Acquisitions

Newmark Brokers Sale of 416-Unit Marbletree Apartments in Irving

by Taylor Williams March 5, 2021

IRVING, TEXAS — Newmark has brokered the sale of Marbletree, a 416-unit apartment community in Irving. The property offers one- and two-bedrooms and amenities such as a business center, fitness center and a pool. Jakob Andersen and Brian O’Boyle Jr. of Newmark represented the seller, LumaCorp., in the transaction. Deverick Jordan and William Hairston of Newmark arranged acquisition financing through New York City-based Ready Capital on behalf of the buyer, GoodLife Housing Partners. The new ownership plans to implement a value-add program, as the property has not been renovated since its original construction in 1982. The community was 98 percent occupied at the time of sale.

March 5, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 372-Unit Somerset Apartments in Metro Dallas

by Taylor Williams March 5, 2021

LEWISVILLE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Somerset, a 372-unit apartment community located in the northern Dallas suburb of Lewisville. The property was built in 1986 and features one- and two-bedroom residences with an average unit size of 765 square feet. Amenities include two pools, a fitness center, business center, spa, playground and a clubhouse, according to Apartments.com. Drew Kile, Joey Tumminello, Will Balthrope and Asher Hall of IPA, along with Marcus & Millichap’s Bard Hoover and Nick Fluellen, represented the seller, LumaCorp., in the transaction. The team also procured the buyer, Western Wealth Capital.

March 5, 2021

Acquisitions Midwest Missouri Multifamily

JLL Brokers Sale of 525-Unit Multifamily Portfolio in St. Louis

by Kristin Harlow March 5, 2021

ST. LOUIS — JLL Capital Markets has brokered the sale of a two-property, 525-unit multifamily portfolio in St. Louis for an undisclosed price. The properties include Cortona at Forest Park and Encore at Forest Park. Completed in 2014, Cortona offers studio, one- and two-bedroom floor plans. Amenities include a dog park, courtyard, outdoor grill area and a clubhouse with a fitness center, coffee bar, pool table, shuffleboard and business center. Encore at Forest Park, completed in 2018, consists of studio, one-, two- and three-bedroom units. Amenities include a pool, grilling area, dog park, pet spa and fitness center. Kevin Girard and Matthew Lawton of JLL represented the undisclosed seller. Mike Donovan of Balke Brown Transwestern led the local team that co-brokered the sale. The portfolio sold to an institutional buyer.

March 5, 2021

Acquisitions Illinois Midwest Multifamily

Interra Arranges $4.5M Sale of Multifamily Property in Westmont, Illinois

by Kristin Harlow March 5, 2021

WESTMONT, ILL. — Interra Realty has arranged the $4.5 million sale of Warwick Apartments in Westmont, a western suburb of Chicago. The 32-unit multifamily property is located at 312-316 N. Warwick Ave. The seller, Chicago-based 29th Street Capital, made significant capital improvements to the property in 2018. It was originally built in 1973 and was 97 percent occupied at the time of sale. Brian DiBasilio and Craig Martin of Interra represented the seller. The buyer was not disclosed.

March 5, 2021

Acquisitions Lee & Associates Midwest Multifamily Wisconsin

Lee & Associates Negotiates $1.8M Sale of Development Site in Fitchburg, Wisconsin

by Kristin Harlow March 5, 2021

FITCHBURG, WIS. — Lee & Associates has negotiated the $1.8 million sale of a 3.7-acre development site in Fitchburg, a suburb of Madison. Blake George and Chris Etmanczyk of Lee & Associates represented the seller, Orchard Pointe Development Co. Inc. JTK Limestone Ridge LLC was the buyer. Plans for the site include the construction of apartments, both market-rate and workforce housing.

March 5, 2021

Acquisitions Multifamily Texas

Darwin German Acquires 108-Unit Multifamily Property Near Baylor University in Waco

by Taylor Williams March 5, 2021

WACO, TEXAS — Irving, Texas-based Darwin German Real Estate Investments has acquired The Villages, a 108-unit multifamily property located adjacent to Baylor University’s campus in Waco. The property was originally built on 4.5 acres in 1982 and was 88 percent occupied at the time of sale. A Dallas-based investor sold the asset in an off-market transaction for an undisclosed price.

March 5, 2021

Acquisitions Industrial NAI New Jersey Northeast

NAI Mertz Brokers Sale of 61,000 SF Industrial Building in Mount Laurel, New Jersey

by Taylor Williams March 5, 2021

MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of a 61,000-square-foot industrial building in Mount Laurel, located outside Philadelphia in Bergen County. The property is located just off I-295 near the New Jersey Turnpike and Routes 70 and 73. Jonathan Klear, Fred Meyer, Roy Kardon, Jeff Licht and Jared Licht of NAI Mertz represented the buyer, industrial investment firm Faropoint, in the transaction. The seller was not disclosed.

March 5, 2021

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Acquires Four Seniors Housing Properties in California for $126.1M

by Amy Works March 5, 2021

CAMARILLO, CARLSBAD, RANCHO MIRAGE AND SAN JUAN CAPISTRANO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has purchased four continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. The campuses, which hotelier Marriott International Inc. originally developed between 1999 and 2000, total 637 assisted living, skilled nursing and memory care beds. CareTrust’s initial investment in the four rental CCRCs, inclusive of capital expenditure commitments and transaction costs, was approximately $126.1 million. Bayshire Senior Communities, an existing CareTrust tenant based in San Diego, will lease and operate the Rancho Mirage and Carlsbad campuses under an amendment to Bayshire’s existing master lease. Aspen Skilled Healthcare, based in Laguna Niguel, will lease and operate the San Juan Capistrano and Camarillo campuses under a new 15-year master lease with CareTrust. Aggregate annual cash rent for the first year is approximately $8.6 million, increasing to $9.4 million in the second year with CPI-based annual escalators thereafter. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Evans Senior Investment represented the seller, an institutional owner, in the transaction.

March 5, 2021

Acquisitions Colorado Multifamily Western

Treeline Multifamily Partners Buys West 38 Multifamily Community in Wheat Ridge, Colorado

by Amy Works March 5, 2021

WHEAT RIDGE, COLO. — An affiliate of Denver-based Treeline Multifamily Partners has purchased West 38, an apartment property located at 7333 West 38th Ave. in Wheat Ridge, a western suburb of Denver. Wazee Properties sold the asset for an undisclosed price. West 38 totals 165 apartments and 7,243 square feet of ground-floor retail space. Units feature stainless steel appliances, quartz countertops, designer cabinetry, custom tile backsplashes, under-cabinet LED lighting, gooseneck faucets, recessed light fixtures, LVT wide-plank wood flooring, walk-in closets, in-unit washers/dryers, Nest thermostats and vaulted ceilings. Community amenities include a resort-style pool and spa; fitness center and yoga room; gated and covered structured parking; bike and ski repair facilities; conference and coworking spaces; a clubhouse; indoor and outdoor lounges; and cooking stations. Terrance Hunt, Shane Ozment, Chris Cowan, Amanda Meldrum and Craig Ratterman of Newmark represented the seller in the deal. Additionally, Charlie Williams, Tim Weldon and David Treadwell of Newmark placed acquisition financing on behalf of the buyer.

March 5, 2021

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $3.2M Sale of Mississippi Plaza Apartments in Denver

by Amy Works March 5, 2021

DENVER — NorthPeak Commercial Advisors has arranged the sale of Mississippi Plaza Apartments, a multifamily property located at 1380 W. Mississippi Ave. in Denver. The undisclosed buyer, part of a 1031 exchange out of Wyoming, acquired the asset for $3.2 million, or $135,000 per unit, from an undisclosed seller in an off-market transaction. The 13,521-square-foot property features 24 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented both parties in the transaction.

March 5, 2021

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