Property Type

Interra Realty Brokers $5.8M Sale of Multifamily Property in Chicago’s Ravenswood Neighborhood

by Kristin Harlow March 13, 2023

CHICAGO — Interra Realty has brokered the sale of a 27-unit multifamily property in Chicago’s Ravenswood neighborhood for $5.8 million. Constructed in 1927, the property at 4401-11 N. Hamilton Ave. features 12 studios, 12 one-bedroom units and three commercial spaces. The building has recently undergone capital improvements. Joe Smazal of Interra represented the buyer and seller, both of which were local private investors. The transaction marks the first time the building has sold in over 50 years.

March 13, 2023

Acquisitions Midwest Multifamily Ohio

Marcus & Millichap Negotiates Sale of 24-Unit Apartment Building in Columbus

by Kristin Harlow March 13, 2023

COLUMBUS, OHIO — Marcus & Millichap has negotiated the sale of The Gemma in the Olde Towne East neighborhood of Columbus for an undisclosed price. The newly constructed apartment building features 24 units. The transaction also included the neighboring Carriage House, a newly constructed, two-townhome building. Matt Snyder and Lisa Sickinger of Marcus & Millichap represented the seller, a limited liability company. The buyer was a partnership between Maitland Property Management and ARZ Realty Capital, both headquartered in Dallas. Maitland Property Management will serve as property manager for both assets. Ari Raskas of ARZ Realty Capital arranged acquisition financing.

March 13, 2023

Acquisitions Iowa Midwest Retail

Matthews Real Estate Arranges Sale of Shine Shop Car Wash Portfolio in Iowa

by Kristin Harlow March 13, 2023

IOWA — Matthews Real Estate Investment Services has arranged the sale of four properties occupied by Shine Shop Car Wash in Iowa for an undisclosed price. The properties are located at 3301 N. Ankeny Blvd. in Ankeny, 1400 SE University Ave. in Waukee, 601 NE Cypress Drive in Grimes and 6035 Merle Hay Road in Johnston. Beryl Grant and Clay Smith of Matthews represented the buyer, Rocket Car Wash, a national chain looking to expand particularly in the Iowa market. The seller was a private investor.

March 13, 2023

Leasing Activity Michigan Midwest Retail

Joyful Tots Daycare Signs 6,750 SF Retail Lease at Village Plaza in Warren, Michigan

by Kristin Harlow March 13, 2023

WARREN, MICH. — Joyful Tots Daycare has signed a 6,750-square-foot retail lease at Village Plaza in Warren, a northern suburb of Detroit. Located at the northwest corner of 13 Mile and Mound roads, the shopping center totals roughly 100,000 square feet. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the landlord, Shango Enterprise Group.

March 13, 2023

Development Florida Hospitality Multifamily Southeast

Urban Network Capital Group to Develop $50M Condo-Hotel Project in Miami

by John Nelson March 13, 2023

MIAMI — Urban Network Capital Group (UNCG) has announced plans for Visions at Brickell Station, a 111-unit condominium/hotel project in Miami. Upon completion, the community will feature residences in studio and one-bedroom layouts, with no rental restrictions. Owners of the units will be able to rent them out through a booking platform or participate in a professionally managed program. UNCG purchased three parcels for the project — located at 1120, 1130 and 1136 S.W. 3rd Ave. — for a total price of $8.5 million. Robert Thorne of UNCG led the acquisition. UNCG’s investment partners in the project include V&V Investments and other private investors.

March 13, 2023

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $24M Sale of Lexington Park Apartment Community in Metro Atlanta

by John Nelson March 13, 2023

SMYRNA, GA. — Cushman & Wakefield has arranged the sale of Lexington Park, a 156-unit multifamily community located in Smyrna, roughly 16 miles northwest of Atlanta. Travis Presnell, Nathan Swenson and James Wilber of Cushman & Wakefield represented the seller, Castlegate Property Group, in the $24 million transaction. Knickerbocker Asset Management acquired the property. Built in 1963, Lexington Park features amenities including a grill area, swimming pool, dog park and play area, laundry facility and a business center. Castlegate previously completed $500,000 in exterior renovations at the property.

March 13, 2023

Acquisitions North Carolina Retail Southeast

Legacy Brokers $16.2M Sale of Shopping Center in Metro Charlotte

by John Nelson March 13, 2023

INDIAN TRAIL, N.C. — Legacy Realty Group Advisors has arranged the sale of Union Town Center, a 102,360-square-foot shopping center located in Indian Trail, roughly 15 miles southeast of Charlotte. Food Lion, Workout Anytime and Dollar Tree anchor the property. Jacob Baruch and Daniel Baruch of Legacy represented both the buyer and seller in the $16.2 million transaction. Both parties requested anonymity.

March 13, 2023

Affordable Housing Development Multifamily Texas

NRP Group Breaks Ground on 324-Unit Affordable Housing Community in San Antonio

by Taylor Williams March 13, 2023

SAN ANTONIO — The NRP Group, a Cleveland-based affordable housing developer, has broken ground on Los Arcos, a 324-unit affordable housing community that will be located within the 600-acre VIDA mixed-use development on San Antonio’s south side. Residences will be reserved for households earning between 30 and 70 percent of the area median income. Amenities will include a pool, community garden, fitness center, playgrounds, business center, children’s activity room and a clubhouse lounge. The Texas Department of Housing & Community Affairs provided $36 million in Low-Income Housing Tax Credits (LIHTC) for the financing of the project, which is scheduled for a late 2024 completion.

March 13, 2023

Acquisitions Georgia Retail Southeast

ShopOne Acquires 68,271 SF Bethesda Walk Shopping Center in Metro Atlanta

by John Nelson March 13, 2023

LAWRENCEVILLE, GA. — ShopOne Centers REIT Inc., with joint venture partners Pantheon and an institutional investor, has acquired Bethesda Walk, a 68,271-square-foot shopping center located in Lawrenceville, roughly 30 miles northeast of Atlanta. Walmart Neighborhood Market anchors the property, which was 98 percent occupied at the time of sale. Other tenants at the center include Subway, Wingstop and Metro by T-Mobile. The seller and sales price were not disclosed.

March 13, 2023

Acquisitions Multifamily Texas

Midloch, WindMass Capital Buy 176-Unit Apartment Complex in Richardson, Texas

by Taylor Williams March 13, 2023

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.

March 13, 2023

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