SAN ANTONIO — San Francisco-based investment firm Cooper Street Capital has purchased South Hill Apartments, a 174-unit multifamily property in southeast San Antonio. Built in 1965, South Hill Apartments offers one-, two- and three-bedroom units and amenities such as three pools, tennis courts, a playground and a business center. Zar Haro, Moses Siller, Bryan VanCura, Brian Booth and Phil Grafe of Northmarq represented the seller in the transaction.
DALLAS — Marcus & Millichap has brokered the sale of Polk Villas, a 165-unit apartment complex in South Dallas. The 16-building property was built in phases between 1960 and 1973. Al Silva and Ford Braly of Marcus & Millichap represented the undisclosed seller and procured the buyer, a partnership led by Henley Properties, in the transaction. The new ownership plans to implement a value-add program. Tyler Rentfro, Travis Headapohl and Diego Garcia of Marcus & Millichap Capital Corp. arranged $12.8 million in preferred equity and agency financing for the deal.
HOUSTON — Atlanta-based investment firm Formation Capital has acquired a 147,135-square-foot office building that sits on a 3.1-acre site at 16666 Northchase Drive in North Houston. The building rises six stories and was constructed in 1985. David Carter of Colliers represented the seller, Geosam Capital Group, in the transaction. The sales price was not disclosed.
OVIEDO, FLA. — LeCesse Development Corp. has sold Avila, a 269-unit apartment community located in Oviedo, about 18 miles northeast of Orlando. LeCesse completed construction on the property — which features one-, two- and three-bedroom units across three buildings — in June 2022. Humphreys & Partners Architects was the project architect, and Roger B. Kennedy Construction served as the general contractor. Florida Engineering Group was the civil engineer. Wells Fargo and Federal Capital Partners provided financing. Amenities at the community include a clubhouse, dog park, car wash, grilling stations, a putting green, fire pits and electric car charging stations. GAIA Real Estate acquired the property for an undisclosed price. Scott Ramey, Brad Downing and Paul Grant of Newmark represented the buyer in the transaction.
YONKERS, N.Y. — New York City-based brokerage firm ERG Commercial Real Estate has negotiated the $2.9 million sale of a 16-unit apartment building in Yonkers, located north of Manhattan. The four-story building at 15 Locust Hill Ave. was originally constructed in 1927. Mary Guarino of ERG Commercial represented the buyer and seller, both of which were locally based entities that requested anonymity, in the transaction.
SAN DIEGO AND DALLAS — Realty Income Corp. (NYSE: O) and Spirit Realty Capital Inc. (NYSE: SRC) have entered into an all-stock merger agreement valued at $9.3 billion. The combined company, which will operate under the Realty Income banner, is expected to become the fourth largest REIT on the S&P 500 index with a total enterprise value of $63 billion. Both companies primarily invest in freestanding, net-leased commercial properties. Realty Income boasts a portfolio of 13,100 properties located across the U.S. and Europe, and Spirit Realty owns a portfolio of 2,064 properties across 49 states. Primary tenants across the combined company’s portfolio include Life Time Fitness, BJ’s Wholesale Club, At Home, Dave & Buster’s, Dollar Tree, The Home Depot, Treasury Wine Estates, Sainsbury’s, 7-Eleven, Lowe’s and Chipotle Mexican Grill. Under terms of the agreement, each share of Spirit Realty Capital will be converted into 0.762 of a share of newly issued Realty Income stock. At closing, this will result in Realty Income and Spirit owning 87 percent and 13 percent of the combined company, respectively. No external capital is currently being used for the transaction. Realty Income and Spirit cite the potential for higher earnings, a more competitive cost of …
Families searching for more space, in part as remote work options retain their hold on the workplace landscape, plus strong migration into the Southeast have helped fuel a robust single-family rental market, especially in Atlanta and other Georgia markets over the last several years. More recently, young renters pairing up to share the growing burden of housing costs, as well as would-be home buyers putting off a purchase because of higher interest rates, have also gravitated toward single-family rentals, says Troy Reynolds, a multifamily advisor with NAI G2 Commercial Real Estate, who has added single-family rentals to his business focus. Given the lack of housing supply in the Southeast, these conditions are likely to persist for the foreseeable future. As a result, a growing number of investors have been piling into the assets amid a multifamily investment market saturated with buyers and a consequent leap in prices over the past few years, he adds. “We just don’t have enough housing to meet all the demand, and we continue to see a mass exodus from other states into the Southeast, and particularly into Georgia,” Reynolds states. “So, we’re seeing a lot of younger as well as newer investment groups coming …
TAMPA, FLA. — A joint venture between the CBRE Strategic Partners U.S. Value 9 investment management fund and GMH Communities has acquired Venue at North Campus, a 734-bed student housing community located in Tampa. Situated adjacent to the University of South Florida at 13702 42nd St., the property features units in studio, two-, four- and five-bedroom layouts. Amenities at the community include in-unit washers and dryers, valet garage service, two swimming pools, fitness centers, grilling stations, a study room and internet café, volleyball court and a convenience store. Venue at North Campus was fully leased at the time of sale. The seller and sales price were not disclosed.
ATLANTA — Cushman & Wakefield has brokered the sale of Spoke, a 224-unit multifamily community located in Atlanta’s Eastside neighborhood. Robert Stickel, Wesley Lacefield and Alex Brown of Cushman & Wakefield represented the seller, Waypoint Residential, in the transaction. The deal included a Fannie Mae loan assumption and tax abatement. The buyer and sales price were not disclosed.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Luna Vista, a 236-unit apartment complex in Fort Worth. The 32-building property was built in 1979 at the intersection of I-30 and Loop 820 on the city’s east side. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were locally based investment groups that requested anonymity, in the transaction. The new ownership plans to implement a value-add program.