Acquisitions

SLIB Arranges $7.8M Sale of FountainWood Lodge Assisted Living Community in Orangevale, California

by Amy Works January 19, 2021

ORANGEVALE, CALIF. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of FountainWood Lodge, a 90-unit assisted living and memory care community in Orangevale, a suburb of Sacramento. The community was built in 1981 and has undergone several renovations. The 63,930-square-foot building is located on six acres of land. The seller is a nonprofit owner-operator. A regional owner-operator acquired the property for $7.8 million. Brad Goodsell, Jason Punzel and Vince Viverito of SLIB handled the transaction. “FountainWood Lodge has a great reputation in the local market, and the buyer plans on improving upon this as they take over,” says Goodsell. “This acquisition is a nice fit for the buyer, as they grow their portfolio and already successfully operate in the area.”

January 19, 2021

Acquisitions Colorado Restaurant Retail Western

Marcus & Millichap Brokers $6.2M Sale of Johnstown Plaza Retail Center in Colorado

by Amy Works January 19, 2021

JOHNSTOWN, COLO. — Marcus & Millichap has arranged the sale of Johnstown Plaza, a shopping center located at 4914 Thompson Parkway in Johnstown. A private developer sold the asset to an undisclosed buyer for $6.2 million. Built in 2017, the property features 15,140 square feet of retail space. At the time of sale, the center was 100 percent occupied by Bad Daddy’s, Visionworks, Sprint, Berry Blendz, LUX NailBar and Honolulu Poke Bar. Ryan Bowlby and Drew Isaac of Marcus & Millichap represented the seller in the deal.

January 19, 2021

Acquisitions Multifamily Washington Western

MJW Investments Acquires 124-Unit Sunset Park Multifamily Property in Seattle

by Amy Works January 19, 2021

SEATTLE — MJW Investments has purchased Sunset Park, an apartment community located at 11202 Second Lane SW in Seattle. Terms of the off-market transaction were not released. Approximately 15 minutes from downtown Seattle, the community features 124 one- and two-bedroom apartments, a sauna, swimming pool, clubhouse lounge with kitchen and fireplace, a play area, on-site laundry facilities and a fitness center. David Sorenson of Berkadia assisted the undisclosed seller in the transaction, while Allan Freedman of Berkadia assisted the buyer with acquisition financing. Jared Goetz of Tecton will oversee operations and the renovation of the property for MJW.

January 19, 2021

Acquisitions Florida Georgia Multifamily Southeast Student Housing

CA Student Living Acquires Two Student Housing Communities in Georgia, Florida Totaling 972 Beds

by Alex Tostado January 18, 2021

ATHENS, GA. AND BOCA RATON, FLA. — CA Student Living has acquired two student housing communities in Georgia and Florida for an undisclosed price. The acquisitions include Ikon at Athens, a 374-bed property located near the University of Georgia campus in Athens, and University Park, a 598-bed community located near Florida Atlantic University in Boca Raton. Ikon at Athens offers two-, three- and four-bedroom units with bed-to-bath parity. Communal amenities include a pool, outdoor spa, 24-hour fitness center, business center and a coffee cafe. University Park offers two-, three- and four-bedroom, fully furnished units with bed-to-bath parity alongside shared amenities such as a pool, fitness center, a clubhouse and study rooms. CA’s in-house property management platform will manage both properties. Ryan Lang of Newmark represented the buyer in the transaction. Chicago-based law firm Polsinelli provided legal assistance to the Chicago-based buyer. The seller(s) was not disclosed.

January 18, 2021

Acquisitions Illinois Midwest Multifamily

Essex Brokers $21.6M Sale of Apartment Property in Suburban Chicago

by Kristin Harlow January 18, 2021

HANOVER PARK, ILL. — Essex Realty Group Inc. has brokered the $21.6 million sale of Pebblewood Court Apartments in Hanover Park, a northwest suburb of Chicago. The 220-unit property is comprised of 11 buildings. Each building features 20 units along with storage lockers and a laundry room. Doug Imber, Kate Varde, Jaimie Steinher and Dan Shepherd of Essex represented the seller, a regional investment group. Brian Kochendorfer and Brian Karmowski of Essex represented the buyer, a local investor. In 2019, Essex brokered the deconversion sale of the property as it previously consisted of condominium units.

January 18, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Arranges Sales of Two Chicago-Area Multifamily Buildings for $14.1M

by Kristin Harlow January 18, 2021

CHICAGO — Interra Realty has arranged the sales of two Chicago-area multifamily buildings for a total of $14.1 million. Craig Martin and Brian DiBasilio of Interra represented the buyers and sellers in both transactions. The duo arranged the $9 million sale of Vine Place Apartments in Park Ridge. The newly constructed property, located at 400 Talcott Road, features 22 units and one commercial space that is leased to STEM Studio, a daycare and preschool. Vine Place LLC sold the asset to DAG Vine Place LLC, which completed a 1031 exchange. Vine Place Apartments was 82 percent leased at the time of sale. In the second transaction, the Wrightwood Lamon Building sold for $5.1 million. Located at 4848 W. Wrightwood Ave. in Chicago, the property consists of 44 units. It was originally built in 1926. The buyer, an affiliate of Chicago Metropolitan Housing Development Corp., plans to renovate the building, which was 95 percent occupied at the time of sale. John Scorte was the seller.

January 18, 2021

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Brokers $9M Sale of Distribution Center in Spring Valley, Illinois

by Kristin Harlow January 18, 2021

SPRING VALLEY, ILL. — Marcus & Millichap has brokered the $9 million sale of the Marmon Keystone Distribution Center in Spring Valley, about 55 miles north of Peoria. The 184,320-square-foot property was constructed as a build-to-suit for Marmon Keystone in 2010. The single-tenant, net-leased facility sits on 22 acres. Sean O’Brien of Marcus & Millichap marketed the property on behalf of the seller, a developer. The buyer was undisclosed.

January 18, 2021

Acquisitions Indiana Industrial Midwest

Two-Building Industrial Property Trades Hands in Indianapolis

by Kristin Harlow January 18, 2021

INDIANAPOLIS — A two-building, 52,336-square-foot industrial property located on the southeast side of Indianapolis has traded hands for an undisclosed price. The temperature-controlled facility, located at 2301 Churchman Ave., is fully leased to Shenandoah Growers, a producer of organic culinary herbs. The property was extensively renovated in 2018 to serve as the Midwest regional hub for Shenandoah Growers, which operates 12 indoor growing facilities across the country. Alex Cantu and Alex Davenport of Colliers International represented the seller, Patterson Holdings. A California-based private investor purchased the asset.

January 18, 2021

Acquisitions Industrial Texas

MAG Capital Partners Sells 206,341 SF Manufacturing, Distribution Facility in Miami, Oklahoma

by Taylor Williams January 18, 2021

MIAMI, OKLA. — Fort Worth-based investment firm MAG Capital Partners has sold a 206,341-square-foot manufacturing and distribution facility in Miami, located in the northeastern corner of Oklahoma. Built in 1971, the 27.7-acre site comprises four buildings with 30-foot clear heights, four drive-in doors and six loading docks. Automotive parts supplier Hopkins Manufacturing Corp. occupies the property on a long-term basis. The facility was renovated in 2015, with an 85,000-square-foot addition built onsite. The site has remaining acreage for potential future development. Peter Bauman and Tivon Moffitt of Institutional Property Advisors, a division of Marcus & Millichap, represented both MAG Capital Partners and the Wisconsin-based private buyer in the transaction.

January 18, 2021

Acquisitions Multifamily Texas

Sherman Residential Acquires 299-Unit Axis Kessler Park Apartments in West Dallas

by Taylor Williams January 18, 2021

DALLAS — Sherman Residential has acquired Axis Kessler Park Apartments, a 299-unit multifamily community in West Dallas. Units at the property, which was formerly known as Lincoln Kessler Park, feature quartz countertops, custom cabinetry, individual washers and dryers and private balconies or yards in select units. Amenities include a pool, exercise center, pet park, business center, putting green, outdoor lounge and a complimentary virtual fitness membership. The seller was not disclosed.

January 18, 2021

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