CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $29.1 million sale of Scarlet Point, a 274-unit apartment community in Charlotte. The approximately 24-acre site is situated on Springmont Lane in west Charlotte, approximately five miles from the Uptown district. Scarlet Point was built in 1974 and was approximately 85 percent occupied at the time of sale. Originally two separate adjacent communities, the property features two swimming pools, two laundry facilities and a dog park. Scarlet Point’s unit mix includes one- and two-bedroom flat- and townhome-style floorplans. Ron Corrao of Capstone represented the seller, TG Real Estate, in the transaction. The buyer, Lucern Capital Partners, plans to continue TG’s renovation program and invest several million dollars into interior upgrades and necessary capital improvements. Select apartment homes were recently upgraded with wood-style vinyl flooring, shaker cabinetry and stainless steel appliances.
GAINESVILLE, FLA. — American Commercial Realty (ACR) has acquired Hampton Forest Apartments, a 152-unit multifamily community in Gainesville. The seller, an entity doing business as Fox Hollow Apartments LLC, sold the property for an undisclosed price. JLL arranged the sale, as well as $14 million in acquisition financing for the buyer. Hampton Forest Apartments has one- and two- bedroom floorplans, with most having private balconies or patios. The community includes 19 two-story concrete block buildings with a leasing office and resident services building, as well as a swimming pool on a nearly 10-acre site. The property was 96 percent occupied at the time of sale. ACR is planning to make a series of improvements at Hampton Forest, including new quartz countertops and cabinets in the kitchens, the addition of modern plank flooring and contemporary fixtures and washers and dryers in many of the units. There will also be new grilling and dining stations, as well as enhancements to the pool area and upgrades to the landscaping. Park Partners, a Boca Raton, Fla.-based renovation management company, is in charge of doing the upgrades to Hampton Forest. Atrium Management will manage the property. Located at 7301 W. University Ave., Hampton Forest is …
MINNETONKA, MINN. — JLL Capital Markets has negotiated the $11.2 million sale of Minnetonka Corporate Center in Minnetonka, about 15 miles southwest of Minneapolis. The 94,435-square-foot property features office and warehouse space. Renovated in 2004, Minnetonka Corporate Center is fully leased to six tenants. Located on Clearwater Drive, the property features five dock doors and four drive-in doors. Colin Ryan and David Berglund of JLL represented the seller, Onward Investors LLC. The duo also procured the buyer, WinPark Associates LLC.
CARPENTERSVILLE, ILL. — Hanley Investment Group Real Estate Advisors has brokered the $3.9 million sale of Shoppes on Route 31 in Carpentersville, about 40 miles northwest of Chicago. The 11,035-square-foot retail building, constructed in 2007, is fully leased to Panda Express, ATI Physical Therapy, Game Stop, SportClips, T-Mobile and a dental office. The property sits on one acre at 27 S. Western Ave. Brad Dessy of Hanley, in conjunction with ParaSell Inc., represented the seller, an Arizona-based private investor. Chuck Wasker of Colliers International represented the buyer, a San Diego-based private investor.
WEST HARTFORD, CONN. — Blue Back Capital Partners LLC, a joint venture between Greenwich, Conn.-based Charter Realty & Development Corp. and Miami-based Rialto Capital, has acquired Blue Back Square, a 450,000-square-foot mixed-use property in West Hartford. The property was built in 2006 and includes 215,000 square feet of retail, restaurant and entertainment space, as well as 200,000 square feet of office and medical office space. Retail anchor tenants include Crate & Barrel, Cinepolis Cinemas, West Elm and Barnes & Noble. The seller was Starwood Retail Partners, which purchased the property in 2013. Chris Angelone, Zach Nitsche, Nat Heald, Dave Monahan and Sean O’Neill of JLL represented the undisclosed seller in the transaction.
BETHANY BEACH, DEL. — Savills Inc. has brokered the sale of a 100-room Holiday Inn Express hotel in the coastal Delaware town of Bethany Beach. The hotel, which is located two blocks from the beach, is part of the InterContinental Hotels Group (IHG) family of brands and offers a business center and a 1,400-square-foot conference space. Marc Magazine and Tom Baker of Savills represented the seller, a partnership between two entities doing business as Bethany Boardwalk Group LLC and Bethany Beach Ocean Inn LLC, in the transaction. The buyer was EOS Acquisitions LLC.
LOS ANGELES AND DENVER — A subsidiary of Los Angeles-based Ares Management has agreed to acquire 100 percent of Denver-based Black Creek Group’s U.S. real estate investment advisory and distribution business. Black Creek Group had approximately $11.6 billion assets under management as of March 31 in core/core-plus real estate strategies across two non-traded REITs and various institutional fund vehicles and spanning industrial, multifamily, office and retail property types. Additionally, the firm’s senior management team has an average of 25 years of experience in sourcing, acquiring, operating and developing properties in the United States. The transaction is expected to expand the Ares Real Estate Capital’s existing capabilities and product offerings. The buyers says the deal will also broaden its real estate platform with vehicles that complement the firm’s existing real estate debt and U.S. and European value-add and opportunistic funds. The combined real estate group will have approximately $29 billion assets under management and the transaction will boost Ares’ non-traded REIT capital by $5.1 billion. Upon closing, key members of the Black Creek leadership team will remain in place and become part of the Ares Real Estate Group, which Bill Benjamin leads. “[This transaction] further scales our real estate business, expands …
AURORA, COLO. — CBRE Global Investors, on behalf of a separate account client, has acquired Fletcher Southlands, a garden-style multifamily property in Aurora. Terms of the transaction were not released. Fletcher Southlands features 320 units in a mix of one-, two-, three- and four-bedroom layouts with nine-foot ceiling heights, stainless steel appliances, private outdoor patios, in-unit washers/dryers, walk-in closets and fireplaces in select units. Community amenities include a heated outdoor pool, lounge area, dog park, dog wash, sun deck, picnic areas, renovated fitness center, basketball court, outdoor grills, fire pit, playground, indoor game room and package lockers. With this investment, CBRE Global Investors has a portfolio of nearly 900 multifamily units representing more than $260 million assets under management in the Denver metro area.
FLAGSTAFF, ARIZ. — Walker & Dunlop has arranged debt and equity financing for the purchase of The Bungalows on Pine Cliff, a build-for-rent housing developing in Flagstaff. The structured transaction includes $37.6 million in bridge financing as part of a joint venture partnership. St. Clair Holdings is the borrower. Heather McClure of Walker & Dunlop’s Build-for-Rent (BFR) team advised the borrower and identified New York City-based Dome Equities as a capital partner for the project. Dave Hendrickson and Pat Modig of Walker & Dunlop’s Capital Markets group identified the opportunity and collaborated with the firm’s BFR and structured finance teams to provide the full capital solution. Developed in 2020, Bungalows on Pine Cliff features detached one-, two- and three-bedroom rental homes averaging 1,097 square feet. Community amenities include a leasing center, clubhouse, modern kitchen, fitness center, dog washing station, gas fire pits with seating areas, bocce ball court, dog park, barbecues and two electric car charging stations.
DENVER — Capstone has arranged the purchase of The Arboretum, a newly built apartment community located at 2049 S. Columbine St. in Denver’s University Park neighborhood. An undisclosed buyer acquired the property from Denver-based Red T for $17.5 million. The 58,2138-square-foot community features 45 apartments in a mix of 12 one-bedroom/one-bath and 33 two-bedroom/two-bath units. Residences offer Nest thermostats and ceiling fans. Community amenities include a dry-cleaning closet, Amazon parcel lockers, security cameras, video access control of entry door from within each unit, digital keypads for unit access, gas grills, firepit and dog run. Adam Riddle and Jason Koch of Capstone represented the buyer in the deal.