Acquisitions

JLL Brokers $30.3M Sale of Multifamily Community in Broward County

by Alex Tostado July 31, 2019

DAVIE, FLA. — JLL has arranged the $30.3 million sale of The Gardens of Nova, a 140-unit value-add multifamily community in Davie. The Gardens of Nova offers 16 garden-style buildings with two-bedroom floor plans averaging 1,173 square feet. Communal amenities include a business center, fitness center, coffee bar, swimming pool, outdoor kitchen and sun deck. The property is located at 6857 College Court, directly across the street from the 545-acre South Florida Education Center (SFEC). Maurice Habif, Simon Banke and Victor Garcia of JLL represented the seller, Grand Peaks Properties Inc., in the transaction. Robbins Property Associates purchased the asset.

July 31, 2019

Acquisitions Multifamily North Carolina Southeast

Redwood Capital Purchases 245-Unit Lowrie Apartment Complex in Charlotte

by Alex Tostado July 31, 2019

CHARLOTTE, N.C. — Redwood Capital Group has purchased Lowrie, a 245-unit apartment complex in Charlotte’s Ballantyne neighborhood. The community offers amenities such as a saltwater swimming pool; grilling areas; dog-friendly rooftop lounge with outdoor TV; 3,000-square-foot fitness center with free weights, touch screen treadmills, stair climbers, recumbent bikes and Woodway self-propelled treadmill; yoga studio; and a 4,700-square-foot clubhouse with a catering kitchen, billiards, TV area, mail room and co-working business center. Ballantyne is a master-planned community 12 miles south of downtown Charlotte. The Bissell Cos. developed the area to include a top-rated golf course, more than 200 eateries and shops, and 16 miles of walking trails and bike paths. The sales price was not disclosed.

July 31, 2019

Acquisitions Hospitality Midwest Nebraska

HREC Arranges Sale of 120-Room Hampton Inn Hotel in La Vista, Nebraska

by Kristin Harlow July 31, 2019

LA VISTA, NEB. — HREC Investment Advisors has arranged the sale of the 120-room Hampton Inn & Suites in La Vista near Omaha. The hotel is located just south of I-80 near the Werner Natatorium Sports Complex that is currently under development. Mike Cahill, Mike Dubè, Scott Kaniewski and Jeff Preston of HREC represented the seller, Wisconsin-based North Central Group. The buyer group was led by Mike Works, the managing member of Nightcap Hospitality LLC, which has developed 20 hotels in Nebraska.

July 31, 2019

Acquisitions Industrial Midwest Missouri

Plymouth Industrial REIT Acquires Two-Tenant Building in St. Louis for $5.4M

by Kristin Harlow July 31, 2019

ST. LOUIS — Plymouth Industrial REIT Inc. (NYSE: PLYM) has acquired a Class B industrial building in St. Louis for $5.4 million. Located in the Hazelwood/Airport submarket with convenient access to I-70, the 129,000-square-foot building is fully leased to two tenants. Motor Service Inc. is an industrial equipment supplier, specialized trucking and airfreight hauler, and warehousing and materials handler. Wellfit Parts International Co. is a customer service collision parts and accessory parts distributor, specializing in parts for luxury vehicles. Boston-based Plymouth focuses on the acquisition and operation of single- and multi-tenant industrial properties.

July 31, 2019

Acquisitions Multifamily New Jersey Northeast

CBRE Brokers $146M Sale of Multifamily Portfolio in New Jersey

by Alex Patton July 31, 2019

EAST ORANGE, NEWARK, ASBURY PARK AND TRENTON, N.J. — CBRE has brokered the sale of a 1,035-unit multifamily workforce housing portfolio in New Jersey for $146 million. The portfolio benefits from high occupancy, 4.1 percent average annual rent growth and high resident retention. “The market demand for this type of property is as strong as we have experienced,” said Jeffrey Dunne of CBRE. ” Renter demand for well-maintained Class B apartments is also at historic levels and expected to continue for years ahead.” The sale included a generational collection of seven multifamily high-rise and garden properties, for a total of 1,035 units in the following locations: In East Orange, Washington Towers is a 14-story building with 197 units; Executive House is a 23-story building with 228 units; Ambassador Towers is a nine-story building with 161 units; Munn Heritage is a seven-story building with 75 units. In Newark, Parkview Gardens is a four-story building with 24 units. In Asbury Park, Munroe Towers is a 15-story building with 261 units. In Trenton, Lafayette House is a 12-story building with 89 units. Dunne, Gene Pride, Eric Apfel, Nat Gambuzza, John Veniero and John McFadden of CBRE represented the owner, Murnick Property Group, in …

July 31, 2019

Acquisitions Multifamily Texas

Cohen-Esrey Acquires Two Apartment Communities Totaling 630 Units in DFW

by Taylor Williams July 31, 2019

DALLAS AND FORT WORTH, TEXAS — Cohen-Esrey Apartment Investors has acquired two apartment communities totaling 630 units in Dallas and Fort Worth. South Pointe Apartments in Dallas features 372 units and amenities such as a pool, fitness center, spa, playground and a racquetball court. Lofton Place in Fort Worth totals 258 units and offers amenities such as a pool, fitness center, playground and a tennis court. Both properties were built in the 1980s and subsequently renovated. The seller(s) was not disclosed.

July 31, 2019

Acquisitions Multifamily New York Northeast

Ariel Property Advisors Brokers $6.9M Sale of Vacant Multifamily Property in Manhattan

by Alex Patton July 31, 2019

NEW YORK CITY — Ariel Property Advisors has brokered the sale of 440 West 36th Street, a vacant multifamily property in Manhattan, for $6.9 million. The site spans 14,862 buildable square feet and currently houses an 8,562-square-foot building. Matthew Gillis, Michael Tortorici and Howard Raber represented the seller in the transaction. Angela Huang of Chase Global Realty LLC procured the buyer.

July 31, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Arranges $2.8M Sale of Assisted Living Facility in Mount Vernon, Texas

by Taylor Williams July 31, 2019

MOUNT VERNON, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mount Vernon House, a 50-unit assisted living community in Mount Vernon, approximately 100 miles east of Dallas. The 41,000-square-foot property sits on 2.5 acres and was constructed in 1994. A local doctor acquired the community from an independent owner-operator for $2.8 million, or $56,000 per unit. The community was approximately 58 percent occupied at the time of sale. Matthew Alley of SLIB arranged the transaction.

July 31, 2019

Acquisitions California Office Western

Longfellow Real Estate Partners Buys 259,586 SF Palo Alto Technology Center for $205M

by Amy Works July 31, 2019

PALO ALTO, CALIF. — Longfellow Real Estate Partners has purchased Palo Alto Technology Center (PATC), a life science and technology campus in Palo Alto. KBS sold the 10-building asset for $205 million. Located at 1800-1850 Embarcadero Road and 2445-2465 Faber Place, PATC offers a total of 259,586 square feet of life science and technology space. At the time of sale, the campus was 99 percent leased to a variety of tenants, including Stanford, Bill.com, Aurora Innovation and Eversight. Greg Cioth, Paul Nelson, Nate Jones and Kurt Chong of Eastdil Secured represented the seller, while Longfellow was self-represented in the transaction.

July 31, 2019

Acquisitions California Multifamily Western

Davlyn Investments Acquires 187-Unit Multifamily Asset in Inland Empire for $60M

by Amy Works July 31, 2019

RIVERSIDE, CALIF. — Davlyn Investments has closed escrow on the $60 million off-market purchase of Metro Gateway, a multifamily property located in Riverside. MBK Rental Living sold the property for $60 million. Constructed in 2017, the Class A asset features 187 apartments and a modern amenity package. Sean Deasy and Ryan Fitzpatrick of JLL represented the seller. Ryan Blair of City National Bank arranged acquisition financing for the buyer. This is Davlyn’s 11th acquisition in Southern California’s Inland Empire.

July 31, 2019

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