ADDISON, TEXAS — Energy services provider JP Oil Holdings has sold a 74,301-square-foot industrial building located at 3801 Arapaho Road in the northern Dallas metro of Addison. According to LoopNet Inc., the property was built on 5.4 acres in 1981 and features 14- to 16-foot clear heights. Mac Morse and Paul Clarkson of Citadel Partners represented JP Oil Holdings in the transaction. Jeremy Mercer and Keenan Cook of Mercer Co. represented the buyer, Georgia Underground & Supply.
BROOK PARK, OHIO — Reynolds Asset Management has acquired Park Place Apartments in Brook Park, a southwest suburb of Cleveland. The purchase price and seller were undisclosed. Northwest Bank provided acquisition financing. Renovations at the property are slated to begin in the next 90 days and are expected to be completed by next summer. Park Place Apartments was originally built in 1955 and more than half of its units were renovated in 2016.
GILBERT, ARIZ. — The Premiere Residential has acquired Soltra at SanTan Village, a 380-unit apartment community in the southeast Phoenix suburb of Gilbert. Leon Multifamily sold the asset for $140 million. Soltra at SanTan Village was built in 2021 at 1690 South San Tan Village Parkway. Units come in studio, one- and two-bedroom layouts. Amenities include a clubhouse with an entertainment table, fitness center and pool with a swim-up hospitality bar and cabanas. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller.
SALEM, ORE. — Hampstead Development Partners has received $20.4 million in financing for the acquisition and renovation of Salem Manor, a 64-unit affordable housing community in Salem. KeyBank Community Development Lending and Investment (CDLI) provided a $4 million construction loan and $6.3 million in Low-Income Housing Tax Credits (LIHTC). KeyBank also arranged $10.1 million in permanent financing through Freddie Mac. John Paul Vachon, Matthew Haas and Hector Zuniga of KeyBank CDLI structured the financing. Salem Manor is subsidized by a Section 8 Housing Assistant Payment contract and is affordable to households earning at or below 60 percent of the area median income. Hampstead plans to conduct a $4 million rehabilitation of the 10-building property. Renovations include updating kitchens and bathrooms, full ADA accessibility upgrades to select units, exterior updates such as new windows and repainting, upgrades to the buildings electrical system and a new fitness center.
SEATTLE — Colliers has facilitated the sale of Northlynn Mini-Storage, a self-storage property in the Lynnwood area of Seattle. Located at 15620 Highway 99, the 57,700-square-foot facility contains ground-floor units with drive-up and interior units ranging from 5feet by 5 feet to 10 feet by 20 feet, as well as two dozen rentable parking spaces. The buyer has planned a substantial renovation for the property, which is designed to enhance the appeal for the 134,000 people living within three miles of the facility. The property will be rebranded as SecureSpace Self Storage Lynnwood. Colliers’ de Jong | Becher Self Storage Team consisting of Jacob Becher, Nate Fliflet, Dana Chobor and Tom de Jong represented the seller, Lanswell Development Corp. The buyer, GCP SecureSpace Properties LLC, engaged in negotiations with the team to secure the transaction.
BUCKEYE, ARIZ. — Arizona Land Consulting has acquired an industrial site in the West Valley region of Buckeye for $24 million. The size is zoned for industrial and features resources, such as access to water, that make it an appealing investment opportunity. The female-owned real estate consulting firm now boasts about $1 billion in assets.
MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Place at Catherine’s Way, a 303-unit apartment community located in Manchester, an eastern suburb of Hartford. Built in 1998-1999, the property consists of 13 two- and three-story buildings. Units come in one-, two- and three-bedroom floor plans, have an average size of 1,043 square feet and are furnished with full-size washers and dryers and walk-in closets. Amenities include an indoor pool, sauna, fitness center, tennis courts and movie theater. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction. Afton Properties purchased the asset for an undisclosed price.
YORK, PA. — Cushman & Wakefield has arranged the back-to-back sale of a 100,232-square-foot industrial property located at 350 N. Sherman St. in York, about 100 miles west of Philadelphia. The property sits on 5.7 acres and features 14 dock doors, a clear height of 32 feet, 43 auto parking spaces and 10 trailer parking spaces. In the first deal, locally based firm Inch & Co. sold the asset to Dallas-based Dalfen Industrial for $12.7 million. That same day, Dalfen sold the property to New York-based furniture retailer Raymour & Flanigan for $16.9 million. Gerry Blinebury and Collin Potter of Cushman & Wakefield brokered the first transaction, and the firm collaborated with Newmark to facilitate the second sale.
NASHVILLE, TENN. — Walker & Dunlop has brokered the sale of The Guthrie North Gulch, a 271-unit apartment community located at 600 11th Ave. N in Nashville. Russ Oldham of Walker & Dunlop represented the undisclosed seller in the transaction, and Stephen Farnsworth, Hanes Dunn and Jessie Bland of Walker & Dunlop arranged Freddie Mac financing on behalf of the buyer, GF Properties. The sales price and loan amount were not disclosed. Units at the property include apartments in one-, two- and three-bedroom layouts. Amenities include a fitness center, dog park and a recording studio.
HOUSTON — Colliers has arranged the sale of Azul Apartments, a multifamily complex in North Houston. According to Apartments.com, the property was built in 2019, totals 90 units and offers studio, one-, two- and three-bedroom floor plans. Jaleel Adatia, Chip Nash, and Bob Heard of Colliers represented the seller, an entity doing business as ZK Jester Inc., in the transaction. The team also procured the buyer, Lonestar Capital Group.