Acquisitions

Continental Realty Acquires 111 Broadway in Downtown Nashville for $36M

by Julia Sanders May 17, 2021

NASHVILLE, TENN. — Continental Realty Corp. (CRC) has acquired 111 Broadway, a 50,303-square-foot, mixed-use property in downtown Nashville. Tower Investments Inc., based in Philadelphia, sold the property for $36 million. The four-tenant building is 100 percent leased to tenants including Rock Bottom Brewery, Wyndham-Margaritaville Vacation Club, Glen Campbell Museum and Platinum Cos. Constructed in 1930 and positioned just one block from Cumberland River, the three-story asset has been renovated over the past five years, including improvements to the roof, windows, exterior and elevator systems. CRC is a Baltimore-based real estate investment and management company that also owns Fortress Grove Apartments, a 320-unit multifamily community located in nearby Murfreesboro, Tenn.

May 17, 2021

Acquisitions Multifamily Washington Western

New Standard Equities Acquires Two-Property Apartment Portfolio in Bremerton, Washington for $20M

by Amy Works May 17, 2021

BREMERTON, WASH. — Los Angeles-based New Standard Equities has purchased Cedar Glen and Maple Manor, two adjacent multifamily communities in Bremerton. An undisclosed individual/personal trust sold the assets for $20 million. The buyer has rebranded the 144-unit portfolio as Indigo Apartment Homes and plans to implement a $3.3 million capital improvement program at the community. The portfolio includes Cedar Glen Apartments at 2511 Magnuson Court and Maple Manor Apartments at 2700 Maple St. Cedar Glen was built in 1989 and Maple Manor was constructed in 1978. Timothy Ufkes and Nate Kiger of the Ufkes Group of Marcus & Millichap’s Seattle office represented the seller and buyer in the deal.

May 17, 2021

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Secures $18.5M Acquisition Loan for Alturas Embry Hills Apartments in Doraville, Georgia

by Julia Sanders May 17, 2021

DORAVILLE, GA. — Berkadia has secured $18.5 million in acquisition financing for Alturas Embry Hills, a 140-unit, garden-style multifamily property in Doraville. Josh Finley of Berkadia’s Atlanta office originated the Freddie Mac loan on behalf of the buyer, New York-based Quad Property Group. The seller was Liquid Capital based out of New York. The 10-year loan features five years of interest-only payments, 30-year amortization schedule and a 75 percent loan-to-value ratio. Upon acquiring the property, Quad Property Group plans to spend over $1 million on interior and exterior upgrades. Located at 3544 Old Chamblee Tucker Road, Alturas Embry Hills was originally built in 1966. It has since been rebranded as Summit Embry Hills. The apartment complex underwent exterior renovations between 2018 to 2020 and features a mix of one-, two- and three-bedroom floorplans. The property has access to nearby retail shops and is close to Interstate 285. The property is currently 97 percent occupied.

May 17, 2021

Acquisitions Colorado Multifamily Seniors Housing Western

Marcus & Millichap Brokers $8.3M Sale of Seniors Housing Community in Lakewood, Colorado

by Amy Works May 17, 2021

LAKEWOOD, COLO. — Marcus & Millichap has arranged the sale of The Homestead at Lakewood, a seniors housing property located at 2121 Wadsworth Blvd. in Lakewood. An undisclosed buyer acquired the property for $8.3 million. Greg Parker and Greg Price of Marcus & Millichap’s Denver office represented the seller, a private investor, in the deal. Phillip Gause of Marcus & Millichap Capital Corp. arranged acquisition financing for the buyer. Constructed in 1999 under the Low-Income Housing Tax Credit program, The Homestead at Lakewood features 58 units in a mix of studio, one- and two-bedroom units and offers both assisted living and independent living options. Community amenities include housekeeping services, daily activities, a small library, outdoor space, a beauty salon and restaurant-style dining.

May 17, 2021

Acquisitions Office Retail Southeast Tennessee

Marcus & Millichap Brokers $8.5M Sale of Friars Branch Crossing Center in Chattanooga

by Julia Sanders May 17, 2021

CHATTANOOGA, TENN. — The Giambrone Group of Marcus & Millichap has brokered the sale of Friars Branch Crossing Center, a 99,878-square-foot retail and office center in Chattanooga. Tim Giambrone of Marcus & Millichap represented both the buyer and the seller in the transaction. The buyer, Excelsior Friars Crossing LLC, was a private equity sponsor based in Nashville that purchased the property from Spirit Holdings of Chattanooga for $8.5 million. Friars Branch Crossing is located at 2204-2226 Encompass Drive just north of Interstate 75 near the Chattanooga Metropolitan Airport. Avenger Logistics, Secure America – ERMC and Astec Industries anchor the complex and represent 55 percent of the total gross leasable area.

May 17, 2021

Acquisitions Multifamily Seniors Housing Texas

Healthpeak Sells 10-Property Senior Living Discovery Portfolio to Lone Star Funds for $334M

by Taylor Williams May 17, 2021

DALLAS AND DENVER — Healthpeak Properties Inc. (NYSE: PEAK) has sold a 10-property portfolio of Discovery Senior Living properties in Florida, Texas and Georgia to Lone Star Funds, a Dallas-based private equity firm. Healthpeak sold the 1,428-unit portfolio for $334 million. Although the Denver-based REIT disclosed the sale during its first-quarter earnings report, the buyer and any further details weren’t released at that time. Healthpeak is selling the bulk of its seniors housing portfolio in a move to exit the industry in favor of life sciences and medical office real estate. Discovery Senior Living retained management and daily operational responsibilities for the Discovery Village communities following the transaction.

May 17, 2021

Acquisitions Office Texas

Carr Properties Acquires 419,785 SF Office Building in Downtown Austin

by Taylor Williams May 17, 2021

AUSTIN, TEXAS — Washington, D.C.-based Carr Properties has acquired 100 Congress, a 419,785-square-foot office building in downtown Austin. The building is situated on a one-acre site at the intersection of Congress Avenue and Cesar Chavez Street and was 94 percent leased at the time of sale to tenants such as Google and law firm Jackson Walker. Amenities include a fitness center, conference center and an onsite bank branch. Carr Properties plans to renovate the building. The seller was not disclosed.

May 17, 2021

Acquisitions Multifamily Texas

REEP Equity Buys 171-Unit Apartment Community in Houston

by Taylor Williams May 17, 2021

HOUSTON — San Antonio-based REEP Equity has purchased Residences 2727, a 171-unit apartment complex in Houston. The property sits on 3.7 acres and offers one- and two-bedroom units averaging 917 square feet. Amenities include a pool, fitness center, pet park and a resident lounge. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL arranged fixed-rate acquisition financing through NexBank on behalf of REEP Equity, which will implement a value-add program that will include the addition of a business center.

May 17, 2021

Acquisitions Healthcare Texas

Montecito Acquires 29,375 SF Medical Office Building in San Antonio

by Taylor Williams May 17, 2021

SAN ANTONIO — Healthcare investment firm Montecito Medical has acquired a newly built, 29,375-square-foot medical office building in the Westover Hills neighborhood of San Antonio. The property was fully leased at the time of sale to anchor tenant Methodist Healthcare of San Antonio, as well as South Texas Radiology and San Antonio ENT. The seller and sales price were not disclosed.

May 17, 2021

Acquisitions Healthcare Massachusetts Northeast Office

Greatland, Singerman Acquire 288,528 SF Office, R&D Campus in Metro Boston

by Taylor Williams May 17, 2021

LEXINGTON, MASS. — A partnership between Greatland Realty Partners and Singerman Real Estate has acquired a 288,528-square-foot office/research and development campus located at 10 Maguire Road in the northern Boston suburb of Lexington. The four-building property is located near the I-95/Route 128 and Route 3 interchange and features an open-air food hall with indoor and outdoor seating. JLL is marketing the property for lease to life sciences and technology users.

May 17, 2021

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