Acquisitions

Windplay-Business-Center-El-Dorado-Hills-CA

Dunleer Acquires Nine-Building Windplay Business Center Industrial Park Near Sacramento for $14.9M

by Amy Works November 4, 2022

EL DORADO HILLS, CALIF. — Los Angeles-based Dunleer has purchased Windplay Business Center, a nine-building industrial park in El Dorado Hills, for $14.9 million, or $147 per square foot, in an off-market transaction. Located at 5001-5009 Windplay Drive and 1100-1106 Windfield Way, the asset features 101,169 square feet spread across 21 units. Built between 1991 and 1994, the asset features 18- to 24-foot clear heights and is easily divisible for various tenant needs. At the time of sale, the park was 97 percent occupied. Sean Merold and Mike Metzger of JLL represented the buyer and undisclosed seller in the deal.

November 4, 2022

Acquisitions Affordable Housing Multifamily Seniors Housing Southeast Virginia

Cushman & Wakefield Brokers $25.7M Sale of Two Affordable Seniors Apartment Properties in Richmond

by John Nelson November 3, 2022

RICHMOND, VA. — Cushman & Wakefield has brokered the sale of Guardian Place, a 236-unit affordable seniors housing portfolio spanning two buildings located at 1620 N. Hamilton St. in Richmond. Fairfield Residential purchased the properties, known as Guardian Place I (121 units) and Guardian Place II (115 units), for $25.7 million. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, United Methodists Family Services, in the transaction. The Guardian Place communities are age-restricted assets that are encumbered with affordability covenants under the Low-Income Housing Tax Credit (LIHTC) program. Amenities include parking, outdoor seating areas, a library, exercise room, community garden and a TV lounge.

November 3, 2022

Acquisitions Hospitality Louisiana Southeast

HREC Arranges Sale of 319-Room Hilton New Orleans Airport Hotel in Kenner, Louisiana

by John Nelson November 3, 2022

KENNER, LA. — HREC Investment Advisors has arranged the sale of the Hilton New Orleans Airport, a 319-room hotel located at 901 Airline Drive in Kenner. Situated near the new terminal at Louis Armstrong New Orleans International Airport, the hotel features an onsite restaurant, airport shuttle, outdoor pool, fitness center, business center and meeting rooms. An entity doing business as NOLA Airport 319 LLC purchased the hotel for an undisclosed price. Scott Stephens, Len Wormser and Ketan Patel of HREC Investment Advisors represented the unnamed seller in the transaction. Greg Porter and Mike Armstrong of HREC Capital Markets Group arranged an undisclosed amount of acquisition financing on behalf of the buyer.

November 3, 2022

Acquisitions Florida Southeast Student Housing

Landmark Properties Acquires Student Housing Community Near UCF in Orlando

by John Nelson November 3, 2022

ORLANDO, FLA. — Landmark Properties has acquired Knightshade, a student housing community located near the University of Central Florida (UCF) campus in Orlando. Landmark originally developed the property in 2014 and will rebrand it as The Retreat West. The community offers two-, three-, four-, five- and six-bedroom units. Shared amenities include tennis, volleyball and basketball courts; green space; a dog park; golf simulator; sauna; technology center; fitness center; clubroom; and a resort-style swimming pool. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s National Student Housing team and Chip Wooten and Jeff Gray of CBRE’s Multifamily Investment Sales team in Orlando arranged the transaction on behalf of the undisclosed seller. The sales price was not disclosed.

November 3, 2022

Acquisitions Multifamily Texas

Tides Equities Acquires Three Dallas-Area Apartment Communities Totaling 966 Units

by Taylor Williams November 3, 2022

DALLAS AND RICHARDSON, TEXAS — Los Angeles-based investment firm Tides Equities has acquired three apartment communities totaling 966 units in the Dallas area. Belterra and Estancia are both located in the northeastern suburb of Richardson, were respectively built in 1984 and 1981 and respectively total 314 and 220 units. Solaris is located in the Lake Highlands neighborhood of Dallas, was constructed in 1983 and comprises 432 apartments. Units at Belterra, Estancia and Solaris respectively feature an average size of 584, 934 and 762 square feet, and all three properties offer assorted outdoor amenities. Taylor Hill, Michael Ware, Drew Kile, Joey Tumminello and Will Balthrope of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, The ValCap Group, in the transaction. The team also procured Tides Equities as the buyer.

November 3, 2022

Acquisitions Retail Texas

JLL Negotiates Sale of 938,103 SF Retail Power Center in Austin

by Taylor Williams November 3, 2022

AUSTIN, TEXAS — JLL has negotiated the sale of Southpark Meadows, a 938,103-square-foot retail power center in Austin. Built in phases between 2004 and 2008, the center was 95 percent leased at the time of sale to tenants such as HomeGoods, Marshalls, Ross Dress for Less, Hobby Lobby, Burlington, Dave & Busters, Best Buy, Five Below and Rooms To Go. Chris Gerard, Barry Brown, Ryan Shore, Robby Westerfield and Cole Sutter of JLL represented the undisclosed seller in the transaction. Chris McColpin and Chris Drew, also with JLL, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Charlotte-based Big V Property Group.

November 3, 2022

Acquisitions Development Mixed-Use Texas

Trademark Acquires 470,000 SF Shopping Center in Arlington, Plans $150M Redevelopment

by Taylor Williams November 3, 2022

ARLINGTON, TEXAS — Fort Worth-based investment firm Trademark Property Co. has acquired Lincoln Square, a 470,000-square-foot regional shopping center in Arlington, with plans to redevelop the 45-acre site into a mixed-use destination with office and multifamily components. To that end, Trademark has entered into a 30-year public-private partnership agreement with the City of Arlington to invest $150 million into the property over the next six years, with the city committing $14.2 million under the terms of the agreement. Current tenants at Lincoln Square include Studio Movie Grill, Ulta Beauty, Michaels and PetSmart. The seller and sales price were not disclosed. Chris Harden and Kris Von Hohn of Cushman & Wakefield brokered the deal. Beth Lambert, also with Cushman & Wakefield, arranged acquisition financing on behalf of Trademark Property Co.

November 3, 2022

Acquisitions Development Multifamily Texas

Bill Foose Co. Negotiates Sale of 7.4-Acre Multifamily Development Site in Garland, Texas

by Taylor Williams November 3, 2022

GARLAND, TEXAS — Locally based brokerage firm Bill Foose Co. has negotiated the sale of a 7.4-acre multifamily development site on Bobtown Road in Garland, a northeastern suburb of Dallas. Bill Foose of Bill Foose Co. represented the undisclosed seller in the transaction. Tom Youngblood of Youngblood Realty represented the buyer, Dallas-based Stonehawk Capital, which plans to develop a 232-unit project on the site.

November 3, 2022

Acquisitions Arizona Multifamily Student Housing Western

Vesper Holdings Buys Sol y Luna Student Housing Community Near the University of Arizona for $203M

by Amy Works November 3, 2022

TUCSON, ARIZ. — Vesper Holdings has acquired Sol y Luna, a 972-bed student housing community located near the University of Arizona in Tucson, for $203 million. The acquisition ranks among the five largest single-asset purchases in student housing history and is the largest not involving institutional capital, according to Vesper. Brad Cooke of Colliers represented the seller, Nelson Partners Student Housing, in the transaction. Tim Bradley of TSB Capital Advisors provided guidance to Vesper on the acquisition. The property comprises a 15-story tower and a 13-story tower, which were developed in 2014. The community offers 340 units in studio to five-bedroom configurations across 344,760 square feet of rentable space. The property also includes 7,640 square feet of ground-floor retail and a 200-stall parking garage. Campus Life & Style, Vesper’s in-house management arm, will operate the property following the acquisition.

November 3, 2022

Acquisitions Colorado Office Western

Albany Road Acquires 146,099 SF Epic One Office Building in Colorado Springs, Colorado

by Amy Works November 3, 2022

COLORADO SPRINGS, COLO. — An affiliate of Boston-based Albany Road Real Estate Partners has purchased Epic One, a Class A office building in Colorado Springs. Terms of the transaction were not released. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield represented the undisclosed seller in the deal. Located at 10807 New Allegiance Drive, Epic One features 146,099 square feet of office space. Constructed in 2009, the multi-tenant office building features LEED Silver design; flexible, efficient floor plates; high-end finishes throughout; an on-site fitness facility; and a 5/1,000 parking ratio.

November 3, 2022

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