Acquisitions

Cardinal Group, TPG Real Estate Acquire Four-Property Student Housing Portfolio Near University of Oregon

by Amy Works June 11, 2021

EUGENE, ORE. — A joint venture between Cardinal Group Investments and TPG Real Estate Partners (TREP) has acquired The Element Portfolio, a four-property student housing portfolio serving students attending the University of Oregon in Eugene. The 383-bed portfolio is located within walking distance of campus. The new ownership plans to enhance the portfolio through in-unit renovations, furnishing units at three communities and amenity space enhancements. Unit upgrades will include updated flooring, stainless steel appliances, new faucets and bathroom vanities, and new paint throughout. Cardinal Group Management will manage the properties while Cardinal Group Construction will manage the value-add construction projects. Agency Fifty3 will oversee marketing and branding. Peter Katz of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. CBRE advised on debt for the acquisition, which was added to an existing Fannie Mae credit facility formed for Cardinal and TREP’s joint venture. Ben Roelke and Ian Walker of CBRE’s Capital Markets Debt & Structured Finance arranged $26.9 million in acquisition financing for the buyer. The seven-year loan features a 2.6 percent floating rate, full-term interest-only payments and a flexible prepayment structure.

June 11, 2021

Acquisitions Georgia Retail Southeast

JLL Brokers $37.6M Sale of Sprouts-Anchored Shopping Center in Roswell, Georgia

by Julia Sanders June 11, 2021

ROSWELL, GA. — JLL Capital Markets has brokered the $37.6 million sale of Roswell Market Place, a fully leased, 95,522-square-foot shopping center in the metro Atlanta city of Roswell. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the locally based seller, Branch Properties LLC, in the sale. East Coast Acquisitions acquired the property. Roswell Market Place is located at 10800 Alpharetta Highway. Built in 1986 and most recently renovated in 2015 and 2016, the retail property is anchored by Sprouts Farmers Market. The property’s tenant roster also includes Starbucks, Chipotle, Subway, Hollywood Feed, Another Broken Egg Cafe, Bad Daddy’s Burger Bar and Tin Drum. Branch Properties LLC is a private real estate investment firm primarily focused on the acquisition and development of high-quality, grocery anchored shopping centers located in the Southeastern United States. East Coast Acquisitions (ECA) is a Tampa-based real estate investment firm focused on the acquisition of grocery-anchored retail centers in core and robust secondary markets.

June 11, 2021

Acquisitions Arizona Multifamily Western

Decron Properties Purchases Multifamily Asset in Tempe for $64.7M

by Amy Works June 11, 2021

TEMPE, ARIZ. — Decron Properties has purchased 1221 Broadway, an apartment property located in North Tempe, for $64.7 million. Built in 2015, the community features 194 apartments in a mix of studio, one-, two- and three-bedroom layouts spread across 10 two- and three-story residential buildings. Averaging 940 square feet, the units include nine-foot ceilings, stainless steel appliances, granite countertops, custom cabinetry, full-size washers/dryers, wood-style vinyl flooring, walk-in closets and a private patio or balcony. Community amenities include a pool and deck with oversized spa and lounge seating with canopies; outdoor kitchen with grills; a clubhouse with an indoor entertainment area with oversized flat-screen TVs; full-service coffee bar; WiFi café; and a fitness center.

June 11, 2021

Acquisitions Multifamily Student Housing Utah Western

MJW Investments, Redstone Buy 924-Bed Student Housing Community Near Brigham Young University

by Amy Works June 11, 2021

PROVO, UTAH — A joint venture between MJW Investments and Redstone Residential has acquired a 924-bed student housing community located near Brigham Young University in Provo. The property offers shared amenities including a sand volleyball court, hot tub, swimming pool, on-site laundry and a game area. The partnership plans to renovate the property’s units and shared amenity spaces. Voya Investments provided financing for the acquisition. Redstone Residential will oversee operations and property enhancements. “The property’s close proximity to campus and remarkable offerings are just a few of the aspects that make this property incredibly attractive” says Mark Weinstein, president and founder of MJW Investments. “This brings our 2021 acquisitions to more than 2,000 beds in Provo.”

June 11, 2021

Acquisitions California Industrial Loans Office Western

PSRS Arranges $31.6M in Acquisition Financing for Five Flex Buildings Near San Diego

by Amy Works June 11, 2021

SAN DIEGO AND CHULA VISTA, CALIF. — PSRS has arranged $31.6 million in acquisition financing for five multi-tenant buildings in Chula Vista and San Diego’s Mission Valley neighborhood. The portfolio includes four flex industrial/office buildings along Bay Boulevard in Chula Vista and a multi-tenant office building at 5920 Friars Road in San Diego. Tenants include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Financed with a CMBS execution, Jim Mulvihill of PSRS secured a 10-year loan with full-term interest-only payments for the undisclosed borrower.

June 11, 2021

Acquisitions Arizona Restaurant Retail Western

Marcus & Millichap Brokers $2.2M Sale of Habit Burger Grill-Occupied Building in Phoenix

by Amy Works June 11, 2021

PHOENIX — Marcus & Millichap has arranged the sale of a restaurant property located at 745 E. Glendale Ave. in Phoenix. A limited liability company sold the asset to a personal trust for $2.2 million. Habit Burger Grill occupies the 1,891-square-foot building, which was built in 1973, on a net-lease basis. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal.

June 11, 2021

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 694-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 11, 2021

SAN ANTONIO — Marcus & Millichap has brokered the sale of a 694-unit self-storage facility in San Antonio that is operated under the Life Storage brand. The property consists of 571 climate-controlled units and 123 non-climate-controlled units that range in size from 50 to 300 square feet. Jon Danklefs of Marcus & Millichap represented the undisclosed seller and procured the buyer, a joint venture between Montfort Capital Partners LLC and Blue Vista Capital. Life Storage will continue to manage the property.

June 11, 2021

Acquisitions Multifamily Texas

AMLI Residential Acquires 373-Unit Elizabeth Apartments in Austin

by Taylor Williams June 11, 2021

AUSTIN, TEXAS — AMLI Residential, a national multifamily development and management firm based in Chicago, has acquired The Elizabeth, a 373-unit apartment community in Austin’s Silicon Hills neighborhood. Built in 2020, the property offers studio, one-, two and three-bedroom units. Amenities include a pool, fitness center, resident lounge, bocce ball courts, coworking lounge, outdoor grilling stations, music library and a dog park. Patton Jones of Newmark represented the seller, Dallas-based StreetLights Residential, in the transaction. The sales price was not disclosed.

June 11, 2021

Acquisitions Retail Texas

STRIVE Arranges Sale of 9,807 SF Hebron Heights Retail Strip Center in Metro Dallas

by Taylor Williams June 11, 2021

CARROLLTON, TEXAS — Locally based retail brokerage firm STRIVE has arranged the sale of Hebron Heights, a 9,807-square-foot retail strip center in the northern Dallas suburb of Carrollton. Hudson Lambert of STRIVE represented the California-based seller and the Texas-based buyer in the transaction. The property was fully leased to six tenants at the time of sale.

June 11, 2021

Acquisitions Multifamily New Jersey Northeast

Colliers Brokers Sale of 156-Unit Multifamily Portfolio in Northern New Jersey

by Taylor Williams June 11, 2021

HACKENSACK AND LITTLE FERRY, N.J. — Colliers International has brokered the sale of the Lenox Multifamily Portfolio, a collection of five apartment buildings totaling 156 units in Northern New Jersey. The properties, which are located in Hackensack and Little Ferry, feature a unit mix of 16 studios, 133 one-bedroom apartments and seven two-bedroom residences. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers brokered marketed the properties on behalf of the undisclosed seller. The buyer and sales price were also not disclosed.

June 11, 2021

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