Property Type

CBRE Negotiates $125.1M Sale of Helix at Lake Mary Apartments in Metro Orlando

by John Nelson October 12, 2022

LAKE MARY, FLA. — CBRE has negotiated the sale of The Helix at Lake Mary, a newly built, 300-unit apartment community located at 962 Bentstation Lane in the northern Orlando suburb of Lake Mary. Los Angeles-based IMT Capital purchased the property for $125.1 million. Chip Wooten and Jeff Gray of CBRE represented the sellers, Jim Heistand of Parkway Properties and Mark Walsh and Brett Bossung of Silverpeak, in the transaction. Built in 2021, The Helix is a multifamily component of Lake Mary Wellness and Technology Park, a 153-acre master-planned community that is anchored by Orlando Health. The apartment property features one-, two- and three-bedroom floor plans averaging 1,122 square feet in size. Community amenities include a saltwater pool with lounge seating, grills, fire pit, cabana with a full kitchen, 24/7 fitness center, game room, bocce ball court, package lockers, storage units and private day workspaces.

October 12, 2022

Acquisitions Multifamily Texas

Eagle Property, Belay Investment Sell 266-Unit Multifamily Property in Irving

by Taylor Williams October 12, 2022

IRVING, TEXAS — A partnership between Eagle Property Capital and Belay Investment Group has sold Woodchase & Clarendon, a 266-unit multifamily property in Irving. Built in phases between 1977 and 1983, the property features one-, two- and three-bedroom units and amenities such as a pool and a fitness center. The partnership acquired the asset in 2016 and implemented a capital improvement program. Dallas-based Lion Real Estate Group purchased Woodchase & Clarendon for an undisclosed price.

October 12, 2022

Acquisitions Florida Office Southeast

Colliers Brokers $51M Sale of South City Plaza Office Building in Boca Raton

by John Nelson October 12, 2022

BOCA RATON, FLA. — Colliers has brokered the $51 million sale of South City Plaza, a four-story, 179,837-square-foot office building located at 1515 S. Federal Highway in Boca Raton. Mark Rubin, Bastian Laggerbauer and Jake Stauber of the Colliers South Florida Investment Services team represented the seller, locally based Penn-Florida Cos., in the transaction. Maria Gomez of Powerful Real Estate represented the buyer, New York-based Renaissance Properties. The property is situated near another Penn-Florida project, Via Mizner, a $1.2 billion mixed-use development that features a Mandarin Oriental Hotel, luxury apartments, private condominium homes, retail space and a golf course spanning three towers that are all connected by a sky bridge.

October 12, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 150-Unit Villa de Oro Apartments in San Antonio

by Taylor Williams October 12, 2022

SAN ANTONIO — Northmarq has arranged the sale of Villa de Oro, a 150-unit apartment complex located southwest of downtown San Antonio. The property offers one- and two-bedroom units and amenities such as a pool, playground, clubhouse, basketball court and onsite laundry facilities. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the seller, Austin-based Achieve Investment Group, in the transaction. The buyer, a locally based limited liability company, plans to implement a value-add program.

October 12, 2022

Development Multifamily Southeast Virginia

Berkadia Arranges $27.7M Equity Placement for Multifamily Project in Williamsburg, Virginia

by John Nelson October 12, 2022

WILLIAMSBURG, VA. — Berkadia has arranged a $27.7 million joint venture equity placement to developer GW Real Estate Partners to build a new 265-unit, garden-style apartment community in Williamsburg. The $77 million property is dubbed Montage at Marquis Apartments and is slated for delivery in May 2024. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the equity partner, an unnamed fund manager that provided the equity behind $48.1 million in senior debt issued by Citizens Bank. GW Builders, a wholly owned subsidiary of GW Real Estate Partners, is the general contractor for the project, which will feature one-, two- and three-bedroom apartments averaging 942 square feet in size.

October 12, 2022

Acquisitions Kentucky Multifamily Southeast

Capital Square Acquires 273-Unit Lyric at Norton Commons Apartments in Prospect, Kentucky

by John Nelson October 12, 2022

PROSPECT, KY. — Capital Square has purchased Lyric at Norton Commons, a 273-unit multifamily community located at 11210 Peppermint St. in Prospect, a suburb of Louisville. The Richmond-based investor purchased the property on behalf of CS1031 Lyric at Norton Commons Apartments DST, a Delaware statutory trust that seeks to raise $68 million in equity from accredited investors. The seller and sales price were not disclosed. Lyric at Norton Commons offers one-, two- and three-bedroom units averaging 956 square feet in size. Community amenities include a 24-hour fitness center, resort-style saltwater swimming pool with poolside cabanas, resident lounge with a complimentary gourmet coffee bar and business center, pet spa, indoor meditation space, movie room with stadium seating and multiple outdoor courtyards that feature lawn games and grills. The property is located within the 600-acre Norton Commons master-planned neighborhood, which features a 150-acre system of parks, squares, plazas, walking trails, recreational and civic amenities. The development is home to more than 90 businesses, including restaurants, shops, salons, a post office, three schools, YMCA and Saint Bernadette Church.

October 12, 2022

Acquisitions Affordable Housing Massachusetts Multifamily Northeast

EBCDC Acquires Boston Multifamily Portfolio for $47M

by Taylor Williams October 12, 2022

BOSTON — The East Boston Community Development Corp. (EBCDC) has acquired a portfolio of multifamily properties totaling 114 units in East Boston for $47 million. The units are spread across 36 buildings in the Jeffries Point, Eagle Hill and Orient Heights neighborhoods and primarily feature one- and two-bedroom floor plans. Kellie Coveney, Jacqueline Meagher, Madeline Joyce and James Burr of JLL represented the seller, a joint venture between The Grossman Cos. and Hodara Real Estate Group, in the transaction. The new ownership plans to convert the assets to affordable housing. Of the 114 units, 28 units will be restricted to households earning 50 percent or less of the area median income (AMI); 40 apartments will be reserved for renters earning 60 percent or less of AMI; 26 residences will be earmarked for families earning 80 percent or less of AMI; and the remaining 20 units will be restricted to renters making 100 percent or less of AMI.

October 12, 2022

Acquisitions Healthcare North Carolina Office Southeast

Insite Properties, BentallGreenOak Purchase 60,000 SF Medical Office Building in Kannapolis, North Carolina

by John Nelson October 12, 2022

KANNAPOLIS, N.C. — Insite Properties and partner BentallGreenOak have acquired a 60,000-square-foot medical office building located at 201 Dale Earnhardt Blvd. in downtown Kannapolis, a suburb of Charlotte. The multi-tenant property was 65 percent leased at the time of sale to tenants including Atrium Health and Duke University. Charlotte-based Insite Properties will be providing property management and leasing services for the property. The seller and sales price were not disclosed. Built in 2013, the three-story medical office building is located within the North Carolina Research Campus, a 350-acre medical research center that houses departments from eight universities including Duke and University of North Carolina at Chapel Hill, the David H. Murdock Research Institute, private companies and entrepreneurs that all focus on research-and-development for food and nutritional science.

October 12, 2022

Acquisitions Massachusetts Multifamily Northeast

Heritage Cos. Sells Metro Boston Apartment Complex for $27.1M

by Taylor Williams October 12, 2022

REVERE, MASS. — Massachusetts-based investment firm The Heritage Cos. has sold Point of Pines, a 72-unit apartment complex in Revere, a northeastern suburb of Boston. According to Apartments.com, the five-story property was built in 1999 and offers two-bedroom units with an average size of 1,225 square feet. Amenities include a lounge and package handling services. Adam Dunn, Chris Phaneuf and Matt Olson of Berkadia represented The Heritage Cos. in the transaction. The buyer was Massachusetts-based Helge Capital.

October 12, 2022

Acquisitions Multifamily New Jersey Northeast

Redwood Realty Arranges $13.2M Sale of Northern New Jersey Apartment Complex

by Taylor Williams October 12, 2022

CLIFTON, N.J. — Locally based brokerage firm Redwood Realty Advisors has arranged the $13.2 million sale of Oak Ridge Gardens, a 78-unit apartment complex in the Northern New Jersey community of Clifton. Kevin McCrann of Redwood Realty Advisors represented the seller and the buyer, both of which requested anonymity, in the transaction. The new ownership plans to make capital improvements to the property.

October 12, 2022

Newer Posts

Older Posts