LOUISVILLE, KY. — The Kirkland Co. has brokered the sale of The Flats at Hurstbourne, an 88-unit apartment community located at 3280 Silver Springs Drive in Louisville’s Jefferstown neighborhood. Brian Devlin, Brandon Wilson and John Seale of Kirkland Co. brokered the transaction between the buyer, an investor doing business as FHA202 LLC, and the seller, an entity doing business as Silver Springs Partners LLC. Built in 1992, The Flats at Hurstbourne features all two-bedroom apartments. According to Apartments.com, the community’s units range in size from 900 to 1,025 square feet and its amenities include a fitness center, pool, dog park and a picnic area.
Acquisitions
GRAND PRAIRIE, TEXAS — Cushman & Wakefield has brokered the sale of Forum at Grand Prairie, a 304-unit apartment community located roughly midway between Dallas and Fort Worth. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Asher Hall and Grant Raymond of Cushman & Wakefield represented an undisclosed seller in the transaction. Locally based investment firm ClearWorth Capital purchased the property for an undisclosed price.
LEANDER, TEXAS — AEW Capital Management has acquired Bar W Marketplace, a 189,507-square-foot shopping center in Leander, a northern suburb of Austin. Anchored by grocer H-E-B, the center was fully leased at the time of sale. Other tenants include Chase Bank, Wells Fargo, Whataburger, Chili’s, Torchy’s Tacos and 7Brew Coffee. Barry Brown, Chris Gerard and Erin Lazarus of JLL represented the seller, a partnership led by Barshop & Oles Co., in the transaction. The firm also arranged acquisition financing through Manulife Real Estate Finance.
SAN ANTONIO — Cove Capital Investments, a Delaware Statutory Trust (DST) company, has purchased a 68,400-square-foot industrial building in northwest San Antonio. The address was not disclosed, but the site is located one-third of a mile west of I-10 and less than two miles from the I-10/Loop 1604 intersection. The building was originally constructed in 2000 and carries a tenant roster with a weighted average lease term of 5.4 years. The seller and sales price were not disclosed.
RENTON, WASH. — SCS Development Co. has completed the sale of Copper Ridge Apartments, a multifamily asset in Renton, to Timberlane Partners for $70.7 million, or $217,538 per unit. Completed in 1983 and 1985, Copper Ridge offers 325 apartment units spread across two- and three-story residential buildings, as well as a clubhouse, heated swimming pool, three laundry facilities and a children’s playground. The community’s one-, two- and three-bedroom apartments average 788 square feet. The two- and three-bedroom units feature wood-burning fireplaces, and all units have private decks or balconies off the living rooms. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
DENVER — CBRE has arranged the sale of Denver Cascade, a manufacturing home community in Denver. Denver Cascade LLC sold the asset to an undisclosed buyer for $62 million. Situated on 48 acres at 9650 Federal Blvd., Denver Cascade offers 382 home sites. Norm Sangalang, Erik Edwards, Jon Shay, Jez Lawson and Myles McGinnis of CBRE’s Manufactured Housing & RV Resorts team represented the seller in the deal.
APACHE JUNCTION, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of Hampton Meridian, a build-to-rent (BTR) community in Apache Junction. The asset traded for $56.5 million. Completed in 2023 and situated on 16 acres, Hampton Meridian offers 195 detached and attached single-family homes, averaging 1,009 square feet, featuring HercuWall construction technology, low-energy double-paned windows, full-sized washers/dryers and private backyards. The controlled-access community features a resort-style swimming pool, spa, 24-hour fitness center, paved walking trails through desert-landscaped courtyards with a kitchen, barbecue grilling stations, fireside lounge and cabanas. Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal.
Stockdale Capital Partners Acquires 83,789 SF MarinHealth Medical Plaza in Novato, California
by Amy Works
NOVATO, CALIF. — Stockdale Capital Partners has acquired The MarinHealth Medical Plaza (MHMP), located at 75 Rowland Way in Novato, for $32.8 million. The name of the seller was not released. Built in 1997 and renovated in 2017, the 83,789-square-foot property is anchored by MarinHealth, which leases 72,888 square feet (90 percent) of the building. Adjacent to Sutter Health’s Novato Community Hospital, tenants of MHMP include clinical specialties, primary care, OBGYN, imaging, laboratory, family medicine, cardiovascular and dermatology. The purchase is Stockdale Capital Partners’ sixth acquisition of its recently formed, U.S.-focused, open-ended Healthcare Real Estate Investment Fund.
PETALUMA, CALIF. — Crow Holdings Capital has purchased Petaluma Town Plaza, a retail strip center located at 901 and 905 E. Washington St. in Petaluma, from a private entity for $7.3 million. Built in 1991, the 26,699-square-foot Petaluma Town Center was 64 percent occupied at the time of sale. Current tenants include FedEx, Sherwin-Williams, St. Joseph Health, Posh Nails and SalonCentric. Warren McClean and Eric Kathrein of JLL Capital Market’s Investment and Sales Advisory team represented the seller in the transaction.
WEST WINDSOR, N.J. — JLL has brokered the $33.4 million sale of Princeton Overlook, a 158,180-square-foot office building in West Windsor, a suburb of Trenton. The building was constructed in 1988 on a four-acre site that can support additional expansion. Jose Cruz, Jeremy Neuer and Bradley Wachenfeld of JLL represented the seller, an entity doing business as Cali Overlook LLC, in the transaction. The trio also procured the buyer, Princeton University, which is a current tenant at the building along with UBS Financial Services and Regus Coworking.