ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a two-building multifamily portfolio in St. Paul for $4.4 million. The properties total 40 units and are located along Grand Avenue within the Macalester-Groveland neighborhood. Originally constructed in 1925 and 1926, the buildings were fully leased at the time of sale. Abe Roberts of Marcus & Millichap represented the undisclosed seller and the buyer, a local investor.
MEMPHIS, TENN. — Drapac Capital Partners has sold its final Memphis asset, a four-story mixed-use building located at 44 S. Front St. A local investor acquired the property for $2.5 million and intends to operate the property for residential use. Austin Ehrat of Newmark represented Drapac in the transaction. The 22,922-square-foot building is located in downtown Memphis at the corner of Front Street and Monroe Avenue and features six apartments, ground-floor retail space and a full basement. The 1925-era property, which once housed the Mid-South Cotton Growers Association, was fully leased at the time of sale. Drapac Capital originally purchased the property in 2016 for $820,000.
NOVI, MICH. — JLL has arranged the sale of the Novi Wellness Center, a 23,328-square-foot medical office building in Novi, which is located about 29 miles northwest of downtown Detroit. The sales price was undisclosed. The property at 39500 West Ten Mile Road, renovated in 2020, was 97 percent leased at the time of sale by tenants such as Beaumont Health, Smile Doctors and ThriveWorks. Chris DiSalle of JLL represented the seller, Woodside Health. Private equity firm Excelsior Capital was the buyer.
ROWLETT, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Rowlett Station, a 302-unit apartment community located on the northeastern outskirts of Dallas. Units at the four-story complex feature an average size of 828 square feet, and amenities include a pool, fitness center and a sky lounge. Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill and Will Balthrope of IPA represented the seller, Zale Properties, in the transaction. Brian Eisendrath and Cameron Chalfant, also with IPA, arranged acquisition financing on behalf of the undisclosed buyer.
HOUSTON — Colliers has brokered the sale of Beltway 8 Corporate Centre I, a 100,719-square-foot office building in northwest Houston. The two-story building was constructed on 10 acres in 2002. David Carter of Colliers represented the seller in the transaction. Nick Ramsey and David Meyers of NewQuest Properties represented the buyer. Both parties involved in the deal requested anonymity.
WOBURN, MASS. — An affiliate of San Diego-based developer Fairfield Residential has purchased land at 316 New Boston St. in Woburn, a northern suburb of Boston, for the development of a 425-unit multifamily project. Of those units, 15 percent will be reserved as affordable housing for renters earning 80 percent or less of the area median income. A construction timeline was not disclosed. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the undisclosed seller and Fairfield in the $23.4 million sale of the land.
WHITE PLAINS, N.Y. — Houston-based investment firm Interra Capital Group has acquired a 323,431-square-foot office building located on a 21-acre site at 1311 Mamaroneck Ave. in White Plains, located north of New York City. Jeffrey Dunne, Steve Bardsley, Travis Langer, Patrick Arangio, Jack Howard and Kurt Altvater of CBRE represented the undisclosed seller and procured Interra Capital Group as the buyer in the transaction. The building was 53 percent leased at the time of sale.
NEWTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $22.5 million sale of a portfolio of three multifamily properties totaling 115 units in the Northern New Jersey community of Newton. Swartswood Gardens totals 32 units in one- and two-bedroom formats; Stonewood Apartments comprises 32 apartments in studio, one- and two-bedroom floor plans; and Mill Street Manor offers 51 residences in one-, two- and three-bedroom configurations. Joseph Keenan and Justin Lupo of Kislak represented the sellers, Red Knight Properties, in the transaction. The duo also procured the undisclosed buyer, which completed the purchase via a 1031 exchange.
SAUGUS, MASS. — Boston-based brokerage firm Atlantic Capital Partners has arranged the sale of a retail building formerly occupied by Sears that is located within Square One Mall in Saugus, a northern suburb of Boston. Justin Smith, Chris Peterson, Sam Koonce and Cole Van Gelder of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.
AUSTIN, TEXAS; FLAGSTAFF, ARIZ.; AND CHARLESTON, S.C. — Global Student Accommodation (GSA) has completed the acquisition of a five-property student housing portfolio totaling over 1,600 beds. The seller was Harrison Street, an investment management firm headquartered in Chicago. The portfolio includes three assets in Austin, one in Flagstaff and one in Charleston. The price and names of the specific properties were not disclosed. Student housing provider Yugo will take on the management of all five assets immediately, with the aim of enhancing students’ overall experience throughout and beyond university and college life. The transaction gives GSA access to the new market of Charleston, which is rapidly becoming a tech hub and has seen its labor pool grow three times faster than the U.S. average since 2010. This growth is also reflected in student applications to the College of Charleston, which have increased 29.1 percent over that same time period. “These latest additions to our portfolio build on the momentum that we have had since entering the U.S. market at the start of 2021, where demand for student housing remains robust,” says Robin Moorcroft, transaction director of GSA. — Kari Lloyd