Property Type

JLL Capital Markets Arranges Development Financing for 92-Unit Seniors Housing Project in Santa Rosa, California

by Amy Works March 29, 2021

SANTA ROSA, CALIF. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both a local bus stop and a Sonoma-Marin Rail Transit (SMART) station, which was recently completed in 2017, to allow connectivity to both Santa Rosa and San Francisco. Bercut Smith led the JLL Capital Markets team in the financing.

March 29, 2021

Acquisitions California Multifamily Western

Xenon Investment Corp. Acquires Hollywood Regency Apartments in Los Angeles for $21.3M

by Amy Works March 29, 2021

LOS ANGELES — Xenon Investment Corp. has purchased The Hollywood Regency Apartments, a multifamily property located at 1635-1639 N. Martel Ave. in the West Hollywood submarket of Los Angeles. A Los Angeles-based private partnership sold the asset for $21.3 million, or $355,000 per unit. Built in 1972, the four-story, 67,329-square-foot building features 60 apartments, an open-air courtyard, pool and 105 parking spaces. The units have an average size of 1,100 square feet with a mix of 39 one-bedroom apartments and 21 two-bedroom apartments. Matthew Kanner of The Kanner Group of KW Commercial represented the seller and buyer in the transaction.

March 29, 2021

Acquisitions California Retail Western

Yosemite Properties Sells Whitmore Plaza Shopping Center in Ceres, California

by Amy Works March 29, 2021

CERES, CALIF. — Yosemite Properties has completed sale of Whitmore Plaza, a shopping center located at 2517-2617 Mitchell Road and 2908-2920 E. Whitmore Ave. in Ceres. Save Mart Portfolio Owner NLP CA LLC acquired the asset from Yosemite Properties for $18.4 million. Save Mart grocery store and Planet Fitness anchor the 115,396-square-foot property. Greg Aguirre of Sacramento-based Capital Rivers Commercial and Jeff Lefko of Corona Del Mar-based Hanley Investment Group Real Estate Advisors represented the seller in the deal.

March 29, 2021

Acquisitions Multifamily Oregon Western

Norris & Stevens Negotiates $9.5M Sale of Riverbend Apartments in Salem, Oregon

by Amy Works March 29, 2021

SALEM, ORE. — Norris & Stevens has arranged the sale of Riverbend Apartments, a multifamily property located at 1225, 1241 and 1253 Riverbend Road NW in Salem. Riverbend Viking LLC acquired the asset from 3030 Riverbend LLC for $9.5 million. Totaling 41,820 square feet, the three-building property opened in summer 2020. Riverbend Apartments features 48 units in a mix of one- and two-bedroom layouts. Units feature vinyl plank flooring, stainless steel appliances, washers/dryers, cadet heating units and ductless cooling. David Chatfield and Cameron Mercer of Portland-based Norris & Stevens represented the buyer, while Greg Goodenough of Premiere Property Group represented the seller in the deal.

March 29, 2021

Acquisitions Arizona Healthcare Office Western

Marcus & Millichap Brokers $4.3M Sale of Medical Office Property in Phoenix

by Amy Works March 29, 2021

PHOENIX — Marcus & Millichap has negotiated the sale of a two-tenant medical office building located at 349 E. Coronado Road in Phoenix. A limited liability company sold the property to a California-based buyer in a 1031 exchange for $4.3 million. Arizona Digestive Health and Phoenix Endoscopy occupy the 11,760-square-foot asset, which was built in 2003 on 1.7 acres. The property is 60 percent medical office and 40 percent licensed surgery center. Alan Laulainen, Chris Lind and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal.

March 29, 2021

Acquisitions Alabama Multifamily Southeast

Marcus & Millichap Brokers $58.2M Sale of Two Multifamily Properties in Metro Birmingham

by Julia Sanders March 29, 2021

BIRMINGHAM AND HOOVER, ALA. — Marcus & Millichap has brokered the sale of two multifamily properties in the Birmingham area. The first property is Chace Lake Villas, a 264-unit asset in Birmingham that sold for $31.4 million, or $118,826 per unit. The second is Renaissance at Galleria, a 244-unit property in Hoover that traded at $26.8 million, which represents $110,000 per apartment. Chace Lake Villas was built in 1996 on 13 acres and Renaissance at Galleria was constructed in 1994. Jacobs represented the seller, the West Palm Beach, Florida-based Myers Apartment Group and procured the buyer, Carter Funds.

March 29, 2021

Acquisitions Mixed-Use Texas

Crescent Real Estate Re-Acquires 1.3 MSF Namesake Mixed-Use Building in Uptown Dallas

by Taylor Williams March 29, 2021

DALLAS — Fort Worth-based based investment and development firm Crescent Real Estate LLC has re-acquired The Crescent, a 1.3 million-square-foot mixed-use property in Uptown Dallas. The property was originally built in 1986 and consists of a luxury hotel, three office towers and retail/restaurant space. According to The Dallas Morning News, the sales price was upwards of $700 million. The 11-acre property was part of Crescent Real Estate’s initial public offering in 1994. After a later sale, Crescent Real Estate re-acquired the asset in 2009 in partnership with Barclays. This latest acquisition of the property marks its third stint under Crescent Real Estate’s ownership; however, the firm has continued to lease and manage The Crescent since 1994. The previous owner completed $33 million in renovations in 2016. “I chose the Crescent name for our company because I loved the asset — its quality, timeless architecture and iconic nature,” said John Goff, chairman of Crescent Real Estate. “To acquire it, now for the third time, is exciting for me personally and the entire Crescent team.”

March 29, 2021

Acquisitions Maryland Multifamily Southeast

Harbor Stone Advisors Arranges $10.3M Sale of Apartment Community in Odenton, Maryland

by Julia Sanders March 29, 2021

ODENTON, MD. — Harbor Stone Advisors has arranged the $10.3 million sale of Highland Court Apartments, a 78-unit garden-style complex in Odenton. Justin Verner and Brooks Healy of Harbor Stone Advisors served as exclusive advisor and agent to the seller, Bethesda-based Outlier Realty Co., in addition to sourcing the buyer, Willow Creek Partners. The property sold for $132,051 per unit. Constructed in 1962, Highland Court Apartments includes one- and two-bedroom units with white or black appliances, wood cabinets, formica countertops, some dishwashers and garbage disposals. Community amenities include four onsite laundry rooms, a surface parking lot and a patio or balcony for each unit. Highland Court Apartments is located at 1221 Scotts Manor Court and is 16 miles away from Annapolis, 23 miles from Baltimore, 30 miles from Washington, D.C. and 15 miles from Columbia. The property is also less than four miles from Fort George G. Meade, Maryland’s largest employer, according to Harbor Stone Advisors.

March 29, 2021

Development North Carolina Office Southeast

Marsh Properties, Aston Properties to Develop 2825 South Office Project in Charlotte’s South End

by Julia Sanders March 29, 2021

CHARLOTTE, N.C. — Marsh Properties and Aston Properties are co-developing 2825 South, a Class A office building in Charlotte’s South End. The development is expected to break ground in September. 2825 South will be a six-story building located on South Boulevard at Elmhurst and Marsh roads. The property will total 138,780 square feet with 20,440 square feet of ground-level retail and four floors of office space atop a parking deck. Aston Properties will occupy 8,000 square feet of office space in 2825 South. The project’s general contractor, Samet Corp., plans to occupy 12,000 square feet. There is currently 77,000 square feet of office space available for lease. Designed by LS3P, 2825 South will include touchless automatic building entry doors, large main and elevator lobby suited for social distancing, UV CleanAir elevator air sanitization and filtration system and touchless restroom doors and fixtures, as well as advanced HVAC and air filtration systems. Aston Properties will handle leasing duties.

March 29, 2021

Acquisitions Louisiana Multifamily Southeast Student Housing

Landmark Properties Purchases 898-Bed Student Housing Property in Baton Rouge

by Julia Sanders March 29, 2021

BATON ROUGE, LA. — Landmark Properties, a student housing developer and owner-operator based in Athens, Ga., has purchased The Exchange at Baton Rouge, a 299-unit, 898-bed student housing property located at 449 Ben Hur Road in Baton Rouge. The sales price was not disclosed, and Halstatt was Landmark’s capital partner on this transaction. The Exchange at Baton Rouge is a garden-style property located approximately 1.5 miles from the Louisiana State University (LSU) campus and is situated adjacent to Tiger Land, an entertainment area for LSU students. The Exchange’s amenities include three resort-style swimming pools, four courtyards, bike storage, volleyball court, fitness center, cybercafé and game room. The Exchange also offers one- to four-bedrooms floorplans. Landmark plans to modernize the community. The purchase of The Exchange at Baton Rouge represents Landmark’s 11th acquisition in the past 18 months and its first transaction completed in partnership with Halstatt Real Estate Partners.

March 29, 2021

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