sites in metro Atlanta totaling more than $11 million and a 30-acre parcel in Venice, Fla., for nearly $6 million for a total of approximately $17.3 million. The first metro Atlanta acquisition is located at 3960 Redan Road in Stone Mountain, about 15 miles east of downtown Atlanta. Paideia School sold the land to Kaplan for $6.5 million. Shea Meddin of Cushman & Wakefield facilitated the sale. Brock Built Homes will serve as Kaplan’s co-general partner and general contractor for the new development. The other metro Atlanta property is located at 9570 Dallas Acworth Highway in Dallas, 37 miles northwest of downtown Atlanta. An entity doing business as AHA-Paulding LLC sold the land to Kaplan for $4.8 million. Patrick Taylor of ACI Capital Partners Inc. arranged the sale. New Wave Loans provided an undisclosed amount of financing to Kaplan. Lastly, the Southwest Florida site is located at 2201 Knights Trail Road in Venice. Rowco Development Co. LLC sold the land for approximately $6 million. …

July 16, 2021

Acquisitions Alabama Multifamily Southeast

OG Capital Purchases Waterfront Multifamily Community Near Birmingham for $9.4M

by Julia Sanders July 16, 2021

RIVERSIDE, ALA. — An affiliate of OG Capital LLC, a Birmingham-based real estate investment firm, has purchased Riverbend Apartments, a 144-unit apartment community in Riverside. Built in 1980, the property sits about 40 miles east of Birmingham and overlooks the Coosa River and its Lake Logan Martin Reservoir. A Delaware-based entity doing business as OG Riverbend LLC purchased the property from a firm doing business as Riverbend Apartments Ltd. for $9.4 million. Located at 417 Riverbend Road, the community is 3.9 miles from Honda Manufacturing of Alabama, a $2 billion, 4.2 million-square-foot plant that directly employs nearly 6,000 workers. Riverbend, which will soon be rebranded as RiverHouse, includes one-, two- and three-bedroom apartment homes, a community pool and clubhouse. Additionally, the property has more than 4,000 feet of waterfront and offers residents a private boat launch, swimming and water sports. OG Capital plans to renovate the entire property and amenity package by improving and expanding the existing fitness center and adding new community docks, fire pits and grill stations. Arlington Properties Inc. will manage the community.

July 16, 2021

Acquisitions Industrial Kansas Midwest

SparrowHawk Buys 272,882 SF Industrial Building in Shawnee, Kansas

by Kristin Harlow July 16, 2021

SHAWNEE, KAN. — SparrowHawk Real Estate has purchased a 272,882-square-foot industrial building in Shawnee for an undisclosed price. The newly completed property is located within the Heartland Logistics Park at 24525 W. 43rd St. Building features include a clear height of 32 feet, 27 dock doors, parking for 249 cars, parking for 75 trailers and office space. John Stafford and Ed Elder of Colliers International represented the undisclosed seller. The duo will market the building for lease. The transaction marks the second property acquisition in the Kansas City market in the last 90 days for SparrowHawk.

July 16, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 1,321-Unit Self-Storage Portfolio in Dallas-Fort Worth

by Taylor Williams July 16, 2021

CORINTH AND FORT WORTH, TEXAS — Marcus & Millichap has brokered a portfolio sale comprising two self-storage facilities totaling 1,321 units in the Dallas-Fort Worth metroplex. The portfolio spans 162,960 net rentable square feet. The first property is a 557-unit facility in Corinth, located north of the metroplex, and the second property is a 764-unit facility in Fort Worth. Both properties were built in 2018 and are managed by Extra Space Storage. Brandon Karr of Marcus & Millichap represented the seller and buyer, both of which requested anonymity, in the transaction.

July 16, 2021

Acquisitions Hospitality Texas

MCR Acquires 132-Room Courtyard by Marriott Hotel in Houston

by Taylor Williams July 16, 2021

HOUSTON — MCR, a New York City-based hospitality owner-operator, has acquired the 132-room Courtyard by Marriott Houston I-10 West/Park Row hotel. The property features a convenience store, 24-hour fitness center, meeting and event space, an outdoor pool and a bistro that serves food, alcoholic beverages and Starbucks coffee. The seller and sales price were not disclosed. MCR acquired the property as part of a five-hotel portfolio deal that carried a price tag of $94 million.

July 16, 2021

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers $10M Sale of Vacant Transitional Care Facility on Texas Panhandle

by Taylor Williams July 16, 2021

TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the $10 million sale of a transitional care facility located in the Texas Panhandle region. The property name and location were not released. Mainstreet developed the 70-unit property, which is located within a larger medical park, but never opened it. A local investor acquired the property with the intent of opening it as a post-acute hospital and has structured a lease with a national healthcare system based in Southern California. The seller was undisclosed seller.

July 16, 2021

Acquisitions California Multifamily Western

MWest Holdings Sells Hollywood Tower Apartments in Los Angeles for $20.1M

by Amy Works July 16, 2021

LOS ANGELES — MWest Holdings has completed the sale of Hollywood Tower, a landmark multifamily asset located in Los Angeles’ Hollywood neighborhood. A family partnership acquired the property for $20.1 million, or $386,538 per unit. Built in 1929 and extensively renovated in 2010, the eight-story Hollywood Tower features 51 apartment units in a mix of studio, one- and two-bedroom layouts with vintage French Norman architectural details and modern fixtures and finishes. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.

July 16, 2021

Acquisitions Net Lease Oregon Retail Western

Faris Lee Brokers $7.3 Million Sale of Single-Tenant Grocery Property in Baker City, Oregon

by Amy Works July 16, 2021

BAKER CITY, ORE. — Faris Lee Investments has arranged the $7.3 million sale of a single-tenant, 48,239-square-foot retail property in Baker City. Albertsons, the tenant, has approximately 15 years remaining on its absolute triple-net lease. Chris DePierro, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the Orange County-based seller in the transaction. The buyer was not disclosed. The Albertsons grocery store is located adjacent to Interstate 84. Other national tenants in this area include McDonald’s, Safeway, Rite Aid, Bi-Mart, Shell and Subway.

July 16, 2021

Acquisitions New York Northeast Office Retail

Severn Realty Sells Office, Retail Building at 576 Fifth Ave. in Manhattan for $101M

by Taylor Williams July 16, 2021

NEW YORK CITY — Locally based investment firm Severn Realty Partners has sold 576 Fifth Avenue, a 78,564-square-foot office and retail building in Midtown Manhattan, for $101 million. The building is located adjacent to Rockefeller Center in the Diamond District and consists of three levels of retail space totaling 6,247 square feet and 10 floors of office space. Paul Massey, Zach Redding, Dylan Kane, Daniel O’Mahony and Christian Kane of B6 Real Estate Advisors represented Severn Realty Partners in the transaction. Daniel Chun and Adelaide Polsinelli of Compass, along with Sharon Kim Robinson of Silver & Oak Realty, represented the buyer, a Delaware-based limited liability company.

July 16, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $22.6M Sale of Multifamily Property in Newton, New Jersey

by Taylor Williams July 16, 2021

NEWTON, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $22.6 million sale of Merriam Gateway Apartments, a 101-unit multifamily building in Newton, about 60 miles west of New York City. The unit mix comprises eight studios, three studios with lofts, 75 one-bedroom apartments and 15 two-bedroom apartments. In addition, the property houses 10,000 square feet of commercial space. Joseph Keenan of Kislak represented the seller, an entity doing business as Merriam Gateway Apartments Inc., in the transaction. Justin Lupo, also with Kislak, procured the buyer, an affiliate of Blue Diamond Equities LLC. The property, which has since been rebranded as The Cobbler Lofts, was roughly 95 percent occupied at the time of sale.

July 16, 2021

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