Acquisitions

Lucas Unlimited Sells Haven Pointe at Carolina Forest Apartments in Myrtle Beach for $54.5M

by Julia Sanders March 15, 2021

MYRTLE BEACH, S.C. — Lucas Unlimited has sold Haven Pointe at Carolina Forest in Myrtle Beach for $54.5 million. Located at 1001 Scotney Lane, the Class A apartment community comprises 13 three-story apartment buildings and 304 units. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Capstone Apartment Partners represented the seller in the transaction. The buyer is Long Beach, Calif.-based RK Properties. Newly built in 2020, Haven Pointe’s unit mix includes one-, two- and three-bedroom apartment homes with the largest floorplans in the Myrtle Beach market, according to Capstone. Each unit features wood-style flooring, modern espresso cabinetry, granite countertops, stainless steel appliances, walk-in closets and washer/dryer connections. Community amenities include a resort-style pool, dog park, fitness center, business center, playground, grilling area, car wash station, laundry facilities and detached garages.

March 15, 2021

Acquisitions Multifamily Texas

Sterling Equities Buys 364-Unit Flatiron | Domain Apartments in Austin

by Taylor Williams March 15, 2021

AUSTIN, TEXAS — New York-based Sterling Equities has purchased Flatiron | Domain, a 364-unit luxury apartment building located within the 300-acre Domain mixed-use development on Austin’s north side. Built in 2019, the community offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center and a coffee shop with workspaces. Patton Jones of Newmark represented the seller, Texas-based Stonelake Capital Partners, in the off-market transaction. The property was 93 percent occupied at the time of sale.

March 15, 2021

Acquisitions Multifamily Texas

Greystone Brokers Sale of 424-Unit Lakeside Apartments in Dallas

by Taylor Williams March 15, 2021

DALLAS — Greystone has brokered the sale of Lakeside Apartments, a 424-unit multifamily community located near the corner of Walnut Hill and Central Expressway in Dallas. Built in 1979, the property features a mix of one- and two-bedroom units and amenities such as a pool, clubhouse and a business center. The buyer and seller, both of which requested anonymity, were respectively based out of California and Texas. Chibuzor Nnaji and Mark Allen of Greystone brokered the deal.

March 15, 2021

Acquisitions Loans Retail South Carolina Southeast

Aztec Group Secures $10.8M Acquisition Financing for Shopping Center in Chapin, South Carolina

by Julia Sanders March 15, 2021

CHAPIN, S.C. — Aztec Group Inc., a real estate investment and merchant banking firm, has secured $10.8 million in debt and equity for the acquisition of Chapin Crossing, a 72,714-square-foot, Publix-anchored shopping center in Chapin. Jason Shapiro, Sean Harrington and Joel Zusman of Aztec Group secured a 60 percent loan to cost, non-recourse loan, as well as joint venture equity. Located at 1235 Chapin Road, Chapin Crossing was built in 2017 and is situated at the southwest corner of Chapin Road and Lexington Avenue on 13.6 acres. The property includes a 45,600-square-foot Publix, 13,950 square feet of in-line retail space and a 13,164-square-foot multi-tenant outparcel. The shopping center’s tenants include Anytime Fitness, Marco’s Pizza, Bank of America, Palm Beach Tan, Pacific Dental, Jersey Mike’s, Verizon Wireless and Palmetto Health. Aztec Group arranged the financing on behalf of the buyer, a partnership led by affiliates of Miami-based CF Properties Corp. A Missouri-based life insurance company provided the 10-year loan, which features a fixed interest rate under 3 percent.

March 15, 2021

Acquisitions Multifamily Texas

CAF Capital, Trinity Sell 360-Unit Multifamily Community in San Antonio

by Taylor Williams March 15, 2021

SAN ANTONIO — A partnership between Dallas-based CAF Capital Partners and Trinity Private Equity Group has sold Overlook at Stone Oak Park, a 360-unit multifamily community in San Antonio. Built on 27 acres in 2014, the garden-style property consists of 18 residential buildings, a clubhouse, pool and a fitness center. The average unit size is 986 square feet. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, represented the partnership in the transaction. The duo also procured the buyer, Univest Inc.

March 15, 2021

Acquisitions Texas

J. Beard Arranges Sale of 24.7-Acre Development Site in Metro Houston

by Taylor Williams March 15, 2021

SPRING, TEXAS — The J. Beard Real Estate Co. has arranged the sale of a 24.7-acre development site at 5807 Spring Stuebner Road in the northern Houston suburb of Spring. Diana Gaines of J. Beard represented the seller, Estancia LLC, in the transaction. Brad Dill of BD Realty Advisors represented the undisclosed buyer. Future development plans for the site were not disclosed.

March 15, 2021

Acquisitions Massachusetts Northeast Office

MC Real Estate Buys 76,000 SF Historic Office Building in Downtown Boston

by Taylor Williams March 15, 2021

BOSTON — MC Real Estate Partners LLC, in partnership with an undisclosed capital source, has purchased a 76,000-square-foot historic office building located at 110 Chauncy St. in downtown Boston. The property was originally built in the 1890s and will serve as the new headquarters for global design firm Sasaki, which has signed a 64,000-square-foot lease. MC Real Estate will work with Sasaki to redesign and renovate the space, which will house approximately 250 employees.

March 15, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers Pair of Illinois Multifamily Transactions Totaling $13.6M

by Kristin Harlow March 15, 2021

CHICAGO AND EVANSTON, ILL. — Interra Realty has brokered a pair of multifamily sales totaling $13.6 billion. The first property is located in Chicago’s Logan Square at 1944 N. Spaulding Ave. Brad Feldman of Interra represented both the seller, Maven Real Estate Partners, and the buyer, Lauber Property Management. The 37-unit building sold for $7.2 million. It was built in 1929 and renovated in 2014. The buyer plans to spend $1 million on renovations. The second asset is located at 909 Washington St. in Evanston. The 37-unit building sold for $6.4 million. Feldman represented the seller, Robinson Rentals, as well as the private buyer. Robinson had owned the property for 43 years and completed renovations on about half of the units. The new owner plans to repair the roof and continue unit upgrades.

March 15, 2021

Acquisitions Illinois Industrial Midwest

Marcus & Millichap Arranges $4.1M Sale of Industrial Flex Building in Suburban Chicago

by Kristin Harlow March 15, 2021

LAKE ZURICH, ILL. — Marcus & Millichap has arranged the $4.1 million sale of a 58,955-square-foot industrial flex building in Lake Zurich, a northwest suburb of Chicago. Situated on Oakwood Road, the property is leased to 10 tenants. Peter Doughty of Marcus & Millichap marketed the building on behalf of the seller, a private investor. Anthony Catanese and James Ziegler of Marcus & Millichap secured and represented the buyer, a private investor completing a 1031 exchange. Frank Montalto and Dean Giannakopoulos of Marcus & Millichap Capital Corp. assisted the buyer in obtaining acquisition financing.

March 15, 2021

Acquisitions Industrial New York Northeast

Ariel Property Advisors Negotiates $4.3M Sale of Commercial Building in The Bronx

by Taylor Williams March 15, 2021

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $4.3 million sale of a 26,787-square-foot commercial building at 1414-1424 Cromwell Ave. in the Mount Eden neighborhood of The Bronx. The property is currently leased to a parking operator but is also zoned for warehouse use. Jason Gold, Michael Tortorici and Daniel Mahfar of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

March 15, 2021

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