NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $7.5 million sale of a seven-unit apartment building located at 230-232 W. 72nd St. on Manhattan’s Upper West Side. The 11,500-square-foot building was constructed in 1900 and includes one retail space and two office spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the buyer, a private office, in the transaction. Andrew Natter and Harold Fuchs of Collaborative Group represented the seller, the Niederman Family. The deal traded at a cap rate of 4.8 percent.
ALLENTOWN, PA. — NAI Summit has brokered the sale of a 30,000-square-foot industrial building located in the Eastern Pennsylvania city of Allentown. The sales price was $2 million. The recently renovated building features multiple dock and drive-in doors and clear heights of 20 to 24 feet, and the site spans 9.5 acres with the capacity to support future expansion. Mike Adams and Sarah Finney Miller of NAI Summit represented the undisclosed seller in the transaction.
RALSTON, NEB. — The Mogharebi Group has arranged the sale of Fireside Village, a 180-unit apartment community in Ralston, a southern suburb of Omaha. The sales price was undisclosed. Built in 1972, the property is comprised of 11 buildings. About one-third of the units have been renovated. Amenities include a sauna, fitness center, playground, dog park, business center and laundry facilities. The community was 75 percent occupied at the time of sale. The Mogharebi Group represented the seller, a Colorado-based private investment group. The buyer, ARTISAN Capital Group, plans to rebrand the property as Wildewood Commons. The transaction represents the seller’s exit and the buyer’s entry into the Nebraska market. As part of the sale, the buyer assumed an agency loan with five years remaining on its term.
DALY CITY, CALIF. — BRIDGE Housing has acquired Eaves Daly City, a 195-unit community in Daly City, 10 miles south of San Francisco. The price and seller were not disclosed. Built in 1972, the property offers 11 two- and three-story buildings across 8.2 acres. Units come in studio, one-bedroom and two-bedroom layouts. Amenities include a pool, spa and fitness center. BRIDGE Housing plans to preserve at least half of the units in perpetuity for residents earning up to 80 percent of the area’s median income. Currently, the units have no income restrictions. BRIDGE Housing also plans to spend approximately $23 million on renovations to the apartments and community facilities.
RIALTO, CORONA AND REDLANDS, CALIF. — Marcus & Millichap has arranged the $53.4 million sale of a three-property multifamily portfolio in the Inland Empire region of Southern California. The portfolio includes Rialto Breeze Apartments, a 98-unit asset in Rialto; Parkview Manor Apartments, a 76-unit property in Corona; and 60-unit Staci Court Apartments in Redlands. Rialto Breeze Apartments was built in 1985 on five acres. The community includes amenities such as a pool and laundry facilities. Parkview Manor Apartments was constructed in 1987 on 3.5 acres. Amenities include a pool, fitness center and picnic area. Staci Court Apartments was constructed on 3.5 acres in 1987. The property is located in proximity to University of Redlands and downtown Redlands. Amenities include a swimming pool, spa and business center.Alexander Garcia and Bill Roblero represented the buyer, Clear Capital LLC.
OCEANSIDE, CALIF. — Faris Lee Investments has arranged the $5.9 million sale of a retail pad located in Oceanside, between Los Angeles and San Diego. A recently constructed Starbucks Coffee and Pacific Dental occupy the property, which is situated within Pacific Coast Plaza. Jeff Conover, Don MacLellan, Scott DeYoung and Chris DePierro of Faris Lee represented the seller, a California-based developer. Shaun Riley of Faris Lee represented the all-cash buyer in the 1031-exchange transaction.
HOPKINSVILLE, KY. — Oakley Group has acquired Griffin Gate, an 80-unit apartment community located at 300 Griffin Gate Drive in Hopkinsville, a suburb of Clarksville, Tenn. The Birmingham, Ala.-based investment firm purchased the asset from a Georgia-based entity doing business as Griffin Gate HKY LLP for $10.8 million. Tyler Mayo of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group brokered the transaction. Chad Hagwood and Brandon Pate of Lument’s Birmingham office originated a 10-year, fixed-rate Fannie Mae on behalf of Oakley Group. Situated on more than 16 acres, Griffin Gate is a two-story property that features a clubhouse, pool, dog park, walking trail and ample green space. Oakley Group plans to make capital improvements to the property and has retained NextGen Management as property manager.
LAGRANGE, GA. — Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group has brokered the $3.3 million sale of a newly constructed restaurant in LaGrange that is ground-leased to Chick-fil-A for 15 years. Located at 2110 Vernon St. on a 1.5-acre lot, the nearly 5,000-square-foot building is a relocation of a former Chick-fil-A and serves as an outparcel to a new Publix-anchored shopping center that Taylor McMinn Retail Group will be marketing. An unnamed, out-of-state private investor purchased the restaurant at list price within 30 days of listing with all-cash, according to McMinn, who represented the undisclosed seller in the transaction. “Pricing for quality net-lease retail continues to receive strong demand and command attractive pricing in spite of the rising interest rate environment,” says McMinn.
SAN ANTONIO — Newmark has arranged the sale of Signature Ridge, a 612-unit apartment community located adjacent to South Texas Medical Center in San Antonio. The property offers one-, two- and three-bedroom units with private patios/balconies and amenities such as two pools, a fitness center, dog park and a clubhouse with a communal kitchen and an arcade. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the undisclosed seller in the transaction. Braden Harmon and Hank Glasgow of Newmark arranged acquisition financing on behalf of the buyer, which The San Antonio Business Journal reports was Kairoi Residential.
PORT ARTHUR, TEXAS — Marcus & Millichap has brokered the sale of Park Central Self-Service Storage, a 312-unit facility in Port Arthur, located just south of Beaumont. The property spans 48,430 net rentable square feet. Dave Knobler, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a limited partnership, in the transaction. The trio also procured the buyer, a limited liability company. Both parties were Texas-based entities that requested anonymity.