Property Type

Crescent Communities Breaks Ground on 197-Unit Apartment Community in D.C.

by John Nelson January 20, 2023

WASHINGTON, D.C. — Crescent Communities has broken ground on NOVEL 14th Street, a multifamily development located at 2601 14th Street NW in Washington, D.C. Upon completion, the project will feature 197 units in studio, one- and two-bedroom layouts. Amenities at the property will include a Land of a Thousand Hills Coffee & Social location, rooftop pool and clubhouse, ground-level courtyard, fitness center, coworking space and a library. The first residences are scheduled for completion in early 2025. Hord Coplan Macht is serving as architect on the project, with Streetsense providing interior design. Vika Capitol is delivering civil engineering services, Lee and Associates Inc. is providing landscape architecture and J. Moriarty & Associates is acting as general contractor.

January 20, 2023

Acquisitions Florida Retail Southeast

Fairway Purchases 64,441 SF Shopping Center in Tampa Suburb

by John Nelson January 20, 2023

LUTZ, FLA. — Birmingham, Ala.-based Fairway Investments has acquired Livingston Market Place, a 64,441-square-foot shopping center located in the northern Tampa suburb of Lutz. Situated on 32.8 acres at 2701-2801 E. County Line Road, the property is anchored by Publix. Other tenants at the center, which was completed in 2022 and fully leased at the time of sale, include Heartland Dental, Papa John’s, Prime Barber and 40 Thieves Irish Pub. Bryan Belk and John Tennant of Franklin Street arranged the sale on behalf of the seller/developer, a partnership between Tampa-based Dunphy Development and Atlanta-based Batson-Cook Development Co. The sales price was not disclosed.

January 20, 2023

Acquisitions Development Georgia Industrial Southeast

CBRE Arranges Land Acquisition for 585,900 SF Industrial Park in Gainesville, Georgia

by John Nelson January 20, 2023

GAINESVILLE, GA. — CBRE has arranged the purchase of 56.8 acres of land in Gainesville, roughly 55 miles northeast of Atlanta, on behalf of the buyer, Logistics Property Co. The Gainesville and Hall County Development Authority sold the property to the developer for an undisclosed price. Logistics Properrty will develop a two-building, 585,900-square-foot industrial park at the site that will be called Gainesville 85 Business Center. Upon completion, the development will feature 32-foot clear heights, 128 trailer spaces and 422 auto parking spaces. Todd Barton, Mark Hawks, Joanna Blaesing and Matt Higgins of CBRE’s Industrial Properties Group in Atlanta represented the buyer in the land transaction and will handle leasing of the project.

January 20, 2023

Acquisitions Industrial Maryland Office Southeast

St. John Properties Acquires 120,000 SF Aviation Business Park in Metro Baltimore

by John Nelson January 20, 2023

GLEN BURNIE, MD. — Locally based St. John Properties has acquired Aviation Business Park, a three-building commercial portfolio comprising 120,000 square feet in Glen Burnie, approximately 10 miles south of Baltimore. St. John acquired the properties — located at 6956, 6958 and 6960 Aviation Blvd. — from Miami-based Adler Real Estate Partners for $13.3 million. The buildings were roughly 63 percent leased at the time of sale. St. John plans to invest $1.5 million to reposition one of the properties to flex/R&D space. Graham Savage, Jonathan Carpenter and Dawes Milchling of Cushman & Wakefield represented the seller in the transaction. St. John was self-represented. This marks the second significant acquisition for the company in recent months, following the purchase in November of Triangle Business Park, a 95 percent occupied, four-building portfolio in metro Baltimore comprising 74,000 square feet.

January 20, 2023

Acquisitions Hospitality Mississippi Southeast

Marcus & Millichap Brokers $4.4M Sale of Super 8 Motel in Gulfport, Mississippi

by John Nelson January 20, 2023

GULFPORT, MISS. — Marcus & Millichap has brokered the $4.4 million sale of a Super 8 Motel located in Gulfport along the Gulf of Mexico. Comprising 95 rooms, the property underwent a $1 million renovation in 2021, including installation of a new roof and air conditioning units in 75 rooms, interior and exterior painting and new signage. Ahmed Kabani, Lucas Mondino and Suraj Dalal of Marcus & Millichap represented the seller, an entity doing business as NH Hotel LLC, in the transaction. The team also secured and represented the buyer, Shreeji Hotels LLC, an individual trust. William Davis, Marcus & Millichap’s broker of record in Mississippi, assisted in closing the transaction.

January 20, 2023

Acquisitions Multifamily Nevada Western

MG Properties Buys Tribeca North Apartments in North Las Vegas for $81M

by Amy Works January 20, 2023

NORTH LAS VEGAS, NEV. — San Diego-based MG Properties has acquired Tribeca North Apartment Homes in North Las Vegas from The Bascom Group for $81 million. Tribeca North features 312 apartments with available garages and resort-style amenities in a low-density community design. Spencer Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the seller. Bryan Frazier and Blake Hockenbury of Walker & Dunlop secured a Fannie Mae loan for the property.

January 20, 2023

Acquisitions Multifamily Oregon Washington Western

Pacific Union Investors Acquires 2,195-Unit Multifamily Portfolio in Pacific Northwest

by Amy Works January 20, 2023

PORTLAND, ORE., AND SEATTLE — Pacific Union Investors has purchased a nine-property, garden-style apartment portfolio totaling 2,195 units in the Seattle and Portland metropolitan areas. Terms of the transaction were not released. The Washington assets include The Gates of Redmond and Olde Redmond Place in Redmond, Madison Sammamish in Sammamish and Crystal Creek in Vancouver. The Oregon communities include Golf Creek and Meridian at Murrayhill in Beaverton, Orenco Gardens and The Jones in Hillsboro and Forest Rim in Tualatin. Built between 1982 and 2013, the communities offer comprehensive amenity sets, green space with an average density of 16.7 units per acre, and units averaging 900 square feet. This acquisition expands Pacific Union Investors’ Northwest portfolio to 4,915 units across 23 properties.

January 20, 2023

Affordable Housing California Development Multifamily Western

USA Properties Breaks Ground on 147-Unit Affordable Housing Community in La Mesa, California

by Amy Works January 20, 2023

LA MESA, CALIF. — USA Properties Fund has started construction of 8181 Allison, an affordable multifamily property located at 8181 Allison Ave. in La Mesa. Situated in La Mesa’s Downtown Village, 8181 Allison will be near restaurants, grocery stores and retail options, as well as City Hall and the La Mesa city library. The 147-unit community is part of a public-private partnership that includes the California Housing Finance Agency (CalHFA), the City of La Mesa, KeyBank and WNC. KeyBank Community Development Lending and Investment provided a $42 million construction loan for the $67 million project. 8181 Allison will offer one- and two-bedroom, two-bath apartments for residents that earn 30 percent to 70 percent of the area median income. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Residents will also have access to social services, such as financial planning, job search assistance and stabilization. The four-story apartment building will feature a community room with kitchen, fitness center, computer stations, Wi-Fi area, on-site laundry, outdoor courtyards, a spa and sky deck. The 117-space parking garage will include electric vehicle charging stations. Completion is slated for late 2024.

January 20, 2023

Acquisitions Affordable Housing Illinois Midwest Multifamily Seniors Housing

Standard Communities Acquires Two Affordable Seniors Housing Properties in Metro Chicago

by Kristin Harlow January 20, 2023

CHICAGO — Standard Communities led a public-private partnership that acquired two affordable seniors housing properties in metro Chicago. Standard plans to make $46 million in renovations. According to Crain’s Chicago Business, Standard paid $110 million for the communities, but the total cost of the deal adds up to $192 million including the renovations, fees, reserves and other expenses. The transaction extends and preserves the affordability of the communities for 30 years. The properties include the 145-unit Commonwealth Apartments at 2757 N. Pine Grove Ave. in Chicago’s Lincoln Park neighborhood as well as the 321-unit Greenleaf Apartments at 502 Kildeer Drive in Bolingbrook. Planned renovations include updated kitchens and bathrooms, new energy-efficient appliances, flooring and communal spaces at each property. New amenities will include walking parks, pickleball courts, fitness centers, business rooms and meeting rooms. Greenleaf Apartments will receive solar panels on the roofs. Standard is financing the energy improvements in partnership with Commonwealth Edison’s Multifamily Energy Savings Program. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development, utilizing the Low-Income Housing Tax Credit program and long-term Housing Assistance Payments contracts.

January 20, 2023

Acquisitions California Restaurant Retail Western

Tourmaline Capital Sells Center Pointe Retail Center in Menifee, California for $24.6M

by Amy Works January 20, 2023

MENIFEE, CALIF. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located at 27281 Newport Road in Menifee. A private 1031 exchange buyer acquired the asset for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.

January 20, 2023

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