Property Type

Jacobson Co. Sells Alley24 Multifamily Property in Seattle’s South Lake Union for $90M

by Amy Works July 6, 2022

SEATTLE — The Jacobson Co. has completed the sale of Alley24, an apartment community located at 241 Yale Ave. in Seattle’s South Lake Union neighborhood. An undisclosed buyer acquired the property for $90 million. Built in 2006 and remodeled in 2014, Alley24 features 172 apartments in a mix of studio, one- and two-bedroom layouts with an average unit size of 722 square feet. Community amenities include a 24-hour gym, resident lounge with catering kitchen, media room, rooftop deck with city skyline views and ground-floor retail space. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE represented the seller in the deal.

July 6, 2022

Acquisitions Arizona Multifamily Western

NextGen Divests of Craft @ Gilbert & Baseline Apartments in Mesa, Arizona for $45M

by Amy Works July 6, 2022

MESA, ARIZ. — NextGen Apartments has completed the disposition of Craft @ Gilbert & Baseline, a multifamily community in Mesa. An undisclosed buyer acquired the asset for $45 million, or $432,692 per unit. Completed in 2019, Craft @ Gilbert & Baseline features 104 apartments in a mix of one- and two-bedroom open-concept layouts that average 1,018 square feet. Units feature full-size washers/dryers, smart home features and garage access. Community amenities include a resort-style swimming pool, outdoor yoga space, grilling stations and a firepit. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

July 6, 2022

Colorado Loans Mixed-Use Multifamily Western

NewPoint Provides $69M HUD Refinancing for Ascent Mixed-Use Property Near Denver

by Amy Works July 6, 2022

WESTMINSTER, COLO. — NewPoint Real Estate Capital has provided a $69 million HUD 223(f) loan on behalf of Ascent Westminster LLC to refinance Ascent, a mixed-use community in Westminster. Built in 2019, Ascent features 25,625 square feet of retail space and 255 apartments, with 10 percent of the units designated affordable at 80 percent of area median income. The five-story, elevator-served building features studio, one- and two-bedroom units, a swimming pool, fitness center, sports simulator, fire pits, barbecue grills and a club room. Additionally, the property features 12 townhome-style units with attached two-car garages. John Motzel of NewPoint originated the loan. The borrower used the loan to pay off a two-year, lease-up bridge loan provided by Barings, a subsidiary of MassMutual. Kyle Morgue of The Carlton Group served as broker on the transaction.

July 6, 2022

Acquisitions California Office Western

MC Strauss Buys 88,522 SF Lomas Pacific Office Park in San Diego

by Amy Works July 6, 2022

SAN DIEGO — Brixton Capital has completed the sale of Lomas Pacific I & II, a two-building office park in the Kearny Mesa area of San Diego. San Diego-based MC Strauss Co. bought the property for $22.8 million. Scripps Health, Q.E.D. and Patenaude & Felix A.P.C. are tenants at the 88,522-square-foot asset, which is located at 9619 Chesapeake Drive and 9444 Farnham St. At the time of sale, the property was 84.4 percent leased. After acquiring the property in 2015, Brixton renovated the asset, including repainting the exterior, upgrading the landscaping and remodeling all the lobbies and common areas. The company also addressed deferred maintenance and modernized building operating systems. Rick Reeder, Brad Tecca, Bill Cavanaugh and Mike Novkov of Cushman & Wakefield represented the seller, while the buyer was self-represented in the deal. Bill Cavanagh, Duncan Dodd and Mike Novkov of Cushman & Wakefield also provided leasing advisory.

July 6, 2022

Acquisitions Nevada Retail Western

CBRE Arranges $7.9M Sale of Two-Property Retail Portfolio in Las Vegas

by Amy Works July 6, 2022

LAS VEGAS — CBRE has arranged the $7.9 million sale of two retail assets in Las Vegas. The portfolio spans 17,940 square feet and includes Flamingo Jones Plaza, a 10,712-square-foot, six-tenant retail pad located at the intersection of Flamingo Road and Jones Boulevard; and Tropicana Centre, a 7,228-square-foot, five-tenant retail pad located near the intersection of Tropicana Avenue and Jones Boulevard. Flamingo Jones Plaza was 78 percent leased at the time of sale to tenants including Subway, Marco’s Pizza, Robert James Salon, B&T Nails and Rapid Cash. Tropicana Centre was fully occupied at the time of sale by tenants including Del Taco, Ethiopian Spice, Planet Vegas Smoke Shop, Trenz Salon and Nail Pro & Training. Roy Fritz, Michael Hsu, Dylan Heroy, Arthur Flores, Mark Latimer, Jay Gomez and James Kaye of CBRE represented the seller, Farmers and Merchants Trust Co. Trustee, in the disposition of the properties to Rand & Miner LLC and Tropicana Centre 22 LLC.

July 6, 2022

Acquisitions Florida Multifamily Southeast Top Stories

Avanti Residential Acquires Soleste Grand Central Apartment Complex in Miami for $181M

by Kristin Harlow July 6, 2022

MIAMI — Avanti Residential has acquired Soleste Grand Central, a 360-unit luxury apartment complex in downtown Miami, for $181 million. The seller was The Estate Cos., which developed the property in 2021. Located at 218 NW 8th St., Soleste Grand Central is walkable to various retail and dining options and features immediate access to I-95. Floor plans range from studios to three-bedroom units. Amenities include a fourth-floor pool, fitness center, yoga and spin studios, salon, dog park, clubroom, café, gaming lounge and a business center with individual coworking spaces and a conference room. The acquisition marks Avanti’s fourth South Florida investment in the past year, following purchases in Boynton Beach, Doral and St. Petersburg. Avanti has now invested nearly $500 million in Florida and continues to actively seek Class A apartments in the state and other key markets nationwide. “We continue to see strong fundamentals in several South Florida multifamily markets, where employment growth and migratory trends remain impactful demand generators in an already supply-constrained apartment sector,” says Christian Garner, president and CEO of Avanti. Walker & Dunlop’s South Florida investment sales team, led by Still Hunter, brokered the sale. Headquartered in Denver, Avanti is an investor and owner-operator of …

July 6, 2022

Affordable Housing Market Reports Multifamily Texas Texas Market Reports

Affordable Housing Gap Widens Throughout Dallas-Fort Worth

by Taylor Williams July 6, 2022

After seeing its population grow by 97,000 between July 2020 and 2021, the Dallas-Fort Worth (DFW) metroplex is now home to nearly 8 million people, according to data from the U.S. Census Bureau. And it’s getting increasingly harder to adequately and affordably house the growing population. The problem isn’t new, just exacerbated, and it’s hardly unique to DFW. But when a market experiences the rate of population growth that the metroplex has over the last decade, the question of how much housing inventory exists that’s financially feasible for the average resident to rent or own gets thrust under the microscope. Of course, there’s a major difference between housing that’s affordable and affordable housing. The former is something of an arbitrary concept, whereas the latter carries a precise legal and regulatory definition. But the socioeconomic issue embodied within the two is largely the same. General Barriers A recent report from the National Low Income Housing Coalition ranked Texas — once heralded as the land of infinite land — as the sixth-worst state in terms of availability of rental housing for low-income households. This finding runs counter to Texas’ longstanding reputation as a state with an affordable cost of living, but …

July 6, 2022

Acquisitions Florida Georgia Industrial Southeast

JLL Brokers $157.8M Sale of Industrial Portfolio in Sun Belt

by John Nelson July 5, 2022

ATLANTA — JLL has brokered the sale of an industrial portfolio in the Sun Belt totaling nearly 1.3 million square feet across 12 individual buildings. Taurus Investment Holdings LLC purchased the assets from Summit Real Estate Group for $157.8 million. Dennis Mitchell, Trent Agnew and Louis Castillo of JLL represented the seller in the transaction. The portfolio includes Creekside Distribution Center in East Point, Ga.; Peachtree Nortech in Peachtree Corners, Ga.; Maggie Boulevard in Orlando; West Bay Corporate Center and Metropointe Commerce Center in North St. Petersburg, Fla.; and Corporate Center Fannin I in Houston. The portfolio was 98 percent leased at the time of sale to public and private companies, including Raytheon, Iron Mountain and DAP Americas.

July 5, 2022

Acquisitions Florida Multifamily Southeast

Walker & Dunlop Negotiates $92M Sale of First Apartments in Miami

by John Nelson July 5, 2022

MIAMI — Walker & Dunlop has negotiated the $92 million sale of First Apartments, a luxury mid-rise multifamily community located in Miami’s East Little Havana neighborhood. Still Hunter and Kaya Suarez of Walker & Dunlop represented the buyer, Lloyd Jones, in the transaction. The seller, Premium Development, delivered First Apartments in September 2021. The community was Premium’s first project in the United States. Amenities include fitness facilities, a resort-style lap pool, business center, bike storage, an outdoor courtyard and a large dog park. Units range from studios to four-bedroom apartments and span from 578 to 1,790 square feet, according to Apartments.com.

July 5, 2022

Acquisitions Florida Office Southeast

Pebb Enterprises, Contrarian Capital Acquire Boca Raton Offices for $29.9M

by John Nelson July 5, 2022

BOCA RATON, FLA. — A partnership between Pebb Enterprises and Contrarian Capital Management has purchased Meridian Office Center, two single-tenant net-leased office buildings situated within The Park at Broken Sound in Boca Raton. Christian Lee, Marcos Minaya and Sean Kelly of CBRE Capital Markets, represented the seller, Ivy Realty, in the $29.9 million transaction. Cross Country Healthcare occupies the 70,406-square-foot building located at 6551 Park of Commerce Blvd., and Lexis Nexis occupies the 61,274-square-foot building located at 6601 Park of Commerce Blvd. Professional Bank provided acquisition financing for the deal. Meridian Office Center is Pebb’s third acquisition within the 700-acre Park at Broken Sound development, which is situated off I-95.

July 5, 2022

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