FRIENDSWOOD, TEXAS — Partners Real Estate has brokered the sale of five industrial buildings totaling approximately 75,000 square feet in Friendswood, a southeastern suburb of Houston. The buildings are located within the 120,000-square-foot Rex Road Industrial Business Park. Michael Keegan and Andrew Laycock of Partners represented the seller, Rex Industrial Partners, in the transaction. The buyer and sales price were not disclosed. Partners was also involved in recently negotiating leases at two of the property’s eight buildings.
CORSICANA, TEXAS — Houston-based brokerage firm NewQuest has arranged the sale of Southland Center, a 28,322-square-foot retail center located south of Dallas in Corsicana. The center was developed in the mid-1980s and was fully leased at the time of sale to tenants such as Scrappin Goodtimes and Anytime Fitness. Dakota Workman of NewQuest represented the sellers, private investors Robert Gegenheimer and Joanna Hunt, in the transaction. Daniel Wenz Jr. of Wenz Investment Group represented the buyer, Dallas-based Audax Enterprises.
EASTON, MASS. — CBRE has negotiated the sale of a 99-unit apartment building in Easton, located roughly midway between Boston and Providence. Zen Easton is a three-story building that was completed in 2003 and offers studio, one- and two-bedroom units with an average size of 798 square feet. Amenities include a resident lounge, dining hall and catering kitchen, cyber lounge, fitness center, library and two theater rooms. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of San Francisco-based FPA Multifamily, in the transaction. CBRE also procured the buyer, an unnamed institutional investor.
NORTH LAS VEGAS, NEV., AND TEMPE, ARIZ. — In two separate transactions, a real estate fund managed by Kennedy Wilson has purchased Tides on Commerce in North Las Vegas and Finisterra in Tempe for a total of $166 million, excluding closing costs. The fund invested a total of $61 million of equity in these transactions. The names of the sellers were not released. Tides on Commerce offers 336 apartments and Finisterra features 356 units. The low-density, garden-style properties offer a diverse mix of unit sizes and a variety of amenities. Kennedy Wilson has approximately 14 percent interest in a commingled fund that acquired the two properties and serves as asset manager. The two acquisitions contribute to Kennedy Wilson’s growing multifamily portfolio with ownership interest in nearly 40,000 units.
LOS ANGELES — CGI+, a Los Angeles-based multifamily investment firm, has completed the disposition of a shovel-ready, 4.9-acre development site in Torrance to JPI for $40 million. The property is entitled for a six-story, 525-unit residential building, with 34 units reserved for residents earning less than 30 percent of the area median income. Designed by AC Martin, the planned development will offer floor plans ranging from studio to three-bedroom apartments. Residences will be connected by a series of walking paths leading to four distinct and separate micro-environments offering amenities including outdoor workspaces, barbecue and dining areas, a spa, children’s playground, pet park and fire pits. A 28,000-square-foot aerial central park on top of the project’s eight-story garage will offer 360-degree views from the Pacific Ocean to downtown Los Angeles. The rooftop park will feature a resort-style pool, coffee shop, clubhouse, indoor/outdoor gym, pickleball court and outdoor lounge spaces. Chris Gomez-Ortigoza and Tim Barden of Land Advisors Organization marketed the fully entitled development site on behalf of CGI+.
PARKER, COLO. — On behalf of the company’s Bell Value Add Fund VIII, Bell Partners has acquired Montane Apartments, a 400-unit multifamily property in Parker, for an undisclosed price. The community will be renamed Bell Parker Ranch. Completed in 2018, the garden-style community features studio, one-, two- and three-bedroom floor plans, a lazy river, an oversized clubhouse and well-programmed green spaces. Jordan Robbins of JLL Capital Markets brokered the deal. With this acquisition, Bell Partners now owns or manages a portfolio of approximately 7,400 apartments in 21 communities across the Denver region.
DOUGLAS, WYO. — Senior Living Investment Brokerage (SLIB) has brokered the sale of Douglas Care Center and Mountain Lodge, a senior living and skilled nursing facility located in Douglas. The facility totals 74 units with 96 beds across two adjacent properties, with assisted living, memory care and skilled nursing offerings. Originally built in 1968, Douglas Care Center was renovated in 2010. Mountain Lodge was developed in 2018. Vince Viverito and Jason Punzel of SLIB arranged the transaction.
NORMAL, ILL. — JLL Capital Markets has arranged the sale of The Flats at ISU, a 447-bed student housing community serving students at Illinois State University in Normal. Completed between 2011 and 2014, The Flats at ISU features 155 units in studio through four-bedroom layouts. Amenities include a fitness center, study spaces, tenant lounges and outdoor grilling areas. At 99 percent occupied for the 2024-2025 academic year, the property benefits from Illinois State University’s record enrollment of 21,546 students, including its largest freshman class in 37 years, according to JLL. Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, a joint venture between Campus Advantage and Heitman. Jackson Dearborn Partners was the buyer.
LINCOLN, NEB. — Spartan Investment Group, a Colorado-based real estate investment firm specializing in the self-storage industry, has acquired two self-storage facilities in Lincoln totaling 78,402 net rentable square feet and 665 units. The acquisitions mark the first Nebraska properties in the firm’s portfolio. The properties include a 386-unit facility at 1909 N. 1st St. and a 279-unit asset at 700 N. Cotner Blvd. The facilities were built in 2001 and 2012, respectively. Spartan will invest $250,000 in upgrades and expand amenities at both locations to improve curb appeal and modernize security.
CHICAGO — Breneman Capital has acquired a 48-unit apartment building to be rebranded as The Aura in Chicago’s Lakeview neighborhood. The purchase price was undisclosed. Base3 Development sold the property, which is located at 3821 N. Ashland Ave. Built in 2023 by Base3, the asset features a mix of one-, two- and three-bedroom floor plans.