EPHRATA, PA. — New Jersey-based brokerage firm The Kislak Co. has arranged the $11.7 million sale of Stonecreek Court Apartments, a 60-unit multifamily property in Ephrata, located west of Philadelphia in Lancaster County. Built on 6.2 acres in 2008, the five-building property features a mix of one-, two- and three-bedroom units. Matt Wolf of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CHICAGO — SVN Chicago Commercial has brokered the $3.4 million sale of an 11-unit apartment building in Chicago’s Pilsen neighborhood. The property is located at 1800 S. Carpenter St. Paul Cawthon and Angelo Labriola of SVN represented the buyer and seller. The out-of-state buyer secured a Freddie Mac SBL loan.
AUBURN, ALA. — Muinzer, alongside capital partner T2 Capital Management, has acquired Evergreen Auburn, a 486-bed student housing community located near Auburn University in Alabama. The property was recently renovated and offers units in one-, two- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, swimming pool, computer lounge, clubhouse, dog park, hot tub, fire pit and a coffee bar. The student housing community is 88 percent preleased for the 2024-2025 academic year. Terms of the transaction and the seller were not disclosed.
WESTFORD, MASS. — Regional brokerage firm Adirondack Capital Partners has arranged the $102.5 million sale of Abbot Mill, a 234-unit multifamily property in Westford, a northwestern suburb of Boston. The property, which represents Phase I of a larger project, is a redevelopment of a historic mill that was originally constructed in 1875, according to Apartments.com. The website also reports that Abbot Mill offers one- and two-bedroom units and amenities such as a fitness center, business center, clubhouse and a lounge. New York-based investment firm Aker acquired the property from an undisclosed local developer. Michael Hunter Coghill and David Johnson of Adirondack brokered the deal.
HIGHLANDS RANCH, COLO. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Promenade at Highlands Ranch, a 136,521-square-foot community shopping center in Highlands Ranch, approximately 15 miles south of Denver. JCR Cos. acquired the asset from a California-based private seller for $26.6 million. Ryan Bowlby and Drew Isaac of IPA represented the seller and procured the buyer in the transaction.
CHANDLER, ARIZ. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of North Chandler Place, a 198-unit seniors housing property located in the Phoenix suburb of Chandler. Built in 1966 on 15.2 acres and expanded in 2002 and 2007, the property consists of 119 independent living units, 16 assisted living units, 28 memory care residences and 35 skilled nursing residences. The seller was a group of investors that will reinvest the proceeds in other core assets in the portfolios. The buyer is a national, publicly traded company that plans to implement capital improvements. Both parties requested anonymity. Jason Punzel, Nick Cacciabando, Ryan Saul and Brad Goodsell of SLIB handled the transaction.
AUBURN HILLS, MICH. — Dominion Real Estate Advisors has brokered the sale of a 121,263-square-foot industrial building located at 1700 Atlantic Blvd. in Auburn Hills for an undisclosed price. The property sits on roughly eight acres along I-75. The tenant is Grupo Antolin, a supplier of automotive interiors. Eric Banks, Andrew Boncore and Alex Tokarz of Dominion represented the seller, CORE BKG 1700 Atlantic LLC, a Burton-Katzman entity. Chris Dowell of Newmark represented the buyer, 1700 Atlantic Blvd. LLC. The property will become the new headquarters of Superior Electric Great Lakes Co., an electrical contracting company.
RANCHO MIRAGE, CALIF. — A partnership between DRA Advisors and Paragon Commercial Group has sold Rancho Las Palmas, a 162,380-square-foot shopping center in Rancho Mirage, about 120 miles east of Los Angeles. The center sits on 15 acres and was 96.5 percent leased at the time of sale to tenants such as CVS, Hobby Lobby, Starbucks, In-N-Out Burger and a soon-to-be-open Amazon Fresh grocery store. Bryan Ley, Gleb Lvovich, Geoff Tranchina, Tim Kuruzar and Tess Berghoff of JLL represented the partnership in the transaction. Albanese Cormier acquired the asset for an undisclosed price.
LOS ANGELES — Community Preservation Partners (CPP) has acquired Canoga Park Apartments, a 14-unit affordable housing complex in Los Angeles, for $6 million. Built in 1983, the three-story building features 12 two-bedroom units and two three-bedroom apartments that are reserved for households earning 60 percent or less of the area median income. CPP’s total development investment is approximately $11.3 million, which includes the purchase price and an estimated per-unit renovation cost of $142,000. Renovations will includes replacement of HVAC systems, water heaters, lighting, appliances, interior and exterior paint, countertops, cabinetry, flooring and seismic upgrades, along with ADA-compliance upgrades throughout the property. Renovations are slated for completion by December. Partners on the project include the California Tax Credit Allocation Committee, which issued 9 percent Federal Low-Income Housing Tax Credits and CA State Low-Income Housing Tax Credits. WNC & Associates will be providing the tax credits.
TAMPA, FLA. — Index Investment Group has sold The Pointe on Westshore, a 444-unit multifamily community in Tampa. An entity controlled by Tampa-based American Landmark Apartments acquired the property for an undisclosed price. Situated on 23 acres, the community comprises apartments in one-, two- and three-bedroom floorplans. Amenities at the property, which was completed in 2022, include a swimming pool, private cabana chairs, grilling stations, a pet spa, two rooftop decks, a fitness center, clubhouse with a business center, conference rooms and lounge areas. The Pointe on Westshore was 92 percent occupied at the time of sale. Casey Babb, Shawn Rupp, Luiz Baez, Bastian Schauer and Will Mathews of Colliers represented the seller in the transaction. American Landmark was self-represented.
