HOUSTON — California-based investment firm Sunstone Two Tree has acquired Villas Del Paseo, a 384-unit apartment community in Houston’s Westchase neighborhood, for $28.9 million. Built in 1978, the market-rate property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground, business center, package services and outdoor grilling and dining stations. Mark Saunders of Newmark represented the seller, Comunidad Partners, in the transaction. The new ownership plans to invest about $10.5 million in capital improvements. Unit interiors will receive new flooring, counters, lighting, appliances and cabinetry. Building exteriors will be upgraded with new paint, roofing, lighting, landscaping and signage. Sunstone will also repair balconies and parking lots, update the clubhouse and pool and add dog parks.
RICHARDSON, TEXAS — A joint venture between two locally based firms, 2GR Equity and SHOP Development, has acquired the 177,000-square-foot Promenade North Shopping Center in the northeastern Dallas suburb of Richardson. The center was roughly 70 percent leased at the time of sale to tenants such as Verizon Wireless, Papa Murphy’s and WingStop. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program that will include landscape and parking lot improvements, along with new paint, LED lighting and signage upgrades.
SAN MARCOS, TEXAS — Partners Capital, the investment platform of Partners Real Estate, has purchased a 107-room Hilton Garden Inn hotel in San Marcos, located roughly midway between Austin and San Antonio. The hotel offers traditional guestrooms and suites and amenities such as a fitness center, business center, pool, meeting and event space and an onsite restaurant and bar. The seller and sales price were not disclosed.
CHICAGO — The Parking Spot (TPS), an owner and operator of near-airport parking properties, has acquired Park ’N Fly (PNF), a near-airport parking owner and operator with 13 owned, leased and managed facilities. Financial terms of the sale were not disclosed. The transaction will enable TPS to expand its footprint, broaden its third-party management offering and augment its proprietary revenue-management technology with PNF’s near-airport parking search aggregator. With this addition, TPS now operates 47 facilities containing more than 100,000 parking spaces at 28 airports. TPS is owned by investment funds sponsored by Chicago-based Green Courte Partners LLC.
DES MOINES, IOWA — Eastham Capital and ARTISAN Capital Group (ACG) have purchased Wakonda Village in Des Moines for $26.9 million. At 382 units, the multifamily property is the largest in metro Des Moines, according to the buyers. South Florida-based Eastham invested in the deal through its current fund, Eastham Capital Fund VI LP. ACG co-invested with Eastham and will oversee day-to-day management of the asset. Wakonda Village is 96 percent occupied, and rents average $813 per month. The previous owners upgraded the interiors of 201 units and added amenities. ACG plans to improve the unrenovated units and implement a utility billback program. Constructed in phases between 1951 and 1977, Wakonda Village is located at 1800 Watrous Ave. and consists of one- and two-bedroom units ranging from 530 to 660 square feet.
BOSTON — Ironside Realty has acquired a 3,300-square-foot single-tenant retail property located at 177 State St. in downtown Boston. The building is located within the 1 McKinley Square mixed-use development and is net leased to 7-Eleven. An undisclosed, third-party broker represented the seller, which also requested anonymity, in the transaction. Ironside Realty was self-represented.
YUMA, ARIZ. — Disney Investment Group (DIG) has arranged the sale of a portion of Yuma Palms Regional Center, a more than 1 million-square-foot power and lifestyle shopping development in Yuma. Bridge33 Capital acquired the asset for an undisclosed price. Totaling 398,602 square feet, the acquired portion includes 49 existing tenants, including Best Buy, Ross Dress for Less, Marshalls, PetSmart, Michael’s, Five Below, Old Navy, Ulta Beauty and Harkins Theatre. Shadow anchors include Target, Sam’s Club, Dillard’s, JCPenney and 10 freestanding restaurants. David Disney and Adam Crockett of DIG represented the undisclosed seller and procured the buyer in the deal.
SAN BERNARDINO AND RIALTO, CALIF. — Stockbridge and Dedeaux Properties have completed the disposition of a three-property industrial outdoor storage portfolio in California’s Inland Empire. Terms of the transaction, including the name of the buyer and acquisition price, were not released. Totaling 1 million square feet on 23.2 acres, the three buildings are located at 446 S. Yucca Ave. in Rialto and 1066 N. Tippecanoe Ave. and 1938 W. 5th St. in San Bernardino. Mark Detmer, Evan Moran, Chad Solomon, Patrick Wood and Louis Tomaselli of JLL Capital Markets arranged the transaction. Brian Halpern and Jason Rosin, also of JLL, assisted with the procurement of the financing.
PHOENIX — Maricopa County has purchased Elevate at Dunlap, a four-story office building in Phoenix. D23 LLC, an Arizona limited liability company, sold the property for $11.3 million. Situated on more than six acres at 2233 W. Dunlap Ave., the 93,661-square-foot property was vacant at the time of sale. Built in 1988 and recently renovated, the property features a two-story parking garage. Michael Kitlica, Jerry Roberts and Pat Boyle of Cushman & Wakefield Phoenix represented the seller, while Keith Lammersen of JLL represented the buyer in the deal.
SANTA TERESA, N.M. — Hunt Southwest Real Estate Development has purchased an industrial building located at 465 Industrial Ave. in Santa Teresa, near both the Texas and Mexico borders. MCS Realty Partners sold the asset for an undisclosed price. Built in 2015, the vacant 215,256-square-foot building offers of 32-foot clear heights; existing office space; an air-conditioned space for quality control lab, production or assembly; an ESFR sprinkler system; and a secure, fenced-in truck court with trailer staging area. Additionally, there’s land adjacent to the building that can accommodate a 45,000-square-foot building expansion, additional parking or outside storage. Adin Brown of Sonny Brown Associates brought the acquisition opportunity to Hunt Southwest and will represent the company in the lease-up of the facility.