Acquisitions

Rosewood Realty Arranges Sale of 492-Unit Multifamily Portfolio in San Antonio

by Taylor Williams March 20, 2023

SAN ANTONIO — New York City-based brokerage firm Rosewood Realty Group has arranged the sale of a portfolio of two multifamily properties totaling 43 buildings and 492 units in San Antonio. Built in 1983, Terrain at Medical Center features 16 three-story buildings that house 224 units. Constructed in 1980, Latitude consists of 27 two-story buildings that have 268 units. Mike Kerwin and Scott Bernstein of Rosewood Realty represented the seller, Houston-based investment firm Nitya Capital, in the transaction. Austin Marshak, also with Rosewood, represented the buyer, Nord Group.

March 20, 2023

Acquisitions North Carolina Retail Southeast

EverWest Sells Retail Center in Charlotte’s SouthPark District for $40.2M

by John Nelson March 20, 2023

CHARLOTTE, N.C. — EverWest Real Estate Investors has sold Specialty Shops SouthPark in Charlotte for $40.2 million. Located at 6401 Carnegie Blvd. in the city’s SouthPark submarket, the property totals 65,362 square feet. Tenants at the retail center include Williams-Sonoma, Drybar, Talbots and Paco’s Tacos & Tequila. Hill Partners, a Charlotte-based owner, developer and redeveloper of retail properties, was the buyer.

March 20, 2023

Acquisitions Development Maryland Multifamily Southeast

Greysteel Arranges Sale of Apartments at Park in Baltimore, Buyer Plans Expansion

by John Nelson March 20, 2023

BALTIMORE — Greysteel has arranged the sale of Apartments at Park, an 11-unit apartment building in Baltimore’s Midtown district. The undisclosed buyer plans to complete approved plans for the addition of a five-story multifamily building at the site, located at 814 Park Ave., as well as make renovations to existing apartments. Aaron Inman, Kyle Tangney and Herb Schwat of Greysteel brokered the sale on behalf of the undisclosed seller.

March 20, 2023

Acquisitions California Multifamily Seniors Housing Western

Mogharebi Group Brokers $28.5M Sale of Wildomar Senior Community in California

by Jeff Shaw March 20, 2023

WILDOMAR, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Wildomar Senior, a 284-unit seniors housing community in Wildomar, a city in Southern California’s Inland Empire. TMG represented the seller, Craig Thralls, who developed the property in 2000. The buyer was a Los Angeles-based private investment group. The fully occupied property features 176 independent living apartments and 108 assisted living units.

March 20, 2023

Acquisitions California Multifamily Western

CBRE Negotiates $23.1M Sale of Dove Ridge Apartments in Riverside, California

by Jeff Shaw March 20, 2023

RIVERSIDE, CALIF. — CBRE has arranged the $23.1 million sale of Dove Ridge Apartments in Riverside. The 96-unit community is located at 6556 Arlington Ave. near the Riverside Airport. This is the first time the asset has sold since it was developed in 1987. CBRE’s Blake Torgerson and Eric Chen represented the buyer, a local private investor. The sellers were also local private owners and the original developers of the property.

March 20, 2023

Acquisitions Midwest Minnesota Multifamily Nebraska

Centerspace Sells Nine Multifamily Communities in Minnesota, Nebraska for $144.3M

by Kristin Harlow March 20, 2023

MINNESOTA AND NEBRASKA — Centerspace has sold nine multifamily communities in Minnesota and Nebraska for $144.3 million. The transaction included four properties in St. Cloud, Minn., totaling 692 units; two communities in the Omaha-Lincoln market comprising 498 units; and three properties in the Twin Cities market totaling 377 units. Proceeds from the sale will be used to pay down outstanding debt. CBRE served as the broker for the Minnesota assets, while MMG Real Estate Advisors was the broker for the Nebraska assets.

March 20, 2023

Acquisitions Oregon Retail Western

IPA Arranges Sale of 84,610 SF Jackson Creek Shopping Center in Medford, Oregon

by Jeff Shaw March 20, 2023

MEDFORD, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $6.1 million sale of Jackson Creek Center, an 84,610-square-foot shopping center in Medford. Albertson’s anchors the property, which was 93 percent occupied at the time of sale. Other tenants at the center include Oregon Internal Medicine, West Main Spirits, Ace Force One, El Arriero, Subway, UScellular and Wells Fargo. Bill Rose of IPA represented the seller, Citivest Commercial Investments, in the transaction. Adam Lewis is Marcus & Millichap’s broker of record in Oregon.

March 20, 2023

Acquisitions Industrial Washington Western

MCA Realty Buys Auburn Business Center Industrial Park in Washington for $9M

by Jeff Shaw March 20, 2023

AUBURN, WASH. — MCA Realty has acquired Auburn Business Center, a 67,205-square-foot, five-building industrial park in Auburn, for $9 million. Built in 1986, the center is currently 85 percent leased. MCA plans to implement a capital improvement program that will include new paint, asphalt, roof and monument signage. The firm acquired the business park with its $50 million Industrial Growth Fund. Jim Honan of Neil Walter Company represented MCA Realty in this transaction. The seller, a private investor, represented itself.

March 20, 2023

Acquisitions Illinois Industrial Midwest

Cawley Chicago Brokers Sale of 46,000 SF Industrial Property in Crystal Lake, Illinois

by Kristin Harlow March 20, 2023

CRYSTAL LAKE, ILL. — Cawley Chicago has brokered the sale of a multi-tenant industrial property in Crystal Lake, about 50 miles northwest of Chicago. The sales price was undisclosed. Built in 1960, the facility at 7510 Virginia Road features outdoor storage, ample parking and a warehouse showroom. David Conroy and Joe Shapiro of Cawley Chicago represented the seller, while Logan Krutsch of Fuhler Properties represented the buyer.

March 20, 2023

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 518-Unit Multifamily Portfolio in Middletown, Connecticut

by Taylor Williams March 20, 2023

MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a portfolio of two multifamily properties totaling 518 units in Middletown, located roughly midway between Hartford and New Haven. The 238-unit Middletown Ridge was built in 1988 on 12 acres. Units have an average size of 1,066 square feet, and amenities include a clubhouse, pool, racquetball court and onsite laundry facilities. The 280-unit Middletown Brooke was constructed in 1988 and features a pool, fitness center and a picnic area. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, San Francisco-based investment firm Hamilton Zanze, in the transaction. The trio also procured the buyer, Boston-based Jones Street Investment Partners.

March 20, 2023

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