IOWA AND WISCONSIN — HREC Investment Advisors has brokered the sale of a three-property Hampton Inn portfolio in Iowa and Wisconsin. The portfolio included a 135-room hotel in West Des Moines, a 122-room hotel in Appleton and a 119-room hotel in Brookfield. Denver-based Walker Reynolds acquired the select-service portfolio. HREC represented the seller, affiliates of The Raymond Group and North Central Group, both headquartered in Madison, Wis.
O’FALLON, ILL. — Timberland Partners has acquired Parkway Lakeside, a 232-unit multifamily property in O’Fallon near St. Louis. The purchase price was not disclosed. Built in 2011, the Class A property consists of one- and two-bedroom townhome-style floor plans. Amenities include a saltwater pool, fitness center, fire pit, clubhouse and two dog parks.
CHICAGO — Black Creek Group has purchased three industrial buildings in metro Chicago for an undisclosed price. The properties include 2770 Alft Court in Elgin, 1881 Normantown Road in Romeoville and 351-355 Hastings Drive in Buffalo Grove. Each of the facilities is fully leased. Black Creek Group is a Denver-based real estate investment manager and development firm.
INDIANAPOLIS — A&G Realty Partners has arranged the sale of a 58,692-square-foot educational building in Indianapolis for $1.8 million. The facility was formerly an ITT Tech school owned and operated by now-bankrupt ITT Educational Services. Mercy Road Church has purchased the property with plans to operate the first floor as a church and lease the second floor to a coworking space for nonprofits and faith-based businesses. The sale marks the completion of A&G’s national disposition of 31 properties formerly owned by ITT Educational Services for a total of $88 million.
KING OF PRUSSIA, PA. — Morgan Properties, a Pennsylvania-based investment and management firm, has acquired a portfolio of 10 apartment communities totaling 4,130 units in the metro areas of Philadelphia and Northern Virginia. The sales price was not disclosed, but The Philadelphia Inquirer reports that the portfolio fetched a price of $890.5 million. The Philadelphia assets consist of seven properties totaling 2,346 units, which makes the transaction the largest multifamily acquisition in the city’s history. Two communities, Stonegate at Devon and Villas at Bryn Mawr, account for 947 units. The remaining five properties are located in the suburban submarkets of Conshohocken, West Chester, Downington, Jeffersonville and Bensalem. The portfolio’s Northern Virginia assets comprise three communities and 1,784 units. The bulk of those residences (1,387) are housed within a single property — Mount Vernon Square in Alexandria — while the other two are located in Fairfax and Sterling, both near Dulles International Airport. Morgan Properties, which is based in King of Prussia, Pa., will invest a combined $20 million in renovations and upgrades to the 10 Class B properties. Capital improvement plans will focus on both unit interiors and amenity spaces. “This acquisition is a game-changer for our organization,” says principal Jason …
CHARLOTTE, N.C. — Investors Management Group (IMG) has acquired Reafield Village, a 324-unit apartment community in south Charlotte, for $45.5 million. IMG plans to invest $3 million to upgrade apartment interiors, community amenities and place a new management team, as well as rebrand the community as Canopy at Baybrook. As of Feb. 1, the asset was 97 percent occupied. The community offers one-, and two-bedroom floor plans ranging from 619 square feet to 955 square feet. Amenities include two clubhouses, three swimming pools, a tennis court, business center and two fitness centers. IMG sponsored a syndication of more than 100 investors, including 1031 exchange buyers, to purchase Canopy at Baybrook. The seller was not disclosed.
NEW ORLEANS — HREC Investment Advisors has arranged the sale of the Maritime Building, a 105-unit apartment community built in 1893 in New Orleans. The asset is situated at the corner of Carondelet and Common streets, one block from the French Quarter. The property was considered the city’s first “skyscraper” at 14 stories tall and was extensively renovated in 2010 and 2011. Len Wormser of HREC represented the undisclosed seller in the transaction. California-based Timeshare Acquisitions Real Estate LLC bought the property following the New Orleans City Planning Commission and City Council decision in April 2018 to change the zoning in the central business district from conditional to permitted use for timeshare purposes. The entire asset will be used as a timeshare. The sales price was not disclosed.
MOONACHIE, N.J. — Liberty Property Trust has acquired an industrial facility in Moonachie for $39.6 million. Located at 115 Moonachie Ave., the 168,800-square-foot property is fully leased and features 28-foot clear heights. Tom Monahan, Stephen D’Amato, Larry Schiffenhaus, Brian Fiumara of CBRE represented Liberty in the transaction. The seller was undisclosed.
HOUSTON — EDGE Realty Capital Markets has brokered the sale of Citywest Retail Center, an 11,911-square-foot shopping center located at 2550 Citywest Blvd. and 10550 Westheimer Road in Houston. The property houses several national and regional tenants, including FedEx, MOD Pizza, Panera Bread and Tropical Smoothie Café. Micha van Marcke and Chace Henke of EDGE Realty represented the seller in the transaction. The buyer and sales price were not disclosed.
NEWARK, N.J. — Marcus & Millichap has negotiated the $4.2 million sale of a mixed-use property in Newark. Located at 569 and 571-577 Broad St., the 22,575-square-foot property consists of ground-floor retail as well as office space and two apartment units on the second floor. Alan Cafiero, Ben Sgambati, David Cafiero and Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.