Acquisitions

Vista, Batson-Cook Sell 300-Unit Sweetwater Vista Apartments in Douglasville, Georgia

by John Nelson October 10, 2023

DOUGLASVILLE, GA. — Vista Residential Partners and Batson-Cook Development Co. have sold Sweetwater Vista Apartments, a 300-unit garden-style property located along Riverside Parkway in Douglasville, about 15 miles west of Atlanta. The buyer and sales price were not disclosed. Vista and Batson-Cook developed the property in 2021 using debt financing from Synovus Bank and joint venture equity. Situated near the 2,500-acre Sweetwater Creek State Park, Sweetwater Vista features a clubhouse, resort-style pool, dog park and open green spaces. The property features one-, two- and three-bedroom units ranging from 804 to 1,268 square feet, according to Apartments.com.

October 10, 2023

Acquisitions Georgia Office Southeast

Bull Realty Brokers $6.9M Sale of Office Building in Sandy Springs, Georgia

by John Nelson October 10, 2023

SANDY SPRINGS, GA. — Atlanta-based Bull Realty has brokered the $6.9 million sale of a 36,000-square-foot office building located at 5009 Roswell Road in Sandy Springs, a suburb of Atlanta. The seller was the property’s lender, an unnamed major bank. The buyer was also not disclosed. The property was 90 percent vacant at the time of sale. Michael Bull of Bull Realty represented the seller in the transaction.

October 10, 2023

Acquisitions New Jersey Northeast Office

Zimmel Associates Arranges $49.7M Sale of Office Complex in Edison, New Jersey

by Taylor Williams October 10, 2023

EDISON, N.J. — Locally based brokerage firm Zimmel Associates has arranged the $49.7 million sale of a 122,000-square-foot office complex located at 1090 King Georges Post Road in the Northern New Jersey community of Edison. The campus is known as The Business Center at Edison and consists of 12 one-story, standalone buildings. David Zimmel of Zimmel Associates represented the seller, New Jersey-based Denholtz Properties, in the transaction. The buyer, Federal Business Centers, plans to redevelop the property for industrial usage.

October 10, 2023

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 110-Unit Apartment Complex in Manchester, Connecticut

by Taylor Williams October 10, 2023

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Apex One91, a 110-unit apartment complex in Manchester, located just east of Hartford. Built in 1991, the seven-building complex offers studio, one- and two-bedroom units and amenities such as a pool, clubhouse, fitness center and laundry facilities. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller, Paredim Communities, in the transaction and procured the buyer, Cue Residential.

October 10, 2023

Acquisitions Arizona Multifamily Western

Brixton Capital Buys 300-Unit Alta Warehouse District Apartments in Phoenix

by Amy Works October 10, 2023

PHOENIX — Brixton Capital has acquired Alta Warehouse District, a Class A apartment property in downtown Phoenix’s Warehouse District. Atlanta-based Wood Partners sold the asset for $82 million. Built in 2023, Alta Warehouse District features 300 one-, two- and three-bedroom units spread across three four-story, elevator-served residential buildings. Onsite amenities include a ground-floor bodega, resort-style pool with designated grill areas, a fitness center, yoga studio, off-leash dog park, entertainment-style clubhouse and a speakeasy lounge with a music room. Additional amenities include a rooftop sky deck, complimentary cold-brew coffee, a cybercafé, conference space and private work-from-home offices. Brixton will rebrand the property, which is located at 402 W. Lincoln St., and complete minor capital improvements. Scottsdale-based Mark-Taylor Residential will manage the asset. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented Wood Partners in the transaction. Additionally, Mark McGovern, Scott Peterson, Colby Matzke and Brian Cruz of CBRE Capital Markets’ Debt and Structured Finance secured a $47.2 million, fixed-rate loan on behalf of Brixton Capital.

October 10, 2023

Acquisitions California Loans Multifamily Western

Dwight Mortgage Trust Provides $60M Loan for Multifamily Portfolio in California’s Central Valley

by Amy Works October 10, 2023

MODESTO AND STOCKTON, CALIF. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has closed two acquisition bridge loans totaling $60 million for a portfolio of four apartment complexes in Modesto and Stockton. Totaling 347 units spread across 57 buildings on more than 16 acres, the portfolio includes Robinhood Manor, Tully Manor, Standiford Court and Villa de la Paix. Common area amenities include a courtyard garden, outdoor lounge and pool. Proceeds from the bridge loans will provide acquisition funding for the borrower, Tesseract Capital Group, along with substantial capital expenditure funding for both interior and exterior improvements. Following the renovations, the communities will also feature fitness centers and additional lounge areas.

October 10, 2023

Acquisitions Office Oregon Retail Western

Genworth Divests of The Gregory Office, Retail Building in Portland

by Amy Works October 10, 2023

PORTLAND, ORE. — Genworth has completed the sale of The Gregory, an office and retail asset located at 425 NW 10th Ave. in Portland. Jewell Capital purchased the asset for $5.7 million, or $121 per square foot. Constructed in 2001, The Gregory is part of a larger mixed-use project, including 133 condominiums that were not included in the sale. The acquisition totals 50,000 square feet of improvements with three floors of office space over street-level retail space. At the time of sale, The Gregory was 55 percent occupied by local retailers and a mix of professional office users in a variety of suite sizes. Darren Tappen, Sean McCarthy and Brandon O’Leary of Kidder Mathews represented the seller in the transaction.

October 10, 2023

Acquisitions California Multifamily Western

Marcus & Millichap Brokers $12M Sale of Apartment Building in Los Angeles’ Silver Lake

by Amy Works October 10, 2023

LOS ANGELES — THG Multifamily, a Marcus & Millichap brokerage team, has arranged the sale of 1185 Myra Avenue, an apartment building located in the Silver Lake neighborhood of Los Angeles. A private owner sold the asset to an undisclosed buyer for $12 million. The seller significantly renovated the 21-unit property, which was built in 1964. Kevin Green and Joseph Grabiec of THG Multifamily represented the seller and procured the buyer in the deal.

October 10, 2023

Acquisitions Multifamily Washington Western

Berkadia Negotiates $5.8M Sale of Multifamily Community in Kennewick, Washington

by Amy Works October 10, 2023

KENNEWICK, WASH. — Berkadia has brokered the sale of 720 Arthur, a garden-style apartment property in Kennewick. The community traded for $5.8 million, or $146,250 per unit. The names of the seller and buyer were not released. Built in 1976, the property features 40 three-bedroom apartments averaging 1,200 square feet. Steven Chattin, Mitchell Belcher, Jay Timpani, Chad Blenz, Brandon Lawler and Beau Krueger of Berkadia Seattle represented the seller in the deal.

October 10, 2023

Acquisitions Georgia Multifamily Southeast

Capstone Brokers $26.1M Sale of Lancaster Ridge Apartments in Metro Atlanta

by John Nelson October 9, 2023

CANTON, GA. — Capstone Cos. has brokered the $26.1 million sale of Lancaster Ridge Apartments, a 145-unit multifamily community located in Canton, roughly 40 miles north of Atlanta. Built in 1994, the community features apartments in one-, two- and three-bedroom floorplans. Amenities include a clubhouse, playground, picnic area and swimming pool. Eric Liebich and Ron Corrao of Capstone represented the undisclosed seller in the transaction. Emma Capital acquired Lancaster Ridge, which was 96 percent occupied at the time of sale.

October 9, 2023

Newer Posts

Older Posts