Acquisitions

Shamah Properties Acquires 123-Unit Apartment Community in Morristown, New Jersey

by Alex Patton November 6, 2019

MORRISTOWN, N.J. — Shamah Properties has acquired Morris Crossing Apartments, a 123-unit multifamily community in Morristown, located approximately 25 miles west of New York City, for $39.5 million. Morris Crossing is a six-building community that comprises 82 one-bedroom, 31 two-bedroom and 10 three-bedroom units. The property was 96 percent occupied at the time of sale. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Grace Braverman of JLL represented Shamah Properties in the transaction. The team also represented the seller, Morris Crossing Apartments LLC, in the transaction.

November 6, 2019

Acquisitions Industrial New Jersey Northeast

CBRE Brokers Sale of 118,400 SF Industrial Property in Freehold, New Jersey

by Alex Patton November 6, 2019

FREEHOLD, N.J. — CBRE has brokered the $11.9 million sale of a 118,400-square-foot industrial property in Freehold, located approximately 30 miles east of Trenton. Completed in 1989, the single-tenant building features 18-foot clear heights. Elli Klabber, Charles Berger, Kevin Dudley, Stephen Beyda and Robert Pine represented the buyer, Treetop Development, in the transaction. Cushman & Wakefield represented the seller, dietary supplement manufacturer Industries Inc.

November 6, 2019

Acquisitions Multifamily Student Housing Texas

Scion Acquires 502-Bed Student Housing Community Near UT Austin

by Taylor Williams November 6, 2019

AUSTIN, TEXAS — Scion Student Communities, a joint venture between the Canada Pension Plan Investment Board (CPPIB), GIC and The Scion Group, has acquired MUZE, a 502-bed student housing community located two blocks from the University of Texas at Austin. The newly built property offers one-, two-, three-, four- and five-bedroom units with shared amenities including a rooftop pool, sky lounge and study and recreation spaces. A partnership between Kayne Anderson Real Estate and developer Parallel Co. sold the community for an undisclosed price. Scion Student Communities now owns 75 student housing communities totaling more than 48,000 beds in 52 university markets.

November 6, 2019

Acquisitions Hospitality Texas

JLL Arranges Sale, Financing of 33-Story Hotel in Uptown Dallas

by Taylor Williams November 6, 2019

DALLAS — JLL has arranged the sale of the W Dallas Victory Hotel, a 33-story property located adjacent to the American Airlines Center in the Uptown district of Dallas. The 252-room hotel features a restaurant, lobby bar, terrace bar, resort-style infinity pool and pool deck on the 16th floor and 10,800 square feet of meeting and event space. The building also contains non-owned ground-floor retail space and residential condominiums on floors 18 to 32. Michael Kavanau and Parker Sherrill of JLL represented the seller, Estein USA, in the transaction. A partnership between HN Capital Partners and Dunhill Partners Inc. purchased the asset for an undisclosed price. De’On Collins of JLL and Randy Fleisher of Hamilton Realty Finance placed a three-year, floating-rate acquisition loan through Starwood Property Trust for the deal.

November 6, 2019

Acquisitions Office Texas

Drawbridge Realty Sells Renovated Corporate Campus in Austin for $18.5M

by Taylor Williams November 6, 2019

AUSTIN, TEXAS — San Francisco-based investment firm Drawbridge Realty has sold a fully repositioned corporate office campus located at 3100 Alvin Devane Blvd. in Austin for $18.5 million. Drawbridge originally acquired the two-building property, formerly known as Sierra Technology Center, in 2012 via a joint venture with Austin-based HPI. The redevelopment plan upgraded the office lobby, common areas, roof, mechanical systems and parking areas, as well as interior tenant spaces. Todd Mills, Carrie Caesar and Hunter Mills of Cushman & Wakefield brokered the deal on behalf of Drawbridge. The buyer was not disclosed.

November 6, 2019

Acquisitions Arizona Multifamily Western

CW Capital Sells 192-Unit Value-Add Apartment Complex in Arizona for $13.9M

by Amy Works November 6, 2019

SIERRA VISTA, ARIZ. — CW Capital Commercial Real Estate Services has completed the disposition of Montego Bay Apartments, a value-add multifamily property located at 409 S. Lenzner Ave. in Sierra Vista. DLP Capital Partners acquired the asset for $13.9 million. Constructed in 1997, Montego Bay Apartments consists of 12 two-story apartment buildings, offering a total of 134,288 rentable square feet. Situated on nine acres, the property features 192 apartments and was 99 percent occupied at the time of sale. Karl Albert and Darren Tappen of Kidder Mathews represented the seller in the deal.

November 6, 2019

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges $4.1M Sale of Youngtown House Apartments in Suburban Phoenix

by Amy Works November 6, 2019

YOUNGTOWN, ARIZ. — Marcus & Millichap has negotiated the sale of Youngtown House Apartments, a multifamily property located at 11141 W. Arizona Ave. in Youngtown, a city 20 miles northwest of Phoenix. An undisclosed buyer acquired the community for $4.1 million, or $64,063 per unit. Built in 1970, Youngtown House Apartments features 64 units and is close to a variety of retailers, including Fry’s Food and Drug, Taco Bell, Subway, Starbucks Coffee and QuikTrip. Rich Butler and Sean Connolly of Marcus & Millichap represented the buyer and undisclosed seller in the deal.

November 6, 2019

Acquisitions Connecticut Northeast Retail

Lyman Real Estate Arranges Sale of 9,331 SF Retail Building in Branford, Connecticut

by Alex Patton November 6, 2019

BRANFORD, CONN. — Lyman Real Estate (LRE) has arranged the $1.1 million sale of a 9,331-square-foot retail building in Branford, an eastern suburb of New Haven. The building at 854 West Main St. was previously occupied by Party City. Ron Lyman of LRE represented the buyer, LA-IN-USA LLC, in the transaction. Jeffrey Kravet of Kravet Realty represented the seller, Branford Realty Trust LLC.

November 6, 2019

Acquisitions Illinois Midwest Multifamily Top Stories

Golub & Co., Farpoint Acquire 1,675-Unit Prairie Shores Workforce Housing Community in Chicago

by Kristin Harlow November 6, 2019

CHICAGO — Chicago-based real estate development firms Golub & Co. and Farpoint Development have acquired Prairie Shores, a large-scale workforce housing apartment community in Chicago’s Bronzeville neighborhood. The purchase price was not disclosed, but Crain’s Chicago Business reported earlier this year that the buyers were slated to pay $180 million for the property. The Goldman Sachs Urban Investment Group was the largest equity investor in the acquisition. The 20-acre Prairie Shores campus, located between 26th and 31st streets on Martin Luther King Drive, includes five 19-story buildings totaling 1,675 units. Originally developed between 1957 and 1961, the buildings include several fitness centers and resident lounges. “Prairie Shores has been a mainstay in the Bronzeville neighborhood since the late 1950s, and we plan to build on its solid reputation while continuing to serve the hard-working families and individuals who currently live there,” says Michael Newman, principal, president and CEO of Golub. The community is part of a Near South Side section of the city that is flourishing from new development and destinations such as the Wintrust Arena, Historic Motor Row and McCormick Place, according to the buyers. Collin McKenna and Michael Goldman of Golub and Rami Peltz and Eric Helfand of …

November 6, 2019

Acquisitions Loans Multifamily Southeast Virginia Walker & Dunlop

Walker & Dunlop Provides $225.1M Fannie Mae Acquisition Loan for Multifamily Portfolio in Virginia

by Alex Tostado November 5, 2019

BETHESDA, MD. — Bethesda-based Walker & Dunlop has provided a $225.1 million Fannie Mae acquisition loan for a five-property multifamily portfolio on behalf of Capital Square 1031. Walker & Dunlop provided a $66 million loan for 2000 West Creek in Richmond, a $29.7 million loan for Hickory Creek Apartments in Richmond, a $31.6 million loan for Saltmeadow Bay Apartments in Virginia Beach, a $52.5 million loan for Misty Ridge Apartments in Woodbridge and a $45.3 million loan for Bellemeade Farms Apartments in Leesburg. Four of the five properties are fully stabilized, with the exception of 2000 West Creek, which was built in 2018 and is in the final stages of lease-up. Bristol Development Group sold 2000 West Creek. The sellers of the other properties were not disclosed. Capital Square is a national investment sponsor specializing in tax-advantaged real estate offerings, including Delaware statutory trusts and qualified opportunity funds.

November 5, 2019

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