LOS ANGELES — Keller Williams has negotiated the sale of Glassell Apartments, a 35-unit multifamily asset in Los Angeles. A 1031 exchange investor bought the property for $8.6 million. The community is located at 3367 Andrita St. in Glassell Park, near Glendale and Eagle Rock. Built in 1989, the property is subject to rent control and was more than 60 percent vacant at the time of sale. The seller was a family trust that owned the asset for more than 20 years. Andres Diaz of Keller Williams’ office in downtown Los Angeles represented the seller and procured the buyer.
FARMERS BRANCH, TEXAS — Locally based private equity firm KeyCity Capital has acquired Villa Gardens, a 142-unit apartment complex located in the northern Dallas suburb of Farmers Branch. According to Apartments.com, the property was built in 1969 and offers studio, one-, two- and three-bedroom units, as well as amenities such as a pool, playground, business center and onsite laundry facilities. Doug Banerjee, Jack Stone, Andrew Mueller and Sterling Warren of Greysteel represented KeyCity and the undisclosed seller in the transaction.
CONROE, TEXAS — SVN | J. Beard Real Estate — Greater Houston has arranged the sale of a portfolio of nine retail buildings and one office building totaling 50,335 square feet in Conroe, about 40 miles north of Houston. Jeff Beard and Bonnie Pfrenger of SVN | J. Beard represented the seller, a locally based limited partnership, in the transaction. Kristi Delafuente of JNK Property Group represented the buyer, a private investor. Both parties requested anonymity.
EL PASO, TEXAS — Marcus & Millichap has brokered the sale of a 7,714-square-foot restaurant property in El Paso that is net leased to Red Lobster. The building was originally constructed on a 1.2-acre site in 1994 and subsequently renovated in 2012. Alan Lipsky and Barry Wolfe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a private investor. Both parties requested anonymity. Tim Speck of Marcus & Millichap assisted in closing the deal as the broker of record.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $8.8 million sale of a 24-unit apartment building located at 109 Ludlow St. on Manhattan’s Lower East Side. The six-story building houses one-, two- and three-bedroom units, as well as two retail spaces. Michael Tortorici and Shimon Shkury of Ariel Property Advisors represented the buyer in the transaction. Michael DeCheser and Bryan Hurley of Cushman & Wakefield represented the seller. Both parties requested anonymity.
DOUGLASVILLE, GA. — Marcus & Millichap has brokered the $19.8 million sale of Douglasville Town Center, a 272,785-square-foot shopping center located at 5891-5989 Stewart Parkway in Douglasville, about 24 miles west of Atlanta. Tim Giambrone of Marcus & Millichap’s Atlanta office represented both the seller, a private capital partnership, and the buyer, an out-of-state private investment firm, in the transaction. Both parties requested anonymity. Douglasville Town Center’s tenant roster includes anchor BuggyBusters, a liquidation superstore, as well as Rogers Mechanical Contractors, Andy’s Wholesale and Cobb Douglas Community Services Board.
PEORIA, ARIZ. — Colliers has brokered the $14.8 million sale of Crossroads Plaza, a 112,838-square-foot shopping center located in the Phoenix suburb of Peoria. The property was 91 percent leased at the time of sale to tenants including Harbor Freight, Dollar Tree, Goodwill, LA Crab Shack, Ta’ Carbon Mexican Grill, Odyssey Martial Arts and Iced Out Ice Cream Parlor. Mindy Korth, John Jackson, Caitlin Zirpolo and El Warner of Colliers represented the seller, a California-based firm. Maha Odeh Arnold of Regal Properties represented the buyer, a California-based private investor.
CALIFORNIA, MD. — A joint venture between AmCap Inc. and Encore Enterprises has acquired First Colony Center, a 98,179-square-foot shopping center in the Washington, D.C., suburb of California. The grocery-anchored center is leased to tenants including Giant, Michaels and Advance Auto Parts. Shadow anchors include Target, Lowe’s Home Improvement and BJ’s Wholesale Club. The seller and sales price of First Colony Center were not disclosed. The center represents the third joint venture acquisition between AmCap and Encore.
ROSWELL, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunset Villa Care Center, a 52-bed skilled nursing facility in Roswell. The facility is located within three miles of two regional acute care hospitals. It was built in 1965, but “is very well maintained, and had strong recent and historical financial trends,” according to Blueprint. Blueprint’s marketing efforts focused on highlighting the facility’s high cash flows, operating margins, and the local submarket’s strength. At the time of marketing, the facility was running revenues of about $6 million. The buyer was a private owner-operator based in Los Angeles. The seller and price were not disclosed.
ALBANY, ORE. — Marcus & Millichap has arranged the sale of the 33-unit Sheridan Plaza apartments in Albany. A Portland-based private client group acquired the asset for $4.2 million. The community is located at 208 SE 5th Ave. and 205 SE 6th Ave. Albany is approximately halfway between Eugene and Salem. The undisclosed seller purchased the asset in 2021, at which time it made capital improvements to the property. This included new roofs and gutters, adding a garbage enclosure, resurfacing the parking lot, and new windows and sliders. The sellers were able to increase the cashflow by renovating several units and partnering with professional third-party management. The buyer plans to continue the renovation process and increase rents, according to Marcus & Millichap. The firm’s Georgie Christensen-Riley and Joshua C. Reynolds, along with the Christensen Group, represented the seller in the transaction.