ATHENS, GA. AND NEW YORK CITY — Athens-based Landmark Properties and Blackstone Real Estate Income Trust Inc. (BREIT) have purchased 2,248 beds across four student housing properties located in Tier 1 markets. The properties’ locations and other property features were not disclosed. The seller and sales price were also not disclosed. The sale is part of the joint venture announced in August 2021 for the two companies to purchase student housing properties across the United States. With this acquisition, Landmark adds to its portfolio of over 54,000 beds. This transaction builds upon Landmark’s volume of acquisitions and recapitalizations that exceeded $1.3 billion in 2021. TSB Capital Advisors acted as financial advisor to both Landmark Properties and BREIT.
LAKELAND, FLA. — Marcus & Millichap has brokered the $9.2 million sale of Eastside Village, a 76,264-square-foot retail property located in Lakeland. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller, Miami-based CF Properties, in the transaction. The undisclosed buyer was a Miami-based private investor. Eastside Village is fully leased to tenants including anchor Harvey’s Supermarket, Subway and Dollar Tree. Located at 2630 US Highway 92 E on 6.8 acres, the property is situated 10.8 miles from Lakeland Linder International Airport and 36.3 miles from Tampa.
FORNEY, TEXAS — Locally based investment and development firm Dalfen Industrial has acquired a two-building, 408,308-square-foot industrial park in the eastern Dallas suburb of Forney in a sale-leaseback transaction. The seller/tenant was not disclosed. The site also includes 4.8 acres of undeveloped land that could be used for an outdoor storage yard or a 200,000-square- foot expansion of the western building. Matt Dornak of Stream Realty Partners sourced the off-market deal for Dalfen Industrial.
GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Arioso, a 288-unit apartment community located in the central metroplex city of Grand Prairie. Built on 13.5 acres in 2007, the property features one-, two- and three-bedroom units with an average size of 976 square feet. Amenities include two pools, a clubhouse, fitness center, business center and an outdoor kitchen with fire pits. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Asher Hall and Will Balthrope of IPA represented the seller, a partnership between Michigan-based Hayman Co. and New York City-based Dome Equities, in the transaction. The team also procured the buyer, IMH Cos.
ARLINGTON, TEXAS — Austin-based developer OHT Partners has broken ground on Lenox Cooper, a 270-unit multifamily project in Arlington. Lenox Cooper will offer studio, one- and two-bedroom units and amenities such as a pool, outdoor grilling and dining areas, a 24-hour fitness center, shared work studio and a dog run with a washing station. OHT’s in-house team will serve as the general contractor for the project, which is slated to open by the end of the year. Other project partners include Architecture Demarest (architect of record), KFM Engineering (civil engineer), MEP Delta Design (mechanical engineer), United Structural Consultants (structural engineer) Ink +Oro (interior design) and Blu Fish Collaborative (landscape design).
BEDFORD, TEXAS — Locally based developer Committed Industrial has acquired land in Bedford, a northeastern suburb of Fort Worth, for the development of a 181,250-square-foot distribution center. Bill Bledsoe of Henry S. Miller Brokerage arranged the sale of the 15.4-acre site. Bledsoe represented the undisclosed sellers of the two separate parcels that comprise the assemblage. Construction is slated to begin in the second quarter.
Confluence Cos. Sells Lydian Mixed-Use Building in Denver to Cohen Rojas Capital Partners for $66.2M
DENVER — Confluence Cos. has completed the disposition of The Lydian, a Class A mixed-use property located at 2590 Welton St. in Denver. Cohen Rojas Capital Partners acquired the asset for $66.2 million. Built in 2018, The Lydian features 129 apartments; 8,176 square feet of ground-floor retail space occupied by a yoga studio and upscale cocktail lounge; 14,500 square feet of designated co-working office space; a rooftop lounge and pool; fitness center; coffee bar; underground parking; and bike storage. Twenty-two of the apartments are rent restricted for those earning up to 80 percent of area median income. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of Walker & Dunlop Investment Sales completed the sale on behalf of the seller. Justin Nelson and Jay Thomas of Walker & Dunlop’s Capital Markets Group arranged the acquisition financing for the buyer.
LOS ANGELES — CMCT has purchased the Rolf K. McPherson building, an eight-story office property located at 1910 W. Sunset Blvd. in the Echo Park neighborhood of Los Angeles. Foursquare Church sold the asset for $51 million. Situated on 1.2 acres, the building features 99,761 square feet of office space, ground-floor retail and on-site parking. Built in 1965, the property features floor-to-ceiling windows offering 360-degree views of Echo Park and downtown Los Angeles. CMCT plans to upgrade the property into a creative office space catering to entertaining, media and technology companies. Lee Black and Veronica Black of Keller Williams Commercial represented both the buyer and seller in the transaction.
KILLEEN, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Country Place Apartments, a 137-unit complex located in the Central Texas city of Killeen. Built in 1996, the property offers four different types of two-bedroom units and amenities such as a pool, playground, basketball court, fitness center and a dog park. Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
LAS VEGAS — Sahara Development has completed the disposition of The Gateway on The Strip, a retail center located in the heart of the Las Vegas Strip. KB Gateway on the Strip LLC acquired the property for $57 million. Constructed in 2015 at 2427 S. Las Vegas Blvd., Walgreens anchors the property with a long-term lease through 2040. At the time of sale, the asset was 42 percent occupied. The 1.8-acre center features a freestanding parking garage, additional income via electronic billboard contracts, an upper-deck patio and an unrestricted gaming license. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.