RICHARDSON, TEXAS — A joint venture between Midloch Investment Partners, a private equity firm with offices in the Midwest, and Dallas-based WindMass Capital has purchased a 176-unit apartment complex in the northeastern Dallas suburb of Richardson. Riverwalk Apartments was originally built in 1981 and offers one- and two-bedroom units. Amenities include a pool, fitness center, outdoor kitchen, package handling service and landscaped outdoor spaces. The seller and sales price were not disclosed.
FOUNTAIN HILLS, ARIZ. — Private Portfolio Group has acquired the 147-unit Havenly Fountain Hills for $68.3 million. The build-to-rent community is located at 16550 East Avenue of the Fountains in Fountain Hills, a suburb of north Scottsdale. Each rental home features 10-foot ceilings, fully fenced private backyards, front porches, high-end interior finishes, quartz countertops, stainless steel appliances and full-size washers and dryers. Mark Forrester of Berkadia represented the sellers, Arizona-based Keystone Homes and Lexin Capital, while Scott Holland of Berkadia Scottsdale secured life company acquisition financing on behalf of the buyer.
PHOENIX — Hamilton Zanze has purchased the 296-unit Springs at Deer Valley apartment community in Phoenix for an undisclosed sum. This purchase marks the firm’s seventh Arizona property within its current portfolio. The community will be rebranded as Ironwood at Happy Valley apartments. Built in 2021, Ironwood at Happy Valley is located at 24025 N. 23rd Ave., about 20 minutes from downtown Phoenix. The property is also close to the $12 billion Taiwan Semiconductor Manufacturing Co. manufacturing campus. Hamilton Zanze will execute a capital improvements campaign that includes building, amenity and green improvements. Management of the property has been transitioned to HZ affiliate Mission Rock Residential. Dan Woodward, David Potarf, Matt Barnett and Jake Young led the Walker & Dunlop investment sales team that marketed the property.
FORT WORTH, TEXAS — SRS Real Estate Partners has arranged the $6.1 million sale of a 13,426-square-foot, single-tenant retail property in Fort Worth that is net leased to CVS. The property was built on 2.3 acres in 2020. Matt McNeill of SRS represented the buyer, a California-based private investor, in the transaction. Thomas Co. represented the undisclosed seller.
SOMERSET, N.J. — Marcus & Millichap has brokered the $7 million sale of a gas station and convenience store located in the Northern New Jersey community of Somerset. QuickChek occupies the property, which is located immediately off I-287. Matthew Klang and Michael Tuccillo of Marcus & Millichap represented the undisclosed seller and developer in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal, additional terms of which were not disclosed, as the broker of record.
FUQUAY-VARINA, N.C. — Capital Square has acquired Ashford Townes, a 74-unit townhome community located in Fuquay-Varina, a southwest suburb of Raleigh. Located at 604 Oakbrook Pass Way, the build-for-rent development was completed in February of last year and features three-bedroom floorplans averaging 1,693 square feet. D.R. Horton was the developer. Capital Square acquired the property on behalf of CS1031 Ashford Townes BFR Housing DST, a private equity investment vehicle internally managed by Dave Platter and Jon Trott.
LITHIA SPRINGS, GA. — CBRE has brokered the $4 million sale of Thornton Promenade, an 18,900-square-foot shopping center located at 639 Thornton Road in Lithia Springs, roughly 20 miles west of downtown Atlanta. Avis Car Rental, Domino’s Pizza and Metro PCS are tenants at the center, which was 92 percent leased at the time of sale. Craig Taylor of CBRE represented the seller, an entity doing business as RAW Promenade LLC, in the transaction. Riverwood Properties represented the buyer, a private investor. Riverwood will also provide leasing and management services for the property.
HOUSTON —NewForm Real Estate has acquired a historic building located at 917 Franklin St. in downtown Houston that consists of roughly 35,000 square feet of office space and 5,000 square feet of retail space. The six-story building originally opened in 1904 as Commercial National Bank. NewForm is planning a complete overhaul of the building, including upgrades to the façade, lobby, windows, restrooms, utility systems and office suites. The locally based investment firm has hired CBRE to lease the office space and Transwestern to lease the retail space.
BENSALEM, PA. — Locally based investment firm Velocity Venture Partners has acquired a 94,280-square-foot industrial property in Bensalem, about 20 miles northeast of Philadelphia. ProCorr Display & Packaging, a manufacturer of corrugated boxes and other packaging materials, occupies the entirety of the building at 2260 State Road, which features a clear height of 20 feet and three drive-in doors. Carl Neilson and Andrew McGhee of Colliers represented the undisclosed seller in the transaction and procured Velocity as the buyer.
GRAND RAPIDS, MICH. — Thompson Thrift has sold The Grove, a 320-unit apartment complex in Grand Rapids, for an undisclosed price. A private real estate investment firm purchased the Class A community. Completed in August 2022, The Grove features floor plans that average 1,200 square feet. Amenities include a resident social lounge, fitness center, heated pool and spa, grilling areas, pickleball courts, dog park and pet spa. Jason Krug of Berkadia brokered the sale on behalf of Thompson Thrift.