REBusinessOnline

Preferred Apartment Communities to Sell Student Housing Portfolio to TPG for $478.7M

ATLANTA — Preferred Apartment Communities (PAC) has entered into an agreement with TPG Real Estate Partners to sell an eight-property student housing portfolio for $478.7 million. The portfolio is located in Arizona, Florida, Georgia, North Carolina and Texas. The Atlanta-based seller expects the sale to close by the end of the year.The Arizona property is SoL, a 639-bed community serving students in Tempe. The Florida properties are NxNW, a 679-bed community in Tallahassee, and …

Crescent Real Estate Acquires Hotel at Avalon in Metro Atlanta

ALPHARETTA, GA. — Crescent Real Estate LLC has acquired The Hotel at Avalon, a 330-room property within Avalon in Alpharetta. The hotel, which is part of the Marriott Autograph Collection brand, opened in 2018 and features a 65,000-square-foot conference center, 44,000 square feet of multi-function space, a fitness center, pool, full-service Starbucks and a South City Kitchen restaurant. The Fort Worth, Texas-based buyer has retained HEI Hotels & Resorts to manage the property. Bill …

The Multifamily Group Arranges Sale of 66-Unit Sungate Apartments in San Antonio

SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Sungate Apartments, a 66-unit community in San Antonio. The property was built in 1972 and features one-bedroom units and amenities such as a pool and an outdoor grilling area. Chris Siemasko of TMG represented the locally based seller in the transaction, and Bryce Smith of TMG procured the buyer. Both parties requested

Henry S. Miller Negotiates Sale of 11,800 SF Industrial Building in Dallas

DALLAS — Henry S. Miller Brokerage has negotiated the sale of an 11,800-square-foot industrial building that is situated on roughly half an acre at 9101 Sovereign Row in northwest Dallas. Dan Spika of Henry S. Miller represented the seller, Hart-Willis Cos., in the transaction. Stephen Williamson of Lee & Associates represented the buyer, Dallas-based Mattu Enterprises

Avison Young Brokers Sale of 106,000 SF Office Building in Malvern, Pennsylvania

MALVERN, PA. — Avison Young has brokered the sale of a 106,000-square-foot office building located at 70 Valley Stream Parkway in Malvern, located northwest of Philadelphia. The building formerly served as the headquarters of digital services and printing firm Ricoh USA. Scott Williams and Ryan FitzPatrick of Avison Young represented the seller, Star 79VS Owner LLC, in the transaction. The buyer, Commonwealth Charter Academy, purchased the asset for $15.3

UMH Properties Acquires Manufactured Housing Community in New York for $4.5M

FREEHOLD, N.J. — UMH Properties Inc. (NYSE: UMH), a New Jersey-based REIT, has acquired a manufactured housing community in New York for $4.5 million. The 21-acre property offers 163 developed home sites, about 70 percent of which are occupied. The seller was not disclosed. UMH Properties owns and operates 124 manufactured housing communities totaling roughly 23,400 developed home sites across eight

CBRE Brokers $22.5M Acquisition of The Davenport Multifamily Property in Sacramento

SACRAMENTO, CALIF. — CBRE has negotiated the sale of The Davenport, an apartment community located at 941 43rd Ave. in Sacramento. An affiliate of Abacus Capital Group sold the asset to an undisclosed buyer for $22.5 million.The seller invested in extensive capital renovations to the building exteriors and common area spaces while upgrading 10 percent of the unit interiors. Built in 1970, the 126-unit property features an upgraded swimming pool; remodeled clubhouse, leasing office and …

Summerfield Commercial Negotiates $12.9M Sale of Park Center Apartments in Centralia, Washington

CENTRALIA, WASH. — Summerfield Commercial has arranged the sale of Park Center Apartments, a multifamily property located at 3007 Borst Ave. in Centralia. Park Center Apartments LLC and Park Center Apartments II LLC, the original developers of the property, sold the asset to Park Center Centralia LLC for $12.9 million, or $154,583 per unit.Originally built in 2000, the 84-unit Park Center Apartments features 28 one-bedroom units and 56 two-bedroom apartments. Units offer open floor plans, …

NKF Arranges Sale of 35,157 SF, Two-Tenant Retail Center in Yuma, Arizona

YUMA, ARIZ. — Newmark Knight Frank (NKF) has arranged the sale of a neighborhood shopping center in Yuma. Hawkins-Smith & Jason sold the asset to Moreno-Third Street for $3.4 million.Located at 500 W. Cataline Drive, the retail center features 35,157 square feet of retail space. Dollar Tree and dd’s Discounts, a subsidiary of Ross Stores, occupy the two-tenant property.Steve Julius, Jesse Goldsmith and Chase Dorsett of NKF represented the seller and buyer in the

Dow Credit Union Buys Retail Building in Antioch, California for $1.8M

ANTIOCH, CALIF. — Avison Young has brokered the purchase of a retail property located at 3457 Deer Valley Road in Antioch. Dow Credit Union acquired the property for $1.8 million.The buyer plans to use the 5,660-square-foot property as its new headquarters and a store location. In addition to the space Dow is utilizing, the property includes a 1,348-square-foot space occupied by Great Clips, providing additional cash flow for the ownership.Hayden Eaves and Kristen Sullivan of Avison …

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