Acquisitions

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

Central-Seven-Commerce-Center-Las-Vegas-NV

Acquisitions Industrial Nevada Western

MCA Realty Buys 357,608 SF Equus Business Center in Las Vegas for $42M

by Amy Works August 14, 2019

LAS VEGAS — Orange County, Calif.-based MCA Realty has acquired Equus Business Center, a multi-tenant industrial property located at 3400 Desert Inn Road, 3110-3230 Polaris Ave. and 3401 Sirius Ave. in Las Vegas. A private investor sold the asset for $42 million in an off-market transaction. MCA Realty plans to rebrand the 357,608-square-foot property as Central Seven Commerce Center. At the time of sale, the property was 89 percent occupied by more than 170 tenants. The buyer plans to implement interior and exterior renovations to the property, including new paint, landscaping and improved signage. Dan Doherty of Colliers International, along with Gabe Telles and Ali Roesener of Gatski Commercial, represented the buyer. Frank Gatski of Gatski Commercial represented the seller in the transaction.

August 14, 2019

Acquisitions Colorado Multifamily Western

CBRE Brokers $21.8M Sale of Copperleaf Place Apartment Complex in Fort Collins, Colorado

by Amy Works August 14, 2019

FORT COLLINS, COLO. — CBRE has arranged the sale of Copperleaf Place, a multifamily community in Fort Collins. Brinkman sold the asset to California-based Warm Springs Holdings for $21.8 million. Located at 3425 S. Shields St., Copperleaf Place features 94 apartments across three rental buildings on 2.8 acres. At the time of sale, the property was 96.8 percent occupied. Built in 2018, the community features a clubhouse, 24-hour fitness center and dog park. Dan Woodward, David Potarf, Matthew Barnett and Jake Young of CBRE Capital Markets represented the seller in the transaction.

August 14, 2019

Acquisitions Arizona Multifamily Western

Berkadia Negotiates $13.5M Sale of Two-Property Multifamily Portfolio in Metro Phoenix

by Amy Works August 14, 2019

PHOENIX AND SCOTTSDALE, ARIZ. — Berkadia has brokered the sale of a two-property multifamily portfolio located in Phoenix and Scottsdale. Colorado-based Birch LLC sold the portfolio to Phoenix-based ZH Multifamily for $13.5 million. The properties are Oak Tree, a 76-unit community located at 3620 E. McDowell Road in Phoenix built in 1984, and Scottsdale 5th Avenue, a 59-unit complex located at 6405 E. Indian School Road in Scottsdale built in 1968. Scottsdale 5th Avenue sold for $6.6 million, or $111,864 per unit, and Oak Tree sold for $6.9 million, or $90,789 per unit. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal.

August 14, 2019

Acquisitions Industrial Self-Storage Texas

JLL Negotiates Sale of 709-Unit Self-Storage Facility in Houston

by Taylor Williams August 14, 2019

HOUSTON — JLL has negotiated the sale of Safe Keeping Self Storage, a 709-unit facility located at 6610 Highway 6 N. in Houston. Approximately 62 percent of the units feature climate-controlled space. Steve Mellon and Brian Somoza of JLL represented the seller, Safe Keeping, in the transaction. The buyer was Merit Hill Capital, a Brooklyn-based self-storage investment and development firm, which acquired the asset for an undisclosed price.

August 14, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 265-Unit Apartment Complex in Fort Worth

by Taylor Williams August 14, 2019

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Manitoba, a 265-unit multifamily complex in Fort Worth. Built in 1971, the property offers amenities such as two pools, a playground, afterschool center and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, a Dallas-based nonprofit that owned the asset for 18 years, in the transaction. Silva and Ford Braly, also with Marcus & Milichap, secured the buyer, a Dallas-based investment firm that will renovate the property’s exteriors, unit interiors and amenity spaces.

August 14, 2019

Acquisitions Midwest Multifamily Ohio

Reichle Klein Group Brokers $29.4M Apartment Portfolio Sale in Ohio

by Kristin Harlow August 14, 2019

TOLEDO AND OREGON, OHIO — Reichle Klein Group has brokered the $29.4 million sale of an 888-unit apartment portfolio in Toledo and Oregon. The properties include Tamarack Creek, Piccadilly West and Alexor in Toledo; and Piccadilly East, located at 2750 Pickle Road in Oregon. Tony Plath and Harlan Reichle of Reichle Klein represented the local seller, R.J. Lloyd Co. Ltd. Columbus-based Urban Land Co. Ltd. purchased the portfolio.

August 14, 2019

Acquisitions Indiana Midwest Retail

Marcus & Millichap Arranges $4.7M Sale of Retail Strip Center in Hammond, Indiana

by Kristin Harlow August 14, 2019

HAMMOND, IND. — Marcus & Millichap has arranged the sale of a 9,327-square-foot retail strip center in Hammond for $4.7 million. Located at 7905 Indianapolis Blvd., the property is anchored by AT&T. All tenants operate under 10-year leases. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the undisclosed seller. An Illinois-based buyer completing a 1031 tax-deferred exchange purchased the asset.

August 14, 2019

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates Sale of 33-Unit Memory Care Community in Dallas

by Taylor Williams August 14, 2019

DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 33-unit memory care community in the Turtle Creek neighborhood of Dallas. A publicly traded REIT sold the property, the name of which was not disclosed, to local owner-operator Iris Senior Living. Blueprint’s Ben Firestone and Joshua Salzman handled the transaction.

August 14, 2019

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