Property Type

Rise48 Equity Acquires Aspire Glendale Apartments in Arizona for $29.2M

by Amy Works October 7, 2022

GLENDALE, ARIZ. — Rise48 Equity has acquired Aspire Glendale, a 120-unit multifamily property in Glendale, from Clear Capital for $29.2 million, or $243,333 per unit. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged floating-rate agency financing for the buyer. Built in 1983, the community features 60 percent one-bedroom units and 40 percent two-bedroom units with in-unit washers/dryers and patios or balconies. Community amenities include a 24/7 fitness center and swimming pool.

October 7, 2022

Acquisitions Arizona Multifamily Western

Urban Communities Sells 128-Unit Elevate at South Mountain Apartment Property in Phoenix

by Amy Works October 7, 2022

PHOENIX — Urban Communities has completed the disposition of Elevate at South Mountain, a multifamily community located at 8818 S. Central Ave. in Phoenix. Gudi Real Estate Investments purchased the property for $22.3 million. Situated on 4.6 acres, Elevate at South Mountain includes two recently renovated, two-story buildings offering a total of 128 residential units. Karl Abert and Bret Zinn of Kidder Mathews represented the seller and buyer in the deal.

October 7, 2022

Acquisitions California Retail Western

CEG Capital Partners Buys Mesa College Square Shopping Center in San Diego for $10.5M

by Amy Works October 7, 2022

SAN DIEGO — San Diego-based CEG Capital Partners has purchased Mesa College Square, a retail center at 7604-7608 and 7612 Linda Vista in San Diego. M.C. Square and AFJR Partnership sold the property for $10.5 million. Marc Posthumus and Evan McDonald of Colliers represented the buyer, while Posthumus and McDonald, along with Byram Frost of Big Block Realty, represented the sellers in the transaction. Robert Shaw and Cameron Aldrich of Chicago Title Co. provided escrow and title services. Mesa College Square features 25,409 square feet of multi-tenant retail space. The acquisition is the first time the property has sold since its original construction in 1980. CEG plans to rebrand the center as Kearny Square.

October 7, 2022

Acquisitions Multifamily Southeast Top Stories

RREAF Holdings, DLP Capital, 3650 REIT Acquire 10-Property Multifamily Portfolio for $500M

by Jeff Shaw October 7, 2022

DALLAS — RREAF Holdings, DLP Capital and 3650 REIT have partnered to acquire a portfolio of 10 multifamily properties across the Southeast for $500 million. This is the partnership’s third portfolio acquisition this year. The seller was not disclosed. The communities were built between 1998 and 2012 and total approximately 2,750 units, with a 93 percent collective occupancy. The properties include Glen at Polo Park in Bentonville, Ark.; River Pointe in Maumelle, Ark.; Echo Ridge and Pheasant Run in Indianapolis; Traditions at Westmoore in Oklahoma City; 5iftyOne at Tradan Heights in Stillwater, Okla.; Waterford Place in Greenville, N.C.; Reserve at Long Point in Hattiesburg, Miss.; Village Mill Creek in Statesboro, Ga.; and Broad River Trace in Columbia, S.C. The buyers plan to implement renovations to all units. New upgrades to property amenities will include electric automobile charging stations, dog parks, pickleball courts and business centers. Pools, tennis courts, outdoor kitchens, entertainment areas, clubhouses and lighting will also be updated. The portfolio acquisition will introduce capital into workforce rental units in the region. According to the National Multifamily Housing Council, 4.3 million more apartments are needed by 2035 to meet the demands for rental housing. “The affordable housing crisis pervades every state …

October 7, 2022

Features Multifamily Student Housing

Conventional Multifamily Players Look to Acquire, Convert Off-Campus Student Housing Properties

by Katie Sloan October 7, 2022

Converting student housing properties to traditional multifamily has become a more noticeable trend as ever-compressing cap rates pressure conventional multifamily investors to seek higher yields. And as many markets seek more affordable and market-rate rental housing, converting non-performing student housing properties to conventional multifamily has become popular among a subset of traditional multifamily owners. Berkadia Senior Managing Director of Student Housing Kevin Larimer points to a National Multifamily Housing Council/National Apartment Association study released in July that supports why conversions are on the upswing. The study shows that the United States needs approximately 4.3 million new apartment units by 2035. The study also points to a deficit — underbuilding — of 600,000 units caused by the 2008 financial crisis. “Additionally, there has been a decline of 4.7 million affordable units between 2015 and 2020,” says Larimer, citing the study. “All of these factors have led conventional multifamily capital to look for creative ways to fill the supply gap. Conversion of student housing properties has been a very effective and efficient way.” Added Yield The draw to conversion developed as investors sought more yield in new acquisitions and flips. “This trend largely started due to the significantly compressed cap rates and …

October 7, 2022

Idaho Market Reports Retail Western Western Market Reports

Idaho Makes a Retail Comeback

by Jeff Shaw October 7, 2022

By Brandon Rawlins, Principal Broker, and Bronson Rawlins, Retail Lead and Associate, JLL Like much of the country, the Idaho retail market is seeing a strong rebound in various retail sectors that appeal to the return of social gatherings and a hybrid approach to work life. Moreover, experiential retail is making a strong comeback as consumers crave fun and a return to normalcy. According to JLL’s recent Retail Outlook report, retail fundamentals continue to improve across most of the country, but particularly in the Sunbelt states. Shoppers are heading back to stores, moviegoers are going back to the theaters, and new demand for fun and immersive experiences is on the rise. The Boise area is no exception, with the announcement of several new major players, including Top Golf, Scheels and several mixed-use concepts that appeal to the new hybrid work experience that combines food, shopping and residential. Eatertainment concepts — entertainment with an emphasis on food and beverage — saw a national traffic surge of 22 percent from April 2019 levels and more than 36 percent year over year. Interestingly, retail activity is not just taking place in certain submarkets or neighborhoods; there is strong activity throughout the entire state. The impact of these developments will bring new tenants …

October 7, 2022

Acquisitions Industrial Texas

United Properties, PCCP Sell 474,465 SF Industrial Property in Metro Austin

by Taylor Williams October 6, 2022

BUDA, TEXAS — A joint venture between Minneapolis-based United Properties and Los Angeles-based PCCP LLC has sold three industrial buildings totaling 474,465 square feet in Buda, located on the southern outskirts of Austin. The two rear-load buildings and one cross-dock building, which are situated on a 35.3-acre site, represent Phase I of a larger development known as Buda Midway. Combined, the structures feature 30- to 36-foot clear heights, 138 dock doors, 60 trailer parking stalls and 678 car parking spaces. Trent Agnew, Dustin Volz, Dom Espinosa, Josh Villarreal and Megan Babovec of JLL represented the seller in the transaction. The buyer and sales price were not disclosed. The buildings were fully leased at the time of sale. Phase II of Buda Midway will consist of four rear-load buildings totaling roughly 390,000 square feet.

October 6, 2022

Development Industrial Texas

Bridge Logistics Properties Buys 203,430 SF Industrial Facility in Grand Prairie, Texas

by Taylor Williams October 6, 2022

GRAND PRAIRIE, TEXAS — Bridge Logistics Properties, an affiliate of Utah-based investment firm Bridge Investment Group Holdings (NYSE: BRDG), has purchased a 203,430-square-foot industrial facility in the central metroplex city of Grand Prairie. Situated on 12 acres, the property features 32-foot clear heights, 180-foot truck court depths, 42 dock-high doors and 49 trailer parking stalls. Kurt Griffin and Nathan Orbin of Cushman & Wakefield represented the undisclosed seller in the transaction.

October 6, 2022

Acquisitions Office Oklahoma Texas

Syndicated Equities Acquires 111,500 SF Office Building in Oklahoma City

by Taylor Williams October 6, 2022

OKLAHOMA CITY — Chicago-based investment firm Syndicated Equities has acquired a 111,500-square-foot office building in Oklahoma City’s Automobile Alley neighborhood. The seven-story building was constructed in 2020 as a build-to-suit for the corporate headquarters of financial technology firm Heartland Payment Systems, which occupies the entire property on a net-lease basis. The seller and sales price were not disclosed. Old Second National Bank and Gateway First Bank provided acquisition financing for the deal.

October 6, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Brokers Sale of 61-Unit Aviation Place Apartments in Universal City, Texas

by Taylor Williams October 6, 2022

UNIVERSAL CITY, TEXAS — Northmarq has brokered the sale of Aviation Place, a 61-unit apartment complex in Universal City, located northeast of San Antonio. According to Apartments.com, the property was delivered in 1961 and offers one- and two-bedroom units. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented the buyer, Raybec Investment Group, in the transaction. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.

October 6, 2022

Newer Posts

Older Posts