Acquisitions

ORLANDO, FLA. — Foundry Commercial, a commercial real estate services firm, developer and investor based in Orlando, has acquired five seniors housing communities in Georgia and Florida. Totaling 320 units, the portfolio comprises two communities in Warner Robins and Boynton Ridge, Ga., and three communities in Jacksonville, Titusville and Plant City, Fla. Allegro Living Management, an affiliate of Foundry, will operate the portfolio under the Alto brand. Each community features 44 assisted living units and 20 memory care units and has an average vintage age below five years, according to Foundry. Blueprint Healthcare Real Estate Advisors represented the undisclosed seller, a regional development firm, in the transaction. The sales price was also not disclosed.

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DANVILLE, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of a 927,500-square-foot manufacturing facility located at 100 Morgan Olson Way in Danville, a city in south Virginia on the border of North Carolina. The property is situated within Cane Creek Park and offers ample space for manufacturing and/or distribution tenants. Ben Brenner and Jake Hermann of Cushman & Wakefield, along with Davis Stoneburner, Price Gutshall and Rett Turner of Cushman & Wakefield | Thalhimer, represented the seller, an unnamed private individual, in the transaction. The buyer and sales price were also not disclosed.

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WALLINGFORD, CONN. — Marcus & Millichap has negotiated the $9.2 million sale of a 116-room, Marriott-branded hotel in Wallingford, located north of New Haven. The four-story hotel at 100 Miles Drive was built in 1985 as a Susse Chalet hotel but has been operated under the Fairfield Inn & Suites brand since 2001. Jerry Swon, Andrew Kern and John Krueger of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Simon-Shaw

NEW YORK CITY — London-based real estate brokerage firm Savills has entered into an agreement to acquire global advisory firm and real estate investment bank firm Eastdil Secured for roughly $1.1 billion. The transaction is expected to close following the satisfaction of customary regulatory and closing conditions.  Under the terms of the agreement, Savills will purchase all of the equity of Eastdil, which has its U.S. headquarters in New York City. Originally founded in 1967 and acquired by Wells Fargo in 1999, Eastdil Realty merged with real estate investment banking firm Secured Capital Corp. in 2006, forming Eastdil Secured. In 2019, Temasek and Guggenheim Investments acquired Eastdil, with Wells Fargo retaining a minority ownership interest.  Eastdil Secured will continue to operate its existing business model within Savills Group, serving as the company’s global real estate investment bank and maintaining headquarters in New York City, Santa Monica, California, and London. In connection with the acquisition, Eastdil has announced changes to its executive leadership, effective immediately. Roy March, CEO, has been appointed executive chairman. D. Michael Van Konynenburg has been appointed CEO, and James McCaffrey will now serve as president. Van Konynenburg and McCaffrey will also join the Savills Group executive board.  …

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The-Junction-Cottages-&-Townhomes-College-Station

COLLEGE STATION, TEXAS — A partnership between Landmark Properties, a Georgia-based student housing owner-operator, and San Francisco-based investment firm Stockbridge has acquired an 801-bed property in College Station. The Junction Cottages & Townhomes was built on 22 acres in 2016 and offers 186 units across three- and five-bedroom standalone cottages, as well as three-, four- and five-bedroom duplex townhomes. The average unit size is 1,700 square feet. Amenities include a clubhouse with office space, pool with a swim-up bar, outdoor grilling and dining stations, social gaming lounge and a fitness center. CBRE brokered the deal. The seller and sales price were not disclosed.

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IMT-Prestonwood-Dallas

DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of IMT Prestonwood, a 438-unit apartment community in North Dallas. Built in 2018 just off the Dallas North Tollway, the property offers one- and two-bedroom units with an average size of 815 square feet. Amenities include two pools with cabanas, a clubhouse, sports lounge and outdoor entertainment spaces. Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill, Shelby Vosburg and Jack Windham of IPA represented the seller, IMT Capital, in the transaction. The team also procured the undisclosed buyer, which has rebranded the property as Windsor Addison Apartments.

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SAN ANTONIO — Nashville-based brokerage firm Matthews has arranged the sale of a 12,719-square-foot healthcare building in San Antonio. The single-tenant building at 855 Proton Road is located adjacent to Methodist Hospital Stone Oak on the city’s north side and is leased to Gastroenterology Consultants of San Antonio. Rahul Chhajed, Michael Moreno and Tyler Swade of Matthews represented the undisclosed seller in the transaction.

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WOODRFUFF, S.C. — CAPREIT has acquired Hart Townes, a 157-unit build-to-rent residential community located at 339 Hart Townes Way in Woodruff, about 21 miles southeast of Greenville, S.C. The seller and sales price were not disclosed. Construction began last year and is scheduled to wrap up before the end of the year. First move-ins to the community are currently underway. Homes at Hart Townes span in size from 1,570 to 1,693 square feet and include wood floors, stainless steel kitchen appliances, granite countertops, attached garages, 2.5 bedrooms and private patios. Common area amenities include a swimming pool and cabana, as well as onsite property management and maintenance.

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Hendrix-Hadley-Apts-Escondido-CA

ESCONDIDO, CALIF. — Eagle Partners has acquired an affordable housing preservation portfolio in Escondido for $162.5 million in an off-market transaction. Totaling 551 units, the portfolio includes The Hendrix Apartments and The Hadley Apartments. The adjacent communities offer one- and two-bedroom residences serving the senior demographic (55+) in North San Diego County. Eagle Partners will implement a long-term affordable preservation strategy while executing a targeted capital improvement program designed to enhance the resident experience. Community amenities include resort-style swimming pools, fitness centers, landscaped common areas, a fenced dog park and covered parking. The buyer partnered with Red Stone Equity Partners, JPMorgan Chase, The California Statewide Communities Development Authority and Affordable Housing Access to execute the transaction.

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Farmer-Industrial-Center-Tempe-AZ

TEMPE, ARIZ. — ViaWest Group and Walton Street Capital have completed the disposition of Farmer Industrial Center, a two-building industrial park in Tempe. Speed Bay acquired the asset, located at 9185 and 9245 S. Farmer Ave., for $24.5 million. Totaling 93,903 square feet, the property features a clear height of 20 feet, six dock-high and 13 grade-level doors, with additional capacity through two punch-outs, wet-pipe sprinkler systems and ample parking at 2.6 spaces per 1,000 square feet. At the time of sale, the property was 94.1 percent leased to seven tenants, including aerospace, third-party logistics, home improvement services and electrical testing industries. Ben Geelan, Greer Oliver, Bryce Beecher and Gigi Martin of JLL Capital Markets represented the seller in the deal.

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