MARLBOROUGH, MASS. — A partnership between Boston-based private equity firm Rockpoint and Connecticut-based developer Post Road Residential has sold The Burrow at Green District, a 235-unit apartment community located in the western Boston suburb of Marlborough. The newly built complex sits on 10 acres and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, coworking space, rooftop deck, podcasting room and access to 40 acres of trails and woodlands. The buyer and sales price were not disclosed.
Acquisitions
Cushman & Wakefield | PICOR Brokers $6.1M Sale of Wasko Modern Apartments in Tucson, Arizona
by Amy Works
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Wasko Modern Apartments, a multifamily property in Tucson. Wasko Modern LLC sold the asset to 2302 East Fort Lowell Owner LLC to $6.1 million. Located at 2302 E. Fort Lowell Road, the 30,280-square-foot investment property features 38 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
ABI Multifamily Negotiates $5M Purchase of Two-Property Multifamily Portfolio in East Phoenix
by Amy Works
PHOENIX — ABI Multifamily has brokered the acqusition of a two-property apartment portfolio in Phoenix. The 30-unit portfolio traded for $5 million, or $166,667 per unit. The undisclosed buyer and seller are both based in Arizona. John Klocek and Patrick Burch of ABI Multifamily represented the buyer in the deal. Built in 1963, Holly Villas Apartments consists of six buildings offering a total of 22 two-bedroom/two-bath apartments. Consisting of six separate lots, the property sits on a total of 1.49 acres. Built in 1976, 50th Street Apartments features two buildings with seven two-bedroom/one-bath units and one three-bedroom/one-bath unit. The two-lot property sits on a total of 0.48 acres.
DENVER — Malman Commercial Real Estate has arranged the sale of a 6,272-square-foot industrial property located at 4940 E. 39th Ave. in Denver. American Financial Group Corp. sold the asset to James R. Jones for $1.1 million. Jake Malman of Malman Commercial Real Estate represented the seller in the deal.
KANSAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 58-unit assisted living community in Central Kansas. Built in the early 1990s, the property was well maintained by current ownership, including a $400,000 capital expenditure investment to ensure the community remained competitive within the local market, according to Blueprint. The buyer was a Kansas-based owner-operator. Further details were not provided. Amy Sitzman, Giancarlo Riso and Kory Buzin of Blueprint brokered the sale.
EAST MOLINE, ILL. — Marcus & Millichap has brokered the $2.7 million sale of a Caliber Collision-occupied property in East Moline, a city in northwest Illinois. The net-leased building, located at 3912 17th St., was recently upgraded with $400,000 in renovations, including parking lot resurfacing, new HVAC and new LED lighting. Jake Carter, Dan Yozwiak and Darpan Patel of Marcus & Millichap represented the seller, a private investor. Buyer information was not provided.
LAKE MARY, FLA. — Cushman & Wakefield has arranged the sale of Shoppes of Lake Mary, a 74,234-square-foot shopping center located in Lake Mary, roughly 20 miles outside Orlando. The property was 97 percent leased at the time of sale to tenants including HomeSense, PNC Bank, Jeremiah’s Italian Ice and Gator’s Dockside. An entity related to shopping center owner/developer Phillips Edison & Co. acquired the property for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of Nuveen Real Estate, in the transaction.
ANAHEIM, CALIF. — Marcus & Millichap has brokered the $79 million sale of Chateau de Ville, a 254-unit multifamily community in Anaheim. Built in 1970, the property features 21 buildings on nine acres, with a mix of one- and two-bedroom floorplans. Amenities at the community include a swimming pool, clubhouse and fitness center. Tyler Leeson and Matt Kipp of Marcus & Millichap arranged the sale on behalf of the seller, a long-term partnership, and procured the buyer, a private investor.
AURORA, COLO. — JLL Capital Markets has negotiated the sale of Commerce Square, an industrial property in the Denver suburb of Aurora that totals 145,242 square feet across two buildings. Situated on nine acres, the buildings feature rear-loading configurations, 18-foot clear heights, 38 docks, 11 drive-in doors and 265 parking spaces. Larry Thiel, Ryan Sitov and Rob Key of JLL represented the seller, Graham Street Realty, in the transaction. Midtown National Group acquired the property, which was leased to 12 tenants at the time of sale, for an undisclosed price. The leasing team for Commerce Square included Carmon Hicks and Jason White of JLL.
KAHULUI, HAWAII — Alexander & Baldwin has arranged one lease and completed the sale of two properties at Maui Business Park Phase II, its 125-acre mixed-use development located in Kahului on the island of Maui. The build-to-suit industrial lease totals 29,500 square feet. The undisclosed tenant plans to relocate operations to the site upon completion of the warehouse and distribution facility. The County of Maui also purchased 12.5 acres at the property for $17.4 million, with plans to construct a new facility for its Department of Transportation. Hamai Appliances Inc. also purchased two lots totaling 1.3 acres for $2.4 million. The buyer plans to build a showroom and service center on the site to expand its current operations.