SUMMIT, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $22.1 million sale of The Parc at Summit, a 57-unit multifamily property in Northern New Jersey. The five-building complex was constructed on a 3.3-acre site in 1950 and offers one- and two-bedroom apartments, as well as three-bedroom townhomes. Robert Holland and Jeff Squires of Kislak represented the seller, which recently invested $1.5 million in capital improvements to the property, in the transaction. Joni Sweetwood, also with Kislak, procured the buyer. Both parties requested anonymity.
LOS ANGELES — FAMH Group Ltd. has acquired The BW, a multifamily property located in the Brentwood neighborhood of Los Angeles, from California Landmark Group for $58.1 million, or $744,872 per unit. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Completed in 2013, The BW features 78 studio, one-, two- and three-bedroom units with stainless steel appliances, washers/dryers, deep soaking tubs, walk-in closets and floor-to-ceiling double-pane windows. The property also offers 2,300 square feet of ground-floor retail space, a rooftop lounge with Jacuzzi, a fitness center, business center, electric vehicle charging stations and onsite garage parking.
MESA, ARIZ. — ATLAS Capital Partners, along with development partner Hawkins Development Co., has acquired 38 acres in Mesa for $13.8 million. The partnership plans to develop ATLAS Exchange, a four-building Class A industrial project, on the site at 4140 S. Signal Butte Road. ATLAS Exchange’s buildings will range from 40,000 square feet to 100,000 square feet. Design plans include an amenity-rich environment with shaded ramadas and pickleball courts. Construction is slated to begin in third-quarter 2025. Early lease negotiations are underway at ATLAS Exchange. Pat Harlan and Steve Larsen of JLL are handling leasing for the project. The JLL team also represented ATLAS and the seller, Brookfield Properties, in the sale transaction.
ALBUQUERQUE, N.M. — Marcus & Millichap has arranged the sale of Sleep Inn Albuquerque Airport, a hotel at 2300 International Ave. in Albuquerque. The 101-room hotel was built in 1996. The fully stabilized turn-key hotel has no Property Improvement Plan (PIP) required and double-digit year-round market RevPAR growth. John Casler and Josh Tammen of Marcus & Millichap represented the seller, while Tammen also represented the buyer in the transaction. Terms of the transaction were not released.
LA MIRADA, CALIF. — Marina Del Rey, Calif.-based LaTerra Development has completed the disposition of The Charlie La Mirada, an apartment building in La Mirada. Dunbar Real Estate Investment Management acquired the asset for $11.1 million. Developed by LaTerra Development in 2021, The Charlie La Mirada offers 28 apartments. LaTerra built the asset, which is located at 1628 La Mirada Blvd., as part of its Charlie Collection. Joe Leon and Nick Ingle of Voit Real Estate Services represented the seller, while Dean Zander of Newmark represented the buyer in the deal.
OMAHA, NEB. — A joint venture between Eastham Capital and Bender Cos. has acquired The Colonial, a 258-unit apartment community in Omaha. Eastham obtained a majority ownership in the deal through its current fund, Eastham Capital Fund VI LP. Bender, which has co-invested and partnered with Eastham on multiple projects, will oversee the day-to-day management. Parker Stewart and Alex Malzone of Northmarq brokered the sale. The Colonial is currently 95 percent occupied with average rents of just over $961 per month. the acquisition includes a renovation budget of $1.9 million, which will include interior unit renovations and exterior upgrades such as roof replacements, balcony repairs and parking lot enhancements. Built in 1967, the property features floor plans averaging 902 square feet. Amenities include an outdoor pool, community room, laundry facilities and storage lockers.
CLINTON TOWNSHIP, MICH. — Bernard Financial Group (BFG) has arranged a $3.6 million loan for the acquisition of an 80,160-square-foot industrial property in Clinton Township, a northern suburb of Detroit. Joshua Bernard of BFG arranged the loan on behalf of the borrower, BKG Dominion Capital Blvd LLC. A life insurance company provided the loan.
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Morgan Properties Acquires 11-Property Midwest Multifamily Portfolio for $501M
CONSHOHOCKEN, PA. — Morgan Properties has acquired a portfolio of 3,054 apartment units across 11 communities in eight states. Chicago-based Trilogy Real Estate Group was the seller in the deal, which was valued at $501 million. The communities — which are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee — were built between 1989 and 2018. Adam Doneger and Josh King of Newmark brokered the sale of 10 of the communities in the portfolio, while Walker & Dunlop brokered the sale of one property. Morgan Properties states that the firm plans to implement a value-add strategy to increase the marketability and comfort of the properties. Interior upgrades will include the installation of new flooring, appliances, cabinets and countertops, as well as smart home features. The new owner will also expand and refresh the onsite amenities. The acquisition expands Morgan Properties’ apartment holdings to more than 100,000 units across the nation. The Conshohocken-based development and investment firm now owns and operates roughly 360 communities in 22 states. “As we continue to strategically expand our national portfolio, we remain selective and opportunistic in this environment,” said Jonathan Morgan and Jason Morgan, co-presidents of Morgan Properties. “Morgan Properties has a proven …
DALLAS — A partnership between two locally based investment firms, Discover Multifamily and Rainier Cos., has acquired 1001 Ross, a 204-unit apartment building in the historic West End area of downtown Dallas. The mid-rise property, which was built in 2004 and includes 30,506 square feet of retail space, offers one- two- and three-bedroom units. Amenities include a pool, fitness center, outdoor grilling and dining stations, coffee bar, resident lounge and a coworking space. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program and rebrand the property as The Griffin.
ATLANTA — HOA Restaurant Group, parent company of restaurant chain Hooters, has filed for Chapter 11 bankruptcy protection, entering into a Restructuring Support Agreement (RSA) that will facilitate the continued operation of the company’s restaurants under new ownership. Hooters restaurants will continue to operate as usual throughout the bankruptcy process. A partnership between two existing Hooters franchisees, Hooters Inc. and Hoot Owl Restaurants, reached an agreement with Hooters of America (HOA) to acquire more than 100 HOA-owned Hooters restaurants, which, when added with the franchisees’ existing holdings, will account for approximately 70 percent of Hooters’ domestic locations. Upon completion of the Chapter 11 process, all Hooters locations will be franchisee-owned. Hooters Brand Management (HBM) will provide most of the franchise support for the company, including oversight of the national ad fund, the central purchasing organization and franchise development and support. North Point Mergers & Acquisitions represented the buying group, Hooters Inc. and Hoot Owl Restaurants, while Morrison & Foerster LLP is serving as their legal counsel.