HOUSTON — Dallas-based multifamily developer SWBC Real Estate LLC has acquired Cypress Lake Apartments, a 216-unit multifamily community in northwest Houston. Built in 1995, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling area and a private lake with an encompassing jogging trail. Cypress Lake Apartments, which SWBC acquired as a value-add investment, was 90 percent occupied at the time of sale.
DALLAS — NKF Capital Markets has arranged the sale of Northpoint III, a 34,794-square-foot medical office building in Dallas. The two-story property is fully leased to Texas Health Resources. Sean Fulp, Garth Hogan, Ryan Plummer and Mark Schuessler of NKF Capital Markets represented the seller, a California-based private investor. The buyer, Rich Uncles NNN REIT, was self-represented.
FORT LAUDERDALE, FLA. — A joint venture has acquired 1 East Broward, a 351,705-square-foot office tower in Fort Lauderdale, for $108.5 million. The joint venture, titled 1 East Broward Owner LLC, comprises affiliates of NAI/Merin Hunter Codman and PCCP LLC. The property is located on the northeast corner of Broward Boulevard and Andrews Avenue across from the new Brightline Rail Station in the heart of downtown Fort Lauderdale. The asset consists of a 19-story building and a five-story building connected by a covered sky bridge to a four-story parking structure, which provides 772 covered parking spaces to office tenants. The building recently underwent an extensive renovation — with over $4.9 million invested since the beginning of 2013 — and serves as the new U.S. headquarters for KEMET Corp., a publicly traded global supplier of electronic components. Additional tenants include Becker & Poliakoff; Quintairos, Prieto, Wood & Boyer PA; McGlinchey Stafford; and Hinshaw & Culbertson LLP. NAI/Merin Hunter Codman will take over property management and leasing at 1 East Broward. “With its strategic location adjacent to the Brightline Rail Station, the Federal Courthouse and within walking distance of both Las Olas Boulevard and all of the exciting new residential and cultural …
REVERE, MASS. — CBRE/New England has brokered the sale of Ocean 650, a 230-unit multifamily community in Revere. The sales price was undisclosed. Opened in 2017, the community consists of a seven-story building with amenity space and a parking garage on the first two stories. Amenities include two elevated courtyards, a resort-style pool deck, fire pit lounge area and roof deck. CBRE represented the seller, a fund advised by Boston-based TA Realty, in the transaction. The buyer was a fund advised by Greystar.
CHELSEA, MASS. — Property management firm John M. Corcoran & Co. has acquired Chelsea Place, an apartment community located four miles northeast of Boston in Chelsea. Built in 2013, the community is currently 98 percent occupied and offers units that average 909 square feet each. Amenities include a resident lounge, coffee bar, fitness center, garage parking, stainless steel appliances, walk-in closets and en-suite laundry. Adam Dunn and Chris Phaneuf of HFF represented the seller, Federal Realty Investment Trust, in the transaction.
IRVINGTON, N.J. — Marcus & Millichap has arranged the $3.9 million sale of an 8,000-square-foot retail asset net-leased to AutoZone. The property is located at 1128 Springfield Ave. in Irvington, a western suburb of Newark. Alan Cafiero, Ben Sgambati, David Cafiero and Michael DeVita of Marcus & Millichap represented the seller, a developer, in the transaction. The group also procured the buyer, a private investor. Both parties requested anonymity.
WEST DES MOINES, IOWA — Mandel Group Inc. has acquired Springs at Jordan Creek in West Des Moines for an undisclosed price. The 160-unit apartment community is situated on 12 acres at 8655 Bridgewood Blvd. Amenities include a pool, fitness center, clubhouse, business center and coffee bar. The garden-style property was 96 percent occupied at the time of sale. David Gaines, Sean Fogarty and Jules Sherwood of HFF represented the seller, Continental Properties.
HOUSTON — A partnership between San Francisco-based FPA Multifamily LLC and Southern California-based Trinity Property Consultants has acquired a mixed-use development located at the intersection of Westheimer Road and Kirby Drive in Houston. The sale includes the 397-unit Gables West Ave. apartment community, which will be rebranded Arrive River Oaks, and the 193,895-square-foot West Avenue River Oaks shopping center, which will be rebranded Shops at Arrive. Retail users at the property include TOOTSIES, Milk & Honey and Eddie V’s Prime Seafood. The new ownership will upgrade the apartment community’s amenity spaces, including the dog park, fitness center and pool area.
SAN ANTONIO — California-based investment and development firm Arrimus Capital has acquired Prado, a 472-bed student housing property located adjacent to the University of Texas at San Antonio in the Alamo City. The 160-unit property features amenities such as a pool, clubhouse with media area, game room, kitchen and study areas, 24-hour fitness center and a business center with study rooms. The property also includes two onsite restaurants, a coffee house and a barbershop. The seller was Dallas-based Fountain Residential.
SAN ANTONIO — Greystone Brown Real Estate Advisors has arranged the $51.7 million sale of Avocet Apartments, a 336-unit apartment property in San Antonio. Built in 2017, the community includes amenities such as a pool, fitness center, clubhouse, business center, coffee bar, car care center and a dog park. Atlanta-based Benimax Investment Group Inc. purchased the property from Stone River. Taylor Brown, Steve Mack and Bo Brown of Greystone Brown represented both parties in the transaction.
