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Acquisitions

California-Villas-Concord-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Arranges $9.1M Sale of California Villas Multifamily Property in Concord, California

by Amy Works

CONCORD, CALIF. — CBRE has brokered the sale of California Villas, an apartment community in Concord. A private buyer acquired the asset from a local private investor for $9.1 million. Located at 1621 Detroit Ave., California Villas features 23 one-bedroom units and 12 two-bedroom units, all of which have air conditioning with private balconies or patios. Built in 1966, the 24,958-square-foot property is situated on 0.91 acres. Community amenities include a pool, coin-operated laundry facility and a gated access. Nearly 70 percent of the units received significant interior upgrades, including new cabinets, vinyl plank flooring, granite countertops and stainless steel appliances. Recent exterior improvements include repair/replacement of all balconies, rebuilt patios, new paint/light fixtures and a renovated parking area. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the seller in the transaction.

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AcquisitionsMultifamilyNevadaWestern

Northcap Commercial Brokers $1.8M Sale of Statz Street Apartments in North Las Vegas

by Amy Works

NORTH LAS VEGAS, NEV. — Northcap Commercial has brokered the $1.8 million sale of 2131 Statz Street Apartments, a multifamily asset located at 2131 Statz St. in North Las Vegas. The asset traded for $1.8 million, or $118,000 per unit. Built in 1963, the property features 15 units. Jerad Roberts, Robin Willett and Devin Lee of Northcap Commercial arranged the off-market transaction.

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AcquisitionsAffordable HousingMassachusettsMultifamilyNortheast

Marcus & Millichap Brokers $5.3M Sale of Boston Workforce Housing Building

by Taylor Williams

BOSTON — Marcus & Millichap has brokered the $5.3 million sale of a 20-unit workforce housing building in the Dorchester area of Boston. The four-story building at 820-828 Blue Hill Ave. offers one-, two- and three-bedroom units across 21,410 square feet of space. Information on specific income restrictions was not disclosed. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsMidwestMissouriOfficeRetail

AXSYS Capital Sells Office, Retail Property in Des Peres, Missouri, for $3.4M

by Kristin Harlow

DES PERES, MO. — AXSYS Capital has sold a 17,190-square-foot office and retail property in Des Peres, a western suburb of St. Louis, for $3.4 million. Built in 1986, the two-story building is located at 11780 Manchester Road. John Shuff of Pace Properties and Ted Green of Avison Young represented the buyer, CommunityAmerica Credit Union (CACU). Mark Dorsey of Avison Young, along with Luke Grant and Jason Riegelsberger of Skyline Missouri Realty, represented the seller, Des Peres Plaza Partners LLC on behalf of AXSYS Capital. The seller had purchased the asset in late 2016 for $2.1 million with a cap rate of approximately 8 percent financed by Carrollton Bank. CACU is evaluating plans to redevelop the property for a new CACU location, according to the seller.

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AcquisitionsMassachusettsMultifamilyNortheast

Empire Management Buys Industrial Flex Building in Metro Boston for $5.1M

by Taylor Williams

WESTFORD, MASS. — Locally based investment firm Empire Management has purchased a 28,000-square-foot industrial flex building in Acton, a northwestern suburb of Boston, for $5.1 million. The building at 364 Littleton Road, which according to LoopNet Inc. was constructed in 1998, was fully leased at the time of sale to tenants such as Alpha Graphics, National Roofing Co. and ADVG Digital. The seller was Ryan Development. Bernard Gibbons of ABG Commercial Realty brokered the deal.

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AcquisitionsConnecticutIndustrialNortheast

Choyce Peterson Negotiates Sale of 32,000 SF Industrial Building in Westport, Connecticut

by Taylor Williams

WESTPORT, CONN. — Locally based brokerage firm Choyce Peterson has negotiated the sale of a 32,000-square-foot industrial building in the southern coastal Connecticut city of Westport. According to LoopNet Inc., the building at 315 Post Road W rises three stories and was constructed in 1978. Scott Peterson and Charlene O’Connell represented the seller, a local family partnership, in the transaction. The buyer was an affiliate of Stamford-based investment firm American Bailey Corp.

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Hyatt-Regency-San-Antonio-Riverwalk
AcquisitionsHospitalityTexasTop Stories

Sunstone Hotel Investors Agrees to Acquire Hyatt Regency San Antonio Riverwalk for $230M

by Katie Sloan

SAN ANTONIO — Sunstone Hotel Investors Inc. (NYSE: SHO) has agreed to acquire the 630-room Hyatt Regency San Antonio Riverwalk in San Antonio. An affiliate of Hyatt Hotels Corp. is selling the asset for $230 million.  The hotel is located centrally on San Antonio’s River Walk, a 15-mile pedestrian street that runs alongside the San Antonio River and is lined by restaurants, shops, museums and theaters. The site is adjacent to the $500 million Alamo Visitor Center and Museum development, which is currently under construction. The hotel recently underwent $37 million in guest room renovations and offers amenities including a fitness center, swimming pool, spa and a 40,000-square-foot event space. The property is also home to a number of onsite restaurants, bars and shops.   The acquisition includes nearly two acres of riverfront land and a 516-space parking garage. The buyer expects to complete the transaction in late April. Sunstone is funding the transaction through cash on hand, using a portion of the proceeds from the company’s $370 million disposition of the Boston Park Plaza hotel last October.  Hyatt will continue to manage the hotel under its Hyatt Regency banner and will pay approximately $8 million in advance to secure …

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AcquisitionsFloridaGeorgiaRetailSoutheast

Jamestown Acquires Two Shopping Centers in Metro Atlanta, South Florida

by John Nelson

SANDY SPRINGS, GA. AND TAMARAC, FLA. — Atlanta-based Jamestown has purchased two grocery-anchored shopping centers in metro Atlanta and South Florida totaling approximately 284,000 square feet. The acquired properties include Fountain Oaks, a 160,000-square-foot, Kroger-anchored center in Sandy Springs, and Tamarac Town Square, a 124,000-square-foot, Publix-anchored center in Tamarac. The properties were 92 percent and 84 percent leased at the time of sale, respectively. JLL represented Edens in the sale of Fountain Oaks and Regency Centers in the sale of Tamarac Town Square. The sales prices were not disclosed. The acquisitions expand Jamestown’s grocery-anchored shopping center portfolio to nine properties totaling approximately 1.4 million square feet, all of which are in Georgia and Florida. The company plans to introduce property-wide Wi-Fi, electric vehicle charging stations, murals and outdoor open space at both centers. Jamestown has owned and operated more than 4.6 million square feet of grocery-anchored shopping centers in over 15 markets since 1990.

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AcquisitionsArkansasMultifamilySoutheastStudent Housing

Hillcrest Acquisitions Purchases Student Housing Community Near Arkansas State University for Multifamily Conversion

by John Nelson

JONESBORO, ARK. — Hillcrest Acquisitions has acquired Wolf Creek, a 192-unit student housing community located at 500 N. Caraway Road near the Arkansas State University campus in Jonesboro. The seller and sales price were not disclosed. The community is set to undergo $4.4 million in renovations and will be converted into conventional multifamily. Marc Tropp of Eastern Union secured $12.1 million in acquisition financing through Bay Vanguard on behalf of Hillcrest. The five-year loan features interest-only payments for 24 months during renovations and lease-up. Once the property is stabilized, the mortgage will convert to principal and interest payments based on an amortization period of 25 years. The transaction carries a 65 percent loan-to-cost ratio. Built in 2008, Wolf Creek offers two- and three-bedroom units on a 13-acre parcel.

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AcquisitionsGeorgiaMultifamilySoutheast

RangeWater, Nippon Steel Kowa Buy Apartment Community in Suwanee, Georgia

by John Nelson

SUWANEE, GA. — RangeWater Real Estate and Nippon Steel Kowa Real Estate have purchased Provenza at Old Peachtree, a garden-style apartment community located at 1460 Distribution Drive in Suwanee. Situated northeast of Atlanta in Gwinnett County, the property will be rebranded as Echo Ridge Suwanee. Amenities include a pool with poolside grilling stations, outdoor patio with a fireplace, fitness center, clubroom, catering kitchen, car care center, business center with a private meeting space and a community pond with walking trails. RangeWater and Nippon Steel Kowa are contemplating adding a dog park and pet spa to round out the property’s amenity offerings, as well as updating unit interiors. The seller, sales price and unit count of Provenza at Old Peachtree were not disclosed.

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