Acquisitions

Marlowe-Grapevine

GRAPEVINE, TEXAS — Chicago-based investment firm Equity Residential has purchased Marlowe Grapevine, a 324-unit apartment community located in the northern-central part of the Dallas-Fort Worth metroplex. The property was built on 15 acres in 2023. According to Apartments.com, Marlowe Grapevine features one-, two- and three-bedroom units that range in size from 705 to 1,693 square feet. Amenities include a pool, fitness center, clubhouse, lounge, spa and a pet play/washing area. Equity Residential purchased the property from a partnership between Greystar and Carlyle Group for an undisclosed price. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill and Shelby Clark of Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal.

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BOERNE, TEXAS — KW Commercial has arranged the sale of Legacy at Cibolo, a 238-unit apartment complex located in the northwestern San Antonio suburb of Boerne. Built in 2020, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, outdoor grilling and dining stations and access to walking trails. Greg Brownd of KW Commercial brokered the deal. The buyer and seller were not disclosed.

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CANTON, TEXAS — Marcus & Millichap has brokered the sale of Eason Storage, a 229-unit self-storage facility in Canton, about 60 miles east of Dallas. The facility, which was built on 4.7 acres in 2000 and expanded in 2017, consists of 39,265 net rentable square feet and comprises 20 climate-controlled units, 208 non-climate-controlled units and one rental house. Brandon Cunningham and Brandon Karr of Marcus & Millichap represented the seller in the transaction and procured the buyer, both of which requested anonymity.

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CHICAGO — Mid-America Real Estate Corp. has brokered the sale of a trophy retail property along Chicago’s Michigan Avenue for an undisclosed price. Located at 8 N. Michigan Ave., the property features a long-term lease with Starbucks and is located directly across the street from Millennium Park. Joe Girardi and Emily Gadomski of Mid-America represented the undisclosed seller. The buyer was a foreign high-net-worth family office.

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VERNON HILLS, ILL. — Bender Cos. and Eastham Capital have acquired Arrive Town Center in the Chicago suburb of Vernon Hills. Built in 2010, the property features 85 luxury apartment units, amenities and 10,000 square feet of ground-floor retail space. Floor plans average 1,200 square feet. Amenities include a lounge, fitness center, storage lockers and heated indoor parking garage. The property will undergo improvements and a rebranding, taking on the new name The Landing at Town Center. Kevin Girard, Zach Kaufman and Bill Baumann of JLL represented the buyer. The seller and sales price were undisclosed.

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CHICAGO — Kiser Group has arranged the sale of a multifamily property located at 7042 S. Michigan Ave. in Chicago’s Grand Crossing neighborhood for $1.8 million. All of the units have been renovated in the last 10 years, and the property was nearly fully occupied at the time of sale. Aaron Sklar and Noah Birk of Kiser represented the buyer and seller, both of which were long-term owners in the area. The sales price represented a cap rate of nearly 9 percent.

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Avalon-Darien

DARIEN, CONN. — Cushman & Wakefield has brokered the sale of Avalon Darien, a 189-unit apartment complex in southern coastal Connecticut. Avalon Darien offers a mix of recently renovated one-, two- and three-bedroom units and amenities such as a pool, fitness center, lounge and playground. Niko Nicolaou, Ryan Dowd, Matthew Torrance, Al Mirin and J.P. Hohl of Cushman & Wakefield, in coordination with Brian Whitmer of RePropCo., represented the seller, AvalonBay Communities, in the transaction. The team also procured the undisclosed buyer. The sales price was also not disclosed.

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PENNSAUKEN, N.J. —  Alternative investment management firm GID has acquired an 111,400-square-foot industrial building in the Southern New Jersey community of Pennsauken. The building at 8290 National Highway, which according to LoopNet Inc. was built on 4.4 acres in 1967, can accommodate one or two tenants and features a clear height of 20 feet, one drive-in door and 15 dock-high doors. The new ownership plans to implement a value-add program to the building, which is currently vacant. The seller and sales price were not disclosed.

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NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $2.5 million sale of an eight-unit apartment building located at 313 W. 92nd St. on Manhattan’s Upper West Side. Five of the eight units were vacant at the time of sale. Ben Khakshoor of Rosewood represented the buyer, Put Duc Huang, in the transaction. Mike Kerwin, also with Rosewood, represented the seller, the Goldberg Family, which owned the building for 85 years.

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Gateway-Logistics-Park-El-Paso

EL PASO, TEXAS — Dallas-based Provident Industrial has sold two buildings totaling 576,365 square feet in El Paso. The facilities were the first two of three to be developed within Gateway Logistics Park. Building I totals 308,270 square feet and features 32-foot clear heights, 69 dock doors and 93 trailer parking spaces. Building II spans 268,095 square feet and also features 32-foot clear heights in addition to 56 dock doors and 69 trailer parking spaces. Buildings I and II were delivered in November 2023 and April 2024, respectively, and construction of Building III will be completed later this month. The buyer was Philadelphia-based EQT Exeter.

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