ELIZABETH AND HILLSIDE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $15 million sale of a portfolio of five multifamily properties totaling 120 units in Northern New Jersey. Specifically, four of the properties comprising 110 units are in Elizabeth, and one 10-unit property is located in Hillside. Jeff Squires of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction. Walker & Dunlop originated acquisition financing for the deal.
CAMBRIDGE, MASS. — South Florida-based investment firm Benderson Development has purchased a 53,400-square-foot retail property located outside of Boston in Cambridge. The property at 340 River St. is located roughly one mile from Harvard University and the Massachusetts Institute of Technology and houses a 40,000-square-foot Whole Foods Market and a 13,000-square-foot Walgreens. The seller and sales price were not disclosed.
By Allison Herrera, Walker & Dunlop Effective Dec. 15, 2022, Freddie Mac began accepting ownership of two- to four-unit properties — aka duplexes, triplexes or quadplexes — as relevant experience for all loans in its Optigo® Small Balance Loans (SBL) program. Previously, Freddie Mac defined multifamily experience as controlling ownership of a property with at least five units or more and excluded two- to four-unit properties. By expanding its borrower experience definition, Freddie’s SBL program increases opportunities for investors who focus on small multifamily housing to grow their portfolios by accessing financing outside of banks. What Qualifies as Experience? Here’s what you should know. Freddie Mac expanded their definition of multifamily experience to include borrowers who have a portfolio of two- to four-unit properties that meet the following criteria: The borrower must own at least 10 units total The borrower must have owned each property for at least two years The borrower must have a controlling interest in all 10 units The 10 units do not need to be contiguous or located in the same county The new requirements provide investors access to agency debt when beginning to invest in larger properties, such as those with five to 50 units, …
PHOENIX — Phoenix-based Citywide Commercial Real Estate has arranged the purchase of a five-building mixed-use portfolio located at the southeast corner of Indian School Road and 31st Avenue in Phoenix. Northgate – 72 LLC sold the business park to EL Camino Investment Co. for $7 million. Totaling 86,268 square feet, Thunderbird Business Park features five single-story, multi-tenant office, retail and industrial buildings. The property includes 35 individual suites that are fully occupied. The tenants are mostly small business owners and long-term tenants. El Camino Investment Co. plans to complete improvements to modernize the portfolio and enhance its presence in the community. Adam Shteir, Todd Hamilton and Chad Kirkorsky at Citywide represented the buyer in the acquisition.
WEST VALLEY, CALIF. — Red Mountain Group has completed the disposition of a four-tenant retail property located in West Valley. An undisclosed buyer acquired the asset for $2.1 million. At the time of sale, the 6,764-square-foot property was fully leased to Tellica Imaging, Allstate Insurance, Metro by T Mobile and a nail salon. Dave Lucas of CP Partners Commercial Real Estate represented the seller in the deal.
GREENWOOD, S.C. — An affiliate of Phoenix Investors has purchased the Fujifilm North American Campus in Greenwood, which has been home to Fujifilm Manufacturing U.S.A. Inc. since 1988. The 11-building property spans more than 2.7 million square feet over 500 acres. Fujifilm has leased back approximately 50 percent of the campus from the buyer and plans to keep over 300 employees at the site for manufacturing and administrative purposes. Phoenix Investors plans to market approximately 1.4 million square feet of space for lease to new tenants. James Medbery, Doug Faris and Shaun Kirchin of Binswanger brokered the transaction. The sales price was not disclosed.
TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $3.8 million sale of a 2,500-square-foot, single-tenant retail property in Tampa that is occupied by Starbucks Coffee. Located at 4418 W. Gandy Blvd., the property was recently developed and is under a 10-year corporate-guaranteed lease. The store is situated on a one-acre site and features a drive-thru. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, Alliant Partners LLC, in the transaction. The buyer was a South Florida-based private investor that was in a 1031 exchange and paid all-cash for the asset.
SPRING, TEXAS — Dallas-based investment firm Civitas Capital Group has acquired Cypresswood Apartments, a 287-unit multifamily community located north of Houston in Spring. The newly built, garden-style property sits on 12.2 acres and offers one-, two- and three-bedroom units, according to Apartments.com. Amenities include a pool, fitness center, clubhouse, playground, basketball court and a dog park. Houston-based Fidelis Realty Partners sold the property for an undisclosed price.
MANOR, TEXAS — Avison Young has arranged the sale of a multifamily development site in Manor, a northeastern suburb of Austin, that is approved for the construction of 200 units and 20,000 square feet of retail space. The 13.2-acre site is located within the 200-acre Las Entradas master-planned development. John Baird, Michael Kennedy and Sullivan Johnston of Avison Young represented the seller, Las Entradas Development Corp., in the transaction. Gilles Ghez of DH Realty Partners represented the buyer, Maryland-based DD&B Construction.
KILLEEN, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Ashton Park, a 148-unit apartment complex located in the Central Texas city of Killeen. According to Apartments.com, the property was built in 1974 and features studio, one- two- and three-bedroom units, as well as a pool, fitness center, tennis court and a basketball court. Paul Yazbeck of TMG represented the seller, and Chase Davis of TMG procured the buyer. Both parties requested anonymity.