ATLANTA — Berkadia has brokered the $7.8 million sale of Arbor Gardens, a 102-unit multifamily property in Atlanta. Matthew White, Paul Vetter, Andrew Mays and Judy MacManus of Berkadia’s Atlanta office led the transaction on behalf of the seller, a joint venture between Atlantica and Auerbach Funds. Arbor Gardens sold to White Mountain Management, and the sales price equals to $76,471 per unit. The property was 99 percent occupied at the time of the sale. Built in 1973, Arbor Gardens is located at 5503 Riverdale Road in the Atlanta portion of Clayton County. The property is 3.4 miles south of Hartsfield-Jackson International Airport. The community’s amenities include a swimming pool, playground, sports court and community garden. Atlantica is a real estate firm based in Atlanta, Auerbach Funds is a real estate private equity firm based in New York and White Mountain Management is an independent investment firm based in New Jersey.
FENTON, MO. — Berkadia has negotiated the sale and financing of Turtle Creek, a 128-unit apartment community in the St. Louis suburb of Fenton. Built in 2018, the garden-style property is located at 201 Turtle Drive. Amenities include a pool, clubhouse, dog park and storage space. Ken Aston and Andrea Kendrick of Berkadia arranged the $24.9 million sale on behalf of the seller, Highgate Capital Group LLC. Mitch Sinberg and Matthew Robbins of Berkadia arranged $18.9 million in acquisition financing on behalf of the buyer, RM Communities. The Freddie Mac Green loan features a 10-year term and a fixed rate. The buyer plans to make capital improvements, including eco-friendly upgrades. RM Communities is the acquisition arm of RealtyMogul, an online real estate investing platform.
FINDLAY, OHIO — Stan Johnson Co. has brokered the $11 million sale of a 180,000-square-foot distribution center in Findlay, about 40 miles south of Toledo. American Plastics, a designer, manufacturer and distributor of plastic-injection molded products, fully occupies the facility. Located on eight acres at 2040 Production Drive, the building is situated near I-75 in Hancock County. The facility has been renovated twice since it was originally constructed in 1992. Rob Gemerchak, Jeff Hughes and Jeff Tracy of Stan Johnson represented the seller, an Ohio-based developer. Gladstone Commercial, an institutional investor based in Virginia, was the buyer. The sales price represented a 5.5 percent increase over the asking price.
SAN ANTONIO — Stream Realty Partners has brokered the sale of Lanark Distribution Center, a 235,400-square-foot industrial property situated on 10 acres in northeast San Antonio. The two-building property was built in 1982 and renovated in 2004, according to LoopNet Inc., and was 97 percent leased at the time of sale. Jamie Jennings, Andrew Rabinovich, Kevin Cosgrove and Walter Simpson of Stream Realty Partners represented the seller, a private partnership, in the transaction. The buyer and sales price were not disclosed.
THE WOODLANDS, TEXAS — Chicago-based investment firm 29th Street Capital has acquired Avana Sterling Ridge Apartments, a 254-unit multifamily community located north of Houston in The Woodlands. According to Apartments.com, the property features one-, two- and three-bedroom units and a pool, fitness center, media center and a game room. The new ownership plans to rebrand the Class B property, implement a limited interior renovation package and improve the property’s exterior, clubhouse and amenity spaces. The seller and sales price were not disclosed.
Waterford, CSCDA Acquire Parallel Apartments in Anaheim for $156M, Plan Workforce Housing Conversion
ANAHEIM, CALIF. — Waterford Property Co., in partnership with the California Statewide Communities Development Authority (CSCDA), has purchased Parallel Apartments, a multifamily property located in Anaheim. UDR sold the asset for $156 million. Located at 1105 E. Katella Ave., Parallel Apartments features 386 apartments, which the buyers plan to convert to workforce housing as part of a new California program that aims to address the deepening gap in the middle-income housing market. Built in 2018, the community was 95.5 percent leased at the time of acquisition. On-site amenities include a resort-style pool, rooftop fitness center and basketball court. According to CSCDA, the acquisition allows the organization to lower rents to meet the needs of middle-income residents making between 80 percent and 120 percent of the area median income. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers and seller in the transaction.
TUCSON, ARIZ. — An affiliate of Black Lion Investment Group, which is led by its President Robert Rivani, has acquired Oracle Wetmore, a shopping center in Tucson, from Texas-based Weingarten Realty for $38 million. Located at the corner of Oracle and Wetmore roads, Oracle Wetmore features 150,170 square feet of retail space. Retailers at the center include PetSmart, Ulta Beauty, Walgreens, Cost Plus World Market, Jared Jewelry, JoAnn Fabrics & Crafts, BJ’s Restaurant & Brewhouse, Bassett Home Furnishings, Chipotle and Sport Clips. (Adjacent retailer The Home Depot was not part of the sale.) The property was originally developed in 2005. At the time of sale, Oracle Wetmore was stabilized with more than 90 percent national/credit tenants. The purchase is part of Black Lion Investment Group’s ongoing program to acquire $100 million in power centers throughout the United States in 2021. Cushman & Wakefield’s Phoenix office brokered the deal.
DOWNEY, CALIF. — Avison Young has arranged the sale of a vacant, two-building medical office property located at 8600 and 8630 Florence Ave. in Downey. An entity of The Whole Child (TWC) acquired the property from a Los Angeles-based private investor for $4.4 million. Built in 1969 on one acre, the 15,213-square-foot property, which was formerly used as a dialysis center, features a reception area, lunch room and restrooms. The buyer plans to use the larger building, which is just over 11,000 square feet, for its headquarters. Patrick Barnes of Avison Young represented the seller, while Gary Martinez of NAI Capital represented the buyer in the deal.
SACRAMENTO — San Mateo-based Nazareth Enterprises has purchased EcoThrift Mall and a 0.77-acre adjoining developable parcel in Sacramento for $5.4 million. EcoThrift is the main tenant of the 38,600-square-foot building. EcoThrift is California’s highest for-profit thrift store with six locations, according to Nazareth. Chris Talia of The Mansour Group of Marcus & Millichap represented the undisclosed sellers in the deal. Ryan Park of Bank Leumi USA arranged financing for the acquisition.
FAIRFIELD, N.J. — The Stro Companies, a New Jersey-based investment firm, has acquired a 77,000-square-foot industrial property in the Northern New Jersey city of Fairfield. The property is leased to pharmaceutical manufacturing company Maquet, and Stro intends to find a new life sciences tenant when Maquet’s lease expires at the end of this year. Howard Weinberg of JLL represented the undisclosed seller in the transaction. Prudential Bank provided acquisition financing to Stro Cos.