HOUSTON — Dallas-based investment firm Knightvest Capital has sold Lakeside, a 296-unit apartment community in southwest Houston. Built in 2001, Lakeside offers one-, two- and three-bedroom units with an average size of approximately 1,000 square feet. Newly added or upgraded amenities at Lakeside include a clubhouse, pool, fitness center and a dog park. David Mitchell of Newmark represented Knightvest in the transaction. Colin Cross, also with Newmark, arranged financing on behalf of the buyer, Pegasus Real Estate.
Acquisitions
BRYAN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Clearleaf Crossing, a 76-unit complex located in the Central Texas city of Bryan. Built in 1983, the property exclusively offers three-bedroom units with an average size of 1,400 square feet. Yonnic Land of TMG represented the seller in the transaction. Dylan Tomor, also with TMG, represented the buyer, which plans to implement capital improvements. Both parties requested anonymity.
BLOOMFIELD, N.J. — Local brokerage firm The Kislak Co. Inc. has negotiated the $11 million sale of Franklin Towers, a 63-unit apartment complex located in the Northern New Jersey community of Bloomfield. The six-story historic building was originally constructed in 1928 and offers 56 one-bedroom units, five two-bedroom apartments and two three-bedroom residences. Robert Holland and Tom Scatuorchio of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.
WASHINGTON, N.J. — Marcus & Millichap has brokered the $7.3 million sale of the Apple Montessori School in Washington, about 60 miles west of New York City. The newly constructed, 10,000-square-foot school features an outdoor pool, approximately 5,000 square feet of dedicated playground space and a covered drop-off area. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
Mesa West Capital Originates $30M Acquisition Loan for Industrial Property in Newark, California
by Amy Works
NEWARK, CALIF. — Mesa West Capital has provided a joint venture between Palisade Group and Pearlmark with $30 million in first mortgage debt for the acquisition, renovation and lease-up of 7411 Central Avenue, an industrial building in Newark. Built in 1998, the 143,000-square-foot property was fully vacant at the time of financing and acquisition. The property features a clear height of 24 feet, 33 dock-high doors, 12 grade-level doors and 310 parking stalls. David Pelaia and Josh Blank of JLL’s West Los Angeles office arranged the financing.
CARLSBAD, CALIF. — RF Partners LLC has completed the disposition of a flex office and industrial property, located at 5935 Darwin Court in Carlsbad, to a private local owner-user investor for $14.2 million. Situated within the Carlsbad Research center, the two-story, 54,351-square-foot creative flex office building was built in 1991 and renovated in 2005 and 2024. Matt Pourcho, Dennis Visser, Matty Sunberg, Anthony DeLorenzo and Don Trapani of CBRE represented the seller in the transaction.
Mark IV Capital Sells Paradiso Medical Office Building in Scottsdale, Arizona for $13.3M
by Amy Works
SCOTTSDALE, ARIZ. — Mark IV Capital Properties has completed the sale of Paradiso, a two-story, multi-tenant medical office building in Scottsdale. Albany Road Real Estate Partners acquired the property for $13.3 million. The 59,445-square-foot asset features a large central courtyard with decorative fountains and seating areas, private entrances and balconies, covered breezeways, patios off several ground-floor suites and full-length storefront windows. The property is located at 11000 N. Scottsdale Road. Eric Wichterman, Alexandra Loye, Chris Toci and Mike Coover of Cushman & Wakefield represented the seller in the transaction.
Hanley Investment Group Brokers $3.9M Sale of Multi-Tenant Retail Building in Lancaster, California
by Amy Works
LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of a multi-tenant retail property located adjacent to Smart & Final Extra! at Antelope Valley Plaza in Lancaster. PacWest Management sold the property to an Orange County, Calif.-based private investor for $3.9 million. Ayda Kach and Sean Cox of Hanley Investment Group represented the seller, while Samer Khalil of Newmark represented the buyer in the deal. Located at 2062-2072 W. Ave. J, the 8,119-square-foot property is fully leased to a variety of tenants, including Pho Shop, Sub-Machine, Boba Tea, Salvadorian Restaurant, La Ramadita and The Best Ceviche. Antelope Valley Plaza offers 127,000 square feet of retail space.
Cushman & Wakefield Commercial Advisors Negotiates Sale of 169,272 SF Industrial Facility in Memphis
by John Nelson
MEMPHIS, TENN. — Cushman & Wakefield Commercial Advisors has negotiated the sale of a 169,272-square-foot industrial facility located at 4481 Distriplex Cove in Memphis. Olymbec USA LLC, a division of Montreal-based industrial owner Olymbec, purchased the property from tire manufacturer and distributor China Manufacturers Alliance LLC (CMA LLC) for an undisclosed price. Landon Williams and Katie Hargett of Cushman & Wakefield Commercial Advisors represented the seller in the transaction, and Brian Califf of NAI Saig represented the buyer.
CHANHASSEN, MINN. — Colliers has arranged the sale of Venue Apartments, a 134-unit apartment complex in the Twin Cities suburb of Chanhassen. The property opened in 2019 and is anchored by an Aldi grocery store, which is separately owned and was not part of the transaction. Amenities include a rooftop deck, business center, fitness facility, clubroom, sports simulator, coffee bar, underground heated parking and automated package delivery. Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of Colliers represented the seller, Minnesota-based Roers Cos. Edina, Minn.-based Highland Management purchased the property through a 1031 exchange. The community was 95.5 percent leased at the time of sale.