LUBBOCK, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of two apartment complexes totaling 280 units in Lubbock. Bentwood Apartments is a 216-unit complex that was built in 1983, and The Bend at Bentwood is a 64-unit complex that was completed in 2014. Both properties offer one- and two-bedroom units. The deal was executed via a 1031 exchange and assumption of an existing Fannie Mae loan. The buyer and seller were not disclosed.
HOUSTON — Florida-based real estate private equity firm Eastham Capital has sold Morgan Bay, a 268-unit apartment complex in North Houston. Morgan Bay offers one- and two-bedroom units that range in size from 561 to 1,042 square feet, as well as a pool. Eastham Capital acquired the property in 2019 via a joint venture with Mosaic Residential and implemented a value-add program. The buyer was not disclosed. Morgan Bay was approximately 95 percent occupied at the time of sale.
NEW YORK CITY — Local private equity firm The Carlyle Group, in partnership with operator Z+G Property Group, has purchased a 132-unit apartment building in Brooklyn for $105 million. The 13-story, newly constructed building is located at 130 Second St. in the borough’s Gowanus neighborhood and consists of 99 market-rate apartments and 33 affordable housing units. Amenities include a rooftop terrace with outdoor kitchens, a fitness center and coworking and media lounges, as well as 11,900 square feet of retail space. Ethan Stanton, Jeffrey Julien, Rob Hinckley, Steven Rutman, Brendan Maddigan and Mike Mazzara of JLL represented the seller, a joint venture between Joyland, Meral Property Group and The Loketch Group, in the transaction along with the buyer. Geoff Goldstein and Steven Klein, also with JLL, arranged an $80 million acquisition loan through Invesco Real Estate for the deal.
OAKBROOK TERRACE, ILL. — JLL Capital Markets has arranged the sale and financing of Mid America Plaza, a two-building office complex in the Chicago suburb of Oakbrook Terrace. JLL represented the seller, Equus Capital Partners Ltd., in the sale of the property to Tryperion Holdings. JLL also worked on behalf of the buyer to secure an acquisition loan through an insurance company. Mid America Plaza consists of two 10-story office towers totaling 413,267 square feet. The Class A property was recently renovated with a redesigned lobby, updated atrium spaces with three Wi-Fi lounges, a conference center, outdoor terraces and a new fitness center with a golf simulator. Building improvements included elevator modernizations, HVAC upgrades, LED lighting and electric charging stations in the covered garage. The property is 87 percent leased to tenants such as Graycor Services, BCS Financial, Crowe and International Contractors. The asset is situated on 5.3 acres across the street from Oakbrook Center shopping mall. Sam DiFrancesca, Jaime Fink, Bruce Miller and Misha Katashevich of JLL represented the seller. Lucas Borges, Matt Maksymec and Ryan Planek of JLL arranged the financing.
CHARLOTTE, N.C. — Locally based developer Crescent Communities has sold Elizabeth on Seventh, a 105,000-square-foot mixed-use building in Charlotte. Atlanta-based Invesco purchased the four-story, LEED-certified property for $58 million, according to the Charlotte Business Journal. Completed in 2022, Elizabeth on Seventh is located at the intersection of East Seventh Street and North Caswell Road and offers boutique office space and 22,000 square feet of ground-level retail space. The property’s office tenants include Abry Partners, Abundant Power, Adams Beverages, Becker Morgan Group, Bowman and Brooke, Brown Brothers Harriman and Influencable. Retail and restaurant tenants include Barre3, Catalina Kitchen + Bar, Rosemont Market & Wine Bar and The Yard Milkshake Bar.
WICHITA, KAN. — Marcus & Millichap has brokered the $18.7 million sale of a cardiology medical office building in Wichita. Located at 3535 N. Webb Road, the 40,912-square-foot property is home to Heartland Cardiology. Spencer Koch, Christopher Biuso, Rory Shelby, Scott Gould and Colby Haugness of Marcus & Millichap represented the seller and procured the buyer.
JUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Reatta Ranch, a 300-unit apartment community in Justin, located north of Fort Worth. Built on 17 acres in 2020, Reatta Ranch offers one-, two- and three-bedroom units with an average size of 1,025 square feet. Amenities include a pool, fitness facility, business center and a pet play area. Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello and Shelby Vosburg of IPA represented the seller, Boulder Peak Capital, in the transaction and procured the undisclosed buyer.
HOUSTON — Florida-based real estate private equity firm Eastham Capital has sold Kensington Crossings, a 254-unit apartment complex in northwest Houston. Kensington Crossings offers one-, two- and three-bedroom units that range in size from 759 to 1,317 square feet. Amenities include a pool, business center, pet park, game room and outdoor picnic areas. Eastham Capital acquired the property in 2018 via a joint venture with Mosaic Residential and implemented a value-add program. The buyer was not disclosed.
HOUSTON — Local brokerage firm Oxford Partners has arranged the sale of a 17,150-square-foot industrial building in northwest Houston. The building at 5250 Brittmoore Road includes office space. Ryan Hartsell and D.J. Hale of Oxford Partners represented the buyer, GYC Uniforms, in the transaction. Nick Peterson and Jordan Fox of NAI Robert Lynn represented the undisclosed seller.
MAUMELLE, ARK. — Cushman & Wakefield Commercial Advisors has negotiated the sale of two industrial warehouses located in the Little Rock suburb of Maumelle. The transaction included a 100,000-square-foot warehouse at 700 Burkhalter Commercial Drive and a 60,000-square-foot building at 400 Sharkey Drive. The two-building portfolio is currently 84 percent leased to tenants including United States Postal Service (USPS), Scholastic, Greentech Renewables and REM Plastic. Amazon was a tenant until its lease expired last month. Landon Williams and Katie Hargett of Cushman & Wakefield Commercial Advisors represented the seller, Burkhalter Property Group LLC, in the transaction. Box Acquisitions acquired the warehouses for an undisclosed price.