Acquisitions

Barcelo Homes Sells Caesars Luxury Apartments in Tacoma for $35.4M

by Jeff Shaw April 28, 2023

TACOMA, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Caesars Luxury Apartments in Tacoma. Barcelo Homes sold the 131-unit asset, which it completed development of earlier this year, for $35.4 million. IPA’s Nick Ruggiero, Philip Assouad, Giovani Napoli, Ryan Harmon and Anthony Palladino represented the seller. Kathryn Dobler of Tacoma-based Dobler Management represented the buyer, RGPD LLC. The property offers a mix of studios, urban one-bedrooms, traditional one-bedrooms and two-bedroom units. An urban one-bedroom is a unit type that is popular in the Pacific Northwest. It is a junior one-bedroom floor plan that often separates the bedroom area from the living area with a smaller wall or sliding door. Amenities at Caesars Luxury Apartments include a rooftop deck with green space, a resident lounge, bike storage and maintenance room, and a parking garage with electric vehicle charging.

April 28, 2023

Acquisitions Multifamily Oregon Seniors Housing Western

Cushman & Wakefield Arranges $35M Sale of Crescent Park Independent Living Community in Eugene, Oregon

by Jeff Shaw April 28, 2023

EUGENE, ORE. — Cushman & Wakefield has arranged the sale of Crescent Park, a 119-unit independent living community in Eugene. Built in 2014, the community is a three-story, 116,000-square-foot community on 5.7 acres. Inspired Healthcare Capital acquired the asset for $35 million. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker represented the seller, an investment management firm with a focus on alternative assets including seniors housing.

April 28, 2023

Acquisitions Connecticut Multifamily Northeast

NEPCG Arranges $9.7M Sale of Belden Square Apartments in Norwalk, Connecticut

by Taylor Williams April 28, 2023

NORWALK, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of Belden Square, a 24-unit apartment complex in Norwalk, located in the southern coastal part of Connecticut. Belden Square, which includes 11,675 square feet of commercial space, was originally built in 1989 as an office building and converted to residential use in 2017. Apartments come in studio, one- and two-bedroom formats. Brad Balletto, Rich Edwards and Jeff Wright of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

April 28, 2023

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers $4.5M Sale of Manhattan Retail Property

by Taylor Williams April 28, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 7,356-square-foot retail property located at 1 Worth St. in Manhattan’s Tribeca neighborhood. The seller was Xeno Lightning, a film production company that had owned and operated out of the six-story building since 1990. The buyer was not disclosed. Trever Gallina of Marcus & Millichap brokered the deal.

April 28, 2023

Acquisitions Midwest Minnesota Multifamily

JLL Brokers Sale of 207-Unit Urbana Court Apartment Complex in Brooklyn Park, Minnesota

by Kristin Harlow April 28, 2023

BROOKLYN PARK, MINN. — JLL Capital Markets has brokered the sale of Urbana Court, a 207-unit apartment complex in the Twin Cities suburb of Brooklyn Park. The sales price was undisclosed. Completed in 2021, the property features units with an average size of 877 square feet. Amenities include a pool, fitness center, private dog park, outdoor pergolas and pickleball courts. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development LLC, and the buyer, Turner Impact Capital.

April 28, 2023

Acquisitions Indiana Midwest Multifamily

CBRE Negotiates Sale of 129-Unit Apartment Building in Indianapolis

by Kristin Harlow April 28, 2023

INDIANAPOLIS — CBRE has negotiated the sale of The Residences at Keystone Crossing in Indianapolis for an undisclosed price. The buyer, Core Redevelopment, has renamed the 129-unit property as VITRA Apartments. Located at 8785 Keystone Crossing in the heart of the Keystone Crossing submarket, the 12-story building was originally constructed in 1987 as a hotel and converted into apartments in 2012. Residents of the building have access to all the adjacent Sheraton Hotel amenities, including a fitness center, indoor pool, restaurant, bar and public space. Steve LaMotte Jr., Dane Wilson and Ross Wettersten of CBRE represented the seller, Highline Hospitality Partners. PRAXM will manage the asset. The transaction marks the first time that an apartment owner will own the property.

April 28, 2023

Acquisitions Industrial Michigan Midwest Self-Storage

Prestige Storage Acquires 12-Property Self-Storage Portfolio in Michigan

by Kristin Harlow April 27, 2023

MICHIGAN — Prestige Storage, in partnership with Peaceable Street Capital, has acquired a 12-property self-storage portfolio in western Michigan for an undisclosed price. The portfolio totals 490,302 square feet with 2,956 units. The properties are located in Muskegon, Fruitport, Spring Lake, Kent City and West Olive. The facilities, which feature a mix of climate-controlled and non-climate-controlled units, will be rebranded to Prestige Storage. The buyer intends to expand the properties, with initial plans calling for the addition of more than 100 parking spaces for boats, RVs and trucks. Columbus, Ohio-based Prestige maintains a portfolio of more than 50 properties in seven states totaling 2.4 million rentable square feet.

April 27, 2023

Acquisitions Illinois Midwest Restaurant Retail

Kiser Group Brokers $6M Sale of Retail, Residential Building in Chicago’s Loop

by Kristin Harlow April 27, 2023

CHICAGO — Kiser Group has brokered the sale of 701 S State in Chicago’s Loop for $6 million. The building features 36 apartment units as well as a bar on the first floor. The residences are renovated studio apartments, all of which are occupied. Kiser Group’s Birk | Sklar team represented the seller, Nicholas Vranas, who had owned the building for over 40 years. A local restaurant operator purchased the asset. According to Kiser, the buyer was drawn to the property because of its 4 a.m. liquor license, which was transferred upon sale.

April 27, 2023

Acquisitions Florida Retail Southeast

IPA Brokers $12.1M Sale of Southwood Shops in Metro Tampa

by John Nelson April 27, 2023

BRADENTON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $12.1 million sale of Southwood Shops, a 107,697-square-foot shopping center located in the Tampa suburb of Bradenton. Kirk Olson and Drew Kristol of IPA represented the seller, an entity doing business as Bradwood Shopping Center Co. Ltd., and procured the buyer, a Miami-based partnership doing business as Southwood Shops LLC. Built in 1981 at the intersection of 14th Street and 57th Avenue, Southwood Shops was fully leased at the time of sale to tenants including grocery anchor Winn-Dixie.

April 27, 2023

Acquisitions California Retail Western

Hanley Arranges $6.4M Sale of Planet Fitness-Occupied Property in Ventura, California

by Jeff Shaw April 27, 2023

VENTURA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $6.4 million sale of a single-tenant property in Ventura. Planet Fitness occupies the newly renovated, 24,600-square-foot building on a triple-net-lease basis. Bill Asher, Jeff Lefko and Ed Hanley of Hanley represented the seller, an affiliate of MJL Capital Partners. Brian Hughes of M&M Thrift Management Co. represented the buyer, a Ventura-based private investor.

April 27, 2023

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