Acquisitions

LYND Acquires Two Apartment Communities in Metro Houston for $84M

by Taylor Williams July 6, 2021

KINGWOOD AND PORTER, TEXAS — LYND, a San Antonio-based multifamily developer and operator, has acquired two apartment communities totaling 684 units in the Houston area for $84 million, or roughly $123,000 per unit. The two properties — the 372-unit Paramount at Kingwood and the 312-unit Villas of Valley Ranch — are located in Houston’s northeastern suburbs of Kingwood and Porter, respectively. Paramount at Kingwood features one-, two- and three-bedroom units and a clubhouse, pool and fitness center. Villas of Valley Ranch offers one- and two-bedroom units and a pool, dog park and walking trails. LYND assumed management of the properties in September 2020 and oversaw a value-add program. The seller was Sy Li, a private investor based in Texas.

July 6, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 114-Unit Self-Storage Facility in Longview, Texas

by Taylor Williams July 6, 2021

LONGVIEW, TEXAS — Marcus & Millichap has brokered the sale of Longview Climate Storage, a 114-unit self-storage facility located about 100 miles east of Dallas. Dave Knobler, Brandon Karr, Danny Cunningham and Mixson Staffel of Marcus & Millichap represented the seller, a Houston-based private investor, in the disposition of the facility, which spans 11,108 net rentable square feet. The quartet also procured the buyer, a limited liability company.

July 6, 2021

Acquisitions Industrial Office Texas

Bradford Negotiates Sale of 68,043 SF Shady Trail Business Center in Dallas

by Taylor Williams July 6, 2021

DALLAS — Bradford Commercial Real Estate Services has negotiated the sale of Shady Trail Business Center, a 68,043-square-foot flex property in Dallas. Shane Benner and Josh Meraz of Bradford represented the seller, an entity doing business as WC Shady Trail Business Center LLC, in the transaction. Rich Young Jr. of Rich Young Cos. represented the buyer, a Los Angeles-based limited liability company, in the deal. Shady Trail Business Center was 92 percent leased at the time of sale.

July 6, 2021

Acquisitions Multifamily Nevada Western

Bascom Group Acquires 390-Unit Multifamily Portfolio in Las Vegas

by Amy Works July 6, 2021

LAS VEGAS — The Bascom Group has purchased a three-property apartment portfolio located in Las Vegas for $72 million, or $184,806 per unit. Totaling 390 units, the portfolio includes Spectra at 4000, Spectra East and Spectrum at Katie. Bridge Investment Group provided debt financing, which Charles Halladay, Jamie Kline and Annie Rice of JLL Capital Markets arranged. Bascom selected Cushman & Wakefield for property management services and Renu Multifamily Services for construction management. Spectra at 4000 and Spectra East are located in eastern Las Vegas Valley, and Spectrum at Katie is located near University of Nevada – Las Vegas and the Las Vegas Strip. The name of the seller was not released.

July 6, 2021

Acquisitions Affordable Housing Illinois Midwest Multifamily Seniors Housing

AHIB Arranges $8.8M Sale of Affordable Senior Living Community in Lyons, Illinois

by Kristin Harlow July 6, 2021

LYONS, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the $8.8 million sale of Riverwalk in Lyons, about 14 miles southwest of Chicago. Built in 2003, the six-story property includes 120 units. The majority of the units are rented under affordable housing guidelines, while 16 are rented at market rate. The community was developed using funds from the Low-Income Housing Tax Credit program and the Illinois Housing Development Authority. Current affordability restrictions remain in place until 2033. Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, as well as the buyer, New Frontier Cos. The buyer intends to operate the community as affordable housing for the foreseeable future, according to AHIB.

July 6, 2021

Acquisitions Michigan Midwest Retail

Cohn Commercial Properties Brokers Sale of Former Kroger Store in St. Clair Shores, Michigan

by Kristin Harlow July 6, 2021

ST. CLAIR SHORES, MICH. — Cohn Commercial Properties has brokered the sale of a former Kroger store in St. Clair Shores, about 13 miles northeast of Detroit. The 51,021-square-foot building is located at 22332 East 9 Mile Road. Harry Cohn of Cohn Commercial, along with CBRE, represented the seller, The Kroger Co. The buyer was St. Clair Retail Management LLC.

July 6, 2021

Acquisitions Hospitality New York Northeast

DiamondRock Hospitality Sells Lexington Hotel in Midtown Manhattan for $185.3M

by Taylor Williams July 6, 2021

NEW YORK CITY — DiamondRock Hospitality Co. (NYSE: DRH), a Maryland-based REIT, has sold the 725-room Lexington Hotel in Midtown Manhattan for $185.3 million, or roughly $256,000 per room. The sales price represents a cap rate of 5.4 percent based on the hotel’s 2019 net operating income. The Lexington Hotel features multiple meeting and event spaces. DiamondRock intends to invest the net proceeds from the sale in resort and urban lifestyle hotels. The buyer was locally based hospitality owner-operator MCR.

July 6, 2021

Acquisitions Colorado Loans Multifamily Western

Berkadia Arranges $39M Apartment Mid-Rise Sale in Denver

by Amy Works July 6, 2021

DENVER — Berkadia has brokered the sale of 16 Penn, a mid-rise apartment community located in Denver. Denver-based The Burgwyn Co. sold the asset to an undisclosed entity for $39 million. Located at 1615 Pennsylvania St., 16 Penn features 99 apartments in a mix of one- and two-bedroom floor plans with in-unit washers/dryers and private balconies. Community amenities include a fitness studio, media room, community kitchen, courtyard with a fireplace and grills, and a library. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the transaction. Matt Schildwatcher of Berkadia Denver secured a $32 million, four-year, interest-only bridge loan for the buyer.

July 6, 2021

Acquisitions Multifamily Utah Western

Colrich Sells 96-Unit Mountain View Multifamily Property Near Salt Lake City to Clear Capital

by Amy Works July 6, 2021

WEST VALLEY CITY, UTAH — Colrich has completed the sale of Mountain View, an apartment community located in West Valley City. Clear Capital acquired the asset for an undisclosed price. Situated 12 miles south of downtown Salt Lake City, Mountain View features 96 two-bedroom apartments with in-unit washers/dryers and private balconies or patios. The property features landscaped, tree-lined grounds with mountain views, walking paths and outdoor amenities, including a swimming pool, grilling stations and playground. The asset was built in 1985. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 6, 2021

Acquisitions Colorado Multifamily Western

Pinnacle Brokers $10.3M Sale of Lynnewood Apartment Property in Littleton, Colorado

by Amy Works July 6, 2021

LITTLETON, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Lynnewood, a multifamily property in Littleton. The property traded for $10.3 million. The names of the buyer and seller were not released. Located at 5579 S. Windermere St., Lynnewood features 57 apartments. Andrew Monette and Jeff Johnson of Pinnacle represented the seller, while Josh Newell of Pinnacle represented the buyer in the transaction.

July 6, 2021

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