LANCASTER, TEXAS — Trion Properties, a private equity real estate firm with offices in Miami and Los Angeles, has acquired Riverbend Apartments, a 471-unit multifamily complex located in the southern Dallas suburb of Lancaster. Riverbend Apartments features 181 one-bedroom units and 290 two-bedroom units and amenities such as three pools and multiple play areas for children. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
TEMPLE, TEXAS — Self-storage brokerage firm Versal has arranged the sale of a 257-unit facility in Temple, about 70 miles north of Austin. The facility spans 81,840 net rentable square feet and is located at the intersection of State Highway 36 and Moffat Road. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the buyer and seller, both of which requested anonymity, in the transaction. The sales price was also not disclosed.
MAMARONECK, N.Y. — CBRE has brokered the sale of Avalon Mamaroneck, a 229-unit multifamily community located about 25 miles north of Manhattan. Built in 1999 and renovated in 2018, Avalon Mamaroneck features one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling and dining areas and a resident lounge. Jeff Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer of CBRE represented the seller, AvalonBay Communities, in the transaction. The quartet also procured the buyer, a joint venture between Harbor Group International and Cantor Fitzgerald.
WILMINGTON, DEL. — New Jersey-based investment firm First National Realty Partners has acquired Christina Crossing, a 119,446-square-foot shopping center in Wilmington. A 70,000-square-foot ShopRite grocery store anchors the property, which was originally constructed in the late 2000s. Christopher Munley, Jim Galbally, Chris Angelone, Colin Behr, James Graf, Zach Nitsche, Patrick Higgins and Blaise Fletcher of JLL represented the seller, a partnership between DRA Advisors and KPR Centers, in the transaction. The sales price was not disclosed.
BELLEVUE, WASH. — First Citizens Bank has acquired an office building at 2606 116th Ave. NE in Bellevue, across Lake Washington from Seattle. Pacific Cataract and Laser Institute sold the asset for $18.5 million, or $558 per square foot. Pacific Cataract and Laser Institute will lease back approximately 15,552 square feet on the first floor of the 33,155-square-foot Class A building. Jeff Chaney of Kidder Mathews represented the seller, which acquired the asset in 2017 for $13.5 million.
SAN BERNARDINO, CALIF. — CBRE has brokered the sale of the San Bernardino Industrial Center, an incubator project in the Inland Empire region of California. A partnership between Birtcher Anderson & Davis and Belay Investment sold the asset to an undisclosed buyer for $9.2 million. Located at 360-458 E. Rialto Ave., the nine-building property features 52,642 square feet of industrial space with nine- to 12-foot clear heights and 56 ground-level loading doors. At the time of sale, the property was 97 percent occupied by 41 tenants. Sammy Cemo, Anthony DeLorenzo, Bryan Johnson, Nick Williams and Austin Reuland of CBRE’s Investment Properties, alongside CBRE’s Barbara Perrier and Eric Cox, represented the seller in the deal.
DENVER — NorthPeak Commercial Advisors has negotiated the sale of a multifamily property, located at 245 Bannock St. in Denver. The asset traded for $3.7 million, or $244,333 per unit. The 11,019-square-foot building feature 15 apartments. Joe Hornstein and Scott Fetter of NorthPeak represented the undisclosed seller, while Kevin Calame and Matt Lewallen of NorthPeak represented the undisclosed buyer in the transaction.
CARMEL, IND. — CBRE has arranged the sale of VER at Proscenium, a 196-unit apartment complex in the Indianapolis suburb of Carmel. The sales price was undisclosed. Located at 1225 Veterans Way and completed in 2021, the property features studio, one- and two-bedroom floor plans. Amenities include a pool, fitness center, pet spa, virtual sports simulator, coworking space and resident beer tab. The community’s retail space is home to Wahlburgers, 101 Beer Kitchen and Lux Lab Hair + Body. Steve LaMotte Jr., Dane Wilson and Ross Wettersten of CBRE represented the undisclosed seller. Sterling Group was the buyer.
EAST LANSING, MICH. — A joint venture between Centurion Property Group and IDE has acquired The Rocks, a 376-bed student housing community located near Michigan State University in East Lansing. The purchase price was undisclosed. Built in 2015, the property features one, two-, three- and four-bedroom layouts, all with 100 percent bed-to-bath parity. Amenities include a fitness area, game room and study lounge. The community is fully occupied. Aaron Moll of Berkadia originated a Freddie Mac loan for the acquisition that features a fixed interest rate and interest-only payments for the full term. Kevin Larimer and Brandon Buell of Berkadia represented the seller, Nuveen Real Estate.
WOODBURY, MINN. — Montecito Medical has acquired a 32,711-square-foot medical office building in the Twin Cities suburb of Woodbury for an undisclosed price. The property is home to Minnesota Women’s Care, which serves patients throughout the Twin Cities area and western Wisconsin. The group maintains four office locations across this area. The seller was undisclosed.