SAN ANGELO, TEXAS — The Multifamily Group (TMG), a Dallas-based apartment brokerage firm, has negotiated the sale of Casa Rio, a 100-unit multifamily property in San Angelo, located in the western-central part of the state. Casa Rio was built in 1977. Paul Yazbeck of TMG represented the undisclosed seller, which originally acquired the asset in 2010, in the deal. The undisclosed buyer plans to implement a value-add program.
CHARLESTOWN, MASS. — CBRE has negotiated the $74.5 million sale of The Town Industrial Portfolio, a collection of three industrial and self-storage buildings totaling 110,898 square feet in Charlestown. The buildings are situated on a combined 4.3 acres near Interstates 90 and 93 on the north side of Boston. The portfolio consists of a 21,586-square-foot industrial building, a CubeSmart-branded self-storage facility with 617 interior storage units and 28 exterior storage units and a fully leased flex/R&D facility. Scott Dragos, Chris Skeffington, Doug Jacoby, Tony Hayes, Tim Mulhall, Roy Sandeman and Dan Hines of CBRE represented the seller, Center Court, in the transaction. The buyer was The Related Cos.
KUTZTOWN, PA. — JLL has negotiated the sale of Edge at Kutztown, a 552-bed student housing property serving students at Kutztown University of Pennsylvania, located roughly midway between Reading and Allentown. The sales price was $20.1 million. The property’s 184 units are furnished with full appliance packages, vinyl tile flooring, Formica countertops and individual washers and dryers. Amenities include a clubhouse, outdoor grilling stations, game room and package receiving area. Fran Coyne, Tom Hall, Mark Thomson and Carl Fiebig of JLL represented the seller, a private investor, in the transaction. The buyer was DLP Real Estate Capital.
ITHACA, N.Y. — Chicago-based investment firm Harrison Street has acquired The Lux and The Lofts, two student housing communities serving students at Cornell University in Ithaca. The properties respectively offer 207 and 74 beds in various floor plans. Both assets were 95 percent occupied at the time of sale. Ryan Lang and Ben Harkrider of Newmark represented Harrison Street and the seller, a partnership between Ithaca-based Visum Development Group and equity partner East To West Capital, in the transaction.
IRVINE, CALIF. — A fund sponsored by CBRE Global Investors has purchased Irvine Crossing, a mixed-use logistics property in Irvine. Terms of the transaction were not released. The 395,673-square-foot property features a 193,173-square-foot data center with 10 megawatts of critical power located at 17836 Gillette Ave. and a 202,500-square-foot logistics warehouse located at 17871 Von Karman Ave. One of the largest data center operators in the world occupies the data center, while a large e-commerce company occupies the logistics warehouse.
PORTLAND, ORE. — Trion Properties has acquired The Russell Apartments, a multifamily property located at 2621 NE Seventh Ave. in Portland. An undisclosed seller sold the asset for $19.7 million. The six-story property features 68 apartments in 25 different floorplans with patio decks, modern finishes and full-size in-unit washers/dryers. Community amenities include a roof terrace with barbecues and a fire pit, fitness center, club lounge, pet washroom and secured bike storage. Rob Marton and Tyler Johnson of HFO Real represented Trion in the transaction. Continental Partners arranged the financing through Andrew Kwok of Capital One.
PHOENIX — Marcus & Millichap has brokered the sale of Golden Key, a multifamily property located in Phoenix. A private investor sold the asset to a fund manager for $13.5 million. Located at 3675 W. Osborn Road, Golden Key features 91 apartments. The community spaces and three of the units at the 62,323-square-foot property have been renovated. Paul Bay and Darrell Moffitt of Marcus & Millichap represented the seller and procured the buyer in the deal.
SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 2067 E. Highland Ave. in San Bernardino. Sage Invesco and Pacific Riviera Properties sold the asset to a San Bernardino County-based private investor for $4.6 million, or $919 per square foot. Greg Bedell of Progressive Real Estate Partners represented the seller, while Choong “Bruce” Lee of NewStar Realty and Hope Kim, an independent broker, represented the buyer in the deal. Built in 2020, the three-tenant building features 5,058 square feet of retail space. Starbucks Coffee, Lefty’s Cheesesteak and Cricket Wireless occupy the property.
ATLANTA AND NASHVILLE, TENN. — GTIS Partners has sold a single-family rental (SFR) portfolio spanning 1,081 homes located in Atlanta and Nashville to an undisclosed buyer for approximately $300 million. GTIS first entered the SFR space in 2012. Since then, the New York-based firm has owned and/or managed over 4,700 SFR homes scattered across nine markets. Additionally, GTIS has seven build-to-rent projects under construction in Phoenix and South and Central Florida. The developments total 1,370 units and will cost about $340 million to bring on line.
LOUISVILLE, KY. — JLL Income Property Trust has acquired Louisville Airport Distribution Center, a newly constructed industrial property located in the Southside/Airport industrial submarket in Louisville. The facility totals approximately 284,000 square feet. The property is within five miles from distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and the Louisville Muhammad Ali International Airport. The Chicago-based REIT purchased the property for $32.1 million from an undisclosed buyer. This acquisition is JLL Income Property Trust’s second in Louisville after purchasing Louisville Distribution Center earlier this year. Louisville Airport Distribution Center is located close to several interstates, including Interstates 24, 64, 65, 71 and 75. The center is 2.5 miles from GE Appliance Park. Built in 2020, the center is fully leased to Haier US Appliance Solutions, which is an affiliate of local heavyweight GE Appliances, and Derby Industries. The leases carry a weighted average term of 5.1 years. The property includes modern features such as 36-foot clear heights, LED lighting and HVAC throughout.