Friday, June 13, 2025
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Acquisitions

AcquisitionsGeorgiaMultifamilySoutheast

Capital Square Sells Ivy Commons Apartments in Metro Atlanta for $75.5M

by John Nelson

MARIETTA, GA. — Capital Square has sold Ivy Commons Apartments, a 344-unit multifamily community located in Marietta, a northeast suburb of Atlanta. A group of Delaware statutory trust (DST) investors owned the 28.4-acre property, which was acquired by Capital Square in 2018. The property features 39 residential buildings with apartments in one-, two- and three-bedroom layouts. Community amenities include a swimming pool, fitness center, business center, tennis courts, laundry facility, playground and conference room. Investors saw a 200 percent total return on their 1031-exchange investment, according to Capital Square. The buyer was not disclosed.

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AcquisitionsGeorgiaRetailSoutheast

Sarofim Realty Advisors Sells 343,748 SF Plaza Fiesta Shopping Center in Atlanta

by John Nelson

ATLANTA — Sarofim Realty Advisors has sold Plaza Fiesta, a 343,748-square-foot retail center located on Buford Highway in northeast Atlanta. Chris Decoufle, Kevin Hurley, Matt Karempelis, Mike Burkard and Steve Shields of CBRE represented the seller in the transaction. Charlotte-based Asana Partners acquired the property for an undisclosed price. Mercado Fresco, a Hispanic grocery store, anchors the plaza, which was 95 percent leased at the time of sale. Plaza Fiesta’s tenant roster includes Ross Dress for Less, Planet Fitness, Ollie’s, Aaron’s, and a freestanding CVS/pharmacy and QuikTrip.

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AcquisitionsGeorgiaHospitalitySoutheast

Hodges Ward Elliott Brokers Sale of 103-Room Artmore Hotel in Midtown Atlanta

by John Nelson

ATLANTA — Hodges Ward Elliott (HWE) has arranged the sale of Artmore Hotel, a 103-room boutique hotel located in Midtown Atlanta across from the Woodruff Arts Center and one mile from the Georgia Tech campus. Originally opened as the Granada Apartments in 1924, the property was converted to hotel use in 1984. Todd Ratliff and Nate Ries of HWE represented the undisclosed seller in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 298-Unit Self-Storage Facility in Magnolia, Texas

by Taylor Williams

MAGNOLIA, TEXAS — Marcus & Millichap has brokered the sale of Corporate Woods Storall, a 298-unit self-storage facility located in the northwestern Houston suburb of Magnolia. The facility spans 99,180 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were Texas-based limited liability companies that requested anonymity.

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AcquisitionsOfficeTexas

DZMI Acquires 216,889 SF Office Building in Houston

by Taylor Williams

HOUSTON — Locally based investment firm David Z. Mafrige Interests (DZMI) has acquired World Houston Place, an office building in Houston that totals 216,889 square feet, according to LoopNet Inc. The eight-story building is located near George Bush Intercontinental Airport on the city’s north side. DZMI plans to upgrade the building’s common areas and add a fitness center and tenant lounge to the amenity package. The firm has hired Stream Realty Partners to lease the building.

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AcquisitionsMidwestMinnesotaMultifamily

JLL Brokers Sale of Gaar Scott Historic Lofts in Minneapolis

by Kristin Harlow

MINNEAPOLIS — JLL Capital Markets has brokered the sale of Gaar Scott Historic Lofts in the North Loop neighborhood of Minneapolis for an undisclosed price. The property was originally built in 1885 and converted into multifamily units in 2001 with the assistance of historic tax credits. The six-story property features one-bedroom units with an average size of 900 square feet. There are also 4,000 square feet of commercial space. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Gaar Scott LP. Matthew Lawton, Scott Loving and Britta Lund of JLL arranged acquisition financing on behalf of the buyer, FPA Multifamily. North American Banking Co. provided the three-year, fixed-rate loan.

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AcquisitionsIllinoisMidwest

Baum Realty Group Arranges $19.7M Sale of Flat Iron Arts Building in Chicago

by Kristin Harlow

CHICAGO — Baum Realty Group LLC has arranged the sale of the Flat Iron Arts Building in Chicago’s Wicker Park neighborhood for $19.7 million. The historic property spans 63,333 square feet and is located at the intersection of Milwaukee, North and Damen avenues. The building houses artist studios. Patrick Forkin and Vivian Perez of Baum represented the seller, a local property owner. The buyer was undisclosed.

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AcquisitionsIllinoisMidwestMultifamily

Interra Negotiates $4.1M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — Interra Realty has negotiated the $4.1 million condo deconversion sale of a 34-unit property in Arlington Heights. Built in 1970, the property on North Salem Avenue comprises 30 one-bedroom units and four two-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented the seller, the Salem Lane Condominium Association. The duo also represented the undisclosed buyer. The condo owners were interested in selling the property to avoid a potential special assessment due to deferred maintenance, according to Interra. The new owner plans to make repairs to the balconies and upgrade units as they turn over. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.

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AcquisitionsIndustrialMidwestWisconsin

Founders 3 Brokers Sale of Two Industrial Buildings in Menomonee Falls, Wisconsin

by Kristin Harlow

MENOMONEE FALLS, WIS. — Founders 3 Real Estate Services has brokered the sale of two industrial buildings totaling 75,163 square feet in Menomonee Falls, a northwest suburb of Milwaukee. The sales price was undisclosed. Bob Flood of Founders 3 represented the seller, Kohl’s Inc. Flood will market the properties for lease or sale on behalf of the buyer, Luther Group.

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AcquisitionsMultifamilyTexas

IPA Negotiates Sale of 144-Unit Parkwood Terrace Apartments in Metro Austin

by Taylor Williams

ROUND ROCK, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parkwood Terrace, a 144-unit apartment complex located in the northern Austin suburb of Round Rock. Built in 2000, the property offers one-, two- and three-bedroom units. Jordan Featherston, Kent Myers and Will Balthrope of IPA represented the seller, Los Angeles-based Langdon Street Capital, and procured the buyer, The Medve Group, in the transaction.

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