Acquisitions

Marcus & Millichap Negotiates Sale of 224-Unit Northshore Place Apartments in Portland, Texas

by Taylor Williams September 22, 2020

PORTLAND, TEXAS — Marcus & Millichap has negotiated the sale of the 224-unit Northshore Place Apartments, located outside of Corpus Christi. The property was built on 13 acres in 2019 and features one- and two-bedroom units with stainless steel appliances, granite countertops and walk-in closets. Amenities include a pool, outdoor fire pits and a clubhouse with a kitchen and billiards. Kent Myers of Marcus & Millichap represented the seller, a locally based developer, and procured the buyer, a limited liability company. Both parties requested anonymity.

September 22, 2020

Acquisitions Florida Multifamily Southeast

Cardone Capital Acquires 553-Unit Apartment Complex in Fort Lauderdale

by Alex Tostado September 21, 2020

FORT LAUDERDALE, FLA. — Cardone Capital LLC has acquired Port Royale Apartments, a 553-unit multifamily community in Fort Lauderdale. The sales price was not disclosed, although Cardone Capital raised $50 million through crowdfunding and CBRE arranged a 10-year acquisition loan with a fixed 2.3 percent interest rate. The property, which was built in 1991 and renovated in 2016, offers one- and two-bedroom floor plans. Communal amenities include a car wash area, two pools, fitness center and a courtyard. Robert Given of Cushman & Wakefield represented the seller, Chicago-based Waterton, in the transaction.

September 21, 2020

Acquisitions Multifamily Seniors Housing Southeast Virginia

Greysteel Negotiates $27.2M Sale of Affordable Seniors Housing Apartments in Northern Virginia

by Alex Tostado September 21, 2020

STERLING, VA. — Greysteel has negotiated the sale of Cascades Village Senior Apartments, an affordable seniors housing property located in Sterling, approximately 25 miles northwest of Washington, D.C. A private local investor sold the property to Avanath Capital Management for $27.2 million. Cascades Village is a 150-unit, age-restricted affordable housing community developed in 2001 using Low-Income Housing Tax Credits (LIHTC). Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing practice represented the seller in the transaction. The Greysteel team additionally worked with the buyer to arrange an acquisition loan through M&T Realty Capital Corp.

September 21, 2020

Acquisitions Multifamily Southeast Tennessee

Capstone Arranges $12.8M Sale of Multifamily Community Near Nashville

by Alex Tostado September 21, 2020

MURFREESBORO, TENN. — Capstone has arranged the $12.8 million sale of Haven Woods Apartments, a 153-unit community in Murfreesboro. The property offers one- and two-bedroom floor plans averaging 782 square feet. Communal amenities include a pool, clubhouse and green space. The buyer, Beverly Hills, Calif.-based Archway Equities, plans to implement a value-add program throughout the property. Further details of the renovations were not disclosed. Haven Wood is located at 1620 Battleground Drive, 34 miles southeast of downtown Nashville. Tyler Mayo, Austin Heithcock, Adam Klenk and Jonathan Hawks of Capstone procured the buyer. The locally based seller, Waldron & Sons, developed the property in 1985.

September 21, 2020

Acquisitions Office Texas

Generational Commercial Sells 50,480 SF Riata Crossing 6 Office Building in Austin

by Taylor Williams September 21, 2020

AUSTIN, TEXAS — Locally based developer Generational Commercial Properties has sold Riata Crossing 6, a 50,480-square-foot office building located at 12544 Riata Vista Circle, adjacent to Apple’s existing campus in Austin. Studio 8 Architects designed the project, and Zapalac Reed served as the general contractor. Bethany Perez, Bart Matheney and Chad Barrett of AQUILA Commercial represented Generational Commercial Properties in the transaction. Lance Morris of The Retail Connection represented the buyer, Greater Texas Federal Credit Union.

September 21, 2020

Acquisitions Net Lease New Jersey Northeast Retail

SRS Real Estate Arranges $6.7M Sale of Wawa Store in Roselle, New Jersey

by Taylor Williams September 21, 2020

ROSELLE, N.J. — SRS Real Estate Partners has arranged the $6.7 million sale of a retail asset that is occupied by convenience store chain Wawa in Roselle, located south of Newark. Patrick Nutt and Andrew Fallon represented the seller in the transaction. The buyer was an undisclosed private investor. The store opened in May 2019.

September 21, 2020

Acquisitions Arizona Industrial Western

SRS Negotiates $50M Acquisition of Carvana-Occupied Industrial Property in Tolleson, Arizona

by Amy Works September 21, 2020

TOLLESON, ARIZ. — SRS Real Estate Partners has arranged the off-market purchase of a single-tenant industrial building located at 600 S 94th Ave. in Tolleson. Carvana sold the asset to Phoenix-based Fundamental Income for $50 million. Carvana, the current tenant, will lease back the 190,000-square-foot building on a long-term basis. The tenant uses the facility as a reconditioning and photography center for vehicles sold online by Carvana. Travis Fidel of SRS’ National Net Lease Group represented the buyer and seller in the deal.

September 21, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.1M Sale of 7-Eleven Property in Alsip, Illinois

by Kristin Harlow September 21, 2020

ALSIP, ILL. — Marcus & Millichap has brokered the $5.1 million sale of a 4,000-square-foot property occupied by 7-Eleven in Alsip, a southern suburb of Chicago. The build-to-suit property is located on 127th Street. The tenant has a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. The duo also secured and represented the buyer, an out-of-state investor completing a 1031 exchange.

September 21, 2020

Acquisitions California Multifamily Western

Graceada Partners Buys Westlake Apartments in Sacramento for $23.5M

by Amy Works September 21, 2020

SACRAMENTO, CALIF. — Graceada Partners has purchased Westlake Apartments, a multifamily property located at 1 Shoal Court in Sacramento’s Pocket neighborhood. An undisclosed seller sold the 148-unit asset for $23.5 million, or $159,000 per unit. Graceada Partners plans to extensively renovate and modernize the 140,000-square-foot property, including $12,000 in per-unit renovations. The owner estimates it will be able to charge an additional $250 per unit per month following the project.

September 21, 2020

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Arranges Sale of Tri-Cities Retirement Inn in Pasco, Washington

by Amy Works September 21, 2020

PASCO, WASH. — Blueprint Healthcare Real Estate advisors has arranged the sale of Tri-Cities Retirement Inn, an 82-unit assisted living and memory care community in Pasco, located in the southeast portion of Washington state. A Washington-based owner-operator acquired the property for an undisclosed price. First Interstate Bank provided acquisition financing at an 85 percent loan-to-value ratio. The seller was not disclosed.

September 21, 2020

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