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Acquisitions

Nova-North-Valley-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Praedium Group Acquires 385-Unit Liv North Valley Multifamily Property in Phoenix for $90M

by Amy Works

PHOENIX — New York-based The Praedium Group has purchased Liv North Valley, an apartment community in Phoenix, and immediately implemented a process to rebrand the asset as Nova North Valley. An undisclosed seller sold the asset for $90 million, or $233,766 per unit. Constructed in 2019, the 385-unit property features outdoor fitness stations, a community garden, sports court, sand volleyball court, playground, bark park, barbecue grills, lounge areas, heated saltwater pool, spa, clubhouse and gym. Units offer modern gourmet kitchens with GE Energy Star appliances, granite countertops, pendent lighting and wood-style plank flooring. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

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AcquisitionsOfficeSouth CarolinaSoutheast

Cushman & Wakefield Arranges $23.8M Sale of Office Building in Downtown Charleston

by Alex Tostado

CHARLESTON, S.C. — Cushman & Wakefield has arranged the $23.8 million sale of 134 Meeting Street, a 71,947-square-foot office building in downtown Charleston. The asset was 93 percent leased at the time of sale to tenants including law firms K&L Gates and Sinkler & Boyd. The building was renovated in 2015 to include a new HVAC system; upgraded lobbies, restrooms and common corridors; and a 1,702-square-foot fitness center with showers. Jared Londry, Rob Cochran and Nolan Ashton of Cushman & Wakefield represented the seller, Cobalt Property Group, in the transaction. Highland Ventures, a separate account client of Insite Properties, acquired the property.

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Kinstead-McKinney
AcquisitionsMultifamilyTexas

ZOM Living Sells 376-Unit Kinstead Apartment Community in Metro Dallas

by Taylor Williams

MCKINNEY, TEXAS — Florida-based ZOM Living has sold Kinstead, a 376-unit apartment community located in the northern Dallas metro of McKinney. The property features studio, one- and two-bedroom units and amenities such as two pools, a 24-hour fitness center, outdoor grilling stations, a game room and a pet park. Brian O’Boyle Jr. and Brian Murphy of Newmark Knight Frank represented ZOM Living in the all-cash transaction. The buyer was a fund sponsored by CBRE Global Investors.

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Northshore-Place-Portland-Texas
AcquisitionsMultifamilyTexas

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

by Taylor Williams

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.

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AcquisitionsFloridaMultifamilySoutheast

Cardone Capital Acquires 553-Unit Apartment Complex in Fort Lauderdale

by Alex Tostado

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.

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AcquisitionsMultifamilySeniors HousingSoutheastVirginia

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

by Alex Tostado

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.

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AcquisitionsMultifamilySoutheastTennessee

Capstone Arranges $12.8M Sale of Multifamily Community Near Nashville

by Alex Tostado

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.

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Riata-Crossing-6-San-Antonio
AcquisitionsOfficeTexas

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

by Taylor Williams

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.

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AcquisitionsNet LeaseNew JerseyNortheastRetail

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

by Taylor Williams

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.

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AcquisitionsArizonaIndustrialWestern

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

by Amy Works

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.

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