Acquisitions

CLARKSVILLE, TENN. — Oakley Group, a multifamily investment firm based in Birmingham, Ala., has purchased Pro Park, a 96-unit apartment community located at 850 Professional Park Drive in Clarksville. The three-building, newly built property is situated on a 4.4-acre site roughly 46 miles northwest of Nashville. Developer Bert Singletary sold the community to Oakley Group for an undisclosed price, and Synovus Bank provided an undisclosed amount of acquisition financing for the purchase. The new owner has selected locally based NextGen Properties to operate Pro Park, which is being rebranded to The Oakley at Pro Park. Completed in 2024, the property offers one- and two-bedroom units ranging from 879 to 1,200 square feet in size, as well as a clubhouse, fitness center swimming pool, 20 garages and 64 storage units. The community was 63 percent occupied at the time of sale.

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BURLINGTON, DURHAM AND GREENSBORO, N.C. — JLL has arranged a $55.2 million acquisition loan for a nine-property healthcare real estate portfolio in North Carolina. Travis Anderson and Anthony Sardo of JLL arranged the 10-year, fixed-rate loan with a life insurance company on behalf of the borrower, AW Property Co. The facilities span nearly 300,000 square feet and are located on or adjacent to hospital campuses in Burlington, Durham and Greensboro. The portfolio has an average vintage of 2006 and was 99 percent leased at the time of financing to healthcare systems and independent physician practices including Cone Health, Duke Health and UNC Health.

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ST. PETERSBURG, FLA. — Matthews Real Estate Investment Services has brokered the sale of Crosswinds Shopping Center, a 141,577-square-foot retail center located in the Tampa suburb of St. Petersburg. Tenants at the property, which was fully leased at the time of sale, include Marshalls, Michaels, Bealls and Havertys. Wallace Enterprises and Crim & Associates acquired the center from an entity doing business as Crosswinds St. Pete LLC for an undisclosed price. Pierce Mayson, Kyle Stonis and Boris Shilkrot of Matthews represented the seller in the transaction.

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TUSCALOOSA, ALA. — The Preiss Co. has acquired Riverfront Village, a 440-bed student housing community located near the University of Alabama campus in Tuscaloosa. Preiss purchased the 92-unit community in partnership with Crow Holdings Capital. The buyers are planning capital improvements, including renovations to select units, a clubhouse redesign, upgrades to the swimming pool and comprehensive technological updates. The seller and sales price were not disclosed.

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MESQUITE, TEXAS — Texas-based H-E-B has acquired land in Mesquite, an eastern suburb of Dallas, for the development of a new grocery store. The multi-parcel assemblage is located at the intersection of I-20 and FM 741. Ryan Turner, David Davidson Jr. and Edward Bogel of Davidson Bogel Real Estate represented the undisclosed seller in the land deal. Ben Hines and Tim Henson of Venture Commercial represented H-E-B. Details on the size and construction timeline of the new store were not disclosed.

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PHILADELPHIA — JLL has brokered the sale of three self-storage facilities in the Philadelphia area. The facilities, which traded as part of a 468,266-square-foot portfolio deal that includes three other facilities in South Florida, are located at 1354 Hook Road in Sharon Hill, 3952 N. Providence Road in Newtown Square and 4440 E. Bristol Road in Trevose. A partnership between Metro Self Storage and Heitman sold the portfolio to Andover Properties, which will rebrand the facilities under its Storage King USA flag. Brian Somoza led the JLL team that brokered the deal.

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SAN DIEGO — Colliers has arranged the sale of Market Street Village Apartments, a multifamily community in downtown San Diego’s East Village. A private buyer acquired the asset from Equity Residential for $82.2 million, or $359,000 per unit. Located at 699 14th St., Market Street Village Apartments offers 229 market-rate and affordable apartments with full kitchens, dishwashers, large closets, high ceilings, in-unit laundry and vinyl flooring. Onsite amenities include a fitness center, theater screening room, multiple courtyards, a sundeck with a firepit, 406 parking spaces and a clubhouse with a pool and spa. Additionally, the property offers ground-floor retail space anchored by an Albertsons supermarket with a Sav-On Pharmacy and Starbucks Coffee. Kitty Wallace and Anna Kampling of Colliers represented the buyer and seller in the deal.

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FONTANA, CALIF. — EK Apartments has completed the disposition of a nine-property multifamily and retail portfolio in Fontana to undisclosed buyers for $25.5 million. The portfolio includes eight apartment buildings and a four-tenant retail center. The multifamily properties, which were constructed mostly in the 1980s, offer a total of 108 apartments with 70 percent below market rents. The 10,627-square-foot retail center is fully occupied by a mini mart, laundromat, restaurant and dessert shop. Douglas McCauley, David Covarrubias and Bruce Rajaee of Marcus & Millichap represented the seller and procured the buyers in the deal.

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BILLERICA, MASS. — Marcus & Millichap has arranged the $5.7 million sale of a 40,000-square-foot industrial flex building in Billerica, a northwestern suburb of Boston. The building sits on a 2.9-acre site at 4 Federal St. and was fully leased at the time of sale to Boston Semi Equipment. Harrison Klein, Luigi Lessa and Mattias Edenkrans of Marcus & Millichap represented the seller in the transaction. Peter Kim of Berkshire Hathaway procured the buyer. Both parties requested anonymity. Miguel Encarnacion of NAI | Parsons Commercial Group was also involved in the transaction.

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WESTMINSTER, COLO. — Marcus & Millichap has negotiated the sale of Residence Inn by Marriott Denver North Westminster, Colorado in Westminster, a suburb 12 miles north of Denver. Dallas-based NewcrestImage sold the extended-stay hotel to Archer Capital Group for an undisclosed price. Chris Gomes of Marcus & Millichap represented the seller. Gomes, along with Allan Miller and Christy McDougall of Marcus & Millichap, procured the buyer. Adam Lewis is Marcus & Millichap’s broker of record in Colorado. Located at 5010 W. 88th Place, the four-story Residence Inn by Marriott offers 94 extended-stay suites with kitchens, separate living areas and modern amenities.

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