BLOOMFIELD, CONN. — Chozick Realty has brokered the $12 million sale of Wedgewood apartments, a 112-unit apartment community in Bloomfield, a northern suburb of Hartford. The community was constructed in the 1960s and features one-, two- and three-bedroom apartments. The seller was a local family office. The buyer was a regional investor that targets garden-style apartments. Both parties involved in the transaction requested anonymity.
SURPRISE, TOLLESON, LITCHFIELD PARK AND PHOENIX, ARIZ. — Oak Brook, Ill.-based Inland Real Estate Acquisitions, on behalf of an affiliate of The Inland Real Estate Group of Companies, has acquired five Christopher Todd Communities in the Phoenix metro area. The portfolio includes 943 single-family rental homes. Three communities — Christopher Todd Communities On Greenway in Surprise, Christopher Todd Communities At Country Park in Tolleson and Christopher Todd Communities On Camelback in Litchfield Park — were included in the closing on Friday, March 13. The purchase of Christopher Todd Communities At Marley Park in Surprise and Christopher Todd Communities At Stadium in Phoenix are pending and slated to close in the near future. The communities were the first Christopher Todd Communities to be constructed as the company began its development of “smart-gated” communities offering pet-friendly one- and two-bedroom, single-family homes with private backyards and resort-style luxury amenities. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq represented the buyer and seller in the deal. James DuMars and Griffin Martin of NorthMarq’s Phoenix office arranged acquisition financing for the buyer.
LOS ANGELES — Champion Real Estate Co. has purchased a student housing community located at 2353 Portland St. in Los Angeles. Century Park sold the asset for $14.1 million. Champion plans to rebrand the property as Victory on Portland and renovate the complex, which was built in 1964. The renovations will change Victory on Portland into a 102-bed property offering units with stainless steel appliances, HVAC units, stone countertops, modern cabinetry and laminate wood flooring. The apartments will be fully furnished with beds, couches, chairs, coffee tables, dining tables, flat-screen televisions, cable, internet, Wi-Fi, Sonos soundbars and other amenities. On-site amenities will include an updated swimming pool, amenity deck, student lounge and leasing office. John Taksa of RE/MAX Commercial & Investment Realty represented the buyer and seller in the transaction.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of The Garthwick, a 30,507-square-foot multifamily building located in Southeast Portland. Yellow Submarine sold the asset to Garthwick – SPE 1 and Garthwick – SPE 2 for $8.6 million, or $359,583 per unit. Located at 8705 SE 13th Ave., The Garthwick features 24 units in a mix of one- and two-bedroom apartments and two- and three-bedroom townhouse-style units. The property was built in 2018. Cameron Mercer and David Chatfield of Portland-based Norris & Stevens represented the seller, while Clay Newton and Jordan Carter of Kidder Mathews represented the buyer in the transaction.
DENVER — Newmark Knight Frank (NKF) Multifamily has arranged the sale of The Kentom Apartments, a four-story, Victorian-era building located in Denver’s Capitol Hill neighborhood. Denver-based Classic Properties sold the property to New York-based Urban American Management for $8.4 million, or $264,063 per unit. Built in 1908, the 32-unit property offers units with exposed brick, clawfoot bathtubs, Victorian chandeliers, original woodwork, front and rear entries to each unit, French doors, bay windows, working fireplaces and balconies. The units average 855 square feet, and the property features on-site resident storage. Justin Hunt, Andy Hellman, Ryan Cohn and Katie Hufnagel of NKF Multifamily represented the seller in the deal. The acquisition is Urban American Management’s second acquisition in metro Denver.
SACRAMENTO — Cushman & Wakefield has arranged the sale of 630 K Street, an office and retail building located in downtown Sacramento. New York Life Real Estate Investors, on behalf of an institutional client, purchased the five-story property from Swift Real Estate Partners. The acquisition price was not released. The new owner plans to make capital improvements to the five-story, 87,140-square-foot property to bring the asset to Class A condition. Adam Lasoff, Seth Siegel, Steve Hermann, Ryan Venezia and Eric Fox of Cushman & Wakefield’s Northern California Capital Markets group, along with Ron Thomas and Kevin Partington of Cushman & Wakefield’s Sacramento office, brokered the transaction. Additionally, the buyer retained Cushman & Wakefield to perform project leasing services for the building.
JACKSONVILLE, FLA. — Colliers International has brokered the sale of Mandarin Central, a 63,346-square-foot shopping center in Jacksonville. The center was constructed in 1985 on seven acres at 11018 Old Saint Augustine Road, 17 miles south of downtown Jacksonville. The property was 94 percent leased at the time of sale to tenants including Dollar General, Pizza Hut and Salento Steakhouse. Milestone Properties Inc. sold the asset to Mandarin Central Plaza LLC for an undisclosed price. Joe Montgomery, Tony D’Ambrosio and Ernie Saltmarsh IV of Colliers represented the seller in the transaction.
HUNTSVILLE, ALA. — SRS Investment Properties Group has arranged the $3.5 million sale of The Fountain, a 38,338-square-foot retail property in Huntsville. Costco and The Home Depot shadow anchor the multi-tenant retail strip, which spans 3.9 acres. The Fountain was fully leased at the time of sale to tenants including Staples, Citi Trends and Shoe Show. The property is situated at 1201 N. Memorial Parkway, just north of downtown Huntsville. Boris Shilkrot and Pierce Mayson of SRS represented the seller, Somera — 1201 North Memorial Parkway LLC, in the transaction. T.J. Lee of Bill Pool Realty represented the buyer, TA Sharp Properties.
CHICAGO — Origin Investments has purchased Monroe Aberdeen Place, a 120-unit apartment building in Chicago’s West Loop. The transaction, made on behalf of Origin’s IncomePlus Fund, was valued at $65.8 million. Developed in 2018, the property features 25 three-bedroom units, 92 two-bedroom units and three one-bedroom units. Floor plans average 1,118 square feet. Kiser Group represented Origin Investments in the off-market transaction. Michigan Avenue Real Estate Group, the property’s original developer, sold the asset, which was 99 percent leased at the time of sale.
LAS VEGAS — San Diego-based Tower 16 Capital Partners has completed the disposition of Altura on Duneville, a multifamily property located in Las Vegas. An undisclosed buyer acquired the asset for $35.5 million. Located at 5050 Duneville St., the community features 228 one- and two-bedroom apartments. Community amenities include two swimming pools and on-site daycare. Tower 16 Capital Partners originally acquired the property in 2018 for $24 million. During the company’s two-year hold, it implemented exterior and interior unit renovations and added new amenities, including a new leasing office, gym, business center and game room.
