Acquisitions

Multifamily Property Group Buys 192-Unit Asset in Dallas

by Taylor Williams February 11, 2019

DALLAS — Multifamily Property Group has purchased Smith Creek Apartment Homes, a 192-unit market-rate asset in Dallas. Built in 1983, the community offers amenities such as a pool, playground and onsite laundry facilities. Minneapolis-based Dougherty Mortgage LLC arranged a 12-year acquisition loan through a partnership with Old Capital Lending on behalf of Multifamily Property Group. Chris Deuillet and Chandler Sims of CBRE represented the undisclosed seller in the transaction. Smith Creek was 93 percent occupied at the time of sale.

February 11, 2019

Acquisitions Multifamily Texas

Pearlmark, Sinatra Acquire 159-Unit Workforce Housing Property in Metro Dallas

by Taylor Williams February 11, 2019

LANCASTER, TEXAS — A partnership between Chicago-based investment firm Pearlmark and Buffalo, N.Y.-based Sinatra & Co. Real Estate has acquired Pleasant Creek, a 159-unit workforce housing community in Lancaster, a southern suburb of Dallas. The property was 98 percent occupied at the time of sale. Marcus & Millichap represented the seller, NAPA Ventures, in the transaction. Greystone provided acquisition financing for the deal through Fannie Mae.

February 11, 2019

Acquisitions Connecticut Healthcare Northeast Office Uncategorized

NKF Negotiates $18.7M Sale of Medical Office Complex in Connecticut

by David Cohen February 11, 2019

WESTPORT, CONN. — NKF has negotiated the $18.7 million sale of Westport Center for Health in Westport. Located at 323-329 Riverside Ave., Yale New Haven Health’s Northeast Medical Group anchors the 38,000-square-foot property. The property recently underwent an extensive renovation highlighted by the demolition of an entire building to convert the former five-building office campus into a four-building medical office complex with added parking to accommodate medical office tenants. Frank Nelson, Michael Greeley, James Tribble and Casey O’Brien of NKF’s Boston Capital Markets team represented the seller, The Davis Cos., in the transaction. The buyer was Healthcare Trust of America Inc.

February 11, 2019

Acquisitions Multifamily New York Northeast

GFI Realty Brokers $10.4M Sale of Two Apartment Buildings in Brooklyn

by David Cohen February 11, 2019

NEW YORK CITY — GFI Realty Services has brokered the $10.4 million sale of two apartment buildings in the Midwood section of Brooklyn. Located at 2031 and 2233 Ocean Ave., the pre-war properties comprise 47 units and a total of 33,040 square feet. Both properties are four-story walk-up buildings. Erik Yankelovich of GFI represented both the buyer and seller in the transaction, both local investors.

February 11, 2019

Acquisitions Industrial Michigan Midwest Self-Storage

Marcus & Millichap Negotiates Sale of 419-Unit Self-Storage Facility in Michigan

by Kristin Harlow February 11, 2019

RICHLAND, MICH. — Marcus & Millichap has negotiated the sale of Weathervane Self Storage in Richland for an undisclosed price. The 54,462-square-foot self-storage facility features 419 units. Located at 7906 Gull Road, the property includes 10 buildings on 8.2 acres. The facility was built in 2005 and renovated in 2014. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.

February 11, 2019

Acquisitions Arizona Hospitality Western

Park Hotels & Resorts Sells Pointe Hilton Squaw Peak Resort in Phoenix for $51.4M

by Amy Works February 11, 2019

PHOENIX — Park Hotels & Resorts has closed on the sale of Pointe Hilton Squaw Peak Resort, located at 7677 N. 16th St. in Phoenix. An undisclosed buyer acquired the asset for $51.4 million, or $91,200 per key before customary closing costs. The all-suite resort features 563 rooms, a four-acre waterpark, kid’s camp, full-service spa and fitness center, three restaurants and 48,000 square feet of indoor/outdoor meeting space. This transaction represents the 14th hotel that Park has sold over the prior year and continues the company’s strategy of improving the overall quality of its portfolio by recycling out of non-core hotels.

February 11, 2019

Acquisitions Michigan Midwest Net Lease Retail

Gerdom Realty Brokers Sale of Property Net Leased to Sprint in Madison Heights, Michigan

by Kristin Harlow February 11, 2019

MADISON HEIGHTS, MICH. — Gerdom Realty & Investment has brokered the sale of a single-tenant retail property net leased to Sprint in Madison Heights for an undisclosed price. The 3,038-square-foot building is located at the southwest corner of 12 Mile and Dequindre roads. Michael Murphy and Tjader Gerdom of Gerdom Realty marketed the property for sale and procured the buyer, a local investor.

February 11, 2019

Acquisitions California Multifamily Seniors Housing Western

IPA Brokers Sale of Seniors Housing Asset in Northern California

by Amy Works February 11, 2019

ORANGEVALE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Almond Heights Senior Living, an assisted living and memory care facility in Orangevale. A family company sold the asset to an owner-operator for an undisclosed price. Located approximately 17 miles northeast of Sacramento, the 117-unit property features 85 assisted living units and 32 memory care units. Mark Myers and Joshua Jandris of IPA represented the seller and procured the buyer in the deal. Adam Christofferson of Marcus & Millichap’s broker of record in California.

February 11, 2019

Acquisitions California Retail Western

SRS Negotiates $2.5M Sale of Dollar General-Occupied Property in Red Bluff, California

by Amy Works February 11, 2019

RED BLUFF, CALIF. — SRS Real Estate Partners’ National Let Lease Group has directed the sale of a single-tenant retail property in Red Bluff. A Southern California-based family trust acquired the property from a Northern California-based private investor for $2.5 million. Dollar General occupies the 9,026-square-foot property, which is located at 755 Walnut St. The tenant has approximately 10 years remaining on its initial 15-year lease term. Jim Schuchert and Joe Schuchert of SRS’ National Let Lease Group represented the seller, while Bryan Miller of Lee & Associates represented the buyer.

February 11, 2019

Acquisitions Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $48.4M Sale of Seniors Housing Portfolio in Upstate South Carolina

by Alex Tostado February 8, 2019

GREENVILLE, S.C. — Cushman & Wakefield has arranged the $48.4 million sale of a seniors housing portfolio in Upstate South Carolina. Atlas Senior Living acquired the three-property portfolio totaling 198 units in metro Greenville. The assets include Spring Park, a 66-unit community constructed in 2014 in Travelers Rest; Fairview Park, a 66-unit community delivered in 2015 in Simpsonville; and Oakview Park, a 66-unit community built in 2016 in Powdersville. Paul Carr, David Kliewer and Allen McCutry of Cushman & Wakefield represented the seller, Tampa, Fla.-based Graycliff Capital Senior Housing LLC, in the transaction.

February 8, 2019

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