Acquisitions

CGI+ Sells Multifamily Property in Metro Orlando for $74.5M

by Julia Sanders June 4, 2021

CELEBRATION, FLA. — Woodland Hills, Calif.-based CGI+ Real Estate Investment Strategies has sold Astoria at Celebration, a 306-unit luxury multifamily community in Celebration. Aliso Viejo, Calif.-based Versity Investments LLC acquired the property for $74.5 million. Originally completed in 2016, Astoria at Celebration, which was then known as Sola at Celebration, had to be vacated in 2017 due to construction issues. Then, CGI+ acquired the vacant community in 2019 for $43 million. Mario Lopez of CGI+ and Ryan Bitzer of Turning Leaf Construction made renovations in order to bring the property up to code. During this time, CGI+ worked with Epoch Property Management to rebrand the community as Astoria at Celebration. At the time of the sale, the property was 99 percent leased. Astoria at Celebration features a mix of luxury one-, two- and three-bedroom units located in six four-story, Art Deco-inspired residential buildings around a centralized clubhouse and pool area. The property unit size ranges from 741 square feet to 1,371 square feet. The apartments feature nine-foot ceilings, kitchens with stainless steel appliances, 42-inch espresso cabinets, granite countertops, full-size washers and dryers and walk-in closets. Community amenities include a saltwater pool, private pool cabanas, 24-hour fitness studio, a clubhouse with …

June 4, 2021

Acquisitions Data Centers Industrial Southeast Virginia

Yondr Group Acquires 270 Acres in Northern Virginia for Data Centers Developments

by Julia Sanders June 4, 2021

LOUDOUN AND PRINCE WILLIAM COUNTY, VA. — Yondr Group, in partnership with JK Land Holdings LLC, have acquired 270 acres of land in Loudoun and Prince William counties for the development of data centers. The price and seller were not disclosed. The data centers’ new sites are close to Northern Virginia’s major fiber path and power transmission lines, and the sites are expected to support the delivery of 500 megawatts of critical IT capacity. Yondr aims to have its first capacity ready for service in late 2022. Yondr also is currently building data center projects in London, England; Frankfurt and Berlin, Germany; Jakarta, Indonesia; and multiple cities in India. The company wants to develop data centers across five continents by 2024.

June 4, 2021

Acquisitions Development Multifamily Southeast Tennessee

Alliance Residential Co. Purchases Two Acres in Nashville for Broadstone OneCity Apartment Development

by Julia Sanders June 4, 2021

NASHVILLE, TENN. — Alliance Residential Co. has purchased nearly two acres for the development of Broadstone OneCity, a luxury multifamily community located at 7 City Place in Nashville. The price and seller were not disclosed. Construction is scheduled to begin this year with first residents moving in spring of 2023. Designed by architect Dynamik Design and civil engineer Catalyst Design Group, Broadstone OneCity will include 261 studio, one- and two-bedroom luxury apartment units averaging 814 square feet. Units will feature finishes including gas ranges, beverage refrigerators, entertainment islands and custom entry benches. Community amenities will include a fitness center, private focus rooms, individual yoga pods, mailroom with 24/7 package concierge, resort-style pool and courtyard and a Skylounge equipped with a demonstrator kitchen and rooftop putt-putt. Broadstone OneCity will be part of the OneC1TY development, an urban community in Nashville. The property will be located close to restaurants like Pastaria and Avo, recreational areas, office spaces and fitness facilities such as CrossFit and Edge Cycle. Alliance Residential Co. has two other developments currently under construction including Broadstone SoBro and Broadstone Nations. Based in Scottsdale, Ariz., Alliance Residential Co. is a multifamily developer.

June 4, 2021

Acquisitions Office Texas

Newmark Brokers Sale of 367,364 SF Office Complex in North Dallas

by Taylor Williams June 4, 2021

DALLAS — Newmark has brokered the sale of Heritage One & Two, a 367,364-square-foot office complex located at the convergence of the Dallas North Tollway and LBJ Freeway in North Dallas. The two-building property sits on 12 acres and features amenities such as a fitness center, conference center and a café with outdoor seating. Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen of Newmark represented the undisclosed seller in the transaction. The buyer was Oregon-based investment firm Menashe Properties. The complex was 75 percent leased at the time of sale.

June 4, 2021

Acquisitions Multifamily Texas

ZMR Capital Acquires 240-Unit Chimney Hill Apartments in Richardson, Texas

by Taylor Williams June 4, 2021

RICHARDSON, TEXAS — Tampa-based investment firm ZMR Capital has acquired Chimney Hill Apartments, a 240-unit multifamily community located in the northeastern Dallas suburb of Richardson. The property offers a mix of one-, two- and three-bedroom units across 11 two-story buildings. Amenities include a pool with a lounge area, outdoor picnic and grilling stations, fitness center and a cybercafé. Brian Eisendrath of CBRE arranged an undisclosed amount of acquisition financing on behalf of ZMR Capital, which will implement a capital improvement program focused on unit interiors, amenity spaces and building exteriors.

June 4, 2021

Acquisitions Multifamily Texas

CBRE Negotiates Sale of 136-Unit Spanish Trace Apartments in Irving

by Taylor Williams June 4, 2021

IRVING, TEXAS — CBRE has negotiated the sale of Spanish Trace, a 136-unit apartment complex in Irving. Built in 1968, the property offers one- and two-bedroom units, according to Apartments.com. Dallas-based Reap Capital purchased the asset from Lane Star Properties for an undisclosed price. Chris Deuillet and William Hubbard of CBRE brokered the deal on behalf of the seller, and William Givens and Robert Siddall of CBRE arranged acquisition financing on behalf of the buyer. Spanish Trace was 88 percent occupied at the time of sale. The new ownership will implement a value-add program and rebrand the community.

June 4, 2021

Noble-Town-Center-Jenkinstown-Pennsylvania

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates Sale of 167,689 SF Noble Town Center Near Philadelphia

by Taylor Williams June 4, 2021

JENKINTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Noble Town Center, a 167,689-square-foot shopping center in Jenkintown, a northern suburb of Philadelphia. The property was originally constructed in 1958 as a Wanamaker’s department store and was converted into a multi-tenant center in 1999. Anchor tenants include Ross Dress for Less, PetSmart, Bed Bath & Beyond and Walgreens. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, a joint venture between Paramount Realty Services and Edgewood Properties, in the transaction. Noble Town Center was 64 percent leased at the time of sale following the shuttering of space previously occupied by Stein Mart, which filed for Chapter 11 bankruptcy in August of last year.

June 4, 2021

Acquisitions Colorado Multifamily Western

29th Street Capital Acquires Parq at Iliff Station Apartment Community Near Denver for $134M

by Amy Works June 4, 2021

AURORA, COLO. — 29th Street Capital (29SC) has purchased Parq at Iliff Station, a multifamily property located in Southeast Aurora, for $134 million. Located at 2602 S. Anaheim St., Parq features 424 apartments and was built in 2018. 29SC plans to implement an improvement plan, including new smart-home technology packages, upgrading interior finishes and adding additional amenities throughout the community. Haven Residential, 29SC’s in-house property management group, will operate the community. Brian Eisendrath and Cameron Chalfant of CBRE arranged a fixed-rate acquisition through a life company for the buyer. The name of the seller was not released.

June 4, 2021

Acquisitions California Office Western

Bailard Sells Office Campus in Lake Forest, California to Kingsbam Real Estate Capital for $40M

by Amy Works June 4, 2021

LAKE FOREST, CALIF. — Bailard has completed the disposition of Bailard Real Estate Fund of Palm Terrace, an office campus located in Lake Forest. Kingsbam Real Estate Capital acquired the asset for $40 million in an off-market transaction. Located at 25521, 25531 and 25541 Commercentre Drive, the three-building campus features 155,795 square feet of office space. At the time of sale, the property was 97 percent leased to a variety of tenants, including Del Taco, PGM Holdings, Hometown Equity, Citadel Servicing and Anyone Home. The property features revamped landscaping, an outdoor common area and courtyard, open floorplates, ample natural light, abundant surface-level parking, building signage and energy-efficient lighting. Kevin Shannon, Paul Jones and Brandon White of Newmark represented the seller, while the buyer was self-represented in the deal.

June 4, 2021

Acquisitions Healthcare New Jersey Northeast

Colliers Brokers $20M Sale of Medical Office Complex in East Windsor, New Jersey

by Taylor Williams June 4, 2021

EAST WINDSOR, N.J. — Colliers International has brokered the $20 million sale of an 80,000-square-foot medical office complex in East Windsor, about 50 miles northeast of Philadelphia. Kim Kretowicz of Colliers represented the seller, Gordon Princeton Mab Associates, an affiliate of New Jersey-based medical office developer The Gordon Group. Kretowicz also represented the buyer, a partnership between global investment firm OrbVest and Wythe Medical Properties LLC NJ.

June 4, 2021

Newer Posts

Older Posts