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Acquisitions

490-prospect-north-haven-connecticut
AcquisitionsConnecticutMultifamilyNortheastOffice

Pearce Brokers $5M Sale of Multifamily, Office Properties in New Haven, Connecticut

by Alex Patton

NEW HAVEN, CT. — Pearce Real Estate has brokered the $5 million sale of three adjacent multifamily and office properties in New Haven. The properties comprise the Farrel Mansion at 490 Propspect St.; Doane Hall at 492 Prospect St.; Great Hall at 411 Mansfield St. Combined, the properties offer 28,659 square feet that the buyer, Albertus Magnus College, plans to use for additional dorm space. Jamie Cuzzocreo of Pearce represented Albertus Magnus in the transaction. Frank D’Ostilio of Real Living represented the seller, Overseas Ministries.

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Sterling-920-Terrace-Tempe-AZ
AcquisitionsArizonaMultifamilyStudent HousingWestern

TSB Realty Arranges Sale of 775-Bed Student Housing Community Near Arizona State University

by Amy Works

TEMPE, ARIZ. — TSB Realty has arranged the sale of Sterling 920 Terrace, a 775-bed student housing community located near Arizona State University in Tempe. Coastal Ridge Real Estate purchased the property in a joint venture with iA Financial Group from The Dinerstein Companies and Harrison Street Real Estate. Terms of the transaction were undisclosed. The property offers studio, one-, two- and four-bedroom units. Shared amenities include a pet park; resort-style swimming pool and hot tub; a poolside lounge with hammocks and a television; a two-story fitness center, yoga area and boxing room; grilling stations; a fire pit; a business center; and private study rooms. TSB Capital Advisors arranged acquisition financing on behalf of the buyer.

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Summerly-Zanjero-Glendale-AZ
AcquisitionsArizonaMultifamilyWestern

Fore Property Sells 340-Unit Summerly at Zanjero Multifamily Asset in Glendale for $78.5M

by Amy Works

GLENDALE, ARIZ. — Fore Property has completed the disposition of Summerly at Zanjero, an apartment community located in Glendale. An undisclosed buyer acquired the property for $78.5 million. Located at 7375 N. Zanjero Blvd., the asset comprises 32 two- and three-story buildings spread across an 18.6-acre site. Constructed in 2018, Summerly at Zanjero features 340 units in a mix of one-, two- and three-bedroom layouts. Community amenities include two swimming pools with barbecues and fireplaces, a fitness center with yoga and spin room, a dog park, playground and parcel lockers. At the time of sale, the property was 95 percent occupied.

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AcquisitionsCaliforniaMultifamilyWestern

ARES Buys 235-Unit Apartment Complex in Southern California

by Amy Works

LONG BEACH, CALIF. — Advanced Real Estate Services (ARES) has purchased a multifamily property located near California State University, Long Beach in Long Beach for an undisclosed amount. The name of the seller was not released. ARES plans to rebrand the property as The Circle Apartments at Long Beach. Additionally, ARES plans to invest more than $6 million in upgrades at the 235-unit community. Renovations will include new windows, pool area upgrades, added business center and paint scheme. Interior unit upgrades will include new flooring, paint, fixtures and smart locks. Some of the non-renovated units will also receive new cabinets and countertops. Community amenities include three swimming pools, a fitness center and lounge. Kevin MacKenzie and Greg Brown of JLL’s Newport Beach, Calif., office arranged $46.8 million in Freddie Mac financing for the buyer. The 10-year loan features interest-only payments.

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AcquisitionsCaliforniaRetailWestern

CalBay Acquires 47,000 SF Retail Space in Los Angeles for $7.4M

by Amy Works

LOS ANGELES — CalBay Development has purchased the fee interest in a premier retail box in Porter Ranch Town Center in the Porter Ranch/Northridge neighborhood of Los Angeles. A private partnership led by Raider Hill sold the property for an undisclosed price. Situated on four acres, the asset is a 47,000-square-foot space formerly occupied and owned by Toys R Us. Spirit Halloween currently occupies the property on a short-term lease. The asset sits as its own fee parcel within the 560,000-square-foot Porter Ranch Town Center anchored by Walmart, Ralphs, CVS/pharmacy, Best Buy and others.

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AcquisitionsNet LeaseRetailWesternWyoming

Marcus & Millichap Brokers $4.8M Sale of Tractor Supply Net-Leased Property in Cody, Wyoming

by Amy Works

CODY, WYOMING — Marcus & Millichap has directed the sale of a retail property located at 324 Yellowstone Ave. in Cody. An undisclosed buyer acquired the asset for $4.8 million. The 22,064-square-foot property was constructed as a build-to-suit in 2014 for Tractor Supply, which occupies the building on a net-leased basis. Brett Winger and Dominic Sulo of Marcus & Millichap’s Chicago Oak Brook, Ill., office represented the seller, a private investor. Neville Rustomjee, also of Marcus & Millichap, served as the broker of record in Wyoming.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

Elevation Financial Group Buys Two Affordable Seniors Housing Communities in Illinois for $10.7M

by Kristin Harlow

SPRINGFIELD, ILL. — Elevation Financial Group has acquired two affordable seniors housing communities in Springfield, the capital city of Illinois, for a total price of $10.7 million. The first property, Homestead at Montvale, is a 160-unit community. Elevation purchased the property through its Elevation Real Property VII fund for $8.4 million. The three-story community was built in 1999. The second property is Homestead Place, a 60-unit community built in 1996. Elevation purchased the property through its Elevation Real Property Fund VI fund for $2.3 million. Both properties are low-income housing tax credit properties. Elevation will continue to operate both, rebranding Homestead Place as Serenity Manor at Spring Creek and Homestead at Montvale as Serenity Manor at Springfield.

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AcquisitionsIndustrialMidwestMinnesota

NKF Brokers $4.3M Sale of Industrial Building in Minnesota

by Kristin Harlow

WYOMING, MINN. — Newmark Knight Frank (NKF) has brokered the $4.3 million sale of a 99,282-square-foot industrial building in Wyoming, about 35 miles north of Minneapolis. The property is located at 5240 257th St. Dan Friedner, Jay Chmieleski and Patrick Cullen of NKF represented the buyer, Kirvida Holdings Inc., and the seller, U.S. Small Business Administration.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Arranges $2.2M Sale of Strip Center in Orland Park, Illinois

by Kristin Harlow

ORLAND PARK, ILL. — Marcus & Millichap has arranged the sale of Concordia Commons in Orland Park for $2.2 million. The 23,125-square-foot retail strip center is located on the corner of La Grange Road and 147th Street. US Bank anchors the property, which is home to service-oriented tenants. Mitchell Kiven, Michael Volini, James Ziegler and Keith Zelenika of Marcus & Millichap marketed the property on behalf of the seller.

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