Acquisitions

Berkadia Negotiates $19.5M Sale of Multifamily Property in Charleston

by Julia Sanders August 5, 2021

CHARLESTON, S.C. — Berkadia has negotiated the $19.5 million sale of Oasis at West Ashley, a garden-style multifamily property in Charleston. Mark Boyce and Blake Coffey of Berkadia led the transaction on behalf of the seller, New York-based URS Capital Partners. The buyer was not disclosed. Built in 1979, Oasis at West Ashley features 116 units with newly renovated kitchens, walk-in closets and select units with patio or balcony options. The apartment community sold for a per-unit price of $167,672. Located at 1751 Dogwood Road, the property is 7.5 miles from the Charleston International Airport. The property was 96 percent occupied at the time of sale.

August 5, 2021

Acquisitions Multifamily Texas

Bell Partners Acquires 435-Unit CityLine Park Apartments in Metro Dallas

by Taylor Williams August 5, 2021

RICHARDSON, TEXAS — North Carolina-based investment firm Bell Partners has acquired CityLine Park, a 435-unit apartment community located within the CityLine mixed-use development in the northeastern Dallas suburb of Richardson. Built in 2019, the property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center and a clubhouse with a coffee bar. Bell Partners will rebrand the property as Bell CityLine.

August 5, 2021

Acquisitions Multifamily Texas

Catalyst Equity Partners Buys 176-Unit Workforce Housing Community in Metro Houston

by Taylor Williams August 5, 2021

STAFFORD, TEXAS — Dallas-based investment firm Catalyst Equity Partners has purchased Stafford Oaks, a 176-unit workforce housing community in the southwestern Houston suburb of Stafford that was built in 1978. The new ownership plans to implement a $2 million capital improvement program that will add amenities such as a turf soccer field and package lockers, as well as upgrade unit interiors with new flooring, appliances and washer/dryer connections. The seller was undisclosed.

August 5, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 50-Site Mobile Home Park in Mineral Wells, Texas

by Taylor Williams August 5, 2021

MINERAL WELLS, TEXAS — Marcus & Millichap has brokered the sale of Tuck’s Mobile Home Park, an 50-site manufactured housing community in Mineral Wells, about 50 miles west of Fort Worth. Robert Denninger of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

August 5, 2021

The-Preserve-at-Great-Pond-Windsor-Connecticut

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates $63M Sale of Preserve at Great Pond Apartments in Windsor, Connecticut

by Taylor Williams August 5, 2021

WINDSOR, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $63 million sale of The Preserve at Great Pond, a 230-unit apartment community in Windsor, a northern suburb of Hartford. The property was built on 12 acres in 2020 and offers studio, one- and two-bedroom units. Amenities include a pool, dog park and a fitness center. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, an entity doing business as Eastpointe Great Pond Owner LLC, in the transaction. The trio also procured the buyer, Preserve Ventures LLC.

August 5, 2021

Acquisitions New Jersey Northeast Office

Bergman Real Estate, Eightfold Acquire 236,800 SF Office Building in Madison, New Jersey

by Taylor Williams August 5, 2021

MADISON, N.J. — A joint venture between New Jersey-based Bergman Real Estate Group and Eightfold Capital has acquired 7 Giralda Farms, a 236,800-square-foot office building in Madison, about 25 miles west of New York City. The seller was Mack-Cali Realty Corp. Built in 2000, the property is part of the Giralda Farms Corporate Campus, which consists of seven buildings totaling 1.1 million square feet on a 310-acre site. Tenants at the campus include Prudential, Leo Pharma Inc., Merck, Pfizer and Atlantic Health Systems. Michael Klein, Greg Nalbandian and Gerald Quinn of JLL arranged acquisition financing through Shem Creek Capital on behalf of the new ownership, which plans to implement a capital improvement program.

August 5, 2021

Acquisitions Industrial New York Northeast

Avison Young Brokers $7.9M Sale of Brooklyn Industrial Property

by Taylor Williams August 5, 2021

NEW YORK CITY — Avison Young has brokered the $7.9 million sale of a 18,320-square-foot industrial property in the Greenpoint area of Brooklyn. The property features a clear height of 18 feet, 1,500 square feet of office space and multiple loading docks. James Nelson, Brent Glodowski, Frederick Richter, Chris Johnson and Alexandra Marolda represented the seller, Marc Jason Realty Co. Inc. in the transaction. The buyer was an entity doing business as 688 Court Street LLC.

August 5, 2021

Acquisitions Arizona Multifamily Western

KB Development Sells Superstition Canyon Apartments in Mesa, Arizona for $65M

by Amy Works August 5, 2021

MESA, ARIZ. — KB Development has completed the sale of Superstition Canyon, an apartment community located in Mesa. A Southern California-based investor acquired the asset for $65 million. Located at 1247 S. 96th St., Superstition Canyon features 200 apartments; a heated swimming pool with TV, fireplace and barbecues; sauna; fitness center; clubhouse with a billiards table; business center; basketball court; sand volleyball court; and gated dog park. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

August 5, 2021

Acquisitions Multifamily Washington Western

Berkadia Negotiates $11.1M Sale of Evergreen Park Multifamily Community in Olympia, Washington

by Amy Works August 5, 2021

OLYMPIA, WASH. — Berkadia has arranged the sale of Evergreen Park, a garden-style apartment property located at 2121 Evergreen Park Drive SW in Olympia. The community traded for $11.1 million, or $150,000 per unit. The names of the buyer and seller were not released. Built in 1979, Evergreen Park features 74 one- and two-bedroom apartments. The property has been partially renovated and was 99 percent occupied at the time of sale. Chad Blenz, Mitchell Belcher, Steven Chattin and Jay Timpani of Berkadia Seattle represented the seller in the transaction.

August 5, 2021

Acquisitions California Industrial Western

Alere Property Group Buys 35,475 SF Industrial Building in Irvine, California

by Amy Works August 5, 2021

IRVINE, CALIF. — Alere Property Group has purchased an industrial property located at 8710-8750 Research Drive in Irvine. A private investor sold the asset for an undisclosed price. Constructed in 2005, the 35,475-square-foot building features 20-foot clear heights, two dock-high loading positions, three ground-level doors and 12,000 square feet of office space. The Class A warehouse building is divisible to accommodate multiple tenants. Currently, a manufacturer of technological equipment for industrial machinery occupies the building. Todd Marten and Trent Walker of Voit Real Estate Services represented the seller and buyer in the deal.

August 5, 2021

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