WEST DES MOINES, IOWA — Thompson Thrift has sold Watermark at Jordan Creek, a 176-unit apartment community in West Des Moines. The sales price and buyer were undisclosed. Completed in 2015 and located at 6455 Galleria Drive, the Class A property consists of four-story buildings with detached garages. Amenities include a resident social lounge, heated pool and spa, clubhouse, fitness center, dog park and community grilling areas. The community was 94 percent leased at the time of sale.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of a 70-room Comfort Suites hotel in Indianapolis for $7.1 million. Built in 2009, the three-story hotel is located near I-465 and the Indianapolis International Airport. Amenities include a business center, fitness center, indoor pool and complimentary breakfast. Scott Havericak and Robert Hunter of Marcus & Millichap represented the seller, Vinsar Hotels LLC. The duo also procured the buyer, Singh Estate LLC.
TULSA AND OKLAHOMA CITY, OKLA. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a portfolio of two memory care communities totaling 54 units in Tulsa and Oklahoma City. The properties were built in 2015 and 2016. The buyer was a Texas-based owner-operator focused on standalone memory care facilities in the region. Blueprint also assisted the buyer with debt placement through an existing bank relationship. The seller was not disclosed.
FRISCO, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of The Shops at Eldorado, a 13,522-square-foot retail strip center in Frisco. Built in 2016, the center was fully leased at the time of sale to tenants such as Sugar Boy Donuts, Smoke Central and Discovery Kids Dentistry. Hudson Lambert and Jason Vitorino of STRIVE represented the seller, a Dallas-based developer, in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — A joint venture between Hawkins Way Capital and Vardë Partners has acquired a 655-room hotel located at 525 Lexington Ave. in Manhattan’s Midtown East neighborhood. The 35-story, 406,261-square-foot building, which was shuttered at the time of sale, was originally constructed in 1922 and most recently housed a Marriott-branded operation. Jeffrey Davis, Gilda Perez-Alvarado, Stephany Chen and Bob Knakal of JLL represented the seller, global investment firm Deka Immobilien, in the transaction.
NORWALK, CONN. — Locally based brokerage firm Angel Commercial has negotiated the $6 million sale of a 34,583-square-foot mixed-use building in Norwalk, located in the southern coastal part of Connecticut. The property at 430 Main Ave. comprises 14 retail and office units and nine apartments. Brett Sherman of Angel Commercial represented the seller, an entity doing business as C&H Lew LLC, in the off-market transaction. Sherman also procured the undisclosed buyer.
Prospective investors can finance acquisitions even when equity is scarce, explains Michael Klein, CEO and founding principal of Freedom Financial Funds. “The scarcity of equity is an old phenomenon; it’s a relatively new phenomenon that made equity plentiful. For most of history, it was hard work to find equity. However, even in a tight market, if there’s a compelling case for a project to result in success and there are multiple ways of protecting the equity and the debt, that deal will get done.” This is the outlook Klein brings to the 2023 MBA Commercial/Multifamily Finance Convention & Expo. Klein’s company, Freedom Financial Funds, LLC is a private REIT based in Los Angeles and operating in the western United States. The REIT specializes in providing capital to real estate professionals adding value to projects. Debt, Equity and Protecting Value Klein explains that with any type of financing, whether it be debt or equity, it is key to have a compelling story and facts to indicate that the borrower is going to provide a fair amount of value. “Protecting the investor from potential downside risks is an essential part of financing,” explains Klein. This sort of forethought requires thorough due diligence …
GAINESVILLE, GA. — Branch Properties has acquired 14 acres at the intersection of Limestone Parkway and New Holland Way in Gainesville, roughly 55 miles northeast of Atlanta, for the construction of Limestone Marketplace. Upon completion, the shopping center will comprise 76,764 square feet and feature a 54,964-square-foot Publix anchor store. The property will also include three outparcels ranging in size from one to three acres. Branch will break ground on the development in the spring, with completion scheduled for the second quarter of 2024. A sales price for the land was not disclosed.
GREENEVILLE, TENN. — Marcus & Millichap has arranged the sale of a 40,448-square-foot, multi-tenant retail property located in the Eastern Tennessee city of Greeneville. Dominic Sulo and Brett Winger of Marcus & Millichap represented the seller, a New Jersey-based limited liability company, in the $2.4 million transaction. Sulo and Samuel Malato, also with Marcus & Millichap, secured and represented the buyer, a Tennessee-based limited liability company. Both parties requested anonymity. Jody McKibben assisted in closing the transaction as Marcus & Millichap’s broker of record in Tennessee.
SAVANNAH, GA. — Hodges Ward Elliott (HWE) has arranged the sale of Hamilton-Turner Inn, a 17-room luxury boutique hotel located at 330 Abercorn St. in the Historic District of Savannah. Originally built in the late 1800s and repositioned for hospitality use in 1997, the inn features French Empire-style architecture and includes a parlor/sitting room, as well as a dining room that can serve up to 20 guests. Pete Dannemiller and Jeff Berkman of HWE brokered the sale on behalf of the undisclosed seller, which implemented a capital improvement plan at the property over the last several years. The buyer and sales price were also not disclosed.