LAS VEGAS — Berkadia has arranged the sale of Prosper 89, a garden-style apartment community in Las Vegas. Nevada-based Turtle Bay 89 sold the asset to California-based Benedict Canyon Equities for $24.1 million, or $270,787 per unit. Located at 10750 El Camino Road, Prosper 89 features 89 units in a mix of one- and two-bedroom apartments with private garages. Community amenities include a pool, clubhouse, business center, fitness center and open grass areas. Jared Glover of Berkadia Las Vegas facilitated the transaction on behalf of the seller.
LONGMONT, COLO. — Capstone Apartment Partners has negotiated the sale of Eastglen Apartments, a 109,210-square-foot multifamily property in Longmont, approximately 35 miles north of Denver. Two Arrows Group acquired the asset for an undisclosed price. The seller was not disclosed. Located at 630 Lashley St., Eastglen Apartments features 102 units, with 20 percent designated as Low-Income Housing Tax Credit units. Sean Holamon, Adam Riddle and Jason Koch of Capstone Apartment Partners facilitated the transaction.
DOWNERS GROVE, ILL. — Inland Private Capital Corp. (IPC) has sold a 101,157-square-foot retail property occupied by Best Buy and Golf Galaxy in the southwest Chicago suburb of Downers Grove. IPC, through its subsidiary that serves as an asset manager, facilitated the sale of the property on behalf of Downers Grove Retail DST, one of IPC’s 1031 investment programs. The sale resulted in an equity multiple to investors of 1.75, according to IPC, which purchased the asset in 2013. Best Buy occupies 62,860 square feet, while Golf Galaxy leases 38,297 square feet. Chad Firsel and Daniel Waszak of Quantum Real Estate Advisors Inc. represented the seller. A Florida-based REIT purchased the asset for $14.6 million.
CAMAS, WASH. — Portland, Oregon-based WDC Properties has completed the disposition of Clara Flats, a mixed-use multifamily property in Camas, just across the Columbia River from Portland. An undisclosed, out-of-state buyer acquired the asset for $11.9 million. Located at 608 NE Birch St., the two-building Clara Flats features 30 apartments and two fully leased retail spaces. Completed in 2020, the property features mountain and river views. Jordan Carter, Clay Newton and Tyler Linn of Kidder Mathews represented the seller in the deal.
FREMONT, CALIF. — Marcus & Millichap has arranged the sale of two buildings with a combined size of 7,200 square feet in the Bay Area city of Fremont. A private investor sold the medical office assets to an undisclosed buyer for $3.7 million. Western Dental occupies the assets, located at 3055 Mowry Ave. and 38780 Paseo Padre Parkway, on a net-lease basis. Yuri Sergunin, J.J. Taughinbaugh and Eric Carrillo of Marcus & Millichap’s Palo Alto office represented the seller in the deal.
CONSHOHOCKEN, PA. — Morgan Properties, a development and investment firm based in metro Philadelphia, has acquired a portfolio of 11 multifamily properties totaling 3,434 units in Pennsylvania. Morgan purchased the properties from their original developer, DePaul Management Co. The price was not disclosed. Matt Stefanski and Zachary Pierce of Berkadia brokered the transaction. The portfolio consists of: The new ownership plans to invest more than $80 million in capital improvements to the portfolio. Renovations will feature upgrades to units’ kitchens and bathrooms, as well as the installation of in-unit washers and dryers. Morgan will update lighting, landscaping, roofing and parking areas at all properties and install high-efficiency heating systems. Amenity and common area enhancements will also be undertaken throughout the portfolio. These initiatives will include fitness center upgrades and expansions; construction of exterior dog parks and pet wash stations; and additions of new amenities like Amazon package hubs, playgrounds, pickleball courts and outdoor grilling and dining stations. “The DePaul acquisition directly supports our strategic goal of acquiring large multifamily portfolios with high barriers to entry where our market concentration will enable us to achieve operational efficiencies and capitalize on economies of scale,” says Jonathan Morgan, president of Morgan Properties. — …
WOODBRIDGE, N.J. — Colliers has brokered the $11.1 million sale of 900 on Nine, a 112,705-square-foot office building in the Northern New Jersey community of Woodbridge. The building was 54 percent leased at the time of sale to tenants such as NIP Group, Onyx Equities and Toshiba. Jacklene Chesler, Patrick Norris, Philippe Jomphe and Matthew Cohen of Colliers marketed the property in conjunction with auction platform Ten-X on behalf of the seller, TFE Properties. The buyer was not disclosed.
NAPLES, FLA. — Benderson Development has acquired Carillon Place, a 250,000-square-foot, open-air shopping center located at the intersection of Airport-Pulling and Pine Ridge roads in Naples. Tenants at the property, which was 92 percent leased at the time of sale, include T.J. Maxx, DSW and Walmart. The previous owner was an entity doing business as BRE DDR Carillon Place LLC, according to the Sarasota Herald-Tribune. The sales price was not disclosed.
DELRAY BEACH, FLA. — The Milestone Group has purchased Axis Delray Beach, a 488-unit, garden-style apartment community located at 1495 Spring Harbor Drive in Delray Beach, a city in South Florida’s Palm Beach County. The seller and sales price were not disclosed. Milestone plans to implement a multimillion-dollar renovation to the property’s common area amenities, landscaping and exteriors. The previous owner recently made capital improvements to Axis Delray Beach’s unit interiors.
WARRENVILLE, ILL. — SVN Chicago Commercial has brokered the $3 million sale of an 11,916-square-foot restaurant property in the Chicago suburb of Warrenville. The two-building asset is located at 28258 Diehl Road. Ronald Weissenhofer of SVN represented the buyer, the owner of Simply South Indian Cuisine. The transaction marks the first Midwest location for Simply South Indian Cuisine, which plans to expand across the country. The seller was undisclosed.