WHEATON, ILL. — SVN Chicago Commercial has arranged the sale of a 35,400-square-foot office building located at 330 S. Naperville Road in downtown Wheaton for $1.9 million. The transaction closed at 97.5 percent of the asking price. The property features 23 executive suites, and was 72 percent occupied at the time of sale. Karen Kulczycki of SVN represented the seller. Buyer information was not provided.
BEE CAVE AND GEORGETOWN, TEXAS — Virginia-based multifamily REIT AvalonBay Communities (NYSE: AVB) has agreed to acquire Cielo and Retreat at Wolf Ranch, two apartment communities in the Austin area, for a combined purchase price of $187 million. The seller is BSR REIT, and the deal is expected to close in late March. Cielo is a 554-unit apartment community in Bee Cave, located west of the state capital, that was built in 2015. Retreat at Wolf Ranch, a 303-unit community located in the northern suburb of Georgetown, was acquired by Arkansas-based BSR in summer 2020 for $51.6 million.
HOUSTON — JLL has brokered the sale of 1255 Enclave, a 171,091-square-foot office building in the Energy Corridor area of West Houston. Completed on 6.7-acres in 1999, the six-story building is situated within a 120-acre, 3 million-square-foot development known as The Enclave and offers amenities such as a fitness center and outdoor dining and gathering spaces. The sale also included a 676-space parking garage. Kevin McConn and Marty Hogan of JLL represented the undisclosed seller in the transaction. The buyer, Harmony Public Schools, plans to house back-office functions within the building.
BURLESON, TEXAS — Elevate Commercial Investment Group has purchased Camden Crossings, a 144-unit apartment complex located south of Fort Worth in Burleson. Built in 2023, Camden Crossings offers studio, one- and two-bedroom units that are furnished with granite countertops, stainless steel appliances and private balconies. Amenities include a pool, pickleball court and a pet park. The seller, the original developer, requested anonymity. The sales price was approximately $23 million, based on a stated per-door price of $160,000.
MANASSAS, VA. — Penzance has acquired Gateway & Linden, a six-building industrial portfolio totaling 212,086 square feet in Manassas, for $55 million. The transaction includes two industrial flex parks, Gateway Centre and Linden Business Center, where Penzance plans to lease current and upcoming vacancies up to 33,000 square feet. Additionally, office suites will be converted for industrial use by raising dropped ceilings and adding dock doors. Built in 1988, Gateway Centre is located at 7201-7401 Gateway Court and totals 102,277 square feet. Linden Business Center, built in 2001, is situated at 7245-7795 Coppermine Drive and totals 109,809 square feet. JLL’s Metro D.C. industrial team will lead leasing efforts for the property and Penzance’s in-house property management team will oversee operations. Bill Putting, Craig Childs and Chris Dale of JLL’s Mid-Atlantic Capital Markets team served as the advisors for the transaction.
MODESTO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Summerview Apartments, a 136-unit multifamily community located at 3601 Prescott Road in Modesto. Summerview Apartments ABC LP acquired the asset from San Francisco-based Tesseract Capital Group for $37.6 million. Built in 1988, Summerview Apartments features 20 one- and two-story buildings offering one- and two-bedroom floor plans with full-sized washers/dryers. The previous owner renovated 120 of the 136 units. Renovated apartments include stainless steel appliances, Shaker cabinets, stone countertops, modern water fixtures, vinyl plank flooring, new baseboards, two-toned paint, LED-recessed lighting and modern ceiling fans. Community amenities include a resort-style pool and spa, fitness center, secure parcel lockers and a leasing office. Otto Ozen, Brian Nakamura and Nazli Santana of TMG represented the seller in the deal.
SAN DIEGO — Ambient Communities has purchased Consulate Hotel, a shuttered hotel located at 2901 Nimitz Blvd. in San Diego’s Point Loma neighborhood, from Noble Legacy LLC for $17.4 million. Al Apuzzo, Matt Weaver, Alex Bentley and Brianna Lehman of Lee & Associates represented the seller, while Rick Wu and Austin Dias of Duhs Commercial represented the buyer in the transaction. The buyer plans to convert the property, which includes a bar (ABC 47), restaurant and amenity space, into market-rate and student housing apartments. The 63,234-square-foot building, situated on 0.9 acres, was originally built in 1971. The transaction closed with entitlements in place for the proposed redevelopment.
NEW HAVEN, CONN. — A partnership between two investment firms, Philadelphia-based Scully Co. and Connecticut-based True North Management Group, has purchased The Whit, a 230-unit apartment complex located in New Haven’s Wooster Square neighborhood. Built in 2022, The Whit offers studio, one-, two- and three-bedroom units with an average size of 892 square feet. Residences are furnished with stainless steel appliances, quartz countertops, tile backsplashes and individual washer and dryers, and all non-studio apartments have walk-in closets. Amenities include a fitness center with a yoga studio; a landscaped courtyard with a pool and fire pits; a rooftop terrace with bar and lounge seating; a clubroom with a coffee bar; a social dining room with a catering kitchen; and a coworking space with access to individual offices. The Whit also houses three retail spaces, two of which are leased to food-and-beverage operators. Jeffrey Dunne, Simon Butler, Biria St. John, Eric Apfel and Travis Langer of CBRE represented the undisclosed seller in the transaction and procured the partnership as the buyer. Tom Traynor, Adam Spengler, Nick Harris and Jake Helmig, also with CBRE, arranged acquisition financing for the deal through an undisclosed lender.
SAN DIEGO — Pacific Coast Commercial has arranged the sale of a multi-tenant office property located at 9466 Black Mt. Road in San Diego’s Miramar neighborhood. Hindu Mandir Society of San Diego acquired the asset from 9466 BMR LLC for $6.6 million. The two-story, 31,575-square-foot building was constructed in 1977 as a racquetball facility and converted to a multi-tenant office property in 1983. Bo Gibbons, Brian Crepeau and Daniel Goodman of Pacific Coast Commercial represented the seller, while Paul Britvar of Lee & Associates represented the buyer in the deal.
TUCSON, ARIZ. — TMC Holdings Inc. has purchased 2.4 acres of land at Pavilions Lots 9 and 10 at 10330 E. Drexel Road in Tucson. Houghton Drexel LLC sold the assets for $3.4 million. Richard M. Kleiner and Alexis Corona of Cushman & Wakefield | PICOR represented the buyer, while Chad Kouts of Jump Ventures and Cameron Warren of Phoenix Commercial Advisors represented the seller in the deal.
