SALIDA, COLO. — Prime Investment Properties has arranged the sale of Silver Ridge Lodge in Salida. An undisclosed California-based buyer acquired the motel for an undisclosed price. The recently renovated motel features 35 guest rooms, an owner’s quarters and a four-unit building dedicated to staff housing. Dan Emert of Prime Investment Properties and Hotel Brokers International represented the undisclosed seller and assisted the buyer in the transaction.
PHOENIX — Sword Industrial Partners has purchased Mountain Vista Commerce Center, a three-building industrial complex in Phoenix’s Southwest Valley. Sword Industrial Partners was formed by MAG Capital Partners and Scott Word to pursue multi-tenant infill industrial properties in the Western United States. Located at 14647 S. 50th St., the 135,000-square-foot Mountain Vista Commerce Center features 18-foot clear heights, 33 grade-level roll-up doors and flexible floor plates of varying bay depths. At the time of sale, the warehouse asset was fully leased to tenants in engineering, real estate and light manufacturing. Eric Wichterman, Chris Toci, Mike Coover, Will Strong, Phil Haenel, Foster Bundy, Molly Hunt, Jack Stamets and Madeline Warren of Cushman & Wakefield represented the seller, a Dallas-based private fund. Terms of the transaction were not released.
CHICAGO — Convexity Properties, the real estate development arm of DRW Holdings, has acquired a retail site in Chicago’s Gold Coast neighborhood for $39 million. Located at 1120 and 1130 N. State St., the two-story building was formerly occupied by Barnes & Noble and is currently home to Lou Malnati’s Pizzeria. Mid-America Real Estate Corp. represented Convexity in the acquisition and has been appointed to oversee all retail leasing efforts for the property. Convexity also owns the adjacent Viceroy Hotel at 1118 N. State St. While development plans for the newly acquired parcel have not yet been announced, the property is zoned for a 304-unit, 345-foot residential tower, which was approved by the city council in 2021.
CHICAGO — Interra Realty has arranged the $3.2 million sale of a 16-unit apartment building in Chicago’s West Ridge neighborhood. Constructed in 1931 and renovated in 2023, the property at 6254 N. Whipple St. features two-bedroom units. The building was fully occupied at the time of sale. Brad Feldman of Interra represented the buyer and seller, both of which were local private investors. Feldman also assisted the seller in the original $1.8 million acquisition of the asset in 2023. At that time, the property had not changed hands in more than 50 years and needed significant upgrades. The seller’s investment equated to a nearly $85,000 increase in price per unit and increased rents.
LOUISVILLE AND LEXINGTON, KY. — DMK Development Group has sold four senior living properties in Kentucky for a total $65.3 million. American Healthcare REIT was the buyer. Located in the Louisville and Lexington metros, the portfolio totals 316 units, with assisted living and memory care residences. Each of the properties was opened between 2020 and 2022. Trilogy Health Services managed the properties through lease-up and stabilization.
GARLAND, TEXAS — A partnership between two Arizona-based investment firms, Rise48 Equity and Elevest Capital, has purchased Shiloh Oaks, a 248-unit apartment complex in the northeastern Dallas suburb of Garland that was built in 1983. According to Apartments.com, the property offers one- and two-bedroom units and amenities such as a pool, playground, fitness center, business center, clubhouse, dog park and outdoor grilling and dining stations. Taylor Snoddy, Eric Stockley and Charles Hubbard of Northmarq represented the undisclosed, California-based seller in the transaction. The new ownership plans to implement a capital improvement program that will enhance unit interiors and common spaces, as well as to rebrand the property as Rise Apollo Heights.
HOUSTON — JLL has arranged the sale of a 240,166-square-foot office building in the Energy Corridor area of West Houston. Energy Crossing I is a three-story building that was constructed on a 5.3-acre site at 15021 Katy Freeway in 2010. Amenities include a fitness center and a café. Kevin McConn and Rick Goings of JLL represented the undisclosed seller in the transaction. The buyer was Austin-based Capital Commercial Investments Inc. The sales price was not disclosed.
STEPHENVILLE, TEXAS — Greysteel has brokered the sale of Riverwalk Townhomes, a 76-unit affordable housing complex in Stephenville, about 80 miles southwest of Fort Worth. Built on 14 acres in 2004, Riverwalk Townhomes offers two-, three- and four-bedroom residences, specific income restrictions of which were not disclosed. Amenities include a pool, playground, fitness room, computer lab and outdoor grilling and dining stations. The developer, Tejas Housing Group, sold the property to an undisclosed, Dallas-based investor.
STEAMBOAT SPRINGS, COLO. — Brinkman Real Estate has completed the disposition of Sundance Plaza, a multi-tenant mixed-use property in Steamboat Springs, to Denver-based private REIT. Located at 225 Anglers Drive, Sundance Plaza offers retail and office space. At the time of sale, the property was 98 percent occupied. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.
AMERICAN FORK, UTAH — Gelt Venture Partners (GVP) has acquired Alvera at the Meadows in American Fork, about midway between Provo and Salt Lake City. The seller and sales price were not disclosed. The 142-unit property was developed in 2021 on about 4 acres. It features a mix of one-, two- and three-bedroom floor plans, as well as amenities such as a pool and hot tub, fitness center, clubhouse, package lockers and a playground. GVP is planning property upgrades during its hold. Brock Zylstra and Daniel Shin of Institutional Property Advisors (IPA) represented both the buyer and the seller in the transaction. GVP also acquired The Commodore, a 92-unit property in National City, Calif., in early August.
