Acquisitions

Draper & Kramer Buys 374-Unit Crest at Las Colinas Apartments in Irving

by Alex Tostado February 4, 2020

IRVING, TEXAS — Draper & Kramer Inc. has purchased Crest at Las Colinas, a 374-unit apartment community in Irving. The property was built in 2017 and was 95 percent occupied at the time of sale. Units range in size from 600 to 1,500 square feet and feature hardwood-style plank flooring, espresso-stained kitchen cabinetry, granite countertops and stainless steel appliances. Amenities include a resident lounge, flexible workspaces, fitness center, pool and a coffee bar. Draper & Kramer acquired the asset from an undisclosed seller via a 1031 exchange.

February 4, 2020

Acquisitions Retail Texas

EXP Realty Advisors Brokers Sale of 50,196 SF Retail Center in Lubbock

by Alex Tostado February 4, 2020

LUBBOCK, TEXAS — EXP Realty Advisors, a boutique investment sales firm focused on retail assets, has brokered the sale of The HUB, a 50,196-square-foot shopping center in Lubbock. Situated on 5.5 acres, the center houses tenants such as Tea2Go, Cyclebar and Urban Brick’s Pizza. Andrew Greenberg of EXP Realty Advisors represented the buyer, a 1031 exchange investor, in the transaction. Coldwell Banker represented the seller, a California-based investor. Both parties requested anonymity.

February 4, 2020

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 268-Unit Magnolia Grove Apartments in Houston

by Alex Tostado February 4, 2020

HOUSTON — Berkadia has arranged the sale of Magnolia Grove, a 268-unit apartment community in Houston’s Southbelt/Ellington neighborhood. Built in 1984, the property features one- and two-bedroom units and amenities such as a pool, fitness center, resident clubhouse and outdoor grilling area. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Dallas-based Lantower Residential, in the transaction. John Koeijmans and Austin Blankenship of Berkadia arranged a 10-year, floating-rate acquisition loan through Freddie Mac on behalf of the Dallas-based buyer.

February 4, 2020

Acquisitions Florida Hospitality Southeast

Joint Venture Purchases Shelborne South Beach Hotel for $120M

by Alex Tostado February 4, 2020

MIAMI BEACH, FLA. — A joint venture between King Street Real Estate GP LLC, Westdale Properties and Cedar Capital Partners has purchased Shelborne South Beach Hotel, a 275-room hotel in Miami Beach, for $120 million. The beachside hotel opened in 1941 in the Art Deco district, seven miles from downtown Miami. The hotel offers a pool; pool deck; sky terrace; several meeting and event spaces; beachside services including beach chairs and towels, and waverunner, parasailing and paddleboard rentals; nightly happy hour; and live music on the weekends. The seller was not disclosed.

February 4, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

Preiss, Investcorp Acquire 525-Bed Student Housing Community Near Georgia Tech in Midtown Atlanta

by Alex Tostado February 4, 2020

ATLANTA — A joint venture between The Preiss Co. and Investcorp has acquired Signature West Midtown, a 525-bed student housing community located near the Georgia Tech campus in Atlanta. The property offers one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, sundeck, rooftop lounge, 24-hour fitness center, cyber cafe, ride-share lounge and bicycle storage alongside 10,500 square feet of retail. The seller and terms of the transaction were not disclosed.

February 4, 2020

Acquisitions Retail Southeast Virginia

S.L. Nusbaum Negotiates Sale of 49,161 SF Retail Center in Norfolk

by Alex Tostado February 4, 2020

NORFOLK, VA. — S.L. Nusbaum Realty Co. has negotiated the sale of Little Creek Marketplace, a 49,161-square-foot retail property in Norfolk. SWNC I LLC, a retail real estate fund led by Shannon Waltchack, acquired the center for an undisclosed price. Little Creek Marketplace was 97 percent leased at the time of sale to tenants including Verizon Wireless, Navy Federal Credit Union, Applebee’s, Wing Stop, Fuddruckers, Cookies and Cakes of Virginia, Beltone, Leisure Dental, The UPS Store, Hair Cuttery and Great Clips. The property is situated at the intersection of Little Creek Road and Tidewater Drive, six miles north of downtown Norfolk. Bill Overman and John Wessling of S.L. Nusbaum represented the buyer in the transaction. Doug Aronson, also with S.L. Nusbaum, represented the undisclosed seller. S.L. Nusbaum and Shannon Waltcheck will provide property management services and Chris Hucke of S.L. Nusbaum will be the leasing agent on the property for the new ownership.

February 4, 2020

Acquisitions Multifamily South Carolina Southeast

Berkadia Arranges Sales of Two Multifamily Communities in Metro Charleston for $17.8M

by Alex Tostado February 4, 2020

MONCKS CORNER AND GOOSE CREEK, S.C. — Berkadia has arranged the sale of Epson Oaks in Moncks Corner and Churchill Apartments in Goose Creek. South Carolina-based KAH LLC sold the two garden-style properties for a combined $17.8 million to Texas-based Napali Capital. Epson Oaks is located at 2000 Epson Plantation Drive, 35 miles north of downtown Charleston. The 72-unit property offers two- and three-bedroom floor plans. Churchill Apartments, situated at 601 Old State Road about 20 miles north of downtown Charleston, also comprises 72 units offering two- and three-bedroom floor plans. Mark Boyce and Blake Coffey of Berkadia represented the seller in the transaction. Richard Levine of Berkadia originated a $12.9 million Fannie Mae acquisition loan on behalf of Napali Capital.

February 4, 2020

Acquisitions Midwest Ohio Walker & Dunlop

Walker & Dunlop Acquires MSF Real Estate Capital, Establishes Presence in Ohio

by Kristin Harlow February 4, 2020

COLUMBUS, OHIO — Walker & Dunlop Inc. has acquired MSF Real Estate Capital, an independent commercial real estate finance firm. MSF services approximately $925 million of life insurance company loans, substantially all of which will be added to Walker & Dunlop’s servicing portfolio prior to the end of the first quarter. With the acquisition, Walker & Dunlop has expanded its debt brokerage team to Columbus. Jeffrey Morris, Chad Kiner, Scott Moore and A.J. Mangan will spearhead Walker & Dunlop’s first office in the Columbus market. Founded in 1984, MSF has tripled the size of its full-service commercial real estate mortgage banking firm over the past decade. Collectively, the team has closed more than $10 billion in transaction volume throughout their careers.

February 4, 2020

Acquisitions Healthcare Illinois Midwest

MLL Capital Purchases 95,043 SF Medical Office Building in Elgin, Illinois

by Kristin Harlow February 4, 2020

ELGIN, ILL. — MLL Capital has purchased a 95,043-square-foot medical office building located at 1435 N. Randall Road in Elgin. The purchase price and seller were undisclosed. The five-story property is located near I-90 on the campus of the Advocate Sherman Hospital. Both the building and connected hospital were constructed in 2009. Jonathan Swindle and Kyle Arnold of Waveland Property Group have been named leasing agents for the property. Boston-based MLL Capital was founded in 2016 and focuses its investments on medical office, laboratory and life sciences properties.

February 4, 2020

Acquisitions Colorado Multifamily Western

Riverpoint Partners, CentrePointe Properties Buy Brix on Belleview Apartments in Colorado for $29.9M

by Amy Works February 4, 2020

ENGLEWOOD, COLO. — Riverpoint Partners and CentrePointe Properties have acquired Brix on Belleview, an apartment community located in Englewood. An undisclosed seller sold the asset for $29.9 million. Located at 175 W. Belleview Ave., Brix on Belleview was built in phases between 1962 and 1971. The multifamily property features 175 units in a mix of studio, one-, two- and three-bedroom layouts. The 117,580-square-foot asset features 11 buildings and 206 parking spaces. Over the past five years, the property underwent more than $1.5 million in capital improvements, including new roofs, boilers and ground-up office/clubhouse; an extensive pool area remodel; exterior paint with new metal façades; a resurfaced parking lot; improved exterior lighting; and new barbecue grills, signage and windows. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE’s Denver office represented the seller in the transaction.

February 4, 2020

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