Acquisitions

FourPoint Investment Arranges Sale of 60-Bed Student Housing Portfolio Near USC

by Amy Works April 3, 2019

LOS ANGELES — FourPoint Investment Sales Partners has arranged the sale of Chateau Sera and Tropicana, two student housing communities totaling 60 beds near the University of Southern California in Los Angeles. Both buildings were recently renovated and feature exterior and interior upgrades throughout. Chris Epp, Chris Bancroft, Craig Miller and Meredith Wolff of FourPoint arranged the transaction on behalf of the seller, NB Private Capital. A California-based regional operator acquired the portfolio. Terms of the sale were undisclosed.

April 3, 2019

Acquisitions Arizona Multifamily Western

Newmark Knight Frank Directs $22.2M Sale of Value-Add Multifamily Community in Phoenix

by Amy Works April 3, 2019

PHOENIX — Newmark Knight Frank Multifamily has arranged the sale of Cabana at the Pointe, a garden-style community located at 1829 E. Morten Ave. in central Phoenix. Colorado-based JM Logan LLC acquired the property from Arizona-based Cornerstone – Deco Cabana Pointe LLC for $22.2 million. Brad Goff, Brett Polachek and Chris Canter of Newmark Knight Frank Multifamily represented the buyer in the deal. Constructed in 1980 and last renovated in 2013, the property features 180 apartments in a mix of studio, one- and two-bedroom layouts with patios/balconies, ceiling fans, walk-in closets and newer appliances. Community amenities include a resort-style pool, outdoor fire pit, fitness center, bike storage area, two laundry facilities and a dog park.

April 3, 2019

Acquisitions Arizona Office Western

Velocis Sells 175,268 SF Office Building in Scottsdale to City Office REIT

by Amy Works April 3, 2019

SCOTTSDALE, ARIZ. — Velocis, a private equity real estate fund manager, has completed the disposition of Camelback Square, an office building located in Old Town Scottsdale. City Office REIT acquired the property for an undisclosed price. Located at 6991 E. Camelback Road, the three-story asset features 175,268 square feet of Class A office space. At the time of sale, the property was 84 percent leased to a variety of tenants, including Digital Airstrike, Zocdoc, Regus and Echo. Velocis acquired the building in 2015 and completed a total repositioning of the property. Renovations included a new tenant lounge, upgrades to corridors, elevator lobby refresh, new roof, restroom improvements and a new conference center. Barry Gabel, Chris Marchildon and Will Mast of CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller in the deal.

April 3, 2019

Acquisitions Midwest Minnesota Office

Starwood Capital Purchases Wells Fargo Center in Minneapolis for $315M

by Kristin Harlow April 3, 2019

MINNEAPOLIS — Starwood Capital Group has purchased the 57-story Wells Fargo Center in downtown Minneapolis for $315 million. Blackstone and Hines sold the office tower, which was designed by Cesar Pelli and completed in 1987. The property is home to an indoor pedestrian promenade with a 100-foot-high ceiling rotunda and a lobby. Tenants include a Wells Fargo branch bank, accounting firm KPMG and investment firm Castlelake LP. Starwood plans to renovate the building and add amenities.

April 3, 2019

Acquisitions Midwest Multifamily Wisconsin

MLG Capital Acquires 100-Unit Multifamily Complex in Milwaukee for $16M

by Kristin Harlow April 3, 2019

MILWAUKEE — MLG Capital has acquired Frederick Lofts in Milwaukee for $16 million. The 100-unit multifamily complex is located in The Brewery neighborhood. Amenities include a resident clubhouse, fitness center, yoga room, media room, underground parking and rooftop deck. MLG Capital plans to upgrade the unit interiors in order to maintain the property’s Class A status.

April 3, 2019

Acquisitions Hospitality Southeast Virginia

Apple Hospitality REIT Sells Nine Hotels in Five States for $95M

by Alex Tostado April 2, 2019

RICHMOND, VA. — Apple Hospitality REIT has sold nine hotels in Florida, Louisiana, North Carolina, Virginia and Texas for $95 million. The hotels total 1,054 rooms. The sold hotels included two in Florida (Homewood Suites by Hilton Sarasota and TownePlace Suites by Marriott Tampa), one in Louisiana (SpringHill Suites by Marriott Baton Rouge), one in North Carolina (Hampton Inn & Suites by Hilton Holly Springs), two in Virginia (Courtyard by Marriott Bristol and Courtyard by Marriott Harrisonburg) and three in Texas. The buyer(s) was not disclosed. Richmond-based Apple Hospitality REIT is publicly traded and owns 234 hotels in 34 states.

April 2, 2019

Acquisitions Florida Multifamily Southeast

Providence, Aegon Acquire Apartment Complex in Tampa Bay Area for $63M

by Alex Tostado April 2, 2019

BRANDON, FLA. — A joint venture between Providence Real Estate and Aegon Real Assets has acquired The Park at Via Rosa, a 390-unit apartment complex in Brandon, for $63 million, or $161,538 per unit. The asset spans 24 acres, 33 buildings and 400,140 square feet. The new owners plan to upgrade unit interiors, including new appliances, wood flooring, new laminate countertops, tile backsplashes and new cabinets. Located at 2211 Grand Isle Drive, about 10 miles east of downtown Tampa, the community offers one-, two-, three- and four-bedroom floor plans and amenities including a clubhouse, fitness center, business center, tanning salon, playground, pet play area, car care center, swimming pool and volleyball and tennis courts. Luis Elorza, Brad Capas and Michael Mulkern of Cushman & Wakefield represented the buyers in the transaction. Managed by Blue Roc Premier, Grand Rivage at Brandon Lakes Ltd. sold the property.

April 2, 2019

Acquisitions Multifamily Texas

Allied Orion Acquires 312-Unit Apartment Community in Houston

by Taylor Williams April 2, 2019

HOUSTON — Allied Orion Group has acquired Ashford Apartments, a 312-unit multifamily community located at 1200 N. Dairy Ashford Road in Houston. Built in 2017, the Class A property offers one- and two-bedroom units featuring granite countertops, custom backsplash options, upgraded cabinetry and built-in washers and dryers. Communal amenities include a pool, a two-story fitness center, outdoor grilling area, dog park, package lockers and electric vehicle charging stations. The seller was Trammell Crow Residential.

April 2, 2019

Acquisitions Healthcare Retail Texas

J. Beard Brokers Sale of 11,000 SF Medical Retail Building in Metro Houston

by Taylor Williams April 2, 2019

TOMBALL, TEXAS — The J. Beard Real Estate Co. has brokered the sale of Preserve Plaza, an 11,000-square-foot medical retail building in Tomball, a northern suburb of Houston. Lisa Hughes and Cathy Young of J. Beard represented the seller, EPB Land Developments LP, in the transaction. Duke Iqbal of IQ Realty Group represented the buyer, Spectre Innovations LLC. The property is currently leased to a dental practice, and the new owner will occupy the remaining space

April 2, 2019

Acquisitions Illinois Midwest Office

Marcus & Millichap Negotiates $10.6M Sale of Office Building in Evanston, Illinois

by Kristin Harlow April 2, 2019

EVANSTON, ILL. — Marcus & Millichap has negotiated the sale of 820 Davis St., a 76,239-square-foot office building in Evanston, for $10.6 million. The five-story building is located four blocks south of Northwestern University. Stephen Lieberman of Marcus & Millichap marketed the property on behalf of the seller, a North Shore-based private family that had owned the property for nearly 20 years. Lieberman also procured the buyer, Free Market Ventures, a Chicago-based private investment group. The buyer plans to do an extensive renovation and modernization of the building.

April 2, 2019

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