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Acquisitions

AcquisitionsMassachusettsMixed-UseNortheast

Colliers Arranges $19.6M Sale of Mixed-Use Building in Boston

by David Cohen

BOSTON — Colliers has arranged the $19.6 million sale of a mixed-use property in Boston’s Downtown Crossing neighborhood. Located at 29-35 Temple Place, the recently renovated property consists of 42, short-term housing units as well as ground-floor retail currently leased to Democracy Brewing, a restaurant and brewery. Christopher Sower, Bruce Lusa, Jonathan Bryant, John Flaherty, Maggie Collins and Patrick Boyle of Colliers represented the buyer, Premier Capital Partners, in the transaction. The seller was undisclosed. 

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AcquisitionsMultifamilyNew YorkNortheast

Meridian Negotiates $8.6M Sale of Apartment Building in the Bronx

by David Cohen

NEW YORK CITY — Meridian Investment Sales has negotiated the $8.6 million sale of an apartment building in the Bedford Park neighborhood of the Bronx. Located at 215 E. 197th St., the five-story property was built in 1923 and contains 52 apartments. Amit Doshi and Shallini Mehra of Meridian represented the undisclosed seller in the transaction. The buyer was also undisclosed. 

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AcquisitionsMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $2.4M Sale of Multifamily Building Near Boston

by David Cohen

DORCHESTER, MASS. — Marcus & Millichap has brokered the $2.4 million sale of a multifamily building in Dorchester. Located at 12 Lyndhurst St., the 12-unit property consists of six one-bedroom and six two-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. The buyer was also undisclosed. 

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AcquisitionsConnecticutDevelopmentNortheast

Lyman Real Estate Orchestrates Sale of Three Development Sites in Connecticut

by David Cohen

MONTVILLE, CONN. — Lyman Real Estate has arranged the sale of three abutting parcels of land in Montville. The sales price was undisclosed. The largest parcel, .65 acres, is located at 2260 Route 32. It abuts a nearly half-acre parcel on 11 Gallivan Lane and an even smaller parcel behind it on Meadow Lane. Ron Lyman of Lyman Real Estate represented the seller, Steven Lombardi of Moosup, in the transaction. Joanna Konicki of William Pitt Sotheby’s International Realty represented the buyer, Yost Holdings LLC.

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Harmon-Ave-Koval-Lane-Las-Vegas-NV
AcquisitionsMixed-UseMultifamilyNevadaRetailWestern

Colliers Arranges $130M Sale of 60-Acre Parcel Near Las Vegas Strip for Mixed-Use Development

by Amy Works

LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a land parcel located on the corner of Harmon Avenue and Koval Lane in Las Vegas. Nevada Development Associates VI LP acquired the asset from an undisclosed seller for $130 million. Situated near the Las Vegas Strip, the 60-arce site includes the Harbor Island apartment complex, which is adjacent to the Hard Rock Hotel & Casino. The site is poised for a mix of high-density residential, retail and/or gambling/resort development. Mike Mixer of Colliers’ Las Vegas office represented the seller in the deal.

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Lakeside-Drive-Apts-Tempe-AZ
AcquisitionsArizonaMultifamilyWestern

Alliance, Cottonwood Residential Sell 150-Unit Apartment Community in Arizona for $44.5M

by Amy Works

TEMPE, ARIZ. — Broadstone Lakeside LLC, an entity formed by Phoenix-based Alliance Residential and Salt Lake City-based Cottonwood Residential, has completed the sale of Lakeside Drive, a multifamily property located at 500 W. First St. in Tempe. San Diego-based Lakeside Drive Apartments LLC acquired the asset for $44.5 million. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction. Situated in downtown Tempe, the new community features 150 apartments in a mix of studio, one-, two- and three-bedroom floor plans with an average size of 919 square feet. Each unit features gourmet kitchens with gas cooktops, Energy Star appliances, granite countertops, wood-style flooring, in-unit washers/dryers, walk-in closets and Nest thermostats, as well as 19-foot ceilings and wine refrigerators in select units. Community amenities include a clubroom with gourmet kitchen, two-story fitness center, swimming pool, spa, poolside cabanas, outdoor entertainment pavilion, rooftop lounge, outdoor fire pits, grilling areas, complimentary coffee bar, complimentary beach cruisers and garage parking.

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Blueprint-San-Diego-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Blueprint Negotiates Sale of 87-Unit Seniors Housing Community Near San Diego

by Amy Works

SAN DIEGO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 87-unit assisted living and memory care community in North County, just outside San Diego. A publicly traded REIT sold the community to a San Diego-based owner-operator with an existing California portfolio. The name of the community and price were not disclosed. The property was sold as a value-add proposition, as new competition in the area had lowered occupancy. The buyer intends to renovate the community and capitalize on operational synergies within its larger management platform. Ben Firestone, Michael Segal and Scott Frazier of Blueprint facilitated the transaction.

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AcquisitionsColoradoRetailWestern

Newmark Knight Frank Arranges $3.2M Acquisition of 3,358 SF Retail Asset in Colorado

by Amy Works

GRANBY, COLO. — Newmark Knight Frank has arranged the purchase of a retail property, located at 308 W. Agate Ave. in Granby. K & G Granby Properties acquired the 3,358-square-foot property from Kum & Go L.C. for $3.2 million.  Justin Kaufmann, Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the buyer, while CBRE/Hubbell Commercial represented the seller in the deal.

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Western-Arms-Los-Angeles-CA
AcquisitionsCaliforniaMultifamilyWestern

Private Buyer Acquires 76-Unit Multifamily Property in Los Angeles’ Koreatown for $12.6M

by Amy Works

LOS ANGELES — 1057 S Western LLC, a private buyer, has purchased Western Arms, an apartment property located at 1057 S. Western Ave. in the Koreatown neighborhood of Los Angeles. Prana Growth Fund 1, an entity of Prana Investments, sold the property for $12.6 million.  Cole Martens and Cory Stehr of Lee & Associates-LA North/Ventura represented the buyer and seller in the transaction. Originally built in 1926 as a hotel, Western Arms features 76 studio and one-bedroom units. The buyer plans to update the property with tech and service amenities.

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AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Brokers $6.9M Sale of University Gardens Apartment Building in Northridge, California

by Amy Works

NORTHRIDGE, CALIF. —  Marcus & Millichap has arranged the sale of University Gardens, a multifamily property located in Northridge. A foreign investor sold the property to an undisclosed buyer for $6.9 million.  University Gardens features 29 apartments. Paul Darrow, Gregory Harris, Kevin Green and Joe Grabiec of THG Multifamily in Marcus & Millichap’s South Bay office represented the seller in the deal.

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