SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vantage at O’Connor, a 288-unit apartment community in northeast San Antonio. The property was built in 2020. According to Apartments.com, Vantage at O’Connor offers one-, two- and three-bedroom units ranging in size from 605 to 1,150 square feet and amenities such as a pool, fitness center, media lounge, two pet parks and package concierge services. Will Balthrope and Drew Garza of IPA represented the seller, Vantage Communities, and procured the undisclosed buyer in the transaction.
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CARROLLTON, TEXAS — HLC Equity has sold Toscana Apartments, a 192-unit multifamily property in the northern Dallas suburb of Carrollton. The complex was originally built in 1986 and offers a pool, clubhouse, fitness center, pet play area and outdoor grilling and dining stations. HLC Equity acquired the property in 2017 for $13.2 million and implemented a value-add program that upgraded unit interiors and common areas. California-based Archway Equities purchased the asset for an undisclosed price. David Austin and Rob Key of JLL brokered the deal. Toscana Apartments was 99 percent occupied at the time of sale.
MCKINNEY, TEXAS — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of Park Manor of McKinney, a 138-bed skilled nursing facility in metro Dallas. Standard Bearer Healthcare REIT Inc., Ensign’s captive real estate company, will own the real estate. This acquisition brings Ensign’s portfolio to 259 healthcare operations, 26 of which also include senior living operations, across 13 states. Ensign subsidiaries, including Standard Bearer, now own 106 real estate assets. The seller was not disclosed.
SLIPPERY ROCK, PA. — MultiVersity Housing Partners (MVHP) has sold University Village at Slippery Rock, a student housing community located north of Pittsburgh. The community offers two- and four-bedroom fully furnished units alongside additional shared amenities including a fitness center, volleyball and basketball courts, fire pits and a dog park. The buyer was undisclosed. MVHP acquired the asset in August 2010 and implemented $3.5 million in capital expenditures over the course of the 12-year holding period, including renovations to units, the addition of a resort-style pool and enhancements to the clubhouse and other amenity spaces.
NEW YORK CITY — Boston-based investment and development firm The Davis Cos. has begun the renovation of a 156,792-square-foot industrial facility known as at The Pearl Building that is located in the Maspeth area of Queens. Capital improvements will include new dock doors, levelers, seals/bumpers, paving/coatings and building protection systems. In addition, Davis will restore the façade, upgrade the elevator and lobby and add new restrooms and security features. Cushman & Wakefield will lease the building upon completion of the program, which is scheduled for the first quarter of 2023.
EAGAN, MINN. AND FENTON AND ST. CHARLES, MO. — Three Walls Capital (TWC) has purchased a three-property hotel portfolio in Minnesota and Missouri for an undisclosed price. The hotels include the 89-room Staybridge Suites Eagan Airport in Eagan, the 94-room Extended Stay America St. Louis Fenton in Fenton, and the 94-room Candlewood Suites St. Louis St. Charles in St. Charles. Aimbridge Hospitality will manage the assets on behalf of TWC. Aimbridge manages more than 65 properties owned by TWC, which plans to acquire and develop 35 extended-stay hotels over the next 18 to 24 months.
MADISON, WIS. — Northland has purchased Preserve West, a 318-unit apartment community in Madison. The purchase price and seller were undisclosed. The garden-style property was formerly named ReNew 78 West. The community features 17 buildings across roughly 20 acres. Amenities include a clubhouse, fitness center, coworking space and communal kitchen. Northland owns and operates a multifamily portfolio that includes more than 26,000 units across the U.S.
COLUMBIA HEIGHTS, MINN. — Colliers Mortgage has provided an $11.2 million HUD 221(d)(4) loan for the construction of 42nd & Central in Columbia Heights, a northern suburb of Minneapolis. The project will consist of 62 affordable housing units, all of which will be restricted to residents who earn 60 percent or less of the area median income. Amenities will include a clubroom, fitness room, playground, bike station, dog run, storage lockers and package room. The loan features a 40-year term. Reuter Walton Development was the borrower.
NEW YORK CITY — GAIA Real Estate has acquired a 28-unit multifamily building at 106 Norfolk St. on Manhattan’s Lower East Side for $14 million. The majority of the units at the fully occupied property, which features one- and two-bedroom floor plans, are rented at market rates. The building also houses two retail spaces that are occupied by food and beverage concepts. Bob Knackal of JLL represented the undisclosed seller in the transaction.
NEW YORK CITY — Capital One has signed a 60,000-square-foot office lease expansion to occupy an additional three floors at 114 Fifth Avenue, a 19-story building in Manhattan’s Flatiron District. The 352,000-square-foot building was originally constructed in 1910 and redeveloped in 2014. The lender now occupies 116,296 square feet across six floors. A joint venture between Columbia Property Trust, Allianz Real Estate and L&L Holding Co. owns the property. David Berkey of L&L Holding internally represented the landlord in the lease negotiations. Dale Schlather and Greg Herman of Cushman & Wakefield represented Capital One.