Acquisitions

Berkadia Arranges $12.5M Sale of Multifamily Portfolio in Birmingham

by Alex Tostado August 15, 2019

BIRMINGHAM, ALA. — Berkadia has arranged the $12.5 million sale of the Core 174 Portfolio, which includes four apartment complexes in Birmingham totaling 174 units. The portfolio includes Element 26, Fox Hall, Forest Park and 5th Avenue, all of which are located within three miles of downtown Birmingham. Core 174 was constructed between 1963 and 1978 and renovated between 2013 and 2015. David Etchison, Abe Maddox and Caleb Frizzell of Berkadia represented the seller, Birmingham resident Elton Stephens Jr., in the transaction. Birmingham-based Hughes Capital Partners acquired the portfolio at a 4.7 percent cap rate.

August 15, 2019

Acquisitions California Multifamily Western

MG Properties Group Acquires Two Multifamily Assets in Los Angeles for $139.7M

by Amy Works August 15, 2019

LOS ANGELES — San Diego-based MG Properties Group has purchased two multifamily properties in Los Angeles for a total of $139.7 million. An undisclosed seller sold both properties. Totaling 397 units, the assets are The Enclave at Warner Center, which sold for $69.5 million, and Meridian Place Apartment Homes, which sold for $70.2 million. Located in Los Angeles’ Warner Center/Woodland Hills neighborhood, The Enclave at Warner Center features 195 units. Meridian Place Apartments, situated in Los Angeles’ Northridge district, features 202 units. MG Properties plans to enhance the interiors of the units and upgrade common area amenities at both properties. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap represented the seller in the Enclave at Warner Center deal, while Sean Deasy and Blake Rogers of JLL represented the seller in the Meridian Place transaction. Brian Eisendrath, Brandon Smith and Cameron Chalfant of CBRE arranged acquisition financing for the deals.

August 15, 2019

Acquisitions Arizona Office Western

Harvard Investments, Lincoln Property Co. Sell Waypoint Office Campus in Metro Phoenix for $107.6M

by Amy Works August 15, 2019

MESA, TEMPE AND SCOTTSDALE, ARIZ. — Harvard Investments and Lincoln Property Co. (LPC) have completed the sale of Waypoint, a suburban Class A office campus located in Mesa, Tempe and Scottsdale. New York City-based Innovatus Capital Partners acquired the four-building asset for $107.6 million. Harvard and LPC developed the first 108,956-square-foot building at Waypoint in 2014 as a build-to-suit that was fully pre-leased to Verrda Mobility, formerly American Traffic Solutions. In 2016, the partnership completed the second 153,134-square-foot building. Additionally, the companies purchased two adjacent existing buildings to create the four-building, 426,951-square-foot Waypoint campus. At the time of sale, the campus was 98 percent leased. Tenants include Cognizant, Verra Mobility, Mitel, Ashton Woods, Beazer Homes, Nextcare, Udall Shumway and EPS Group. LPC serves as property manager for all four buildings and the company will maintain the management assignment as part of its almost 10 million-square-foot Phoenix property management portfolio. Dave Carder and Scott Boardman of Cushman & Wakefield are handling leasing for the property.

August 15, 2019

Acquisitions California Office Western

Intercontinental Real Estate, Harvest Properties Purchase 85,580 SF Office Building in San Francisco

by Amy Works August 15, 2019

SAN FRANCISCO — Intercontinental Real Estate Corp. and Harvest Properties have completed the acquisition and recapitalization of 400 Montgomery, a historic office building located in San Francisco’s Financial District. Located at the corner of California and Montgomery streets, 400 Montgomery features 85,580 square feet of office space. Constructed in 1901, the building has undergone a multi-million-dollar capital improvement program that included upgraded building systems and infrastructure, a new lobby, refreshed common areas and restrooms, as well as a complete façade restoration to preserve the building’s Renaissance/Baroque architecture and ornamentation. Additionally, more than half of the building’s space was redesigned as creative office space offering more than 13-foot ceiling heights, polished concrete floors and operable windows. At the time of sale, the building was 91 percent occupied by a variety of tenants, including Hexagone, Clearmetal, WE Communications, Lightsource Renewable Energy, Bank of Guam and Sterling Bank & Trust. Rob Hielscher, Michel Seifer, Erik Hanson, Cheri Pierce, Kristina Wollan and Michael Manas of JLL advised on the transaction.

August 15, 2019

Acquisitions Colorado Multifamily Western

Pathfinder Partners Buys Value-Add Multifamily Property in Metro Denver for $20.7M

by Amy Works August 15, 2019

LITTLETON, COLO. — San Diego-based Pathfinder Partners has acquired The Station, a 97-unit multifamily community located at 2100 W. Berry Ave. in Littleton. An undisclosed seller sold the value-add asset for $20.7 million. Constructed in 1983, The Station features 17 studios, 44 one-bedroom and 36 two-bedroom apartments with well-equipped kitchens including over-the-range microwaves, dishwashers and garbage disposals. Additionally, the units feature walk-in closets, private balconies or patios, air conditioning, washer/dryer hook-ups in 80 units and fireplaces in nine units. On-site amenities include parking, laundry facilities and a leasing office.

August 15, 2019

Acquisitions California Restaurant Retail Western

SRS Real Estate Partners Arranges $3.8M Sale of Restaurant Building in Southern California

by Amy Works August 15, 2019

MISSION VIEJO, CALIF. — SRS Real Estate Partners’ National Net Lease Group has completed the sale of a single-tenant retail property located at 28651 Marguerite Parkway in Mission Viejo. Irvine, Calif.-based Pacific Castle sold the asset to a Hawaii-based investor for $3.8 million, or $1,374 per square foot. Patrick Luther, Matthew Mousavi and Terrison Quinn of SRS’ National Net Lease Group represented the seller, while Arthur Flores of CBRE represented the buyer in the deal. Built in 1979, the 2,759-square-foot property is scheduled to be renovated in the near future. Jack in the Box occupies the building and recently signed a lease extension for 15 years and has been a tenant at the location for more than 35 years.

August 15, 2019

Acquisitions Florida Multifamily Southeast Tennessee

NexPoint Residential Trust Agrees to Buy Two Apartment Complexes in South Florida, Nashville for $384.3M

by Alex Tostado August 14, 2019

PEMPROKE PINES, FLA. AND NASHVILLE, TENN. — NexPoint Residential Trust Inc. has agreed to buy the 1,520-unit Pembroke Cove Apartments in South Florida for $322 million and the 346-unit Arbors of Brentwood in Nashville for $62.3 million. Pembroke Cove Apartments is situated at 13401 NW 5th St., 24 miles north of downtown Miami. The property offers one- through three-bedroom floor plans. Communal amenities include a swimming pool, hot tub, clubhouse, fitness center, tennis courts, racquetball courts, basketball courts, playground and a billiards room. The community was 96 percent occupied at the time of the agreement. The seller was not disclosed. Arbors of Brentwood is located at 100 Brentwood Place, 10 miles south of downtown Nashville. The complex offers one- through three-bedroom floor plans. Community amenities include a fitness center, three swimming pools, outdoor kitchen, business center, pet park, playground, tennis court and outdoor picnic and grilling area. The seller was not disclosed. NexPoint expects both sales to close by Aug. 30.

August 14, 2019

Acquisitions Georgia Retail Southeast

S.J. Collins Sells New Whole Foods Market 365-Anchored Shopping Center in Metro Atlanta

by Alex Tostado August 14, 2019

DECATUR, GA. — Atlanta-based developer S.J. Collins Enterprises has sold the retail portion of North Decatur Station, a newly delivered mixed-use development in Decatur. The fully leased, 86,164-square-foot shopping center is anchored by Whole Foods Market 365 and opened in early 2019. The center is located a 1555 Church St., eight miles east of downtown Atlanta. Other tenants include Hollywood Feed, Gusto!, Big Peach Running, Club Pilates, Jason’s Deli, F45 Fitness and Thrive Vet Clinic. North Decatur Station also includes Solis Decatur Apartments, a 290-unit multifamily community that was not included in the sale. Fain Hicks, Lane Breedlove and Tyler Anderson of Cushman & Wakefield represented S.J. Collins in the transaction. Weingarten Realty Investors acquired the property. The sales price was not disclosed.

August 14, 2019

Acquisitions Affordable Housing Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Provides $27.9M Acquisition Loan for Affordable Housing Community in Orlando

by Alex Tostado August 14, 2019

ORLANDO, FLA. — Walker & Dunlop has provided a $27.9 million Freddie Mac acquisition loan for Brooke Common Apartments, a 288-unit affordable housing community in Orlando. The borrower is Avanath Capital Management. Half of the units, which are spread out over 38 garden-style buildings, are reserved for those making 60 percent of the area median income (AMI), while 5 percent of the units are reserved for those making 55 percent of the AMI. Brooke Commons Apartments is located 13 miles north of downtown Orlando and offers communal amenities such as a swimming pool, playground, fitness center, volleyball court, business center and a clubhouse. The seller was not disclosed.

August 14, 2019

Acquisitions Arizona Office Western

Buchanan Street Partners Sells Quattro Office Building in Phoenix for $43.5M

by Amy Works August 14, 2019

PHOENIX — Newport Beach, Calif.-based Buchanan Street Partners has completed the disposition of Quattro, an office building located at 4310-4350 E. Colton Center Blvd. in Phoenix. Boston-based Albany Road Real Estate Partners acquired the property for $43.5 million. Situated within Cotton Center business park, Quattro features 264,994 square feet of flex office space. Built in 2002, the asset was 92.5 percent leased at the time of sale. Current tenants include CVS Health, Freeport-McMoRan, Konica Minolta, Sodexo and Xerox. Tracy Cartledge, Bob Buckley and Steve Lindley of Cushman & Wakefield’s Phoenix office represented the seller in the deal.

August 14, 2019

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