Acquisitions

Skyline, ND Consulting Acquire Multifamily Property in Kansas City, Kansas for $8.9M

by Kristin Harlow July 1, 2019

KANSAS CITY, KAN. — Skyline LLC and ND Consulting have acquired Silver City Apartments in Kansas City for $8.9 million. Originally built in the 1970s, the 160-unit property underwent a tax credit renovation in the mid-1990s. Dan Piatkowski of Affordable Housing Investment Brokerage Inc. brokered the transaction. Commercial Group, a Topeka, Kan.-based owner and operator, sold the asset. The buyers were interested in the HAP contract in place at the property and plan to expedite renovations needed. A tax credit renovation is the renovation of an existing property in effort to provide quality affordable housing to low-income tenants, according to Piatkowski. In exchange for tax credits and other fees, which lessen a developer’s financial exposure, developers renovate properties that are often project-based Section 8, agreeing to specific rental restrictions for a certain period of time based on tenant’s income. All different types of debt service are used to finance these types of properties, including Freddie Mac, Fannie Mae, HUD and other loan programs.

July 1, 2019

Acquisitions Indiana Midwest Retail

Marcus & Millichap Negotiates $5M Sale of Retail Property in Elkhart, Indiana

by Kristin Harlow July 1, 2019

ELKHART, IND. — Marcus & Millichap has negotiated the sale of Goshen Village Shoppes in Elkhart for $5 million. The 37,135-square-foot retail property is located at 4542 Elkhart Road. Built between 2004 and 2006, the property is 75.2 percent occupied by Little Caesars Pizza, AT&T, Panera Bread, Mattress Warehouse, Great Clips and Starbucks. Jordan Goodman, Jeff Rowlett and Matt Fitzgerald of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.

July 1, 2019

Acquisitions Midwest Minnesota Office

KW Commercial Brokers $3.2M Sale of Office Building in White Bear Lake, Minnesota

by Kristin Harlow July 1, 2019

WHITE BEAR LAKE, MINN. — KW Commercial has brokered the sale of the Birch Lake Professional Building for $3.2 million. The two-story, 29,000-square-foot office building is located at 1310 Highway 96 in White Bear Lake, about 20 miles northeast of Minneapolis. The property is home to 28 tenants. David Lund and Andy Manthei of KW Commercial represented the buyer, Lenny Enterprises II LLP, in the 1031 tax-deferred exchange transaction. The seller was not disclosed.

July 1, 2019

Acquisitions Hospitality Texas

2GR, Presidian Acquire 291-Room DoubleTree Hotel Near San Antonio Airport

by Taylor Williams July 1, 2019

SAN ANTONIO — A joint venture between Texas-based investment firm 2GR Equity and locally based hospitality development and management firm Presidian Hotels & Resorts has acquired a 291-room DoubleTree hotel located approximately two miles west of San Antonio International Airport. The property houses a restaurant and bar, as well as more than 12,000 square feet of meeting space and an 8,000-square-foot interior courtyard. Beginning at the end of the year, the new ownership will implement a capital improvements program that will upgrade the guestrooms, lobby, bar and courtyard.

July 1, 2019

Acquisitions Retail Texas

Disney Investment Group Negotiates Sale of 126,654 SF Retail Center Near Fort Worth

by Taylor Williams July 1, 2019

SOUTHLAKE, TEXAS — Dallas-based Disney Investment Group has arranged the sale of Kimball Oaks, a 126,654-square-foot retail center in Southlake, a northern suburb of Fort Worth. The property was 97 percent leased at the time of sale to tenants such as PGA Tour Superstore, Marshalls, Tuesday Morning and Bassett Furniture. Disney represented the seller, locally based investment firm Strode Property Co., in the transaction. A private exchange buyer purchased the property for an undisclosed price.

July 1, 2019

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of Two Senior Living Properties Totaling 114 Units in Dallas

by Taylor Williams July 1, 2019

DALLAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of two assisted living communities totaling 114 units in Dallas. Regional owner-operator Elmington Senior Living acquired the properties as part of a move to enter the Texas market. The seller was an undisclosed national owner-operator. The sales price and exact names of the properties were not disclosed. Amy Sitzman and Joshua Salzman of Blueprint handled the transaction.

July 1, 2019

Acquisitions Hospitality Multifamily South Carolina Southeast Top Stories

RLJ Lodging Trust Sells Two Hotel Resorts in Myrtle Beach for $156M

by Taylor Williams July 1, 2019

MYRTLE BEACH, S.C. — RLJ Lodging Trust (NYSE: RLJ), a Maryland-based hospitality REIT, has sold Kingston Resorts, comprising the Hilton Myrtle Beach Resort and Embassy Suites by Hilton Myrtle Beach Oceanfront Resort, for $156 million. The properties span 385 rooms and 255 rooms, respectively. The sales price equates to $244,000 per room at a capitalization rate of 6.7 percent, inclusive of $44.5 million in capital expenditures. The buyer was privately held real estate firm EOS Investors LLC, which describes the 160-acre property as “the largest and most comprehensive oceanfront conference venue between Atlantic City, New Jersey, and West Palm Beach, Florida.” The buyer notes that the acquisition includes over 1,600 residential condominiums and townhomes in addition to the hotels. The two Hilton-operated hotels offer an array of amenities, including pools, tennis courts, fitness centers, spas, business centers, bike rental services and onsite restaurants and bars. Guest rooms feature private balconies, and suites with kitchen and living areas are available. The properties also feature over 100,000 square feet of event space. Hilton will continue to operate the assets following the sale. “This transaction is a continuation of our strategic efforts to sell non-core hotels and recycle capital into more accretive opportunities …

July 1, 2019

Acquisitions Delaware Multifamily Northeast Student Housing

Vesper Acquires Student Housing Community Near University of Delaware for $48M

by Taylor Williams June 28, 2019

NEWARK, DEL. — Vesper Holdings has acquired The Retreat at Newark, a 597-bed student housing community located near the University of Delaware campus in Newark, for $48 million. The property offers a mix of one-, two-, four- and five-bedroom units. Shared amenities include a basketball court, clubhouse, fitness center, tanning beds, a golf simulator, outdoor grilling areas, a pool, hot tub and a computer lounge. TSB Realty brokered the sale of the property on behalf of an undisclosed seller. Vesper plans to invest $1 million in capital improvements in order to renovate shared amenity spaces as well as make exterior improvements and substantial technology upgrades throughout the property.

June 28, 2019

Acquisitions Industrial Self-Storage Texas

Locktite Sells Portfolio of Self-Storage Facilities Totaling 4,835 Units in Texas

by Taylor Williams June 28, 2019

TEXAS — Self-storage owner-operator Locktite Storage has sold a portfolio of nine facilities totaling 4,835 units that are located throughout Texas. Specifically, the properties are located in the southeastern and south central cities of Dripping Springs, Wimberly, Seguin, Conroe, Houston, Deer Park, La Porte, Pasadena and Manvel, and offer a total of 684,000 net rentable square feet. Steve Mellon and Brian Somoza of JLL represented Locktite Storage in the transaction. National Storage Affiliates purchased the portfolio for an undisclosed price.

June 28, 2019

Acquisitions Oklahoma Retail Texas

Disney Brokers Sale of 417,515 SF Retail Power Center in Norman, Oklahoma

by Taylor Williams June 28, 2019

NORMAN, OKLA. — Dallas-based Disney Investment Group has brokered the sale of University Town Center, a 417,515-square-foot retail power center in Norman. The property was 99 percent leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Academy Sports + Outdoors, Kohl’s and Michael’s. Disney represented the undisclosed seller in the transaction. The buyer was an entity controlled by Rainier Realty Investments, which partnered with CIL2 REIT LLC, managed by Continuum Holdings. Dallas-based Metropolitan Capital Advisors arranged acquisition financing for the deal.

June 28, 2019

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