Acquisitions

MEAG Acquires 247-Unit Liberty Warehouse Apartments in Downtown Durham

by John Nelson January 27, 2023

DURHAM, N.C. — MEAG, in cooperation with CBRE Investment Management, has acquired Liberty Warehouse, a 247-unit residential community in downtown Durham, on behalf of Munich Re Group. Located at 530 Foster St., the property features 20,700 square feet of ground-floor retail space that was fully leased at the time of sale. Amenities at the community include a 24-hour fitness center, saltwater pool, tenant lounge and club room, pet run and pet spa, electric vehicle charging stations and 376 parking spaces. Charleston-based Greystar manages the property. The investment is part of a separate account mandate that MEAG recently signed with CBRE Investment Management to invest in the U.S. residential market. The seller and sales price were not disclosed.

January 27, 2023

Acquisitions Florida Industrial Southeast

JLL Brokers Sale of 411,852 SF Distribution Facility in Port St. Lucie, Florida

by John Nelson January 27, 2023

PORT ST. LUCIE, FLA. — JLL Capital Markets has brokered the sale of a newly developed manufacturing and distribution facility located at 11675 S.W. Tom Mackie Blvd. in the South Florida city of Port St. Lucie. Bridge Net Lease, a subsidiary of Bridge Investment Group, acquired the 411,852-square-foot property, which is situated within Tradition Center for Commerce, a 1,247-acre master-planned development with office, retail, industrial, multifamily, recreational and entertainment space. Jason DeWitt, Luis Castillo, Brian Shanfeld, Cody Brais and Josh Katlin of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed.

January 27, 2023

Acquisitions Multifamily Texas

37th Parallel Properties Acquires 291-Unit Apartment Community in Metro Houston

by Taylor Williams January 27, 2023

KATY, TEXAS — Virginia-based investment firm 37th Parallel Properties has acquired Grand Reserve, a 291-unit apartment community located in the western Houston suburb of Katy. The property offers one-, two- and three-bedroom units with an average size of 933 square feet. Amenities include a pool, fitness center, business center, clubhouse, coffee bar, package lockers and a dog park. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.

January 27, 2023

Acquisitions Multifamily Texas

NexPoint Residential Sells 290-Unit Hollister Place Apartments in Northwest Houston

by Taylor Williams January 27, 2023

HOUSTON — Dallas-based REIT NexPoint Residential Trust Inc. (NYSE: NXRT) has sold Hollister Place, a 260-unit apartment community in northwest Houston that was built in 1997. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, lounge and onsite laundry facilities. NexPoint acquired Hollister Place, which was 93 percent occupied at the time of sale, in 2017 and implemented a value-add program. The buyer was not disclosed.

January 27, 2023

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 240-Unit Multifamily Property in Corpus Christi

by Taylor Williams January 27, 2023

CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of The Avertine Apartments, a 240-unit multifamily property in Corpus Christi. The property features one-, two- and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez of Northmarq represented the seller, 3CM Multifamily, in the transaction. The buyer and sales price were not disclosed.

January 27, 2023

Acquisitions Hospitality Midwest Ohio

Spark GHC Acquires Hampton Inn Hotel in Downtown Cleveland

by Kristin Harlow January 27, 2023

CLEVELAND — Spark GHC, a private real estate joint venture focused on hospitality assets in the Midwest, has acquired the Hampton Inn by Hilton-Downtown Cleveland for an undisclosed price. The transaction marks the 11th acquisition for Spark GHC since 2018 and increases its assets under management to above $100 million. Spark GHC plans to significantly upgrade the 25-year-old hotel with a multi-million-dollar capital improvement plan. Spark GHC is a joint venture between Spark Hotels, a developer, acquirer and operator of Ohio-based hospitality assets, and Green Harvest Capital, an asset manager of Northeast Ohio-based multifamily assets.

January 27, 2023

Acquisitions Industrial Midwest Nebraska Self-Storage

Marcus & Millichap Brokers Sale of 324-Unit Self-Storage Facility in Bellevue, Nebraska

by Kristin Harlow January 27, 2023

BELLEVUE, NEB. — Marcus & Millichap has brokered the sale of 25th Street Storage, a self-storage facility featuring 324 non-climate-controlled units and totaling 57,700 net rentable square feet in Bellevue. The buyer and sales price were undisclosed. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company. The property also features 92 outdoor parking spaces that are available for rent.

January 27, 2023

Acquisitions Multifamily New York Northeast

Khosla Capital Acquires Apartment Community in New Rochelle, New York, for $200M

by Taylor Williams January 27, 2023

NEW ROCHELLE, N.Y. — Khosla Capital has acquired Halstead Station, a 408-unit apartment community located north of New York City in New Rochelle. Built in 2001, Halstead Station rises 24 stories and offers studio, one-, two- and three-bedroom residences. Communal amenities include a pool, fitness center with a yoga studio, resident lounge, courtyard with grilling and dining stations, dog park, business center with private conference pods and a children’s play area. JLL represented the seller, The DSF Group, in the transaction. California-based Pacific Urban Investors contributed an undisclosed amount of preferred equity to the deal.

January 27, 2023

Acquisitions Massachusetts Northeast Retail

Atlantic Capital Partners Arranges Sale of 107,597 SF Shopping Center in Seekonk, Massachusetts

by Taylor Williams January 27, 2023

SEEKONK, MASS. — Atlantic Capital Partners, a division of Boston-based brokerage firm Atlantic Retail, has arranged the sale of Ann & Hope Plaza, a 107,597-square-foot shopping center located in Bristol County in southern Massachusetts. Harbor Freight Tools, Petco and Bed Bath & Beyond anchor the center, which was 86 percent leased at the time of sale, though Bed Bath & Beyond plans to shutter this store as part of a larger wave of closures. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the seller, Massachusetts-based Seekonk Mall Trust, in the transaction. The team also procured the undisclosed, Rhode Island-based buyer.

January 27, 2023

Acquisitions Hospitality Maine Northeast

Wardman Group Sells 65-Room Hotel in Southport, Maine

by Taylor Williams January 27, 2023

SOUTHPORT, MAINE — The Wardman Group, a Baltimore-based boutique investment firm, has sold Ocean Gate Resort, a 65-room hotel in Southport, located in the southern coastal part of Maine. Guestrooms offer private balconies, and the amenity package consists of a pool, tennis and basketball courts, a minigolf course, fire pits and canoe/kayak rentals. Alan Suzuki, Matthew Enright, Emily Zhang and Brooks Murphy of JLL represented Wardman Group, which sold the property as part of a larger portfolio deal, in the transaction.

January 27, 2023

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