Acquisitions

Rockwood Capital, MG Properties Acquire Domain Apartments in San Diego’s Kearny Mesa Neighborhood

by Amy Works December 19, 2022

SAN DIEGO — A joint venture between affiliates of Rockwood Capital and MG Properties has purchased Domain San Diego, a multifamily community in San Diego’s Kearny Mesa neighborhood, for an undisclosed price. The sellers were the real estate business within Goldman Sachs Asset Management and Magnolia Capital. Domain San Diego features 379 apartments in a mix of studio, one- and two-bedroom apartments, competitive community amenities and easy access to freeways 163 and 52. Joseph Smolen, Geoff Boler, Mark Peterson, Jonathan Merhaut and Eugene Chong of Eastdil Secured represented the sellers in the deal.

December 19, 2022

Acquisitions Multifamily New Mexico Western

Northmarq Brokers Sale of Two Apartment Communities in Albuquerque

by Amy Works December 19, 2022

ALBUQUERQUE, N.M. — Northmarq has arranged the sale of two apartment communities in Albuquerque for an undisclosed price. ABQ Encore LLC and Uptown Horizon Apartments LLC sold the assets to CS ABQ Encore and CA ABQ Uptown, ownership entities of New York-based Crescent Sky Real Estate Partners, with loan assumptions and no new debt. The properties are the first acquisitions in Albuquerque by Crescent Sky Real Estate Partners. Located at 810 Eubank Blvd. NE, ABQ Encore features 129 residences split between 331-square-foot studio units and 551-square-foot one-bedroom units. The property was built in 1971 and converted from a hotel to a multifamily community in 2017. Community amenities include a laundry facility, 24-hour fitness center and pet park. Built in 1961, Uptown Horizon features 79 apartments, including 55 studio units and 24 one-bedroom units. The property’s roof was replaced in 2018, and 25 of the units underwent light upgrades with new kitchen appliance packages. Onsite amenities include a swimming pool, laundry facilities, outdoor grills and picnic areas. Uptown Horizon is located at 7601 Lomas Blvd. NE. Cynthia Meister, Trevor Koskovich and Jesse Hudson of Northmarq represented the sellers in the deal.

December 19, 2022

Acquisitions California Office Western

San Diego County Bar Association Buys Office Building for $6.8M

by Amy Works December 19, 2022

SAN DIEGO — CBRE has arranged the sale of a single-story office building in downtown San Diego. The San Diego County Bar Association acquired the asset from 330 A Street LLC for $6.8 million. Jeff Oesterblad and Marc Frederick of CBRE’s San Diego office represented the seller, while Tom Nicholas and Jack Blumenfeld of Colliers represented the buyer in the transaction.

December 19, 2022

Acquisitions Colorado Industrial Western

Marcus & Millichap Negotiates Sale of 11,688 SF Industrial Property in Denver

by Amy Works December 19, 2022

DENVER — Marcus & Millichap has arranged the sale of an industrial property located at 1531 West Bayaud Avenue in Denver. Terms of the transaction were not released. Thimy Moraitis of Marcus & Millichap’s TAG Industrial Group represented the seller, a private investor, in the deal. Situated on 0.46 acres, the 11,688-square-foot asset is divided into three individual suites, consisting of nine percent office space. At the sale of sale, the property was fully leased.

December 19, 2022

Acquisitions Georgia Multifamily Southeast

JLL Arranges Sale of 252-Unit Multifamily Community in Metro Atlanta

by John Nelson December 16, 2022

LAWRENCEVILLE, GA. — JLL Capital Markets has brokered the sale of The Fieldhouse, a multifamily community featuring 252 residential units and 10,112 square feet of commercial space in Lawrenceville, roughly 30 miles northeast of Atlanta. Built in 2021, the property overlooks Coolray Field, home ballpark of the Minor League Baseball team Gwinnett Stripers. The Fieldhouse comprises three buildings with units in studio, one- and two-bedroom layouts. Amenities include a rooftop lounge, pool deck, grilling stations, two dog parks, a club and game room, workspace, a kitchen and bar for entertaining, a yoga studio and a fitness center. John Weber, Vic Ciancetta and Cade Songy of JLL represented the seller, Brand Properties, in the transaction. Bonaventure Realty Group was the buyer. The sales price was not disclosed.

December 16, 2022

Acquisitions Florida Loans Office Southeast

Berkadia Secures $36.2M Acquisition Loan for Miami Office Building

by John Nelson December 16, 2022

MIAMI — Berkadia has arranged a $36.2 million loan for the acquisition of Cube WYNWD, an office building in the Wynwood neighborhood of Miami. Located at 230 NW 24th St., the building comprises 90,000 square feet of office space and 10,000 square feet of retail space. Scott Wadler of Berkadia secured the financing on behalf of the borrower, a joint venture between San Francisco-based Brick & Timber and Philadelphia-based Argosy Capital Partners. JP Morgan provided the five-year, fixed-rate loan, which features interest-only payments for the full term.

December 16, 2022

Acquisitions Arizona Restaurant Retail Western

Newmark Negotiates $23.5M Sale of The Block at Pima Center Retail Property in Scottsdale

by Amy Works December 16, 2022

SCOTTSDALE, ARIZ. — Newmark has arranged the sale of The Block at Pima Center, a multi-tenant retail property in Scottsdale. Block East LLC and Block West LLC sold the asset to New Block 22 LLC for $23.5 million. Located at the northwest corner of Via De Ventura and Arizona State Route 101, The Block at Pima Center features 37,958 square feet of retail space that was fully leased at the time of sale. Current tenants include Starbucks Coffee, Dickey’s Barbecue Pit, Mayweather Boxing + Fitness and Spinato’s. The property features several full-service restaurants with patios, fast-casual dining options, health and fitness tenants, and personal care services. Jesse Goldsmith, Steve Julius and Chase Dorsett of Newmark represented the seller in the transaction.

December 16, 2022

Acquisitions Multifamily Oregon Western

Kidder Mathews Brokers $19.3M Sale of Fox Meadows Apartments in Tualatin, Oregon

by Amy Works December 16, 2022

TUALATIN, ORE. — Kidder Mathews has arranged the sale of Fox Meadows Apartments, a garden-style multifamily property in Tualatin. Trion Properties sold the asset to a California-based national multifamily investor for $19.3 million. Tyler Linn, Jordan Carter and Clay Newton of Kidder Mathews represented the seller in the deal. Located at 19545 and 19605 SW Boones Ferry Road, Fox Meadows features 95 apartments in a mix of one-, two- and three-bedroom units.

December 16, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 168-Unit Apartment Community in Arlington

by Taylor Williams December 16, 2022

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of The Hub, a 168-unit apartment community in Arlington. The property houses studio, one- and two-bedroom units and offers amenities such as a dog park and outdoor grilling and dining areas. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Lubbock-based developer Madera Residential, in the transaction and procured an undisclosed, locally based investment group as the buyer. The new ownership plans to implement a value-add program.

December 16, 2022

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers $34.6M Sale of New Haven Multifamily Portfolio

by Taylor Williams December 16, 2022

NEW HAVEN, CONN. — Northeast Private Client Group has brokered the $34.6 million sale of a portfolio of two multifamily properties totaling 145 units in New Haven. Broadway Living is a five-building, 101-unit complex, and The Elm is a newly constructed, 44-unit building. All units at both properties are rented at market rates. Brad Balletto, Jeff Wright and Rich Edwards of Northeast Private Client Group brokered the deal. The buyer and seller were not disclosed.

December 16, 2022

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