GAINESVILLE, FLA. — Coastline Management Group Inc. has purchased Point West Apartments, a 146-unit multifamily community in Gainesville, for $13.2 million. Coastline plans to renovate the 45-year-old property, the details of which were not disclosed. The complex offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, picnic area and a laundromat with 24/7 gated access. Coastline acquired the asset from an undisclosed seller in an off-market transaction.
BALTIMORE — Greenspring Realty Partners Inc., a real estate investment firm, and the Berg Corp., a demolition company, have acquired a 12-acre waterfront site located at 4601 Newgate Ave. in Baltimore. The site is divided into three parcels and is near the Seagirt Marine Terminal, which is operated by Ports America Chesapeake LLC. The site is equipped with a 700-foot pier on the east side of the property and a 1,400-foot pier on the west side. The site has access to one of the only deep-water ports available for private use in the city. According to the Maryland Port Authority, the port’s governing body, more than 43 million tons of general cargo was unloaded at the city’s private and public ports in 2018. Vane Brothers sold the site for an undisclosed price.
LAS VEGAS — Los Angeles-based TruAmerica Multifamily, in a joint venture with an institutional partner, has purchased Allanza at the Lakes, a multifamily property located at 8600 Starboard Drive in Las Vegas, for $152 million. Allanza is the fourth largest apartment community in Nevada and the largest acquisition by unit size in the six-year history of TruAmerica. Built in 1986, Allanza features 896 units in a mix of one-, two- and three-bedroom layouts spread across 56 two-story buildings on a 40-acre site. Community amenities include five swimming pools, two fitness centers, a pet spa, picnic areas and a playground. Phillip Weigand and Thomas Olivetti of Northmarq’s Las Vegas office represented the undisclosed seller in the deal.
GILBERT, ARIZ. — Pillar Communities & Private Portfolio Group has completed the disposition of Pillar at SanTan, a garden-style apartment complex located at 2910 S. Greenfield Road in Gilbert. Baron Properties acquired the asset for $67.8 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office represented the seller in the transaction. Constructed in 2009, Pillar at SanTan features 315 units in a mix of studio, one-, two- and three-bedroom floorplans with nine-foot ceilings, well-appointed kitchens and patios/balconies. Community amenities include a resort-style swimming pool, spa, poolside lounge, outdoor kitchen, fitness center, outdoor picnic areas, grills and a playground.
SAN ANTONIO — Passco Cos., a California-based multifamily development and investment firm, has acquired Tribute at The Rim, a 380-unit multifamily community in San Antonio. Built in 2017, the property is located within The Rim, a mixed-use development that is located on the city’s northwest side, and offers proximity to the hubs of major employers like USAA and Valero Energy. Floor plans feature one-, two- and three-bedroom units with quartz countertops, modern cabinetry and glass backsplashes. Amenities include a pool with a nearby fire pit, fitness center with on-demand classes, a dog park and grooming station, sky lounge, conference room and a bike storage and repair room. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Kairoi Development, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital secured acquisition financing for the deal on behalf of Passco.
LEWISVILLE, TEXAS — Marcus & Millichap has brokered the sale of a 71-room Fairfield Inn & Suites hotel in Lewisville, a northern suburb of Dallas. Chris Gomes, Joseph Jacques and Allan Miller of Marcus & Millichap represented the seller, a Dallas-based limited liability company, in the transaction. The trio also procured the buyer, a private investor. Marriott, which owns the Fairfield brand, has approved the buyer to self-manage the property.
HOFFMAN ESTATES, ILL. — Planmeca USA Inc., a manufacturer of dental equipment, has purchased the former Serta Mattress Co. building at 2600 Forbs Ave. in Hoffman Estates. The company will relocate its U.S. headquarters to the 90,000-square-foot building later this year. The headquarters will comprise Planmeca’s corporate office, a testing and distribution center and a showroom and training center. Planmeca currently operates out of two buildings totaling 77,000 square feet in Roselle, approximately 30 miles northwest of Chicago. Britt Casey and Jeff Matella of Cushman & Wakefield represented Planmeca in the transaction. Mark Smith of CBRE represented Serta. The purchase price was not disclosed.
INDIANAPOLIS — Besyata Investment Group and The Scharf Group have acquired Southport Crossing Apartments in Indianapolis for an undisclosed price. Built in 1971, the 328-unit apartment property is located on Southport Road near Greenwood Park Mall. Amenities include a clubhouse, pool and fitness center. The seller was not disclosed.
RANTOUL, ILL. — Berkadia has negotiated the $7 million sale of South Pointe Commons in Rantoul, about 19 miles northeast of Champaign. The 245-unit multifamily property was originally built in 1959 as military housing for Chanute Air Force Base, which closed in 1993. The property is situated on 150 acres and consists of 37 two-story buildings. Floor plans are comprised of three- and four-bedroom units ranging from 1,050 to 2,300 square feet. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the Urbana, Ill.-based seller. Philadelphia-based Odin Properties purchased the asset.
NEW JERSEY — Seagis Property Group, an industrial investment firm based in metro Philadelphia, has acquired four assets in northern New Jersey totaling 274,000 square feet. The seller and sales price were not disclosed. The properties, which were fully leased at the time of sale, include 100 Frontage Road in Newark (180,000 square feet), 400 County Avenue in Secaucus (45,000 square feet), 27 Engelhard Avenue (26,000 square feet) in Avenel and 360 Allwood Road (23,000 square feet) in Clifton. Seagis now owns 32 buildings totaling 4.7 million square feet throughout Northern New Jersey.
