Acquisitions

Jackson Square Properties Sells Waters Edge Multifamily Property in Kent, Washington for $80M

by Amy Works October 6, 2023

KENT, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Waters Edge, an apartment community in Kent. Jackson Square Properties sold the asset to FPA Multifamily for $80 million, or $263,125 per unit. Giovanni Napoli, Philip Assouad, Nicholas Ruggerio, Ryan Harmon and Anthony Palladino of IPA represented the seller and procured the buyer in the deal. Completed in 1987, Waters Edge features 304 apartments in a mix of one-, two- and three-bedroom apartments, averaging 879 square feet, with oversized laundry rooms and wood-burning fireplaces with brick mantels. Community amenities include a private lake with walking trail, central clubhouse, leasing office, lounge, fitness center, outdoor pool, walking trails and children’s playground.

October 6, 2023

Acquisitions California Retail Western

Newmark Brokers Sale of 110,511 SF Pacific Pearl Shopping Center in Pleasanton, California

by Amy Works October 6, 2023

PLEASANTON, CALIF. — Newmark has arranged the sale of Pacific Pearl, an ethnic grocery-anchored retail center in Pleasanton. Terms of the transaction were not released. Nicholas Bicardo, Bill Bauman, Kyle Miller and Cheyne Bloch of Newmark facilitated the transaction. Developed in 2018, Pacific Pearl features 110,511 square feet of retail space. 99 Ranch Market, a Chinese and Pan-Asian supermarket, anchors the asset. Other tenants include 85 Degrees Bakery, Mochinut, Kura Sushi and Bonchon Chicken. Tourmaline Capital acquired the property and retained Vestar as manager.

October 6, 2023

Acquisitions California Multifamily Western

TMG Negotiates Sale of 100-Unit Rosemont Terrace Apartments in Sacramento

by Amy Works October 6, 2023

SACRAMENTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Rosemont Terrace, a garden-style apartment property in Sacramento. A Southern California-based private investment group sold the community to an undisclosed buyer for $17.9 million. Located at 3690 S. Port Drive, Rosemont Terrace features 100 apartments in a mix of one-, two- and three-bedroom layouts spread across 15 two-story residential buildings. Community amenities include a swimming pool, laundry facilities, an outdoor picnic area and carport parking. The property was built in 1970. Otto Ozen of TMG represented the seller in the deal.

October 6, 2023

Acquisitions Massachusetts Multifamily Northeast Top Stories

CBRE Arranges $182 Million Sale of Multifamily Complex in Cambridge, Massachusetts

by Jeff Shaw October 6, 2023

CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a reception area; clubroom with a projector screen and shuffleboard court; co-working lounge; private meeting spaces; and fitness center. According to the property website, Hanover North Cambridge offers studio, one-, two- and three-bedroom floor plans. Rental rates range from $2,976 per month for a studio to $6,284 per month for a three-bedroom apartment. The property is LEED Gold-certified. The community is located adjacent to the MBTA Alewife Station, giving residents train access to the greater Cambridge and Boston areas. Cambridge is home to more than 32 million square feet of office space, as well as Harvard University and the Massachusetts Institute of Technology (MIT). A CBRE Capital Markets team consisting of Simon …

October 6, 2023

Acquisitions Office Texas

JLL Negotiates Sale of 226,586 SF Office Building in Houston’s Energy Corridor

by Taylor Williams October 5, 2023

HOUSTON — JLL has negotiated the sale of Memorial Pointe, a 226,586-square-foot office building in Houston’s Energy Corridor area. The 11-story building sits on 2.5 acres and has received multiple capital improvements since 2017, including a renovated lobby, and was 25 percent leased at the time of sale. Rick Goings, Tom Hall and Chad Coluccio of JLL represented the undisclosed seller in the transaction. The buyer was Interra Capital, a Houston-based private equity and financial advisory firm.

October 5, 2023

Acquisitions Office Texas

Cravey Real Estate Arranges Sale-Leaseback of 9,500 SF Office Building in Corpus Christi

by Taylor Williams October 5, 2023

CORPUS CHRISTI, TEXAS — Locally based brokerage firm Cravey Real Estate Services has arranged the sale of a 9,500-square-foot office building located at 1434 S. Port Ave. in Corpus Christi. Lynann Pinkham of Cravey Real Estate represented the seller and occupant, Plains Capital Bank, in the transaction. Jesus Barba Jr. represented the buyer, Texas RioGrande Legal Aid Inc. Plains Capital Bank will continue to lease back the space for the next 18 months while going through the site selection process for a future hub.

October 5, 2023

Acquisitions California Multifamily Western

MIG Real Estate Buys 456-Unit Waterleaf Apartment Complex in Vista, California for $174M

by Amy Works October 5, 2023

VISTA, CALIF. — MIG Real Estate has acquired Waterleaf, a multifamily community in Vista, from an undisclosed seller for $174 million. Located at 333 N. Emerald Drive, Waterleaf features 456 one- and two-bedroom floor plans with eight-foot ceilings, full-size washers/dryers, air conditioning and balconies or patios. Built in 1985, the property offers easy access to Camp Pendleton, Oceanside Business Park, Vista Industrial Park and McClellan Palomar Airport. The buyer plans to modernize the interiors, paint the exterior and enhance the common areas of the property. Walker & Dunlop represented MIG and the seller in the deal.

October 5, 2023

Acquisitions Industrial New Jersey Northeast

LXP Industrial Trust Sells 127,144 SF Flight Training Facility in Whippany, New Jersey

by Taylor Williams October 5, 2023

WHIPPANY, N.J. — An affiliate of New York City-based REIT LXP Industrial Trust (NYSE: LXP) has sold a 127,144-square-foot industrial property in the Northern New Jersey community of Whippany that houses a flight training facility. The facility was originally built on 16.8 acres in 2006, expanded in 2008 and renovated in 2020. Building features include a clear height of 38 feet, seven drive-in doors and 312 parking spaces. Jose Cruz, Jeremy Neuer, Marc Duval, Jordan Avanzato, Nicolas Stefans, Jason Lundy and Peter Kim of JLL represented LXP Industrial Trust in the transaction. The buyer and sales price were not disclosed.

October 5, 2023

Acquisitions Colorado Multifamily Western

Palisade Partners Sells B Street LoHi Apartments in Denver for $29M

by Amy Works October 5, 2023

DENVER — Palisade Partners has completed the disposition of B Street LoHi, a multifamily property located in the Lower Highlands (LoHi) neighborhood of Denver. The Paskin Group acquired the asset for $29 million, or $397,260 per unit. Located at 1736 Boulder St., B Street LoHi features 73 apartments in a mix of one- and two-bedroom floor plans. Dave Martin, Rich Ritter and Brian Mooney of Northmarq’s Denver investment sales team represented the seller in the deal.

October 5, 2023

Acquisitions Arizona Multifamily Western

CBRE Arranges $16.2M Sale of Landmark on 67th Multifamily Property in Peoria, Arizona

by Amy Works October 5, 2023

PEORIA, ARIZ. — CBRE has brokered the sale of Landmark on 67th, a Class A apartment community in Peoria. LM67 LLC acquired the asset from RET3 LLC for $16.23 million, or $289,857 per unit. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller and buyer in the transaction. Located at 9160 N. 67th Ave., Landmark on 67th features 56 two-bedroom/two-bath apartments, each averaging 1,100 square feet. Units offer stainless steel appliances, white shaker-style cabinetry, quartz countertops and subway tile backsplashes. Situated on 4.1 acres, the residential units are spread across seven two-story buildings. Community amenities include a leasing office, swimming pool and spa, cabana-style seating, fitness center, covered playground and dog park.

October 5, 2023

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