PHILADELPHIA — Marcus & Millichap has arranged the sale of Eli Court, an 88-unit workforce housing property in Philadelphia, for $4.3 million. The property offers studio and one-bedroom units and access to public transit. Fred Paisley of Marcus & Millichap represented the seller, a locally based private real estate company, in the transaction, as well as the buyer, a limited liability company.
WASHINGTON, D.C. — A partnership between Network Realty Partners and USAA Real Estate has purchased Union Square, an office complex in Washington, D.C.’s NoMa (North of Massachusetts Avenue) neighborhood. The property comprises a central courtyard and two nine-story office buildings totaling 625,506 square feet. Union Square was originally built in 1969 and renovated in 2012. The complex was 90 percent leased at the time of sale to government and nonprofit tenants. Dek Potts, Jim Meisel, Matt Nicholson and Sean Kraft of JLL represented the buyers in the transaction. The seller and sales price were not disclosed.
TOWN ‘N’ COUNTRY, FLA. — Xavier Family Partnership has bought LakeBridge, a 400-unit multifamily community spanning 31 buildings in Town ‘n’ Country, for $44.4 million. The partnership, led by Randy Ferreira, will rebrand the community as The Park at Lake Como. The property is located at 8301 Sandstone Lake Drive, 12 miles west of downtown Tampa. The community was 96 percent occupied at the time of sale. LakeBridge offers one- and two- and three-bedroom floor plans and communal amenities such as a business center, swimming pool, 24-hour fitness center and a playground. Blue Roc Premier Properties LLC, also headed by Ferreira, will manage the property. Jason Stanton and Cole Whitaker of Berkadia represented the buyer in the transaction. Grandbridge Real Estate Capital arranged an acquisition loan through BB&T Bank on behalf of the buyer. Insula Cos. was the seller.
ATLANTA — Taurus Investment Holdings LLC has acquired 251 North, a 192-unit multifamily community at the juncture of Atlanta’s Old Fourth Ward and Midtown. Located at 300 Cityline Ave. NE, 251 North offers one- and two-bedroom floor plans. Communal amenities include a swimming pool, outdoor grilling station, cardio-based fitness center, 24-hour laundry facility and covered parking. 251 North was 93 percent occupied at the time of sale. HFF, a JLL company and member of Freddie Mac’s Optigo lending network, provided a 10-year, $24.9 million acquisition loan with a floating interest rate through the agency’s Green Advantage program. Details of the buyer’s renovation plans and the sales price were not disclosed.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Fountains of Woodmeadow, a 241-unit apartment community in Dallas. Built in1985 on five acres, the property is located in the Lake Highlands area north of downtown. Amenities include a pool and an outdoor grilling area. Bard Hoover, Nick Fluellen, Will Balthrope, Drew Kile, Joey Tumminello and Giuseppe Thum of IPA represented the seller, a Dallas-based corporation, in the transaction. The IPA team also secured the buyer, a Los Angeles-based limited liability firm.
SAN ANTONIO — Ashford Hospitality Trust Inc., a Dallas-based REIT, has sold the 251-room Marriott Plaza San Antonio for $34 million. The sales price represents a capitalization rate of 4.9 percent. Located near the city’s RiverWalk area, the hotel features a fitness center, pool and meeting and event space. The buyer was not disclosed.
OVERLAND PARK, KAN. — A joint venture between Wexford Lodging Advisors and Trinity Private Equity Group has purchased the 398-room Marriott Kansas City Overland Park. The purchase price was not disclosed. The joint venture plans to invest approximately $17 million to upgrade the hotel’s guest rooms and public spaces. Davidson Hotels and Resorts will operate the hotel. In addition to a renovation of the meeting space and lobby, plans call for the addition of Marriott’s M Club concierge lounge and a new fitness center. Located at 10800 Metcalf Ave., the 11-story hotel is situated on I-435.
ELYRIA, OHIO — Industrial Commercial Properties LLC (ICP) has acquired a 159,000-square-foot property at Midway Mall formerly occupied by Dillard’s in Elyria, about 30 miles southwest of Cleveland. The purchase price was not disclosed. The property sits on 18 acres. Earlier this year, ICP purchased the Sears building and Sears auto center on the western edge of the mall. ICP intends to redevelop the property, but specific plans have not been disclosed. Best Buy, Dunham’s Sports and Johnny K’s Power Sports anchor the 1.1 million-square-foot regional mall.
DENVER — CBRE has arranged the sale of a LEED Gold-certified industrial flex building located at 6144 N. Panasonic Way in northeast Denver’s Airport corridor. Omaha-based NewStreet Properties acquired the property from Denver-based Westfield Co. for $22 million. Westfield Co. originally constructed the 112,966-square-foot facility as a build-to-suit for Panasonic Enterprise Solutions (PESCO), a technology and solar subsidiary of Panasonic, in 2016. The smart property features warehouse, assembly, research and design space, as well as a two-story office space with Class A finishes. Situated on six acres, the property is adjacent to the 61st and Peña Light Rail Station. Tyler Carner, Jeremy Ballenger and Jim Bolt of CBRE represented the seller in the deal.
VISALIA, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Cameron Crossing, an apartment community located in Visalia. A Visalia-based private family acquired the asset for $16.3 million, or $170,000 per unit. Situated on a 4.8-acre site, Cameron Crossing features 96 units in a mix of one-, two- and three-bedroom floor plans, with an average size of 957 square feet. Additionally, the property features a swimming pool, clubhouse, laundry facilities and reserved parking. Alex Mogharebi, Otto Ozen, Robin Kane, Mark Bonas and Brendan Kane of TMG represented the seller, a Washington-based private investment group, in the transaction.