Acquisitions

Waterton Acquires 318-Unit The Vue Residential High-Rise in San Pedro, California

by Amy Works January 22, 2021

SAN PEDRO, CALIF. — Chicago-based Waterton has purchased The Vue, a 16-story apartment community located at 255 W. Fifth St. in San Pedro. Originally built in 2008 as a condominium project, the property features 318 apartments in a mix of one-, two- and three-bedroom floor plans. Terms of the transaction were not released. Averaging 1,035 square feet, the units feature large living spaces and bedrooms, nine-foot ceilings and floor-to-ceiling windows. Waterton plans to renovate the units with stainless steel appliances, updated plumbing fixtures, tile backsplashes, new cabinet fronts and quarter countertops in the kitchens. Additionally, the renovations will include faux wood vinyl plank flooring, new lighting fixtures and the addition of full-sized vented washers/dryers. Waterton also plans to upgrade the lobby and common areas, as well as make cosmetic improvements to the existing amenities, including the pool deck, fitness center, rooftop lounge and business center.

January 22, 2021

Acquisitions Arizona Multifamily Western

Milestone Group Buys Two-Property Multifamily Portfolio Totaling 448 Units Near Phoenix

by Amy Works January 22, 2021

MESA AND GLENDALE, ARIZ. — An affiliate of The Milestone Group has purchased two multifamily assets totaling 448 apartments through a recapitalization valued at approximately $85 million. Located at 1865 N. Higley Road in Mesa, Alta Mesa features 200 garden-style apartments in a mix of studio loft, one-, two- and three-bedroom layouts. Community amenities include two swimming pools, a hot tub, clubhouse, fitness center, racquetball court and movie theater. Located at 7400 W. Arrowhead Clubhouse Drive in Glendale, Pavilions at Arrowhead offers 248 garden-style units in a mix of one- and two-bedroom layouts. On-site amenities include a pool, clubhouse with a spa and hot tub, a sundeck, fitness center and gas grill area. Milestone plans to upgrade and renovate the properties, which were constructed in 1997 and 1999, respectively.

January 22, 2021

Acquisitions California Net Lease Restaurant Retail Western

Hanley Investment Negotiates $2.6M Sale of Chili’s-Occupied Building in Lake Elsinore, California

by Amy Works January 22, 2021

LAKE ELSINORE, CALIF. — Hanley Investment Group has arranged the sale of a single-tenant restaurant property located at Lake Elsinore Marketplace, a 144,034-square-foot shopping center in Lake Elsinore. Irvine-based Pacific Castle sold the asset to an Orange County-based private investor for $2.6 million. Built in 2005 and renovated in 2019, the 6,300-square-foot restaurant pad is located at 29233 Central Ave. Chili’s Grill & Bar occupies the property under an absolute triple-net lease. Additional tenants at Lake Elsinore Marketplace include Starbucks Coffee, Popeyes, Wendy’s, Del Taco, Panda Express, Valvoline and Wells Fargo. Kevin Fryman and Bill Asher of Hanley Investment Group represented the seller, while Dhanesh Solanki of Brea-based KW Commercial represented the buyer in the transaction.

January 22, 2021

Acquisitions Georgia Multifamily Southeast

Passco Purchases Newly Built Multifamily Community Near Atlanta for $65M

by John Nelson January 22, 2021

GAINESVILLE, GA. — Passco Cos. has purchased The Mill at New Holland, a 284-unit multifamily community in Gainesville, for $65 million. The property offers studio to three-bedroom floor plans that feature granite countertops, stainless steel appliances, tile backsplashes and nine-foot ceilings. Communal amenities include a 24-hour fitness center, pool, outdoor grilling area, club room and a dog park. The asset is situated at 1000 New Holland Way NE, 56 miles northeast of downtown Atlanta. The seller, Mesa Capital Partners, delivered the community in 2020. According to Apartments.com, rental rates at The Mill at New Holland range from $1,099 for a studio apartment to $1,812 for a three-bedroom unit.

January 22, 2021

Acquisitions Industrial North Carolina Retail Southeast

Riverside Furniture Acquires Former Manufacturing Facility in Triad Region, Plans Renovations

by John Nelson January 22, 2021

GIBSONVILLE, N.C. — Riverside Furniture Corp. has acquired the former Burlington Mills warehouse and manufacturing facility in Gibsonville. The buyer plans to convert the building into its first distribution center in North Carolina. The asset is located at 5928 N. N.C. Highway 87, 22 miles northeast of downtown Greensboro. The Fort Smith, Ark.-based retailer plans to house more than 30 full-time employees at the 294,394-square-foot site. A timeline for completion was not disclosed. Brian Craven, David Hagan and Joe Stanley of CBRE|Triad represented the seller, DFA I LLC, in the transaction. The sales price was not disclosed.

January 22, 2021

Acquisitions Industrial Loans Southeast Tennessee

Ready Capital Provides $5M Acquisition Loan for Industrial Property in Memphis

by John Nelson January 22, 2021

MEMPHIS, TENN. — Ready Capital has provided a $5 million acquisition loan for a two-building, 280,000-square-foot industrial property in Memphis’ Airport submarket. The undisclosed borrower will use a portion of the funds to renovate the buildings. Plans include upgraded lighting, roof replacements and parking lot repairs. Ready Capital closed the non-recourse, interest-only loan, which features a 24-month term, floating interest rate, two extension options and flexible prepayment options. The property’s physical address and tenant roster were not disclosed.

January 22, 2021

Acquisitions Iowa Midwest Retail

Marcus & Millichap Arranges $8.1M Sale of Shopping Center in Waterloo, Iowa

by Kristin Harlow January 22, 2021

WATERLOO, IOWA — Marcus & Millichap has arranged the sale of Crossroads Commons in Waterloo for $8.1 million. The 85,987-square-foot retail property is located at 1403 Flammang Drive. It was fully leased at the time of sale to tenants such as Dick’s Sporting Goods, Party City and Five Below. Zach Turner, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap’s Patton-Wiles-Fuller Group marketed the property on behalf of the undisclosed seller. The team also secured the buyer, a limited liability company.

January 22, 2021

Acquisitions Midwest Minnesota Multifamily Seniors Housing

90-Unit Independent Living Community in Minnesota Trades Hands

by Kristin Harlow January 22, 2021

RED WING, MINN. — Downtown Plaza, a 90-unit independent living community in Red Wing, has traded hands for an undisclosed price. The property is located at 434 W. 4th St. along the Mississippi River in eastern Minnesota. Built in 1986, the community was renovated over the last several years. The ninth-floor community room received an extensive upgrade with new finishes and furniture. Other amenities include a recreation center, beauty and barber shop, dining room and fitness center. Ted Abramson, Keith Collins and Abe Apert of CBRE Minneapolis Multifamily represented the undisclosed seller. Red Wing Partners MN was the buyer.

January 22, 2021

Acquisitions Multifamily Texas

Stratus Properties Sells Saint Mary Apartments in Southwest Austin for $60M

by Taylor Williams January 22, 2021

AUSTIN, TEXAS — Stratus Properties (NASDAQ: STRS) has sold The Saint Mary, a 240-unit apartment community in southwest Austin, for $60 million. The sales price equates to $250,000 per unit. The garden-style community features one- and two-bedroom units with stainless steel appliances, quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen with a wet bar and a pet park. Austin-based Stratus Properties broke ground on The Saint Mary in June 2018 and delivered the community in December 2019. The property was 85 percent occupied at the time of sale. Andy Hill of Berkadia secured a bridge loan through Ares Management LP on behalf of the undisclosed buyer.

January 22, 2021

Acquisitions Multifamily Texas

West Shore Acquires 315-Unit Broadstone Lake Walk Apartments in College Station

by Taylor Williams January 22, 2021

COLLEGE STATION, TEXAS — Boston-based investment firm West Shore LLC has acquired Broadstone Lake Walk, a 315-unit apartment community located about three miles from Texas A&M University in College Station. The property will be integrated into 8085 at Traditions community, a 657-unit adjacent property owned and operated by West Shore since 2018, to become Lake Walk at Traditions Apartments. The 972-unit community will offer one-, two- and three-bedroom units and amenities such as a four resort-style pools with cabanas, four fitness centers with two virtual fitness and training centers, four clubhouses, an outdoor putting green, four dog parks and outdoor gaming areas.

January 22, 2021

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