Acquisitions

Presidium Sells 265-Unit Ascent at Lake Worth Multifamily Complex in Fort Worth

by Taylor Williams November 21, 2019

FORT WORTH, TEXAS — Texas-based multifamily investment and development firm Presidium has sold Ascent at Lake Worth, a 265-unit apartment community in Fort Worth. The property features studio, one, two- and three-bedroom units averaging 935 square feet. Communal amenities include two pools, a fitness center, dog park, clubhouse, outdoor kitchen and fire pit, media room, playground, coffee bar and a business center. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented Presidium in the transaction. Stephen Whitehead, Lauren Bresky and Will Hancock of NorthMarq arranged a permanent, fixed-rate Fannie Mae loan for the transaction. Both the buyer and the amount of the loan were undisclosed.

November 21, 2019

Acquisitions Multifamily Texas

Legacy REI Group Acquires 185-Unit Silverado Apartments in Irving

by Taylor Williams November 21, 2019

IRVING, TEXAS — Locally based investment firm Legacy REI Group has acquired Silverado Apartments, a 185-unit multifamily community in Irving. The property was built in 1970, features an average unit size of 780 square feet and was 97 percent occupied at the time of sale. Chris Deuillet and Chandler Sims of CBRE represented the seller, Plano-based Elmstone Group, in the transaction. The new ownership will implement a value-add program.

November 21, 2019

Acquisitions Multifamily Washington Western

Vulcan Real Estate Sells 209-Unit Augusta Apartments in Seattle for $98.1M

by Amy Works November 21, 2019

SEATTLE — Vulcan Real Estate has completed the disposition of Augusta Apartments, a multifamily property located at 4041 Roosevelt Way NE in Seattle. A joint venture between Security Properties and STARS REI acquired the asset for $98.1 million. Completed in 2017, the seven-story Augusta Apartments features 209 rental units and 3,470 square feet of ground-floor retail space. Community amenities include a roof deck and courtyard, community lounges, a guest suite, study area, fitness center, dog grooming room and a sports court. Runberg Architecture Group designed the LEED Platinum-certified property, which Exxel Pacific constructed. Additionally, the asset is located within walking distance of the University of Washington campus, Burke Gilman Trail and the new University District light rail station, which is slated to open in 2021. David Young and Corey Marx of JLL Capital Markets represented the seller, while Charles Halladay and Scott Gilson of JLL Capital Markets arranged acquisition financing for the buyers.

November 21, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 120-Unit Meadows Apartments in Metro Dallas

by Taylor Williams November 21, 2019

LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of The Meadows, a 120-unit multifamily community located in the southern Dallas suburb of Lancaster. The property was built in 1981 and offers amenities such as a pool and an office/clubhouse. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a Washington-based investment firm, and procured the buyer, a Texas-based limited liability company that will implement a value-add program. Both parties requested anonymity.

November 21, 2019

Acquisitions Multifamily Nevada Western

Compass Acquisition Partners Buys 488-Unit Sandpiper Apartments in Las Vegas for $66M

by Amy Works November 21, 2019

LAS VEGAS — Los Angeles-based Compass Acquisition Partners, a private real estate investment company, has purchased Sandpiper Apartments, a multifamily property at 4650 W. Oakey Blvd. in Las Vegas. Apple Management sold the property for $66 million in an off-market transaction. Situated on 20 acres, the property features 61 two-story buildings offering a total of 488 apartments in a mix of one- and two-bedroom units, with an average unit size of 950 square feet. Built in 1988, Sandpiper Apartments offers three resort-style pools, tennis courts, a clubhouse and fitness center. Compass plans to invest approximately $7.5 million in an extensive program of capital improvements, including completion of the unit renovations, as well as common area and exterior renovations. The buyer plans to upgrade the clubhouse and fitness center, refresh the pool areas, paint and implement new signage. Additionally, Compass plans to add dog parks, a multi-sport court and an outdoor community space with barbecues, outdoor kitchen and seating.

November 21, 2019

Acquisitions Retail Texas

Retail Solutions Arranges Sale of 42,084 SF Crosspointe Shopping Center in El Paso

by Taylor Williams November 21, 2019

EL PASO, TEXAS — Retail Solutions has arranged the sale of Crosspointe Shopping Center, a 42,084-square-foot retail property located at 4717 Hondo Pass Drive in El Paso. According to LoopNet Inc., the property was built in 1987 and is situated on 2.5 acres. Chris Duncan of Retail Solutions represented the seller in the transaction. Patrick Gordon of Vista Star Realty represented the buyer. Both parties requested anonymity.

November 21, 2019

Acquisitions California Office Western

Providence Capital Group Divests of Rincon Corporate Plaza in Inland Empire for $11.8M

by Amy Works November 21, 2019

CORONA, CALIF. — San Diego-based Providence Capital Group has completed the sale of Rincon Corporate Plaza, an office building located at 355 E. Rincon St. in Corona. ZHOPE LLC acquired the asset for $11.8 million, or $200 per square foot. At the time of sale, the 58,850-square-foot property was 100 percent leased to 17 tenants, including Lennar Homes, Wells Fargo and Verizon. Anthony DeLorenzo, Gary Stache, Doug Mack, Sammy Cemo and Bryan Johnson of CBRE represented the seller. Shaun Moothart and Jenifer Ansari, also of CBRE, arranged financing for the Corona-based buyer in the transaction.

November 21, 2019

Acquisitions Multifamily Washington Western

IPA Arranges Sale of 129-Unit Orion Apartment Community in Seattle’s South Lake Union

by Amy Works November 21, 2019

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Orion, an apartment asset located in the South Lake Union neighborhood of Seattle. Vulcan Real Estate sold the property to Belkorp Holdings for an undisclosed price. Completed this year, Orion features 129 apartments and more than 6,000 square feet of street-level retail space. The property is located on the same block as the new Amazon Unicorn building and within blocks of Facebook, Google and Apple. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in the deal.

November 21, 2019

Acquisitions California Retail Western

JLL Brokers Sale of 49,149 SF Aliso Creek Shopping Center in Laguna Beach

by Amy Works November 21, 2019

LAGUNA BEACH, CALIF. — LaSalle Investment Management has completed the disposition of Aliso Creek Shopping Center, a retail asset located at 30814-30936 Pacific Coast Highway in Laguna Beach. Although the sale price was not released, it marked the highest price-per-square-foot sold for an anchored shopping center in Orange County, according to JLL, which brokered the deal. Situated on 4.2 acres, Aliso Creek Shopping Center features 49,149 square feet of retail space and was fully leased at the time of sale. Tenants include CVS/pharmacy, as anchor, Yoga Works, Starfish Laguna, Fantastic Sam’s, Pure Pilates, Chase Bank, Hand & Stone, Aliso Beach Animal Clinic and Z-Pizza. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Capital Markets represented the seller in the transaction. The name of the buyer was not released.

November 21, 2019

Acquisitions Midwest Office Ohio

Mohr Capital Sells 460,000 SF Office Building in Suburban Cleveland for $61.1M

by Kristin Harlow November 21, 2019

MAYFIELD HEIGHTS, OHIO — Mohr Capital has sold a 460,000-square-foot, net leased office building in Mayfield Heights, a suburb of Cleveland, for $61.1 million. The property is fully leased to Rockwell Automation Inc. Mohr acquired the asset two years ago. Rodrigo Godoi and Kyle Campbell of Mohr represented the company in the sale. There were no brokers involved in the transaction. The buyer was undisclosed.

November 21, 2019

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