Acquisitions

Blackstone Agrees to Acquire Data Center Giant QTS Realty Trust in $10B Deal

by John Nelson June 8, 2021

NEW YORK CITY AND OVERLAND PARK, KAN. — Blackstone (NYSE: BX) has entered into a definitive acquisition agreement with QTS Realty Trust (NYSE: QTS), a data center real estate investment trust, in an all-cash transaction valued at $10 billion. Upon completion of the transaction, the parties expect that QTS will continue to be led by its senior management team and maintain its corporate headquarters in Overland Park. QTS has a diverse footprint spanning more than 7 million square feet of owned data centers across 28 markets in North America and Europe, including Atlanta, Chicago, Dallas-Fort Worth, Miami, the Netherlands, Northern Virginia, Overland Park, the Pacific Northwest, Phoenix and Southern California. The decision by Blackstone follows several high-profile acquisitions in other niche real estate property sectors. Since January 2020, the New York City-based firm’s dealings have included a joint venture with Starwood Capital to buy hotelier Extended Stay America for $6 billion; the $3.4 billion acquisition of a life sciences portfolio in metro Boston; a joint venture with Hudson Pacific to develop movie studios and creative offices in Hollywood, Calif.; and a $4.6 billion partnership with MGM Growth Properties to buy the MGM Grand and Mandalay Bay casinos in Las Vegas. …

June 8, 2021

Acquisitions Multifamily Texas

Investors Management Group Buys 246-Unit Apartment Community in San Antonio

by Taylor Williams June 7, 2021

SAN ANTONIO — California-based Investors Management Group has purchased Azul Apartments, a 246-unit multifamily community in northwest San Antonio. Built in 2007, the property offers a mix of one-, two- and three-bedroom units averaging 868 square feet. Amenities include a pool with a lounge and game areas, fitness center, outdoor grilling stations and picnic areas, a basketball court and a business center. David Bleiweiss of Berkadia originated an undisclosed amount of Freddie Mac acquisition financing for the deal on behalf of the new ownership, which plans to invest more than $1 million in capital improvements. The seller was not disclosed.

June 7, 2021

Acquisitions Multifamily Texas

Darwin German Acquires 204-Unit Frankford Station Apartments in Metro Dallas

by Taylor Williams June 7, 2021

CARROLLTON, TEXAS — Locally based firm Darwin German Real Estate Investments has acquired Frankford Station, a 204-unit apartment community located in the northern Dallas suburb of Carrollton. The property offers one- and two-bedroom units with keyless entry mechanisms, quartz countertops and wood-style plank flooring. Communal amenities include a pool, fitness center, dog park, onsite storage space and a resident clubhouse with a coffee bar, business center and private conference room. The community, which was 89 percent occupied at the time of sale, was acquired in an off-market transaction from an undisclosed Dallas-based investor. The sales price was also not disclosed.

June 7, 2021

Acquisitions Loans Maryland Multifamily Southeast

KeyBank Funds $18M Acquisition Loan for Manufactured Housing Community in Dundalk, Maryland

by Julia Sanders June 7, 2021

DUNDALK, MD. — KeyBank Real Estate Capital has secured an $18 million Fannie Mae acquisition loan for a manufactured housing community in Dundalk known as Briarwood Estates. The borrower is a partnership between Dahn Corp., a Newport Beach, Calif.-based real estate investment and asset management company, and Orlando-based Elevation Capital Group. The property represents the first purchase for Elevation’s investment fund Elevation Fund 8 LLC, which focuses on self-storage and manufactured housing acquisitions. Paul Angle and Jason Weaver of KeyBank originated the financing. The 10-year loan is structured with a fixed interest rate, three years of interest-only payments and a 30-year amortization schedule. Originally built in 1949, renovated in the 1960s and expanded in the 1980s, Briarwood Estates is a 209-pad manufactured housing community situated on 34 acres approximately 48 miles north of Washington, D.C.

June 7, 2021

Acquisitions Healthcare Oklahoma Texas

National Health Advisors Purchases Brookhaven Hospital in Tulsa for $40.3M

by Taylor Williams June 7, 2021

TULSA, OKLA. — National Health Advisors (NHI) has purchased Brookhaven Hospital, a 64-bed facility in Tulsa, Okla., for $40.3 million. Behavioral health services provider Vizion Health, which treats patients who have suffered traumatic brain injuries, occupies the property on a 15-year lease. The seller was not disclosed.

June 7, 2021

Acquisitions Kentucky Retail Southeast

Marcus & Millichap Arranges $5.6M Sale of Four-Property Dollar General Portfolio in Kentucky

by Julia Sanders June 7, 2021

PAINTSVILLE, DANVILLE, EASTERN AND GIRDLER, KY. — Marcus & Millichap has arranged the $5.6 million sale of a four-property Dollar General portfolio in Kentucky totaling 36,400 square feet. Darpan Patel, Dan Yozwiak and Matthew Johnson of Marcus & Millichap represented the seller, James Myers of Kentucky Lodging and Development, and secured the buyer, Harrimack Holdings Acquisitions LLC, in the transaction. Colby Haugness of Marcus & Millichap assisted in closing the transaction. The four Dollar General stores are located at 1370 Euclid Ave. in Paintsville; 6595 Alum Springs Road in Danville; 5451 N. KY Highway 11 in Girdler; and 39 Kentucky-680 in Eastern.

June 7, 2021

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 350-Unit Hoyt Bedford Apartments in Stamford, Connecticut

by Taylor Williams June 7, 2021

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Hoyt Bedford, a 350-unit apartment complex in Stamford. Built on seven acres in 1940, the property consists of five buildings with 57 to 60 units per building that feature an average size of 927 square feet. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, an entity doing business as Stamford Apartment Co. LLC, in the transaction. The trio, along with Marcus & Millichap’s Andrew Daitch, also procured the buyer, Hoyt Bedford LP.

June 7, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of 135-Bed Skilled Nursing Facility on Cape Cod

by Taylor Williams June 7, 2021

HARWICH, MASS. — Cushman & Wakefield has brokered the sale of Wingate at Harwich, a 135-bed skilled nursing facility located in the Cape Cod city of Harwich. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the seller, an undisclosed institutional investor that is exiting the skilled nursing space, in the transaction. The buyer, a regional operator, plans to upgrade the community.

June 7, 2021

Acquisitions Multifamily New Jersey Northeast

Broadway Co. Acquires 50-Site Manufactured Housing Community in Chester, New Jersey

by Taylor Williams June 7, 2021

CHESTER, N.J. — The Broadway Co. (TBC), an investment firm focused on different types of income-producing residential assets, has acquired Windy Acres, a 50-site manufactured housing community in the Northern New Jersey community of Chester. Windy Acres is situated within close proximity of the intersection of Routes 24 and 206, across the street from the Chester Library. B6 Real Estate Advisors placed acquisition financing for the deal on behalf of TBC. The seller and sales price were not disclosed.

June 7, 2021

Acquisitions Arizona Multifamily Western

IPA Negotiates $54.5M Sale of Sundown Village Multifamily Community in Tucson

by Amy Works June 7, 2021

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sundown Village, a multifamily property located in Tucson. HSL Properties sold the asset to APRA Capital for $54.4 million, or $165,000 per unit. Built in 1984 and renovated in 1994, Sundown Village features 330 apartments, three swimming pools, a hot tub, barbecue and picnic areas, a clubhouse and 24-hour emergency maintenance service. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

June 7, 2021

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