Acquisitions

IPA Brokers $18.2M Sale of District Flats Off Dobson Apartments in Mesa

by Amy Works July 8, 2021

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of District Flats Off Dobson, a multifamily property located in Mesa. Rise48 Equity sold the property to a joint venture between The Souferian Group and ZMR Capital for $18.2 million, or $162,500 per unit. Built in 1975 on three acres, District Flats Off Dobson features 112 apartments, a swimming pool, barbecue grills, laundry facility, tennis court and pet play area. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

July 8, 2021

Acquisitions Content Partner Data Centers Development Features Industrial Midwest NAI Northeast Southeast Texas Western

From Hype to Hyperscalers: NAI Global Discusses Trends for Data Centers

by Sarah Daniels July 8, 2021

Data centers have exploded in importance over the last year and a half. Kevin Goeller, principal, NAI KLNB, has over 21 years of experience in the field of data center development, sales and leasing, but says that, lately, exponential change is driving demand in this asset class. He spoke to REBusinessOnline about the booming need and limiting factors for data centers. REBusiness: Tell us about the sudden, increased demand for data centers. What amount of this demand is due to the pandemic driving people to work from home? What amount of the demand is here to stay? Goeller: Prior to the pandemic, we were already in an upward curve because of the added disciplines of 5G and edge data centers contributing to the already competitive growth of the hyperscalers and multitenant data centers. Data center development didn’t have the interest from institutional investors that it does today; these assets were just starting to get these institutions to chase them as a real estate discipline. Fast forward to the pandemic, which added Zoom, Microsoft Teams and other video conferencing and work-from-home needs. These put additional pressure on an already pressurized discipline, an asset class already trying to adapt and grow. REBusiness: …

July 8, 2021

Acquisitions Maryland Multifamily Southeast

StoneBridge Acquires Gramercy at Town Center Apartments in Columbia, Maryland for $67M

by Julia Sanders July 7, 2021

COLUMBIA, MD. — StoneBridge Investments has acquired Gramercy at Town Center, a 210-unit apartment community in Columbia, for $67 million. Martha Hastings and Bill Roohan of CBRE represented the sellers, Prudential Global Investment Management and Bozzuto, in the transaction. Maxi Leachman and David Webb, also with CBRE, arranged financing on behalf of StoneBridge. The financing was a Freddie Mac loan of about $43 million. Built in 1998 at 10601 Gramercy Place, Gramercy at Town Center features a mix of one-, two- and three-bedroom apartments. StoneBridge plans to make improvements to the clubhouse and pool, building exteriors and interior unit upgrades such as faux wood flooring, updated finishes and technology packages. Each unit has a private balcony or patio, individual side-by-side washer and dryer and a walk-in closet, and some of the units also offer gas fireplaces and built-in computer niches. The kitchens feature stainless steel appliances, granite countertops, hardwood flooring and breakfast bars. Community amenities include a swimming pool with sundeck, 24-hour fitness center, a business center, guest suite and private garages.

July 7, 2021

Acquisitions Industrial Kansas Midwest

Newmark Zimmer Brokers Sale of 1.1 MSF Distribution Center in Gardner, Kansas

by Kristin Harlow July 7, 2021

GARDNER, KAN. — Newmark Zimmer has brokered the sale of a 1.1 million-square-foot distribution center in Gardner, about 30 miles southwest of Kansas City. The sales price was undisclosed. Located at 17150 Mercury St., the 72-acre property is one of the largest distribution facilities in metro Kansas City, according to Newmark Zimmer. It is fully leased to outdoor recreation company Coleman Co. Inc., which has occupied the facility since 2009. Mark Long, John Hassler and Jim Linn of Newmark Zimmer brokered the transaction, further details of which were undisclosed.

July 7, 2021

Acquisitions Georgia Multifamily Southeast

Radco Sells Spalding Bridge Apartment Community in Atlanta for $38.5M

by Julia Sanders July 7, 2021

ATLANTA — The Radco Cos. has sold Spalding Bridge, a 192-unit multifamily complex located at 47 Spalding Trail NE in Atlanta. Chicago-based 29th Street Capital bought the property for $38.5 million. Derrick Bloom and David Gutting of Newmark brokered the transaction. Built in 1984, Spalding Bridge includes one-, two- and three-bedroom apartments with fully equipped kitchens, washer/dryer connections, balconies and extra storage. Community amenities also include an outdoor lounge with a fire pit, bark park, pool with sundeck, tennis courts, fitness center with free weights and BBQ picnic areas. Atlanta-based Radco acquired the property in 2015. The apartment complex offers access to Ga. Highway 400 and Interstate 285. The property is nearby recreational areas such as the Chattahoochee River, Dunwoody Nature Center, Steel Canyon Golf Club and Big Trees Forest Preserve.

July 7, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges Sales of Two Birmingham Apartment Communities Totaling $21.5M

by Julia Sanders July 7, 2021

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $21.5 million sale of two apartment communities in Birmingham totaling 289 units located. Andrew Brown, Craig Hey and Parker Caldwell of Cushman & Wakefield represented the seller, Arcan Capital, in the transaction. 3MC Capital Partners, a real estate private equity firm, acquired the properties. Valley Crest, which includes 176 units, sold for $13.3 million, and Park on Valley, which spans 113 units, sold for $8.2 million. Valley Crest is located at 316 Beacon Crest Lane and was built in 1979. Park on Valley is located at 741 Barcelona Court and was built in 1973. Community amenities at both include a pool, laundry facilities, clubhouse, picnic area and an onsite property manager. Units include washers and dryers and dishwashers. Both of the properties were 99 percent occupied at the time of sale. The communities are situated between downtown Birmingham and the municipalities of Homewood and Vestavia Hills. The properties are both close to the University of Alabama at Birmingham.

July 7, 2021

Acquisitions Florida Healthcare Office Southeast

Marcus & Millichap Brokers $4.8M Sale of Medical Office Property in Miami

by Julia Sanders July 7, 2021

MIAMI — Marcus & Millichap has brokered the $4.8 million sale of a three-story, 15,250-square-foot medical office property located at 1790 Coral Way in Miami. Douglas Mandel and Adam Klein of Marcus & Millichap represented the seller. Miami-based L2 Partners, a limited liability company, was the seller. The seller will occupy about 30 percent of the building. The property’s corner location is directly on the south side of the historic Coral Way Corridor that connects Coral Gables and Miami. The property is also close to both Brickell and Coral Gables. The building is on about one-third of an acre. In 2018, the property had a full renovation including a new roof, hurricane-impact windows and exterior painting, as well as common area and mechanical upgrades. The office features onsite covered parking, gated and fenced grounds, impact windows and doors, secured access and modern finishes.

July 7, 2021

Acquisitions Office Texas

Monarch Alternative Capital Buys 209,081 SF Office Building in Plano

by Taylor Williams July 7, 2021

PLANO, TEXAS — Monarch Alternative Capital, an investment firm based in London and New York City, has purchased The Apex at Legacy, a 209,081-square-foot office building in Plano. The sale included a 2.1-acre adjacent development parcel. Apex at Legacy was completed earlier this year and consists of seven floors of office space above a six-story, 798-space parking garage. Monarch will operate the property in partnership with Tourmaline Capital Partners and has tapped Lincoln Property Co. to assist with leasing and property management plans.

July 7, 2021

Acquisitions Affordable Housing Multifamily Texas

Dominium Acquires 140-Unit Affordable Housing Property in Bryan, Texas

by Taylor Williams July 7, 2021

BRYAN, TEXAS — Dominium, a developer and operator of affordable housing, has acquired a 140-unit property in the Central Texas city of Bryan that was built in 2005. According to Apartments.com, the property features two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, playground, basketball court and a lounge. Dominium, which has already rebranded the property as Sandy Creek Apartments, will also implement a capital improvement plan beginning next year. The seller was undisclosed.

July 7, 2021

Acquisitions Hospitality Texas

Marcus & Millichap Brokers Sale of 111-Room Holiday Inn Hotel in San Antonio

by Taylor Williams July 7, 2021

SAN ANTONIO — Marcus & Millichap has brokered the sale of the 111-room Holiday Inn San Antonio North Stone Oak, located at 19280 Redland Road on the city’s north side. The four-story building was constructed in 2010. Allan Miller and Chris Gomes of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

July 7, 2021

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