Acquisitions

Storm Properties Sells Aldi-Anchored Redondo Plaza in Gardena, California for $15.1M

by Amy Works October 26, 2022

GARDENA, CALIF. — Storm Properties has completed the disposition of Redondo Plaza, a grocery-anchored retail center located at 1550 W. Redondo Beach Blvd. in Gardena. A private 1031 exchange buyer acquired the asset for $15.1 million. Built in 2002 and renovated in 2018, Redondo Plaza features 28,000 square feet of retail space. Aldi anchors the property with 11.5 years remaining on its existing triple-net lease. At the time of sale, the property was fully occupied. Tenants include Domino’s Pizza, T-Mobile, Jackson Hewitt, Super Laundry and Crazy Rock’n Sushi. Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Bryan Ley of JLL Retail Capital Markets Investment Sales and Advisory team represented the seller in the deal.

October 26, 2022

Acquisitions Multifamily Seniors Housing Washington Western

Oxford Capital, Fortress Investment Acquire Three Seniors Housing Communities in Sequim, Washington

by Amy Works October 26, 2022

SEQUIM, WASH. — A joint venture between Oxford Capital Group LLC and Fortress Investment Group LLC has acquired a three-property, 256-unit seniors housing portfolio in Sequim. The properties are located northwest of Seattle, just across the Salish Sea from Victoria, British Columbia. The buyer acquired the properties from an independent family operator. Oxford’s seniors housing management affiliate, Oxford Living US LLC, will manage the properties. Terms of the transaction were not disclosed. “We are excited to continue to expand our seniors housing silo as we strategically assemble a portfolio of properties throughout the United States and Canada,” says John Rutledge, founder, chairman and CEO of Oxford Capital Group. “Oxford Living has made targeted seniors housing acquisitions and investments in a number of growing markets throughout the southeastern United States and Canada, including Florida and Ontario. We plan further portfolio acquisitions in these and other markets.” “This transaction builds further on our strategy of acquiring seniors housing assets with scale in attractive demographic areas that are well positioned to weather an inflationary environment,” adds Peter Stone, managing director at Fortress. “While most institutional investors focus on high-end development in urban centers, our strategy is to buy overlooked mid-market properties which are …

October 26, 2022

Acquisitions Midwest Missouri Multifamily

Avanti Residential Purchases Kansas City Apartment Complex for $94M

by Kristin Harlow October 26, 2022

KANSAS CITY, MO. — Avanti Residential has purchased Artistry Apartments in Kansas City’s Crossroads Arts District for $94 million. The 341-unit, Class A apartment complex marks Avanti’s seventh investment in the Kansas City market. Constructed in 2021, Artistry Apartments features 11,675 square feet of street-level retail space that is 70 percent leased to Sola Salon. Jeff Stingley and Max Helgeson of CBRE represented the seller, a joint venture between Milhaus Development and CrossHarbor Capital Partners. Brady O’Donnell, Jill Haug, Alexandra Scott and Kyle Tucker of CBRE arranged acquisition financing on behalf of Avanti. The property was 95 percent leased at the time of sale.

October 26, 2022

Acquisitions Indiana Industrial Midwest

MDH Partners Acquires 162,228 SF Industrial Building in Noblesville, Indiana

by Kristin Harlow October 26, 2022

NOBLESVILLE, IND. — MDH Partners has acquired Washington Business Park 1, a 162,228-square-foot industrial building in the Indianapolis suburb of Noblesville. The purchase price was undisclosed. The property, which is 85 percent leased to four tenants, is situated within the 142-acre Washington Business Park. The building was constructed earlier this year. Houston Hawley served as the acquisition lead for Atlanta-based MDH. Bryan Poynter of Cushman & Wakefield represented MDH, while Ryan Baker of Cushman & Wakefield represented the undisclosed seller. The purchase of Washington Business Park 1 increases MDH’s Indiana footprint to more than 1.1 million square feet.

October 26, 2022

Acquisitions Illinois Midwest Multifamily

Interra Brokers $8.2M Sale of Multifamily Property in Chicago’s Lincoln Park

by Kristin Harlow October 26, 2022

CHICAGO — Interra Realty has brokered the sale of a 51-unit multifamily property in Chicago’s Lincoln Park neighborhood for $8.2 million. Located at 2718 N. Hampden Court, the building consists of one-bedroom units. Craig Martin of Interra represented the seller, the Manilow family. Martin also represented the buyers, investors Gabe Horstick and Edwin Vdovets, who plan to renovate the property.

October 26, 2022

Acquisitions Multifamily Southeast Tennessee

Newmark Secures $86.6M Sale of Alta Foundry Apartments in Midtown Nashville

by John Nelson October 25, 2022

NASHVILLE, TENN. — Newmark has secured the sale of Alta Foundry, a newly built, 231-unit apartment community located at 640 21st Ave. N in Nashville’s Midtown district. Tarek El Gammal and Vincent Lefler of Newmark represented the seller and developer, Wood Partners, in the transaction. Blacksburg, Va.-based HHHunt purchased Alta Foundry, which was in lease-up and 75 percent occupied at the time of sale, for $86.6 million. Amenities include a rooftop sky lounge, resort-style saltwater pool and a covered outdoor entertainment and gaming lawn. Alta Foundry’s floor plans range from studio to two-bedroom units, and rental rates start at $1,751 per month, according to Apartments.com.

October 25, 2022

Acquisitions Florida Retail Southeast

JLL Brokers $85M Sale of Shoppes at Park Place in Tampa Bay Area

by John Nelson October 25, 2022

PINELLAS PARK, FLA. — JLL has brokered the $85 million sale of Shoppes at Park Place, a 361,250-square-foot shopping center located at 7200 U.S. Highway 19 N in the Tampa Bay suburb of Pinellas Park. Brad Peterson, Tom Hall, Whitaker Leonhardt and Michael Brewster of JLL represented the unnamed seller in the transaction. CBRE represented the buyer, Belleair Development, which funded the acquisition with a $51 million loan. Built in 2006, Shoppes at Park Place was 97.4 percent leased at the time of sale to tenants including Regal Cinemas, Academy Sports + Outdoors, Conn’s HomePlus, Marshalls, Michaels, Petco, Five Below, Famous Footwear and Dollar Tree. The center features 10 outparcels housing tenants such as Chick-fil-A, Starbucks, Chase Bank, Panera Bread, Mattress Firm and Panda Express, among others. Belleair Development plans to add more retail space to the 42-acre site, as well as apartments and a hotel.

October 25, 2022

Acquisitions Multifamily Southeast Virginia

Capstone Arranges $68.9M Sale of West Edge Apartments in Lynchburg, Virginia

by John Nelson October 25, 2022

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.

October 25, 2022

Acquisitions Multifamily Southeast Tennessee Walker & Dunlop

Walker & Dunlop Negotiates Sale of 200-Unit Park Central Apartments in Nashville

by John Nelson October 25, 2022

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.

October 25, 2022

Acquisitions Multifamily Washington Western

CBRE Negotiates $104M Sale of Multifamily Property in Seattle’s South Lake Union

by Amy Works October 25, 2022

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.

October 25, 2022

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