Acquisitions

NYLREI Divests of 186-Unit Multifamily Community in Renton, Washington for $53.2M

by Amy Works May 1, 2024

RENTON, WASH. — New York Life Real Estate Investors (NYLREI) has completed the sale of 2000 Lake Washington, an apartment property in Renton, to an undisclosed buyer for $53.2 million. Renton is located southeast of Seattle. Located at 1300 N. 20th St., 2000 Lake Washington offers 186 apartments in a mix of one- and two-bedroom floor plans, averaging 706 square feet, with in-unit washers/dryers and a balcony and/or patio. Community amenities include a fitness center, dog park, business center, clubhouse, outdoor pool, sauna and electric vehicle chargers. Built in 1986, the community was renovated in 2016. Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of CBRE’s multifamily team in the Pacific Northwest represented the seller. Peter Marino, Troy Tegeler, Trevor Breaux and Ryan Greer of CBRE Debt and Structured Financed is arranging acquisition financing for the buyer.

May 1, 2024

Acquisitions Loans Multifamily Utah Western

IPA Arranges Sale of, Financing for 240-Unit Crossroads Apartments in West Valley City, Utah

by Amy Works May 1, 2024

WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of and financing for Crossroads Apartments, a multifamily community in West Valley City, a suburb of Salt Lake City. Brock Zylstra and Danny Smith of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing for the buyer. Built in 1986 on more than 10 acres, Crossroads Apartments offers 240 apartments, a swimming pool, children’s playscape, basketball and tennis courts, a picnic area and clubhouse. The property offers a mix of one- and two-bedroom apartments with walk-in closets, storage rooms and a patio or balcony. The buyer, seller and acquisition price were not disclosed.

May 1, 2024

Acquisitions Affordable Housing California Development Multifamily Western

CBRE Brokers $1.2M Sale of 4G Lofts Multifamily Development Site in Santa Ana, California

by Amy Works May 1, 2024

SANTA ANA, CALIF. — CBRE has arranged the sale of a 0.29-acre, fully entitled multifamily development site at 1212 E. 4th St. in Santa Ana. A private seller sold the asset to an Orange County-based buyer for $1.2 million. Currently named 4G Lofts, the shovel-ready development is fully entitled for 15 studios, one- and two-bedroom apartments, with one unit designated as affordable for very-low-income residents. Additionally, the property will offer 17 parking spaces. The site is located in Orange County. Michelle Jefcoat and Dan Blackwell of CBRE represented the seller in the transaction.

May 1, 2024

Acquisitions Louisiana Multifamily Southeast

Marcus & Millichap Arranges $11.6M Sale of Multifamily Portfolio in Baton Rouge, Louisiana

by John Nelson April 30, 2024

BATON ROUGE, LA. — Marcus & Millichap has arranged the $11.6 million sale of a three-property multifamily portfolio in Baton Rouge. The 248-unit portfolio includes Howell Place located at 4150 72nd Ave., Pelican Bay at 2121 Lobdell Blvd. and Pirates Bend at 8165 Plank Road. John Hamilton, Chris Shaheen, Will Balthrope and Drew Garza of Marcus & Millichap represented the seller, an entity doing business as 2121 Lobdell LLC, and procured the buyer, Granite Pelican Bay LLC. Built in 2001 and 2002, the apartment communities are located just south of Baton Rouge Metropolitan Airport and four miles north of downtown. Each property consists of a mix of one-, two-, three- and four-bedroom floor plans.

April 30, 2024

Acquisitions Florida Retail Southeast

SRS Brokers $4.6M Sale of New Strip Retail Center in Clearwater, Florida

by John Nelson April 30, 2024

CLEARWATER, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a strip retail center located at 2420 Gulf to Bay Blvd. in Clearwater, a suburb of Tampa. Situated within a mile from Clearwater Mall, the 6,750-square-foot property is fully leased to three tenants on long-term leases: Jersey Mike’s Subs, My Eye Dr. and MD Now Urgent Care. An unnamed South Florida-based private investor purchased the property at a 6.2 percent cap rate. Patrick Nutt and William Wamble of SRS represented the seller, an unnamed developer based in Florida, in the transaction.

April 30, 2024

Acquisitions Office Texas

Hillwood Acquires 383,000 SF Office Park Near DFW Airport in Irving

by Taylor Williams April 30, 2024

IRVING, TEXAS — Hillwood has acquired Freeport Business Center, a three-building, 383,000-square-foot office park located near Dallas-Fort Worth International Airport in Irving. The property spans 34 acres, and the buildings were 70 percent leased at the time of sale to tenants such as Northrop Grumman Corp., Yardi Systems, SiriusXM and Boeing. The undisclosed seller also recently invested $6.5 million in capital improvements to Freeport Business Center, including lobby renovations, window upgrades, fresh landscaping and updated building operation systems.

April 30, 2024

Acquisitions Multifamily Texas

Rise48 Equity Buys 288-Unit Apartment Community in Haltom City, Plans $7M Renovation

by Taylor Williams April 30, 2024

HALTOM CITY, TEXAS — Locally based investment firm Rise48 Equity has purchased Mosaic Apartments, a 288-unit apartment community located north of Fort Worth in Haltom City. The property offers one- and two-bedroom units and amenities such as two pools, a fitness center and outside grilling and dining stations. The new ownership plans to invest about $7 million in capital improvements and rebrand the property as Rise Fossil Creek. The seller and sales price were not disclosed.

April 30, 2024

Acquisitions Industrial Texas

Realterm Acquires Industrial Outdoor Storage Site in El Paso

by Taylor Williams April 30, 2024

EL PASO, TEXAS — Annapolis, Md.-based investment firm Realterm has acquired an 8.5-acre industrial outdoor storage site in El Paso. The 22-door truck terminal is located at 150 Inglewood Drive on the city’s east side and consists of a 15,047-square-foot terminal building and a 4,036-square-foot maintenance shop. The property was fully leased at the time of sale to DC Logistics. The seller was not disclosed.

April 30, 2024

Acquisitions Midwest Multifamily Ohio Seniors Housing

Phorcys Capital Partners Acquires 160-Unit Assisted Living Community Near Cleveland for $13M

by Kristin Harlow April 30, 2024

WICKLIFFE, OHIO — Phorcys Capital Partners, the investment advisor to Phorcys Senior Housing Recovery Fund LP, has acquired Prosper at Wickliffe in Wickliffe, about 15 miles northeast of Cleveland. The assisted living facility features 160 units. Phorcys made the purchase through a trustee-directed short sale for $13 million. Prosper Life Care will take over management of the property.

April 30, 2024

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $4M Sale of Multifamily Property in Chicago’s West Town

by Kristin Harlow April 30, 2024

CHICAGO — Kiser Group has brokered the sale of a fully leased multifamily property in Chicago’s West Town neighborhood for nearly $4 million. The four-building asset was renovated in 2019. Noah Clark and Jack Petrando of Kiser Group brokered the sale. The locally based buyer is assuming the loan on the property.

April 30, 2024

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