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Acquisitions

AcquisitionsMultifamilyTexas

Berkadia Arranges Sale, Financing of 276-Unit Multifamily Asset in Houston

by Taylor Williams

HOUSTON — Berkadia has arranged the sale of Lakes of 610, a 276-unit multifamily asset in Houston. Built in 1983, the property is located at 2701 W. Bellfort Ave. in the Willowbend area and features one- and two-bedroom units with mirrored closet doors and private balconies and patios. Amenities include a pool, spa and 24-hour maintenance service. Jennifer Ray and Ryan Epstein of Berkadia represented the seller, Starwood Capital Group, in the transaction. Andy Hill of Berkadia secured a $19.7 million Freddie Mac acquisition loan on behalf of the buyer, Western Wealth Capital, which plans to implement a value-add program at the property.

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AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 200-Unit Apartment Community Near Fort Worth

by Taylor Williams

EULESS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Flats at 901, a 200-unit apartment community in Euless, located northeast of Fort Worth. Units at the newly constructed property feature quartz countertops, stainless steel appliances and individual washers and dryers. Amenities include a pool area with an outdoor kitchen, as well as a game area and fitness center. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, The NRP Group, and procured the buyer, Virginia-based Weinstein Properties.

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AcquisitionsOfficeSoutheastVirginia

American Real Estate Partners Purchases 212,731 SF Office Building in Northern Virginia

by Alex Tostado

TYSONS, VA. — American Real Estate Partners has purchased 1660 International Drive, an eight-story, 212,731-square-foot office building in Tysons. The property is situated 14 miles west of downtown Washington, D.C. The building was 99 percent leased at the time of sale. AREP plans to upgrade the main lobby and common areas, as well as improve the conference facilities, collaborative spaces and outdoor lounge areas. The seller and price were not disclosed.

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AcquisitionsGeorgiaMultifamilySoutheast

Blue Magma Acquires Park at Hairston Apartments Near Atlanta for $22.3M

by Alex Tostado

STONE MOUNTAIN, GA. — Blue Magma Residential LLC has acquired Park at Hairston Apartments, a 360-unit multifamily community in Stone Mountain, for $22.3 million. The property offers one-, two- and three-bedroom floor plans and was 95 percent occupied at the time of sale. Blue Magma will invest $2.9 million in capital improvements to upgrade interiors and the community exteriors. The buyer will rebrand the property as The Park at Carrigan. Communal amenities include a swimming pool, children’s splash pool, playground, barbecue area, clubhouse, fitness center and a gazebo. Park at Hairston is located at 1038 S. Hairston Road, 12 miles east of downtown Atlanta. Paul Vetter of Berkadia represented the buyer in the transaction. Greystone provided acquisition financing.

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AcquisitionsIllinoisMidwestMultifamily

33 Realty Brokers $18.5M Condo Deconversion Sale in Gurnee, Illinois

by Kristin Harlow

GURNEE, ILL. — 33 Realty has brokered the deconversion sale of Deer Creek Condominiums in Gurnee for $18.5 million. Built in 1983, the 198-unit property features one- and two-bedroom units as well as three-bedroom penthouses. Amenities include a pool, fitness center, tennis courts, soccer fields and underground parking. Sean Connelly and John Meyer of 33 represented the seller, Deer Creek Condominium Association. Laramar Group purchased the property, which is 85 percent occupied. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

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9155-W-Desert-Inn-Rd-Las-Vegas-NV
AcquisitionsMultifamilyNevadaWestern

Colliers Negotiates $36.5M Sale of Village at Desert Lakes Multifamily Property in Las Vegas

by Amy Works

LAS VEGAS — Colliers International – Las Vegas has arranged the sale of Village at Desert Lakes, an apartment community in Las Vegas. MG Properties acquired the asset from Hamilton Zanze for $36.5 million. Located at 9155 W. Desert Inn Road, Village at Desert Lakes features 184 apartments in a mix of one-, two- and three-bedroom layouts with private patios or balconies. Community amenities include two swimming pools and a fitness center. Christopher Bentley, Jeff Swinger and Shalonda Hughes of Colliers represented the seller in the transaction.

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2642-Michelle-Dr-Create-Tustin-CA
AcquisitionsCaliforniaOfficeWestern

NKF Brokers $16.8M Sale of Creative Office Building in Tustin, California

by Amy Works

TUSTIN, CALIF. — Newmark Knight Frank (NKF) has brokered the sale of 2642 Michelle Drive at Create Tustin, a creative office building located in Tustin. A joint venture between Harbor Associates and Stockbridge sold the asset to Excelsior Partners for $16.8 million. At the time of sale, the 50,832-square-foot property was fully leased to Avid Bioservices (formerly Peregrine Pharmaceuticals), Advantage Sales & Marketing and GPA Consultants. Built in 1980 and renovated in 2017, the two-story building is situated on 2.8 acres within the Irvine Business Complex. The asset features efficient rectangular floorplates, contemporary interior finishes and modern creative office build-outs, as well as approximately 200 parking spaces. Sean Fulp, Ryan Plummer, Mark Schuessler, Paul Jones, Blake Bokosky and Brandon White of NKF represented the seller, while the buyer was self-represented in the transaction.

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Towne-Center-East-Signal-Hill-CA
AcquisitionsCaliforniaLoansRetailWestern

JLL Arranges Sale, Financing of 154,750 SF Shopping Center in Southern California

by Amy Works

SIGNAL HILL, CALIF. — JLL has facilitated the sale of Towne Center East, fully leased retail center in Signal Hill. BIG Shopping Centers USA sold the asset to an institutional buyer for an undisclosed price. Additionally, JLL placed the fixed-rate acquisition loan with a global investment bank. Situated on nearly 15 acres at 2172-2598 Cherry Ave., Towne Center East features 154,750 square feet of retail space. Tenants include The Home Depot, PetSmart, Supercuts, T-Mobile, Subway, GNC, Chinese Combo and Tutti Frutti Yogurt, among others. Patrick Toomey and Tom Lagos of JLL Capital Markets represented the seller in the deal. Matthew Stewart and Reid McGlamery of the JLL Capital Markets debt placement team secured the acquisition financing for the buyer.

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9494-Northern-Peoria-AZ
AcquisitionsArizonaRetailWestern

Cave Creek Capital Partners Sells Retail Center in Metro Phoenix for $8.8M

by Amy Works

PEORIA, ARIZ. — Scottsdale, Ariz.-based Cave Creek Capital Partners has completed the sale of 9494 Northern, a multi-tenant neighborhood retail center in Peoria. Scottsdale-based Shashikant Patel acquired the asset for $8.8 million. Located at 9494 W. Northern Ave., the 23,058-square-foot property was fully occupied at the time of sale. Current tenants include NextCare, ATI Physical Therapy, Navy Federal Credit Union, FedEx Office and Sprint. Jesse Goldsmith, Steve Julius and Chase Dorsett of CBRE’s Phoenix represented the seller in the deal.

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AcquisitionsMultifamilyStudent HousingTexas

Landmark Acquires Two Student Housing Properties Totaling 692 Beds in Austin

by Taylor Williams

AUSTIN, TEXAS — Landmark Properties has acquired The Nine at Rio and The Nine at West Campus, two student housing properties totaling 692 beds near the University of Texas at Austin. The Nine at West Campus totals 345 beds and features amenities such as a pool with a tanning shelf, courtyard grilling stations, fitness center, game room, media lounge and coffee bar. The Nine at Rio totals 347 beds and offers a similar amenity package. The seller was not disclosed.

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