Acquisitions

CIM Group Purchases 710-Unit The Lex at Lowry Multifamily Community in Denver

by Amy Works July 2, 2021

DENVER — CIM Group has purchased The Lex at Lowry, an apartment property located on 26 acres at 240 S. Moncao Parkway in Denver. Terms of the transaction were not released. Originally built in 1972, The Lex at Lowry consists of 24 buildings offering a total of 710 units in a mix of townhome and mid-rise buildings in one-, two- and three-bedroom layouts. Community amenities include 1,204 parking stalls, multiple swimming pools, tennis courts, a yoga and spin studio, racquetball court, indoor basketball court, fitness center and business and conference facilities. The property also features a playground, dog park and ample outdoor seating areas with fire pits. This acquisition brings CIM Group’s Denver-area residential portfolio to more than 1,300 units.

July 2, 2021

Acquisitions Multifamily New Mexico Western

Kennedy Wilson Acquires Sombra del Oso Apartments in Albuquerque for $65M

by Amy Works July 2, 2021

ALBUQUERQUE, N.M. — Kennedy Wilson has acquired Sombra del Oso, a wholly owned apartment property located on 16 acres on Albuquerque’s Westside, for $65 million, excluding closing costs, in an off-market transaction. Situated on 16 acres, the two-story, garden-style community features 344 apartments. The buyer invested $28 million of equity using proceeds generated from recent asset sales and secured a 10-year, fixed-rate loan of $39 million. The name of the seller was not released.

July 2, 2021

Acquisitions California Loans Multifamily Western

PCCP Provides $76M Acquisition, Renovation Loan for High-Rise Apartment Property in San Diego

by Amy Works July 2, 2021

SAN DIEGO — PCCP has provided a $76 million senior loan to an affiliate of Sares Regis Group for the purchase and renovation of LIT Cortez Hill (formerly known as AVA Cortez Hill), a multifamily property in downtown San Diego. AvalonBay sold the property for an undisclosed price. Located at 1399 Ninth Ave., the 15-story building features 299 apartments and 1,670 square feet of ground-floor retail space. The unit mix is 97 studios, 117 one-bedroom and 85 two-bedroom units, all with private patios or balconies and ranging from 570 square feet to 1,059 square feet. The property features 30,000 square feet of outdoor amenity space with full-size basketball and tennis courts, resort-style pool and spa, fitness center, resident lounge, 13 laundry rooms and a ground-floor market.

July 2, 2021

Acquisitions California Industrial Western

Hines Buys 161,168 SF Activity Business Park in San Diego from BKM Capital Partners

by Amy Works July 2, 2021

SAN DIEGO — Hines has acquired Activity Business Park, a five-building industrial property located at 9235-9265 Activity Road and 9520-9530 Padgett St. in San Diego’s Miramar submarket. BKM Capital sold the asset for an undisclosed price. Totaling 161,168 square feet, the property consists of five one- and two-story buildings with expansive windows, abundant light, clear heights ranging from 10 feet to 20 feet and flexibility for a variety of users. At the time of sale, the property was 90 percent leased. Bryce Aberg, Jeffrey Cole, Jeff Chiate, Zach Harman, Mike Adey and Ed Hernandez of Cushman & Wakefield’s National Industrial Investment Advisory Group in Southern California, along with Rich Reeder and Brad Tecca of the firm’s Capital Markets group in San Diego, represented the buyer and seller in the deal. Brant Aberg of Cushman & Wakefield and Chris Duncan of Voit Real Estate provided market leasing advisory for the transaction.

July 2, 2021

Acquisitions Multifamily Washington Western

Glencrest Group Purchases Salish Flats Multifamily Property in Airway Heights, Washington for $45M

by Amy Works July 2, 2021

AIRWAY HEIGHTS, WASH. — Glencreast Group has acquired Salish Flats, an apartment community in Airway Heights, approximately seven miles from downtown Spokane. TWG Development sold the asset for $45 million. Built in 2020, Salish Flats consists of six residential buildings offering a total of 216 garden-style apartments in a mix of one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, basketball court, sand volleyball court, resort-style swimming pool and sundeck, barbecue and grilling area, resident lounge and media room. Salish Flats is on a long-term ground lease with the Kalsipel Tribe of Indians. This ownership structure facilitated the first Freddie Mac loan on Native American land. Andrew Behrens and Jesse Weber of CBRE Capital Markets’ Debt & Structured Finance team provided debt and advisory services and secured a $31 million, 10-year, interest-only, fixed-rate loan for the buyer. Josh McDonald, Phil Oester and Joe Nydahl of CBRE represented the seller and buyer in the deal.

July 2, 2021

Acquisitions Multifamily Texas

Cushman & Wakefield Negotiates Sale of 200-Unit Apartment Community Near San Antonio

by Taylor Williams July 2, 2021

CONVERSE, TEXAS — Cushman & Wakefield has negotiated the sale of The Heights at Converse, a 200-unit apartment community in Converse, a northeastern suburb of San Antonio. Built in 2015, the property offers amenities such as a pool, clubhouse, fitness center, cybercafé, dog park and a playground. John Carr and Ben Fuller of Cushman & Wakefield represented the seller, Acme Development LLC, in the transaction. The duo also procured the buyer, California-based Investors Management Group, which purchased the asset for an undisclosed price with plans to implement a value-add program. David Bleiweiss of Berkadia originated an undisclosed amount of acquisition financing for the deal.

July 2, 2021

Acquisitions Retail Texas

RealSource Brokers Sale of 3,010 SF Retail Asset Leased to 7-Eleven in Arlington

by Taylor Williams July 2, 2021

ARLINGTON, TEXAS — RealSource Group has brokered the sale of a 3,010-square-foot single-tenant retail property in Arlington that is triple-net leased to 7-Eleven. Austin Blodgett of RealSource, along with ParaSell Inc., represented the seller, a private developer based in Houston. Jeremy McChesney of Hanley Investment Group represented the buyer, a 1031 exchange investor based in Southern California. The asset traded at a cap rate of 4.7 percent. The 7-Eleven store, which includes a fuel station, opened on June 10 to mark the beginning of a new 15-year lease.

July 2, 2021

Acquisitions Multifamily New Jersey Northeast

Kislak Brokers $7.6M Sale of Apartment Building in Maplewood, New Jersey

by Taylor Williams July 2, 2021

MAPLEWOOD, N.J. — The Kislak Co. Inc. has brokered the $7.6 million sale of The Alivia, a 20-unit apartment building in Maplewood, located in Essex County. All units feature walk-in closets and full-size washers and dryers, and select units offer balconies. Amenities include a fitness center, lounge, virtual concierge service and storage lockers. Joni Sweetwood of Woodbridge, N.J-based Kislak represented the seller and developer, 479 Valley Road LLC, in the transaction. Sweetwood also procured the buyer, Sunblossom Alivia 479, LLC.

July 2, 2021

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 281,888 SF Distribution Center in Suburban Indianapolis

by Kristin Harlow July 2, 2021

GREENFIELD, IND. — Colliers International has brokered the sale of IFCO 70/Connect Distribution Center, a 281,888-square-foot facility in Greenfield, an eastern suburb of Indianapolis. IFCO, a provider of reusable packaging solutions for fresh foods, fully occupies the newly built property. Located immediately off I-70, the facility features a clear height of 32 feet, 28 docks and ample car and trailer parking. Alex Cantu of the Colliers Indianapolis office, as well as Jeff Devine and Steve Disse of Colliers Chicago, represented the seller, Carmel-based Lauth Group. The buyer and sales price were undisclosed.

July 2, 2021

Acquisitions Illinois Midwest Multifamily

Coldwell Banker Commercial Arranges $2.5M Sale of Two Multifamily Buildings in Bloomington, Illinois

by Kristin Harlow July 2, 2021

BLOOMINGTON, ILL. — Coldwell Banker Commercial has arranged the sale of a pair of multifamily buildings in Bloomington known collectively as Anglers Cove for $2.5 million. The first building at 1002 Arlene Court was constructed in 1982 and consists of 36 units. The adjacent building at 1005 Arlene Court was constructed in 1984 and features 12 two-bedroom units. Meghan O’Neal-Rogozinski of Coldwell Banker Commercial represented the buyer, All Season Properties LLC, which plans to update the units as they become vacant. Seller information was undisclosed.

July 2, 2021

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