LYNCHBURG, VA. — Capstone Apartment Partners has arranged the $68.9 million sale of West Edge Apartments, a newly built, 270-unit multifamily community located on 22.7 acres in Lynchburg. Eric Liebich and Ron Corrao of Capstone arranged the off-market transaction between the undisclosed seller and the buyer, Gastonia, N.C.-based Southwood Realty. Delivered earlier this year by the unnamed developer, West Edge features one-, two- and three-bedroom layouts. Amenities include a swimming pool, a clubhouse/community center, fitness center and laundry facilities. West Edge was 96 percent occupied at the time of the sale.
NASHVILLE, TENN. — Walker & Dunlop has negotiated the sale of Park Central, a 200-unit apartment community located at 220 25th Ave. N in Nashville’s Midtown district. Russ Oldham of Walker & Dunlop represented the unnamed seller and the buyer, Houston-based Dinerstein Cos., in the transaction. The sales price was not disclosed. Built in 2013 a couple blocks north of Vanderbilt University, Park Central features studio, one- and two-bedroom apartments, as well as a clubroom, fitness center and a sky deck with a heated rooftop pool overlooking Centennial Park. The eight-story apartment community also includes an adjacent parking garage.
SEATTLE — CBRE has arranged the sale of 624 Yale, an apartment community in Seattle’s South Lake Union neighborhood. An undisclosed buyer acquired the asset for $104 million. Jon Hallgrimson, Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE’s Pacific Northwest multifamily team represented the undisclosed seller in the deal. Built in 2018, the nine-story building features 206 studio, one- and two-bedroom floor plans with an average unit size of 711 square feet. Community also includes fitness, work and meeting amenities. Additionally, the property has a hidden speakeasy and two rooftop terraces with panoramic views of the Seattle skyline and Lake Union.
CARLSBAD, CALIF. — Oxford Properties has expanded its life sciences portfolio in metro San Diego with the acquisition and long-term leaseback of Ionis Pharmaceuticals’ 18.4-acre life sciences campus and corporate headquarters in Carlsbad. As part of the transaction, Ionis will lease the properties for a minimum of 15 years. Additional terms of the transaction were not released. The three-building campus offers 250,000 square feet of existing office and life sciences space with chemistry labs, biology labs and R&D support systems, as well as a modern office space. The buildings were constructed between 2011 and 2021. Founded in 1989, Ionis is a publicly traded biotech company and a leader in discovering and developing RNA-targeted therapeutics.
PORTLAND, ORE. — Fairfield Columbia Ridge LLC, an affiliate of San Diego-based Fairfield Residential, has completed the disposition of Columbia Ridge Apartments, a multifamily community in Northeast Portland. An undisclosed buyer acquired the asset for $36.2 million. Located at 15910 NE Sandy Blvd., the property comprises 35 two- and three-story buildings on 9.9 acres. Built in 1990, Columbia Ridge offers 144 two- and three-bedroom floor plans averaging 940 square feet. Units offer in-unit washers/dryers, private patios or balconies and walk-in closets. Community amenities include a fitness center, pool, resident clubhouse, three playgrounds and a basketball court. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the deal.
TULSA, OKLA. — Denver-based investment firm VanWest Partners has acquired two self-storage facilities in Tulsa in off-market transactions. Combined, the facilities span more than 140,000 net rentable square feet across some 950 units, including outdoor parking/storage spaces. Both facilities were approximately 95 percent occupied at the time of sale. The seller and sales price were not disclosed. The new ownership is planning a capital improvement program that will include new gate and camera systems, door replacements and roof and asphalt upgrades.
IRVINE, CALIF. — Asland Capital Partners, Fairstead, iimpact Capital, Nuveen Real Estate and Innovative Housing Opportunities (IHO) have acquired Woodbridge Manor, a 165-unit affordable housing community for seniors in Irvine. Woodbridge Manor apartments are available to seniors earning up to 60 percent of the area median income (AMI), or a maximum of $59,040 per year. The complex comprises a trio of three-story buildings that were built from 1981 to 2003, all of which underwent a major rehabilitation in 2006. The community was purpose built as affordable housing for residents at least 62 years old and those living with disabilities. “Woodbridge Manor is significant to IHO because it was our organization’s first project and also the first low-income housing complex ever created in Irvine,” says Rochelle Mills, president and CEO of IHO. Lument provided financing through the Freddie Mac CME program. Marcus & Millichap’s Affordable Housing Advisors served as the undisclosed seller’s broker in this transaction, while Gerd Alexander of Paul Hastings and Laurie Grasso of Hunton Andrews Kurth served as counsel for the purchasers.
AUSTIN, TEXAS — California-based investment firm ASAP Holdings Inc. has purchased a former Crowne Plaza hotel in Austin with plans to convert the 293-room property into a Delta Marriott hotel. The seller, Lockwood Development Partners, purchased the asset in 2021 as part of a 10-property portfolio sale. The hotel was originally constructed in 1977. Eddy Nevarez of Marcus & Millichap represented both parties in the deal.
SHERMAN, TEXAS — Dallas-based Linesight Development has sold a 19.5-acre multifamily development site that is located within the Hickory Hill master-planned community in the North Texas city of Sherman. Josh Watson of Land Advisors Organization represented Linesight Development in the deal. The name of the buyer and specific plans for the site were not disclosed.
ELKHART AND JEFFERSONVILLE, IND. — Revitate Cherry Tree (RevCT) has acquired two workforce housing communities in Indiana for $44.5 million. Built in 1970, Walnut Trails is a 210-unit, garden-style community in Elkhart. Constructed in 1972, Beech Grove is a 182-unit community in Jeffersonville. RevCT says the acquisition of these two properties advances the firm’s overall strategy of preserving and enhancing workforce housing opportunities for families across the Midwest. Both of these properties cater to working-class residents such as those employed by local governments or in industries like healthcare, manufacturing, logistics and education. Workforce housing is defined as housing affordable to households earning between 60 and 120 percent of area median income.