Acquisitions

Tower 16 Capital Sells Three-Asset Apartment Portfolio in Las Vegas for $182M

by Amy Works April 21, 2021

LAS VEGAS — San Diego-based Tower 16 Capital has completed the sale of a three-asset multifamily portfolio in Las Vegas. An undisclosed buyer acquired the portfolio for $182 million. Tower 16 assembled the portfolio over the last 2.5 years and repositioned all the assets. Totaling 1,165 units, the portfolio includes Accent on Rainbow, Accent on Decatur and Accent on Sahara. All three received recent improvements including upgraded leasing offices, outdoor amenity areas and interior unit renovations to more than 40 percent of the units. Tower 16 acquired the assets for $112 million and spent roughly $10.3 million on improvements. The buyer plans to continue the renovation efforts. Located at 6666 W. Washington Ave., Accent on Rainbow features 540 apartments, three pools, a new clubhouse, leasing office and gym. Accent on Decatur, located at 2950 S. Decatur Blvd., features 313 apartments, two pools, a new clubhouse and gym, two outdoor amenity areas and barbecues. Located at 4801 E. Sahara Ave., Accent on Sahara offer 312 apartments, a renovated clubhouse, two pools, a new gym, kids’ play area, barbecues and a dog park. Ed Rosen, John Chu, Tyler Sinks, Brian Andersen and Jared Glover of Berkadia represented Tower 16 in the deal.

April 21, 2021

Acquisitions Colorado Multifamily Western

Trammell Crow Residential Divests of 354-Unit Apartment Community in Downtown Denver

by Amy Works April 21, 2021

DENVER — Trammell Crow Residential has completed the sale of Alexan 20th Street Station, a 12-story multifamily property in downtown Denver. Terms of the sale were not released. Located at 2080 California St., the asset features 354 apartments, structured parking, a pool and spa, two fifth-floor decks, a fitness center, multiple community areas and workspaces. In-unit finishes include quartz countertops, stainless steel appliances, contemporary cabinetry, tile backsplashes, large under-mount sinks, plank flooring, high ceilings and in-unit washers/dryers. The property was built in 2019. Terrance Hunt, Shane Ozment, Chris Cowan, Amanda Meldrum and Craig Ratterman of Newmark represented the seller in the transaction.

April 21, 2021

Acquisitions Retail Washington Western

Marcus & Millichap Arranges $4.6M Sale of O’Reilly Auto Parts-Occupied Property in Shoreline, Washington

by Amy Works April 21, 2021

SHORELINE, WASH. — Marcus & Millichap has brokered the sale of a retail property located at 18025 Aurora Ave. North in Shoreline. A limited liability company sold the asset to a limited liability company for $4.6 million. O’Reilly Auto Parts has occupied the 16,265-square-foot property since 1997. The current corporate-guaranteed lease expires in 2028 and features several five-year options to renew. Carson Breshears and Hank Wolfer of Marcus & Millichap’s Seattle office represented the seller in the deal.

April 21, 2021

Acquisitions New Jersey Northeast Office Top Stories

Birch Group Acquires Four-Building Office Portfolio in Northern New Jersey for $255M

by Kristin Harlow April 21, 2021

SHORT HILLS, N.J. — The Birch Group has acquired a four-building office portfolio in the Short Hills submarket of Northern New Jersey for $255 million. The 843,300-square-foot portfolio comprises four Class A buildings located at 51, 101, 103 and 150 JFK Parkway. The properties are currently 80 percent leased to 22 tenants, including Citibank, Investors Bank, KPMG, Bank of America, UBS, Dun & Bradstreet, Morgan Stanley and Wells Fargo. “During the pandemic, there has been a demographic shift to the suburbs, and the migration of this talent pool represents an extraordinary opportunity to meet the demand for high-quality office assets in prime New Jersey markets,” says Mark Meisner, CEO and founder of Birch. “Short Hills is among one of the most prestigious suburban locales and it has consistently achieved above-average rents in New Jersey, while maintaining the highest occupancy rates within the market.” David Bernhaut led a Cushman & Wakefield team that represented the seller, Mack-Cali Realty Corp. (NYSE: CLI). The buyer has also retained Cushman & Wakefield as the leasing agent for the properties. Birch says it views the acquisition as a repositioning opportunity and plans to employ a value-add strategy. Birch will complement $15.2 million of recently completed …

April 21, 2021

Acquisitions Loans Multifamily Texas

180 Multifamily Buys 248-Unit Watson Apartments in Grand Prairie, Texas

by Taylor Williams April 20, 2021

GRAND PRAIRIE, TEXAS — Locally based investment firm 180 Multifamily Properties has purchased The Watson, a 248-unit apartment community in Grand Prairie, located roughly midway between Dallas and Fort Worth. The Class A property was built in 2018. Units come in one- and two-bedroom floor plans and are furnished with granite countertops, faux wood flooring and individual washers and dryers. Amenities include a pool, playground, fitness center, clubhouse and conference room, two courtyards and a bocce ball court. The seller was an undisclosed, locally based developer. Dan Gillard of Greystone originated a $29.6 million Freddie Mac acquisition loan for the deal on behalf of 180 Multifamily Properties. The nonrecourse financing was structured with a 10-year term, floating interest rate and a 70 percent loan-to-value ratio.

April 20, 2021

Acquisitions Office Texas

Newmark Negotiates Sale of 458,000 SF Office Building in Downtown Houston

by Taylor Williams April 20, 2021

HOUSTON — Newmark has negotiated the sale of a 458,000-square-foot office building located at 1801 Smith St. in downtown Houston. According to LoopNet Inc., the Class B property was built in 1972 and renovated in 2017. Robert Hill, Gary Carr, John Alvarado, Chris Murphy, Zachary Springer, William Mitchell, Matthew Saunders, Russell Jones, Brad Shaffer, Brandon Miller, Thomas Alleman, Benjamin Johnson and Barrett Benton of Newmark represented the seller, G&I VIII Jefferson LP, in the transaction.

April 20, 2021

Acquisitions Industrial Self-Storage Texas

Merit Hill Capital Acquires 421-Unit Self-Storage Facility in Metro Houston

by Taylor Williams April 20, 2021

CONROE, TEXAS — New York City-based Merit Hill Capital has acquired A-Another Storage, a 421-unit self-storage facility in Conroe, about 40 miles north of Houston. The property spans 52,480 square feet. Craig Rice and Cole Rice of CSD Realty represented the seller, an entity doing business as A-Another Storage LLC, in the transaction and procured Merit Hill Capital as the buyer.

April 20, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates $84.3M Sale of The Fairfield Apartments in Connecticut

by Taylor Williams April 20, 2021

STAMFORD, CONN. — CBRE has negotiated the $84.3 million sale of The Fairfield Apartments, a 263-unit multifamily community in the southern coastal Connecticut city of Stamford. Built in 1996, the property offers amenities such as a clubroom, caterer’s kitchen, three private courtyards, a pool, fitness center and outdoor grilling areas. The CBRE team of Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the institutional seller in the transaction, while also procuring San Francisco-based FPA Multifamily as the buyer.

April 20, 2021

Acquisitions Loans Multifamily South Carolina Southeast

Ready Capital Closes $8.4M Acquisition Financing for Multifamily Property in Columbia

by Julia Sanders April 20, 2021

COLUMBIA, S.C. — Ready Capital has closed the financing for the acquisition, renovation and stabilization of a 152-unit, Class C multifamily property in southeast Columbia. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to address deferred maintenance issues that will help facilitate stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The financing also includes a facility to provide future funding for capital expenditures.

April 20, 2021

Acquisitions Industrial New Jersey Northeast

CustomPictureFrames.com Buys 45,300 SF Industrial Building in Somerset, New Jersey

by Taylor Williams April 20, 2021

SOMERSET, N.J. — CustomPictureFrames.com, a manufacturer of picture and other framing solutions, has acquired a 45,300-square-foot industrial building at 6 Shirley Ave. in Somerset, located in Northern New Jersey. Bill Waxman and Christopher Griffith of CBRE represented the buyer, which will relocate from nearby South River, in its site selection and negotiations. Bussel Realty Corp. represented the seller, Emby Hosiery Corp.

April 20, 2021

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