SALT LAKE CITY — VanTrust Real Estate has acquired the Salt Lake Lumber Building, located at 205 N. 400 West in downtown Salt Lake City. Terms of the transaction were not released. Originally built in 1909 as the Morrison-Merrill Lumber Co. office building, the three-story, 26,997-square-foot brick property features exposed heavy timber, brick and stone walls, maple flooring, a wood staircase, exposed wood ceilings and brick arches around the windows. VanTrust plans to convert the building into a contemporary office space and regional headquarters. Demolition and interior renovations are slated to start this summer, with delivery scheduled for early 2025.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the acquisition of an industrial property at 3120 E. Medina Road in Tucson. Block “C” Properties LLC purchased the asset from GLRT Partners LLC for $3.8 million. Horizon Spa & Pool Parts occupies the 24,920-square-foot space. Stephen Cohen of Cushman & Wakefield | PICOR represented the buyer, while Gary Emerson of GRE Partners represented the seller in the deal.
SAN DIEGO — Dan Feder of F&F Properties has completed the sale of North Park Creative Office in San Diego to Mike Weston with Weston Legal PLLC for $2.7 million. Located at 4060 30th St., the 3,818-square-foot property was fully renovated in 2019. Renovations included high-end finishes, secured access, exposed beams, HVAC, eight private offices, a kitchen, conference room, game room, outdoor turf patios and a barbecue/fire pit. Nick Totah and Ross Sanchez of The Totah Group of Marcus & Millichap’s San Diego downtown office represented the seller and procured the buyer in the transaction.
PLEASANT PRAIRIE, WIS. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Addison of Pleasant Prairie for an undisclosed price. The 100-unit assisted living and memory care community is located in Pleasant Prairie, a village along Lake Michigan and the Illinois border. The seller was an East Coast-based capital firm partnered with a national operator. The buyer was a regional owner-operator that intends to expand the campus with independent living units. Ryan Saul, Jeff Binder and Brad Clousing of SLIB brokered the transaction.
O’FALLON, ILL. — Marcus & Millichap has brokered the $3.1 million sale of a retail property net leased to Caliber Collision in O’Fallon, about 20 miles east of St. Louis. The building is located at 1274 Central Park Drive. Dominic Sulo and Andrew Antoniou of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
CAROL STREAM, ILL. — Brown Commercial Group has arranged the sale of a 42,525-square-foot industrial flex building in the Chicago suburb of Carol Stream for $3.1 million. The fully leased property is located at 135 E. St. Charles Road. Matt Hanson of Brown represented the buyer and seller, both of which were private investors.
CHICAGO — Interra Realty has negotiated the sales of two multifamily properties in Chicago’s Montclare neighborhood for a total of $2.7 million. A nine-unit building at 3145 N. Nordica Ave., constructed in 1965, sold for $1.4 million. A nine-unit property at 3037-39 N. Harlem Ave., built in 1974, sold for $1.3 million. The Nordica asset closed at full price and marked the highest price per unit for vintage apartment buildings in the Montclare neighborhood in the last nine years, according to CoStar. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the seller, a local partnership that had owned the properties for decades. The trio procured the buyer of the Harlem property, a local investor. Beco Kalamperovic of Dream Town Real Estate represented the undisclosed buyer of 3145 N. Nordica. The new owners plan to renovate units as tenants move out.
AcquisitionsAffordable HousingConference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive
Volatility Disrupts Investment Sales Activity in Affordable Housing Market, Says InterFace Panel
ATLANTA — The investment sales market for the affordable housing sector remains muted for one overarching reason: volatility. Cory Sams, executive managing director of GREA (Global Real Estate Advisors), said that a lack of certainty, especially in the capital markets, is giving buyers and sellers of affordable housing properties pause. “The worst thing for a deal is [interest rates] constantly moving around,” she said. “When they were running up and down, every deal fell apart.” Doug Childers, senior managing director of JLL, estimated that affordable housing transaction volume fell 40 percent in 2023 compared with the prior year. For context, multifamily investment sales overall declined by 61 percent year-over-year in 2023, according to MSCI Real Assets (formerly Real Capital Analytics). Childers and Sams made their comments during the investment sales panel of Interface Affordable Housing Southeast, an information and networking conference held at the Cobb Galleria Centre in Atlanta on Thursday, May 9. Interface Conference Group and Southeast Multifamily & Affordable Housing Business hosted the event, which drew approximately 170 industry professionals from across the region. Brian Flanagan, regional director of RBC Community Investments, moderated the investment sales panel. Fittingly, Flanagan kicked off the investment sales discussion by asking the …
ARLINGTON, VA. — Berkadia has secured a $40.6 million loan for the acquisition of Marlowe Apartments, a 162-unit multifamily community located in Arlington. Built in 1987, the property is situated directly across from the newly completed Amazon HQ2, Metropolitan Park. Brian Gould, Miles Drinkwalter and Pat Cunningham of Berkadia arranged the financing on behalf of the buyer, Washington, D.C.-based The FORTIS Cos. Additionally, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia represented the undisclosed seller in the sale to FORTIS.
HOMESTEAD, FLA. — The Estate Cos. (EIG) and Midtown Group have acquired a 20.8-acre development site located in Homestead, approximately 40 miles southwest of Miami, for $14 million. The companies received approval last September to develop Soleste Midtown, a mixed-use project, at the site. Upon completion, the development will comprise 354 residential units, as well as 43,000 square feet of commercial space. Residences will include apartments ranging from 676 to 1,131 square feet within six five-story buildings. Amenities will include a 7,000-square-foot clubhouse, swimming pool and playground. EIG will develop and own the residential portion, with Midtown Group developing and owning the commercial component of the property, which will feature six outparcels situated along a promenade.