Acquisitions

FCP, S2 Capital Acquire 308-Unit Oxford Park Apartments in Irving

by Taylor Williams June 9, 2021

IRVING, TEXAS — A partnership between Washington, D.C.-based investment firm FCP and Dallas-based S2 Capital has acquired Oxford Park Apartments, a 308-unit multifamily community in Irving’s Las Colinas district. Built in 1995, the property offers one-, two- and three-bedroom units and amenities such as a fitness center, business center and a resident clubhouse, according to Apartments.com. JLL represented the undisclosed seller in the transaction. The new ownership plans to implement a value-add program, including a rebranding of the property.

June 9, 2021

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 209,643 SF Industrial Facility in Norton, Massachusetts

by Taylor Williams June 9, 2021

NORTON, MASS. — CBRE has brokered the sale of a 209,643-square-foot industrial facility in Norton, located near the Massachusetts-Rhode Island border. Built in 1986, the property was fully leased to U.S. Cabinet Depot at the time of sale. Building features include a clear height of 28 feet, 20 docks and an ESFR sprinkler system. Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Daniel Hines of CBRE represented the seller, Paradigm Capital Advisors, in the off-market transaction. Denver-based Black Creek Group acquired the asset for an undisclosed price.

June 9, 2021

336-Logistics-Drive-Hamburg-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

JLL Negotiates $22.3M Sale of Industrial Property in Hamburg, Pennsylvania

by Taylor Williams June 9, 2021

HAMBURG, PA. — JLL has negotiated the $22.3 million sale of a 149,632-square-foot industrial property in the Lehigh Valley community of Hamburg. Built in 2020, the building features a clear height of 32 feet, 24 overhead doors and an ESFR sprinkler system. John Plower, Pete Pittroff, Ryan Cottone and Jeff Lockard of JLL represented the seller, a joint venture between The Keith Corp. and Kiel Group, in the transaction. Boston-based TA Realty purchased the asset, which was fully leased to two tenants, S Walter Packaging and LTL Home Products, at the time of sale.

June 9, 2021

Acquisitions Industrial Midwest Ohio

Weston-Led Partnership Purchases Former 1.7 MSF Ford Plant in Suburban Cleveland

by Kristin Harlow June 9, 2021

BROOK PARK, OHIO — Weston Inc., the DiGeronimo Cos. and Scannell Properties have purchased the former Ford Motor Co. plant in Brook Park, a southwest suburb of Cleveland. The purchase price was $31.5 million, according to Crain’s Cleveland Business. The existing facility spans 1.7 million square feet across 210 acres and is located next to Cleveland Hopkins Airport. The buyers plan to redevelop the property, details of which will be announced in the coming months.

June 9, 2021

Acquisitions Illinois Midwest Multifamily

Pensam Acquires 260-Unit Apartment Community in Suburban Chicago

by Kristin Harlow June 9, 2021

WEST DUNDEE, ILL. — Pensam has acquired 1900 at Canterfield, a 260-unit apartment community in West Dundee, a far northwest suburb of Chicago. Built in 2018, the property consists of 18 buildings on 23 acres. Amenities include a clubhouse, fitness center, conference room, outdoor lounge area and pool. The seller and sales price were undisclosed. A multifamily real estate investment firm based in Miami, Pensam has invested more than $3 billion in 35,000 multifamily assets across the country.

June 9, 2021

Acquisitions California Multifamily Seniors Housing Western

SLIB Negotiates Sale of 77-Unit Seniors Housing Community in Whittier, California

by Amy Works June 9, 2021

WHITTIER, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Posada, a 77-unit assisted living and memory care community in Whittier, a suburb of Los Angeles. The facility was built in 1984 with a renovation in 2017. It totals 41,658 square feet on approximately 0.72 acres of land. The seller was a regional owner-operator looking to divest from the senior care space. The buyer is a local owner-operator that plans on making some renovations to the property. The price was not disclosed. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction.

June 9, 2021

Acquisitions Affordable Housing California Loans Multifamily Western

Hunt Capital Closes $8.5M Loan for Acquisition, Rehabilitation of Affordable Housing in Palm Desert, California

by Amy Works June 9, 2021

PALM DESERT, CALIF. — Hunt Capital Partners and developer D.L. Horn & Associates have closed on more than $8.5 million in federal Low Income Housing Tax Credits equity financing for the acquisition and rehabilitation of an affordable multifamily project in Palm Desert. The Hovley Gardens project consists of 16 two-story, walk-up residential buildings offering a total of 163 units, as well as a community building. The unit mix includes 72 two-bedroom units, 72 three-bedroom units, 18 four-bedroom units and one three-bedroom manager’s unit. Eighteen of the units will be restricted to households earning up to 30 percent of area median income (AMI), 55 units will be restricted to households earning up to 45 percent of AMI, 82 units will be for households earning up to 50 percent of AMI and seven units will be for households earning up to 60 percent of AMI. Units renovations will include upgraded cabinets, countertops, sinks, faucets and flooring. Twelve units will be converted to fully accessible and the five existing accessible units will be modified to be compliant with current regulations. Community upgrades will include improvements to the building systems, commons areas and community spaces. The project team includes ConAm Management Corp., Multi-Family Builders, …

June 9, 2021

Acquisitions California Healthcare Illinois Midwest Multifamily Nevada Seniors Housing Top Stories Western

Harrison Street Agrees to Acquire 24 Seniors Housing Assets, Sell 14 Medical Office Properties for $1.6B

by Kristin Harlow June 9, 2021

CHICAGO — Chicago-based Harrison Street has entered into a series of transactions under which the company agreed to purchase 24 seniors housing assets and sell 14 medical office properties for a total transaction volume of approximately $1.6 billion. The 24 Class A seniors housing properties comprise 2,195 assisted living and memory care units across California and Nevada. The purchase price was roughly $1.2 billion. Healthpeak Properties Inc. was the seller of 12 communities, while Gallaher Cos. was the seller of the other 12 properties. Oakmont Management Group operates all 24 assets, many of which have either been recently completed or are currently under construction. The Healthpeak portfolio maintained an average occupancy rate of 96 percent from 2016 to 2019, according to Harrison Street. The properties average four years in age. In 2020, Healthpeak established and began executing a plan to dispose of its seniors housing properties, except for its continuing care retirement communities. “The assets we are acquiring are managed by a leading operator and are located in attractive markets backed by solid demographics, high barriers to entry and historically high occupancy rates,” says Michael Gordon, global chief investment officer at Harrison Street. Additionally, Harrison Street has agreed to sell …

June 9, 2021

Acquisitions Multifamily Texas

Bell Partners Acquires Two New Multifamily Assets in Austin, Will Create 949-Unit Community

by Taylor Williams June 8, 2021

AUSTIN, TEXAS — North Carolina-based investment firm Bell Partners has acquired Lenox Springs and Lenox Meadows, two adjacent multifamily assets in Austin totaling 619 units. Bell Partners will merge these properties with its 330-unit Bell Southpark property, which neighbors Lenox Springs and Lenox Meadows, to create a 949-unit community that will be located roughly 10 miles from downtown Austin. Lenox Springs and Lenox Meadows were built in 2018 and 2021, respectively, and Bell Southpark was built in 2018. The new community will feature multiple resort-style pools, grills and fireplace features, as well as fitness and wellness studios and green spaces.

June 8, 2021

Acquisitions Loans Multifamily Texas

Sterling Real Estate Sells 332-Unit Multifamily Property in Cedar Park, Texas

by Taylor Williams June 8, 2021

CEDAR PARK, TEXAS — Arizona-based investment firm Sterling Real Estate Partners has sold Muir Lake, a 332-unit luxury multifamily property in Cedar Park, a northwestern suburb of Austin. Built in 2014 by developer Larry Peel, the waterfront community is located within the 189-acre Lakeline Park master-planned community, which includes walking trails, sport fields, water activities and festival/event areas. Units feature studio, one- and two-bedroom floor plans and are furnished with granite countertops, stainless steel appliances, full-sized washers and dryers and private balconies/patios. Amenities include a pool, outdoor lounge, business center, billiards room, fitness center, dog park and a boat and canoe dock. Matt Pohl, Forrest Bass and Spencer Roy of Walker & Dunlop brokered the deal. An affiliate of Chicago-based Walton Street Capital provided a $61.4 million acquisition loan to the buyer, a partnership between Old Three Hundred Capital and ArrowMark Partners. Marko Kazanjian, Chris McColpin and Andrew Cohen of JLL placed the debt. Muir Lake was 96 percent occupied at the time of sale.

June 8, 2021

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