Property Type

Waterton Acquires 406-Unit Veranda La Mesa Multifamily Community in Metro San Diego

by Amy Works November 9, 2022

LA MESA, CALIF. — Waterton has purchased Veranda La Mesa, an apartment property located at 5353 Baltimore Drive in La Mesa, for an undisclosed price. The transaction marks Waterton’s first acquisition in the San Diego metro area. The name of the seller was not released. Situated on 18 acres, Veranda La Mesa features 406 apartments in a mix of studio, one- and two-bedroom layouts. Onsite amenities include multiple clubhouses, four swimming pools, six spas, a fitness center, game room, co-working lounge, dog washroom, tennis court, six laundry facilities and two dog parks. Waterton plans to implement a light value-add strategy across the common spaces while modernizing the remaining residences with new countertops, appliances, lighting, plumbing fixtures and flooring. The seller recently renovated the common areas and more than one-third of the residences.

November 9, 2022

Acquisitions Colorado Multifamily Western

CBRE Negotiates $31M Sale of Corsican Apartments in Denver

by Amy Works November 9, 2022

DENVER — CBRE has arranged the $31 million sale of Corsican Apartments, a multifamily community located in Denver’s Cheesman Park neighborhood. Justin Hunt, Andy Hellman, Erik Toll, Chris Hart and Jessica Graham of CBRE represented the seller, the property’s long-term ownership group, in the deal. The name of the buyer was not released. Built in 1968, Corsican features 82 apartments in a mix of one- and two-bedroom floor plans, with an average unit size of 820 square feet. The 11-story building offers underground parking, an indoor heated pool, steam room, dry sauna, fitness center, yoga studio and resident lounge/game room. The asset is located at 1330 Gaylord St.

November 9, 2022

Development Industrial Nevada Western

Panattoni Plans 195,000 SF Industrial Facility at Spanish Springs Business Center Near Reno, Nevada

by Amy Works November 9, 2022

SPANISH SPRINGS, NEV. — Panattoni Development has released plans for 420 Ingenuity Ave., a Class A industrial building at the 594-acre, master-planned Spanish Springs Business Center in Spanish Springs, a suburb north of Reno. The 195,000-square-foot facility will offer a combination of light industrial flex space with smaller units divisible to 9,000 square feet, and larger mid-bulk industrial space with unit sizes ranging from 31,500 square feet to 141,000 square feet. Each suite will include a build-to-suit office showroom, dock-high and grade-level door access, 30-foot clear heights, 50-foot by 50-foot column spacing with 60-foot speed bays, skylights and motion sensor LED lighting. Alston Construction will serve as general contractor on the project, which is slated for delivery in fourth-quarter 2023. Groundbreaking is scheduled for this fall.

November 9, 2022

Acquisitions Arizona Multifamily Western

Newmark Arranges Sale of 200-Unit Cobblestone Apartments in Phoenix

by Amy Works November 9, 2022

PHOENIX — Newmark has brokered the sale of Cobblestone Apartments, a multifamily community located at 15449 N. 25th Ave. in Phoenix. Terms of the transaction were not released. Chris Canter, Brett Polachek and Brad Goff of Newmark represented the seller, Sharo Khastoo, in the deal. Built in 1980, the two-story property features 200 units in a mix of four floor plans ranging from 615-squrare-foot one-bedroom/one-bath to 967-square-foot two-bedroom/two-bath units. Community amenities include on-site maintenance and management, a fitness center, dog park, clubhouse equipped with a kitchen for private functions, pool area with grills and a spa.

November 9, 2022

Acquisitions California Multifamily Top Stories Western

Northland Acquires THEA at Metropolis Luxury Apartment Tower in Los Angeles for $504M

by Kristin Harlow November 9, 2022

LOS ANGELES — Northland has entered the California market with the acquisition of THEA at Metropolis, a 59-story luxury apartment tower in downtown Los Angeles. The U.S. subsidiary of China’s Greenland Holding Group sold the asset for $504 million, according to The Wall Street Journal. Northland says the purchase price represents a 40 to 45 percent discount to today’s replacement costs. The newspaper reports that the original asking price 18 months ago was $695 million, which was still less than the original development costs. High interest rates and falling rents have affected the apartment market nationally. Additionally, The Wall Street Journal cites California rent regulations and the ability of renters to move away from downtown Los Angeles due to remote work for contributing to suppressed property values. THEA was designed and built as for-sale condominiums before being converted into apartment units after construction. Completed in 2020, the 685-unit property is currently 91 percent occupied. THEA is part of a master-planned community named Metropolis. Residents are situated two blocks away from L.A. LIVE, a 5.6 million-square-foot sports and entertainment complex that encompasses numerous restaurants and bars, the 7,100-seat Microsoft Theater and Crypto.com Arena, home of the NBA’s Los Angeles Lakers and Los …

November 9, 2022

Development Hospitality South Carolina Southeast

Lowe Tops Out 225-Room Cooper Hotel in Downtown Charleston

by John Nelson November 8, 2022

CHARLESTON, S.C. — Lowe, with construction company BL Harbert International, has completed the vertical construction of The Cooper, a 225-room, waterfront hotel located at 176 Concord St. in downtown Charleston. The hotel will feature 12,000 square feet of ground-floor retail space, a 7,000-square-foot spa and fitness center, almost 20,000 square feet of indoor-outdoor event space, food-and-beverage offerings and an outdoor infinity-edge pool. Lowe is also working with the City of Charleston to expand Joe Riley Waterfront Park at the site by 400 feet. McMillan Pazdan Smith and Robert Glazier were architects for the project, with interior design by Champalimaud Design and landscape architecture by DesignWorks.

November 8, 2022

Acquisitions Georgia Multifamily Southeast

Capital Square Sells Ivy Commons Apartments in Metro Atlanta for $75.5M

by John Nelson November 8, 2022

MARIETTA, GA. — Capital Square has sold Ivy Commons Apartments, a 344-unit multifamily community located in Marietta, a northeast suburb of Atlanta. A group of Delaware statutory trust (DST) investors owned the 28.4-acre property, which was acquired by Capital Square in 2018. The property features 39 residential buildings with apartments in one-, two- and three-bedroom layouts. Community amenities include a swimming pool, fitness center, business center, tennis courts, laundry facility, playground and conference room. Investors saw a 200 percent total return on their 1031-exchange investment, according to Capital Square. The buyer was not disclosed.

November 8, 2022

Acquisitions Georgia Retail Southeast

Sarofim Realty Advisors Sells 343,748 SF Plaza Fiesta Shopping Center in Atlanta

by John Nelson November 8, 2022

ATLANTA — Sarofim Realty Advisors has sold Plaza Fiesta, a 343,748-square-foot retail center located on Buford Highway in northeast Atlanta. Chris Decoufle, Kevin Hurley, Matt Karempelis, Mike Burkard and Steve Shields of CBRE represented the seller in the transaction. Charlotte-based Asana Partners acquired the property for an undisclosed price. Mercado Fresco, a Hispanic grocery store, anchors the plaza, which was 95 percent leased at the time of sale. Plaza Fiesta’s tenant roster includes Ross Dress for Less, Planet Fitness, Ollie’s, Aaron’s, and a freestanding CVS/pharmacy and QuikTrip.

November 8, 2022

Acquisitions Georgia Hospitality Southeast

Hodges Ward Elliott Brokers Sale of 103-Room Artmore Hotel in Midtown Atlanta

by John Nelson November 8, 2022

ATLANTA — Hodges Ward Elliott (HWE) has arranged the sale of Artmore Hotel, a 103-room boutique hotel located in Midtown Atlanta across from the Woodruff Arts Center and one mile from the Georgia Tech campus. Originally opened as the Granada Apartments in 1924, the property was converted to hotel use in 1984. Todd Ratliff and Nate Ries of HWE represented the undisclosed seller in the transaction. The buyer and sales price were not disclosed.

November 8, 2022

Leasing Activity North Carolina Office Southeast

CBRE Opens 24,535 SF Office in Charlotte’s South End District

by John Nelson November 8, 2022

CHARLOTTE, N.C. — CBRE has opened a new office at Vantage South End, a 635,000-square-foot mixed-use development located in Charlotte’s South End neighborhood. The Dallas-based real estate services giant now occupies 224,535 square feet of space on the second floor of the campus’ east tower, located at 1120 S. Tryon St. The office space is designed with a focus on hybrid work compatibility and flexibility, including a “free address” style wherein desks and workstations are not assigned. The office also features a wellness lounge with a petrified moss wall and anonymous occupancy sensors to monitor employee behaviors. Artwork was curated with a focus on Charlotte artisans and regional representation.

November 8, 2022

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