Property Type

SRS Brokers $27M Sale of Whole Foods-Occupied Property in Alexandria, Virginia

by Julia Sanders January 5, 2022

ALEXANDRIA, VA. — SRS National Net Lease Group has brokered the $27 million sale of a Whole Foods Market-occupied retail property in Alexandria. The 42,243-square-foot Whole Foods is located within The Royalton, a 116-unit residential condominium property built in 2006. Andrew Fallon and Rick Fernandez of SRS, along with Joe Friedman of Edge Capital Markets, represented the undisclosed seller, a family trust based in Hawaii, in the transaction. Sarasota, Fla.-based Benderson Development Inc. was the buyer. Located at 1700 Duke St., the property is situated 8.2 miles from the new Amazon HQ2 in Arlington and about 10 miles from Washington D.C. Whole Foods has been a tenant at this location since 2007 and has about four years remaining on the initial lease term. Whole Foods is the only retail tenant at the property, which is fully occupied.

January 5, 2022

Acquisitions Alabama Multifamily Southeast

SVN Multifamily Arranges $25.3M Sale of Apartment Property in Huntsville

by Julia Sanders January 5, 2022

HUNTSVILLE, ALA. — Huntsville-based SVN Multifamily LLC has arranged the $25.3 million sale of Country Club Apartments, a 200-unit multifamily property located at 1000 Airport Road in southeast Huntsville. The buyer, Houston-based Truepoint Capital, plans to invest more than $2 million into the property, including renovating the units with vinyl plank flooring, upgraded appliances, cabinetry and repainting exteriors. Averbuch Enterprises was the seller. Built along Airport Road on about 22 acres in 1965, Country Club Apartments offers one- and two-bedroom floorplans. Community amenities include a fitness center, onsite property management, picnic area and grills, emergency maintenance, pool, arts and crafts room, three laundry rooms, clubroom and a tennis court. The property was fully occupied at the time of sale.

January 5, 2022

Loans Multifamily Texas

Dwight Capital Provides $37.2M Acquisition Loan for Houston Multifamily Property

by Taylor Williams January 5, 2022

HOUSTON — New York City-based Dwight Capital has provided a $37.2 million bridge loan for the acquisition of Valencia Grove, a 460-unit multifamily property in southeast Houston. The garden-style property consists of 32 buildings on a 17.3-acre site. Amenities include a pool, courtyard, leasing office/clubhouse and two dog parks. Kevin Lifshitz and Keith Hoffman of Dwight Capital originated the financing. The borrower was Bodka Creek Capital.

January 5, 2022

Acquisitions Loans Multifamily Texas

Newmark Brokers Sale of 324-Unit Citizen House Decker Apartments in East Austin

by Taylor Williams January 5, 2022

AUSTIN, TEXAS — Newmark has brokered the sale of Citizen House Decker, a 324-unit apartment community in East Austin. According to Apartments.com, the property was built in 2021 and features one- and two-bedroom units that range in size from 650 to 1,250 square feet. Amenities include a pool, resident clubhouse with a kitchen, coworking spaces, an arcade, fitness center, business center and outdoor grilling areas. Locally based developer Endeavor Real Estate Group sold the asset to Toronto-based Prism Multifamily Group for an undisclosed price. Patton Jones and Andrew Dickson of Newmark brokered the deal. The new ownership will rebrand the property as Spectra Parks. Asia Capital Real Estate provided a $57.8 million bridge loan for the acquisition of the property. Mark Grace and Alison Williams of Walker & Dunlop arranged the debt.

January 5, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 234-Unit Switchyard Apartments in Carrollton, Texas

by Taylor Williams January 5, 2022

CARROLLTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Switchyard Apartments, a 234-unit multifamily community located in the northern Dallas suburb of Carrollton. Stoneleigh Cos. and Realty Capital Management developed the property in 2019. Amenities include a pool, fitness center and outdoor gathering areas. Drew Kile, Michael Ware, Joey Tumminello, Taylor Hill, Will Balthrope and Grant Raymond of IPA represented the seller, an entity doing business as SC Switchyard LLC, in the transaction. The team also procured the buyer, Tampa-based American Landmark. Switchyard Apartments was 96 percent occupied at the time of sale.

January 5, 2022

Loans Midwest Multifamily Northmarq Wisconsin

Northmarq Arranges $40.2M for Recapitalization of Two Apartment Communities in Wisconsin

by Kristin Harlow January 5, 2022

BROOKFIELD, WIS. — Northmarq has arranged $40.2 million to recapitalize Artisan at Georgetown Square and Foxhaven Apartments in Brookfield near Milwaukee. The borrower completed development of Artisan at Georgetown Square in January 2021. The property includes 99 units that were fully leased at the time of loan closing. Foxhaven was developed in three phases between 1987 and 1994. The borrower acquired the asset in 2000. Brett Hood of Northmarq arranged the financing through Freddie Mac. Loan proceeds for Artisan at Georgetown Square retired a $15.6 million construction loan and returned equity to the borrower. For Foxhaven, the borrower received a $20.4 million loan, which retired maturing agency debt.

January 5, 2022

Acquisitions Industrial Midwest Ohio

Matthews Real Estate Brokers $34.2M Sale of Industrial Building Near Cleveland

by Kristin Harlow January 5, 2022

HIGHLAND HILLS, OHIO — Matthews Real Estate Investment Services has brokered the sale of a 145,000-square-foot industrial and office building in Highland Hills near Cleveland for $34.2 million. The property, occupied by ABB Inc., is located at 23000 Harvard Road. Chad Kurz of Matthews represented the buyer, a private investor completing a 1031 exchange. Seller information was not provided.

January 5, 2022

Acquisitions Industrial Midwest Ohio

Arden Logistics Parks Buys Three-Property Industrial Portfolio in Columbus, Ohio

by Kristin Harlow January 5, 2022

COLUMBUS, OHIO — Arden Logistics Parks has purchased the Parkway Columbus portfolio, a three-property industrial portfolio totaling 172,800 square feet in the West Columbus submarket. The purchase price was undisclosed. The buildings, which range in size from 28,000 to 116,000 square feet, are fully occupied by 23 tenants. The seller, Parkway Business Partners LLC, is comprised of a group of local investors. Ross Bratcher and Joe Davis of JLL brokered the transaction.

January 5, 2022

Acquisitions Indiana Midwest Multifamily

Triad Real Estate Partners Arranges $9.3M Sale of Apartment Building in Frankfort, Indiana

by Kristin Harlow January 5, 2022

FRANKFORT, IND. — Triad Real Estate Partners has arranged the $9.3 million sale of Nickel Plate Flats and Lofts in Frankfort, about 50 miles northwest of Indianapolis. Developed in 2018 and located at 55 N. Jackson St., the apartment building includes 79 units. The property was fully leased at the time of sale. An Indiana-based developer sold the asset to a Chicago-based private investor.

January 5, 2022

Acquisitions Kansas Midwest Retail

Marcus & Millichap Negotiates $7.7M Sale of Retail Property in Olathe, Kansas

by Kristin Harlow January 5, 2022

OLATHE, KAN. — Marcus & Millichap has negotiated the $7.7 million sale of Shops of Sunnybrook in Olathe, about 20 miles southwest of Kansas City. The 38,273-square-foot retail property is located at 11120 S. Lone Elm Road. Tenants include Austin’s Bar & Grill, Prairie Liquors, Pour Coffehouse, Subway, Hotworx and Performance Rehab. Shops of Sunnybrook was 86 percent occupied at the time of sale. The sale included three acres of developable land. Zach Turner, Erin Patton, Craig Fuller and Scott Wiles of Marcus & Millichap represented the seller, a Kansas City-based partnership. The team also secured the buyer, a Kansas City-based developer.

January 5, 2022

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