Acquisitions

Parc-Roundtree-Ranch-Peoria-AZ

PEORIA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Parc Roundtree Ranch, a 275-unit multifamily property located between Loop 101 and U.S. Route 60/Grand Avenue in Peoria. Terms of the transaction were not released. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer, both of which requested anonymity, in the deal. Completed in 2021, Parc Roundtree Ranch features apartments with nine-foot ceilings, private patios or balconies with exterior storage, walk-in closets and full-size washers and dryers. Situated on 10 acres, the community includes a resort-style pool, spa, fitness center, pet spa and outdoor grilling areas.

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548-568-S-Coast-Hwy-101-Encinitas-CA

ENCINITAS, CALIF. — RPG has acquired a 4,939-square-foot multi-tenant retail property located in Encinitas, roughly 25 miles north of downtown San Diego. The building was fully leased at the time of sale to five tenants, including three retailers and two restaurants. The seller and terms of the transaction were not released.

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GREENFIELD, IND. — MDH Partners has acquired 70 Connect III, a 1 million-square-foot industrial building in Greenfield within metro Indianapolis. Developed by Lauth on a speculative basis, the property sits along West 350 North in the East industrial submarket. JLL represented the seller. MDH’s Houston Hawley led the acquisition for the firm. The cross-docked building features a clear height of 40 feet, 108 dock doors expandable to 216, four drive-in doors, an ESFR sprinkler system and 8-inch slabs. MDH will complete a capital improvement program that will double trailer parking from 115 spaces to roughly 230 positions, expand the speculative office and complete a full interior and exterior repaint along with other improvements, delivering a move-in-ready building for a large user. JLL’s Brian Buschuk and Brian Seitz will handle leasing for MDH.

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LANSING, ILL. — Interra Realty has arranged the $12.6 million sale of the Hickory Oaks apartment complex in Lansing, about 25 miles south of downtown Chicago. Interra’s Michael Duckler represented the buyer, SpringView Investments, and the undisclosed seller. The 138-unit property presents a value-add opportunity, with in-place rents approximately 25 percent below market. The asset features eight garden-style buildings across 3 acres. There are 84 two-bedroom units, 52 one-bedroom units and two studios. Duckler is now employed with Greenstone Partners.

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EAST DUNDEE AND MOKENA, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has purchased a three-building, 131,998-square-foot industrial portfolio in metro Chicago. The portfolio, which was fully leased at the time of sale, consists of single and multi-tenant properties that are home to five tenants. Two properties are in East Dundee: 160 Windsor Drive totals 40,764 square feet while 170 Prairie Lake Road totals 38,413 square feet. Both were constructed in 2001. In Mokena, 9645 Willow Lane is a single-tenant building totaling 52,821 square feet. It was built in 1979 and renovated in 2018. Joe Horrigan, Zach Graham and Ryan Bain of CBRE represented the seller. VK Industrial VII is co-sponsored by Venture One and Focus Partners Wealth.

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FINDLAY, OHIO — Bernard Financial Group (BFG) has secured a $5.6 million acquisition loan for a 112,396-square-foot industrial facility in Findlay, about 40 miles south of Toledo. Joshua Bernard of BFG arranged the permanent life insurance company loan. The borrower was BKG Dominion 1900 Industrial LLC.

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Flintridge-Arlington

ARLINGTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Flintridge, a 188-unit, garden-style apartment complex in Arlington. Built in 1979, Flintridge offers one- and two-bedroom units with an average size of 743 square feet and amenities such as a pool, clubhouse, business center and onsite laundry facilities. Michael Ware, Drew Kile, Joey Tumminello and William Hubbard of IPA represented the seller, an undisclosed lender, in the transaction and procured the buyer, Apogee Capital.

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GREAT BARRINGTON, MASS. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the sale of a 66-unit apartment building in Great Barrington, located in western Masschusetts. Beech Tree Apartments comprises eight buildings on a 4.5-acre site. Taylor Perun and Brad Balletto of NECPG, in conjunction with internal agents Daniel Scherban and Joseph Scherban, represented the seller, Rowin Capital, in the transaction and procured the buyer, The Alander Group.

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BROWNSBURG, IND. — Wafra Inc., a New York-based alternative investment firm, has acquired Brownsburg Logistics Park Portfolio, a collection of three industrial buildings totaling 899,080 square feet in Brownsburg. Funds advised by Wafra are acquiring the assets from a venture between Scannell Properties and Manulife Investment Management. Completed in 2022 and 2023, the buildings are home to seven tenants. The portfolio offers direct access to I-74 and is located about 12 miles from the Indianapolis International Airport.

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LAKE ELMO AND ARDEN HILLS, MINN. — JLL Capital Markets has arranged the sale of Boulder Ponds Senior Living and Round Lake Senior Living, two Class A communities totaling 216 units in the Twin Cities market. JLL represented the seller and developer, Trident Development, and procured the buyer, LTC Properties Inc. Lifespark will remain the operator of both properties, which feature independent living, assisted living and memory care services. Boulder Ponds Senior Living, completed in 2020, is a 95-unit community in Lake Elmo. Round Lake Senior Living, which opened in 2023, is a 121-unit community in Arden Hills.

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