Property Type

Avanti Residential Acquires Forum Fitzsimons Apartment Complex in Metro Denver for $159M

by Amy Works September 23, 2021

AURORA, COLO. — Denver-based Avanti Residential has purchased Forum Fitzsimons, a Class A apartment community in Aurora. An undisclosed seller sold the property for $159 million. Located at Interstate 225 and Colfax Avenue, Forum Fitzsimons features 397 apartments, 28,202 square feet of retail space and a full amenity package for residents. Community amenities include two swimming pools, a 24-hour fitness center, bike repair shop and storage, three event clubrooms, and a dog washing area and bark park. The property was built in 2017 to meet the needs of workforce housing demand generated by the adjacent Fitzsimons Life Science District, a major employment center with 44,600 workers.

September 23, 2021

Acquisitions Arizona Restaurant Retail Western

Macerich Co. Sells La Encantada Lifestyle Center in Tucson for $165.2M

by Amy Works September 23, 2021

TUCSON, ARIZ. — Macerich Co. has completed the disposition of La Encantada, an open-air lifestyle center in Tucson. A group of local investors acquired the property for $165.2 million. JLL Capital Markets arranged a $102 million acquisition loan for the buyer. Completed in 2003, La Encantada offers 246,256 square feet of retail space. At the time of sale, the property was 93 percent leased. Current tenants include Crate & Barrel, Tiffany & Co., West Elm, Anthropologie, Athleta, Lululemon, Pottery Barn, Madewell, Warby Parker, Williams-Sonoma, Bluemercury, Barre 3, Core Health & Fitness, Fuchsia Spa and Laseraway, AJ’s Fine Foods, RA Sushi Bar and Restaurant, North Italia and Blanco Tacos + Tequila. Patrick Dempsey of JLL Capital Markets Investment Sales and Advisory represented the seller in the deal. Jeremy Womack and Zane Coffman of JLL Capital Markets Debt Advisory team represented the new owner in the acquisition financing.

September 23, 2021

Acquisitions Multifamily Texas

Stratus Properties Agrees to Sell Santal Apartments in Austin for $152M

by Taylor Williams September 23, 2021

AUSTIN, TEXAS — Locally based REIT Stratus Properties has entered into an agreement to sell The Santal, a 448-unit apartment community in Austin’s Barton Creek neighborhood, for $152 million. The sales price equates to roughly $339,000 per unit. The property, which was fully occupied at the time of sale, was constructed in phases between 2015 and 2019. Units feature one-, two- and three-bedroom floor plans and are furnished with hardwood floors, quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. In addition, The Santal offers multiple pools, fitness centers and resident lounges, as well as a bark park and dog wash station, package lockers and electric vehicle charging stations. The buyer was undisclosed. The deal is expected to close in the fourth quarter.

September 23, 2021

Acquisitions Colorado Office Western

Invesco Real Estate Divests of 186,231 SF Office Property in Broomfield, Colorado for $59.1M

by Amy Works September 23, 2021

BROOMFIELD, COLO. — Invesco Real Estate has completed the disposition of 105 Edgeview, a Class A office asset in Broomfield. An undisclosed buyer acquired the property for $59.1 million. John Jugl and John Gustafson of Newmark represented the seller in the transaction. Completed in 2012, 105 Edgeview features 186,231 square feet of office space within Interlocken Advanced Technology Environment. The property is fully leased to eight tenants with Gogo Inc., a global aero-communications service, as the anchor.

September 23, 2021

Affordable Housing Loans Midwest Minnesota Multifamily Northmarq

NorthMarq Arranges $32.2M Loan for Refinancing of Minneapolis Affordable Housing Community

by Kristin Harlow September 23, 2021

MINNEAPOLIS — NorthMarq has arranged a $32.2 million loan for the refinancing of Stone Arch Apartments in Minneapolis. The 221-unit affordable housing community, built in 2002, is located at 601 Main St. Amenities include a fitness center, business center, laundry facilities and grill area. Michael Padilla of NorthMarq arranged the loan through Freddie Mac’s Targeted Affordable Housing (TAH) program. The seven-year loan features a 30-year amortization schedule.

September 23, 2021

Development Illinois Midwest Multifamily

Kinzie Builders Completes Construction of $20M Luxury Apartment Complex in Mount Prospect, Illinois

by Kristin Harlow September 23, 2021

MOUNT PROSPECT, ILL. — Kinzie Builders has completed construction of 10 North Main in downtown Mount Prospect, a suburb of Chicago. The $20 million luxury apartment complex rises five stories with 97 units, which range in size from 564 to 1,290 square feet. Amenities include a fitness center, coffee bar, club lounge and outdoor rooftop deck. Kinzie worked alongside owner First Equity Group LLC, developer Harlem Irving Cos. and architect OKW Architects. Other project team members included ECL Engineer Consultants, Pierce Engineering, LETech Inc., V3 Cos. and Kathryn Talty Landscape Architecture.

September 23, 2021

California Leasing Activity Retail Western

Crazy Boss Big Discount Store Leases 103,000 SF Anchor Space in Fontana, California

by Amy Works September 23, 2021

FONTANA, CALIF. — Crazy Boss Big Discount Store has signed a lease to occupy 103,000 square feet of anchor space at 17099 Valley Blvd. in Fontana. Slated to open this fall, the new location will be within the 285,000-square-foot Vineyard Valley Center. Other tenants at Vineyard Valley Center include Food 4 Less, Big Lots, dd’s Discounts and several other shops, restaurants and services. Paul Galmarini of Progressive Real Estate Partners and Justin Altemus of The Altemus Co. co-listed the property and represented the undisclosed landlord in the deal. Galmarini also represented the tenant.

September 23, 2021

Acquisitions Multifamily Texas

29th Street Capital Acquires 362-Unit San Cierra Apartments in Northwest Houston

by Taylor Williams September 23, 2021

HOUSTON — Chicago-based 29th Street Capital has acquired San Cierra Apartments, a 362-unit multifamily community located in the Cypresswood neighborhood in northwest Houston. Built in 2008, the property features one-, two- and three-bedroom apartments with nickel fixtures and hardware, individual washers and dryers, granite countertops and island kitchens. Communal amenities include a resort-style pool, fitness center, theater room, business center, children’s play area, a coffee bar and package concierge services. The new ownership plans to implement a capital improvement plan that will renovate unit interiors by adding smart-home features such as ecobee thermostats and Ring doorbells, as well as modern backsplashes and updated kitchen appliances. Landscaping will also be upgraded, and a new yoga/spin studio will be added to the fitness center.

September 23, 2021

Acquisitions Illinois Midwest Multifamily

Colliers Brokers $16.3M Sale of Mobile Home Community in Springfield, Illinois

by Kristin Harlow September 23, 2021

SPRINGFIELD, ILL. — Colliers International has brokered the sale of Woodland Acres Mobile Home Community in Springfield for $16.3 million. Totaling 231 units on more than 50 acres, the property is located at 3500 N. Dirksen Parkway. The community is 94 percent occupied with average rents of $373 per month. Michael Nissley of Colliers represented the seller, Ronald Coleman. Flagship Communities REIT was the buyer. The purchase marks Flagship’s entrance into the Illinois market.

September 23, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $14.8M Sale of Chicago Multifamily Building

by Kristin Harlow September 23, 2021

CHICAGO — Interra Realty has negotiated the sale of 2827-47 N. Clybourn Ave. in Chicago’s Lakeview neighborhood for $14.8 million. Constructed in 2020, the building includes 30 apartment units and six commercial spaces on the ground floor. The apartment units were fully occupied at the time of sale. Of the six commercial spaces, two are rented as offices, two are occupied by resident gyms and two are vacant. Brad Feldman of Interra represented the buyer, a local private investor who plans to rent out the vacant space and increase rents. The seller was 2829 N. Clybourn LLC.

September 23, 2021

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