Acquisitions

Axiom Realty Sells The Studios at Uptown Apartments in Central Florida for $10.9M

by Julia Sanders March 16, 2021

ALTAMONTE SPRINGS, FLA. — Axiom Realty Partners LLC has sold The Studios at Uptown, a 108-unit, all-studio apartment community located in Altamonte Springs, for $10.9 million. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. Denny Romain, Charles Crapse and Alex Kupp of Cushman & Wakefield arranged acquisition financing through Ameris Bank on behalf of the buyer, Ty and Tovah Lohman of Ormond Beach, Fla. Located at 245 Loraine Drive, The Studios at Uptown was 97 percent occupied at the time of sale. Community amenities include a swimming pool with a sundeck, tennis courts and onsite laundry facilities on each floor. The property is 26 miles from Walt Disney World Resort and 48 miles from Daytona Beach.

March 16, 2021

Acquisitions Kentucky Retail Southeast

MAGNA Properties Acquires Florence Shops in Metro Cincinnati for $5.5M

by Julia Sanders March 16, 2021

FLORENCE, KY. — Ohio-based MAGNA Properties has acquired Florence Shops, a 50,068-square-foot, multi-tenant shopping center located at 7541-7565 Mall Road in Florence. The property was fully leased at the time of sale. Patrick Metz of Stan Johnson Co. represented MAGNA Properties in the $5.5 million acquisition. The seller was an undisclosed local developer. The Florence Shops is situated on 4.1 acres approximately 13 miles from Cincinnati. The acquisition includes additional development potential on an adjacent pad site. The center’s neighboring tenants include Kroger, Old Navy, Ulta Beauty and Barnes & Noble. The center was last renovated in 2015.

March 16, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 392-Unit Cross Creek at Grapevine Ranch Apartments

by Taylor Williams March 16, 2021

GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Cross Creek at Grapevine Ranch, a 392-unit apartment community located roughly midway between downtown Dallas and Fort Worth. Built on 35 acres in 1999, the property offers a pool, business center and an indoor basketball court. Drew Kile and Joey Tumminello of IPA represented the seller, a joint venture between an affiliate of The Carlyle Group and VCT Capital Partners, in the transaction. The duo also procured the undisclosed private buyer.

March 16, 2021

Acquisitions Michigan Midwest Multifamily

JLL Brokers $19.6M Sale of Lakeview Apartments in Kalamazoo, Michigan

by Kristin Harlow March 16, 2021

KALAMAZOO, MICH. — JLL Capital Markets has brokered the sale of Lakeview Apartments in Kalamazoo for $19.6 million. The 280-unit apartment community features a playground, pet park and community barbecue area. The property is located at 1928 Colgrove Ave. and is situated adjacent to Ascension Borgess Hospital. David Gaines, Dave MacDonald and Kyle Butler of JLL represented the seller, Florida-based Property Resource Associates. The JLL team worked closely with Ron Plichta and Tommy Bateman of Property Resource Associates. Bender Cos. was the buyer.

March 16, 2021

Acquisitions Indiana Midwest Retail

Marcus & Millichap’s Klink Group Arranges $3.7M Sale of Walgreens-Occupied Property in Indianapolis

by Kristin Harlow March 16, 2021

INDIANAPOLIS — The Klink Group of Marcus & Millichap has arranged the sale of a Walgreens-occupied property in the Nora submarket of Indianapolis for $3.7 million. The single-tenant building is located at 1505 E. 86th St. Jordan Klink of the brokerage marketed the property on behalf of the seller, Indianapolis-based Westfield Pointe LLC. The Klink Group also sourced the buyers, Nora LLC and PP Nora LLC. Both are based in Indiana.

March 16, 2021

Acquisitions Industrial Massachusetts Northeast Self-Storage

SkyView Advisors Arranges Sale of 470-Unit Self-Storage Facility in Andover, Massachusetts

by Taylor Williams March 16, 2021

ANDOVER, MASS. — Tampa-based SkyView Advisors has arranged the sale of a 470-unit self-storage facility located at 17 Dundee Park Drive in Andover, a northern suburb of Boston. The property is situated on 1.5 acres and spans 65,836 net rentable square feet. Richard Riddle and Ryan Clark of SkyView Advisors represented the seller in the transaction. Additional terms of sale were not disclosed.

March 16, 2021

Acquisitions California Multifamily Western

JRK Property Holdings Buys Harrison Glendale Apartment Property in California for $90.7M

by Amy Works March 16, 2021

GLENDALE, CALIF. — JRK Property Holdings has acquired The Harrison Glendale, an apartment community located at 318 W. Wilson Ave. in downtown Glendale. A Las Vegas-based developer sold the asset for $90.7 million in an off-market transaction. Built in 2018, The Harrison Glendale features 164 apartments in a mix of studio, one- and two-bedroom layouts spread across two five-story LEED-certified buildings. The community offers a central courtyard with a resort-style pool, park and barbecue area. Additionally, the property features 15,100 square feet of ground-floor retail space occupied by CVS/pharmacy; a two-level, 239-stall subterranean garage; a two-level fitness center; yoga studio; club room; and dog run. The property also offers a rooftop deck with fire pits, barbecues and bar. At the time of sale, the asset was 96 percent leased. Dean Zander, Stewart Wilson and Chris Tresp of CBRE Los Angeles represented the seller in the deal. Robert Falese of Berkadia arranged acquisition financing with agency debt through Freddie Mac’s Green Advantage program for the buyer.

March 16, 2021

Acquisitions Colorado Multifamily Western

Cityview Acquires Interest in 350-Unit DECO Apartments in Denver

by Amy Works March 16, 2021

DENVER — Cityview has purchased Dinerstein Cos.’ interest in DECO, an apartment community located in the University Park region of Denver. A transit-oriented property with immediate access to light rail, the five-story development offers 350 units in a range of open floor plans. The property originally opened for leasing in fourth-quarter 2019. Westhome, Cityview’s property management division, manages the asset. Terms of the acquisition were not released. Situated on 3.5 acres, the property features a mix of studio, one-, two- and three-bedroom floor plans with to up 11-foot ceilings, vinyl wood flooring, stainless steel appliances, in-unit washers/dryers, designer cabinetry, quartz countertops, dual vanity baths, walk-in closets and keyless door entry. Community amenities include an on-site ski simulator and gear lounge equipped with ski and boot lockers, as well as space for snowboards, mountain bikes and kayaks; and a rooftop deck with outdoor seating, a fireplace, television, drink ledge and ski gondola. Additional amenities include a dog park and spa; business center with coffee bar and two-sided fireplace; co-working area with individual conference rooms; workstations; a library; mail room with automated package retrieval system; club room with commercial kitchen; and a fitness center with cardio and weight equipment, massage room and …

March 16, 2021

Acquisitions California Healthcare Seniors Housing Western

CareTrust REIT Purchases Buena Vista Care Center in Santa Barbara for $15.9M

by Jeff Shaw March 16, 2021

SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left on its existing lease term, with two five-year renewal options. The lease currently carries approximately $1.5 million in annual cash rent with 3 percent annual escalators.

March 16, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

Cushman & Wakefield Arranges $25M Sale of Memory Care Community in Portland

by Amy Works March 15, 2021

PORTLAND, ORE. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the off-market sale of a 99-unit,114-bed memory care community in a Portland for $25 million. This represents the second sale of the community within a 15-month period for the firm, with the first sale as part of a larger disposition of non-core assets for a public REIT. The seller was a privately owned, California-based national operator. The buyer is a growing regional owner-operator based in the Portland metro area. The Cushman & Wakefield team involved in the transaction was Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker.

March 15, 2021

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