CHICAGO — A partnership between L+M Development Partners and SAA|EVI has acquired Concordia Place Apartments in Chicago. The purchase price was undisclosed, but the partnership secured $99.7 million in funding for the acquisition and rehabilitation of the property. Located at 13037 S. Daniel Drive, the property consists of 297 affordable housing units across 29 buildings. Originally built in 1969, Concordia is federally subsidized by a HUD Section 8 Housing Assistance Payments (HAP) contract. The buyer’s renovation plans include upgraded kitchens and bathrooms, new flooring, Energy Star lighting fixtures, new paint, drywall repairs, new windows and boilers, a renovated community room and the addition of a computer lab and exercise room. The project is being financed via tax-exempt bonds issued by the Illinois Housing Development Authority, 4 percent Low-Income Housing Tax Credits syndicated by Raymond James, a Freddie Mac tax-exempt loan provided by Capital One, and a tax-exempt bridge loan provided by Fifth Third Bank.
BRIDGEPORT, CONN. — Locally based brokerage firm Choyce Peterson has negotiated the sale of a 30,000-square-foot office building in Bridgeport, located in the southern coastal part of the state. An entity doing business as Courtland Street Partners LLC sold the freestanding building to an affiliate of Adam J. Lewis Academy for an undisclosed price. Scott Peterson and Charlene O’Connell of Choyce Peterson brokered the deal. The new ownership plans to convert the building into an expansionary facility for its main school.
DALLAS — Marcus & Millichap has arranged the sale of 6500 South, a 536-unit apartment community in southwest Dallas. According to Apartments.com, the property was built in 1985, houses one- and two-bedroom units and offers amenities such as a pool, fitness center, business center, clubhouse and a playground. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Intercapital Group, in the transaction and procured an undisclosed, locally based investment group as the buyer. The new ownership plans to implement a capital improvement program.
FRISCO, TEXAS — Lincoln Property Co. has acquired Star Commerce Center IIIB, a 177,510-square-foot warehouse in Frisco. The newly built, rear-load facility sits on 10.5 acres and was fully leased at the time of sale. Building features include 32-foot clear heights, 210-foot truck court depths, 210 parking spaces and roughly 50,000 square feet of office space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL represented the seller, Blue Star Land, in the transaction.
ST. LOUIS — MMG Real Estate Advisors has arranged the sale of Gateway at City Park, a 769-unit apartment complex in St. Louis that was formerly known as Cityview. Located in the city’s downtown west neighborhood, the property was built in 1960 and renovated in 2013. Amenities include a CityHive coworking space, covered parking garage, media room, rooftop terrace and two fitness centers. Daniel Wiele and Tom Maloney of MMG represented the seller, Mills Properties, which completed more than $28 million in upgrades. Blue Magma Residential was the buyer.
TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the $8.7 million sale of an unnamed, vacant seniors housing property in Texas. The seller and the location of the facility were not disclosed. Developer Mainstreet originally constructed the 70-unit property as a transitional care facility but did not fully complete construction prior to being foreclosed upon. A Texas-based investor acquired the property and plans to lease it to an East Coast-based skilled nursing operator.
HYANNIS, MASS. — Linchris Hotel Corp., a Massachusetts-based hospitality owner-operator, has acquired the 266-room Cape Codder Resort & Spa in Hyannis. The resort houses four food-and-beverage concepts, a waterpark, fitness center, indoor and outdoor pools, a pickleball court and 18,000 square feet of meeting and event space. Alan Suzuki and Matthew Enright of JLL represented the seller, Catania Hospitality Group, in the transaction. Greg LaBine and Amy Lousararian, also with JLL, arranged acquisition financing through HarborOne Bank on behalf of the buyer.
GADSDEN, ALA. — An affiliate of Phoenix Investors has purchased an approximately 3 million-square-foot industrial campus located at 1000 Goodyear Ave. in Gadsden, which is roughly midway between Birmingham and Chattanooga along I-59. Global tire manufacturer Goodyear was the former occupant of the property, which is currently vacant. Adam Wolinetz of CBRE arranged an undisclosed amount of acquisition financing through International Bank of Commerce on behalf of Phoenix Investors. The seller and sales price were not disclosed. Renovated in 2015, the 156-acre park features 30 dock doors and clear heights of up to 30 feet, as well as ample car and trailer parking, rail access and proximity to I-759 and I-59. Phoenix Investors plans to make numerous capital and cosmetic improvements to repurpose the park and boost tenancy. The Milwaukee-based owner says the available space is easily divisible for multi-tenant occupancy and will be marketed in the near future for lease.
MYRTLE BEACH, S.C. — Cushman & Wakefield has arranged the $78.4 million sale of two adjacent multifamily communities in Myrtle Beach’s Little River submarket. The assets include The Banks at Bridgewater, a new 252-unit multifamily community, and Stepping Stone at Bridgewater, a 44-unit build-to-rent community. Tai Cohen, John Phoenix and Louis Smart of Cushman & Wakefield represented the seller, Wakefield Residential, in the transaction. PassiveInvesting.com, a private equity real estate investment firm based in the Carolinas, was the buyer. Craig Davis Properties developed Banks at Bridgewater earlier this year. The property’s amenities include a coffee bar, on-demand yoga, saltwater pool, walking trails and units featuring built-in workspaces. Built in 2020, Stepping Stone at Bridgewater comprises two-bedroom/two-bath duplexes with attached garages in a neighborhood, cul-de-sac-style setting.
STEUBENVILLE, OHIO — Sekulovski Group has arranged the $14 million sale of Rural King Plaza, a 215,360-square-foot shopping center located in Steubenville, roughly 40 miles west of Pittsburgh. A Brooklyn-based private investor acquired the property from PICOA Inc. of Los Angeles. Tony Sekulovski of Sekulovski Group brokered the transaction. Anchor Rural King, a farm supply store, occupies 104,230 square feet at the retail center, which was 97 percent leased at the time of sale. Other tenants at the property include Ollie’s and Planet Fitness, which occupy 43,600 and 20,365 square feet, respectively. A 17,000-square-foot Dollar Tree and a Kay Jewelers store also occupy the center.