Property Type

IPA Brokers $30M Sale of Port Royale Multifamily Community in Sierra Vista, Arizona

by Amy Works December 2, 2020

SIERRA VISTA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Port Royale, an apartment property in Sierra Vista, southeast of Tucson near the Mexico border. Element Property Co. acquired the asset from Bascom Arizona Ventures for $30 million, or $119,048 per unit. Built in 2004 on 13 acres, the 18-building community features 252 apartments and is in close proximity to Arizona State Route 90, University of Arizona South, Cochise College and Kartchner Caverns. Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.

December 2, 2020

Acquisitions Affordable Housing California Multifamily Western

Positive Investments Inc. Buys Mountain View Manor Affordable Housing Complex Near Los Angeles for $29.4M

by Amy Works December 2, 2020

SYLMAR, CALIF. — Positive Investments Inc. has purchased Mountain View Manor, an affordable apartment building located at 12960 Dronfield Ave. in Sylmar, from 21 Alpha Group for $29.4 million. Built in 1964, the 178,000-square-foot property comprises six residential buildings offering a total of 200 apartments, two common areas and two swimming pools. The property was recently rehabilitated under the Low-Income Housing Tax Credit program. Shaya Braverman and Brendan Brown of Partners CRE, a Compass real estate brokerage, represented the buyer and seller in the deal.

December 2, 2020

Acquisitions Indiana Midwest Multifamily

384-Unit Solana Apartments Trades Hands in Indianapolis

by Kristin Harlow December 2, 2020

INDIANAPOLIS — An affiliate of Inland Private Capital Corp. has sold Solana Apartments in Indianapolis to a real estate fund managed by Covenant Capital Group. The 384-unit waterfront apartment community is situated in the Keystone Crossing submarket of Indianapolis. The three-story property was built in 2014. Amenities include a pool, clubhouse, business center, fitness center and game room. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller.

December 2, 2020

Development Midwest Missouri Retail

Brinkmann Constructors Breaks Ground on Jaguar Land Rover Dealership in Chesterfield, Missouri

by Kristin Harlow December 2, 2020

CHESTERFIELD, MO. — Brinkmann Constructors has broken ground on a Jaguar Land Rover dealership in Chesterfield, a suburb of St. Louis. Situated on seven acres, the dealership is expected to open next summer and will be the first facility owned by Imperial Motors outside the Chicago area, according to Brinkmann. The 32,000-square-foot dealership will include 18 service bays and a waiting room. Robert Flubacker Architects is the project architect.

December 2, 2020

Acquisitions Industrial Midwest Ohio

Plymouth Industrial REIT Completes Acquisition of Ohio Industrial Portfolio for $94M

by Kristin Harlow December 2, 2020

AKRON AND CANTON, OHIO — Plymouth Industrial REIT Inc. has closed on a previously announced acquisition of a portfolio of industrial buildings located in Akron and Canton for approximately $94 million. The 10 buildings total 2.1 million square feet. They are 98 percent leased to 15 tenants in a variety of industries, including transportation and logistics, healthcare, manufacturing and food and beverage. The acquisition brings Plymouth’s holdings in the Cleveland metro area to 3.6 million square feet and increases the size of its Ohio portfolio to 7.5 million square feet. The company will manage the portfolio from its Columbus regional office. With the completion of this transaction, Plymouth has acquired 5.5 million square feet of industrial properties year to date for total consideration of roughly $244 million. Plymouth now owns 23.3 million square feet of industrial product throughout the country.

December 2, 2020

Acquisitions Michigan Midwest Multifamily

Berkadia Brokers Sale of Four-Property Multifamily Portfolio in Suburban Detroit

by Kristin Harlow December 2, 2020

HIGHLAND PARK, MICH. — Berkadia has brokered the sale of the Palmer Park Portfolio, a four-property multifamily portfolio totaling 144 units in Highland Park, a suburb of Detroit. The sales price was undisclosed. The properties include Parkview Court East, Parkview Court West, Parkway Apartments and Whitmore Plaza. Kevin Dillion, Jason Krug, Rick Vidrio, Rick Brace, Charley Henneghan and Corey Krug of Berkadia’s Great Lakes team represented the seller, BSG Management Co., as well as the buyer, Urban Communities.

December 2, 2020

Acquisitions Affordable Housing Illinois Midwest Multifamily

ShainRealty Capital Acquires 96-Unit Affordable Housing Property in Chicago’s East Garfield Park for $8.2M

by Kristin Harlow December 2, 2020

CHICAGO — ShainRealty Capital has acquired Madison Terrace, a 96-unit affordable housing property located at 3147 W. Madison St. in Chicago’s East Garfield Park, for $8.2 million, or $93 per square foot. The sales price represents a cap rate of 6.9 percent. The property was built in 1986. Units average 800 square feet, and most are leased on a Section 8 basis via the Chicago Housing Authority. ShainRealty plans to implement a renovation plan. Arbor Realty Trust provided a $6.7 million Fannie Mae loan for the acquisition. Jeff Baasch and Finley Askin of SVN Chicago Commercial brokered the sale.

December 2, 2020

Acquisitions Industrial Texas

Dalfen Acquires 396,750 SF Peachtree Distribution Center in Mesquite, Texas

by Taylor Williams December 2, 2020

MESQUITE, TEXAS — Dalfen Industrial has acquired Peachtree Distribution Center, a 396,750-square-foot industrial property located in the eastern Dallas suburb of Mesquite. The cross-dock property was built in 2001 and was fully leased to manufacturers Dal-Tile Corp. and Parker-Hannafin Corp., as well as packaging firm Bronco Orora, at the time of sale. Building features include 68 docks, ample car and trailer parking space and proximity to Interstates 30, 80 and 635. The seller was New York-based Clarion Partners. With this acquisition, Dalfen now owns and operates over 4.4 million square feet of last-mile industrial space in Texas and over 24 million square feet nationwide.

December 2, 2020

Development Multifamily Texas

KWA Tops Out $46M Apartment Project in Irving’s Las Colinas District

by Taylor Williams December 2, 2020

IRVING, TEXAS — Locally based general contractor KWA Construction has topped out 880 LYN, a $46 million apartment project located on 3.4 acres in Irving’s Las Colinas district. Designed by REES Associates and developed by Legacy Partners and HGC Investment Management, 880 LYN will feature 293 units ranging in size from 580-square-foot studio apartments to 1,945-square-foot two-bedroom units. Amenities will include a pool, spa, fitness center, demonstration kitchen, wine grotto, sports lounge, business center, video conferencing facility and a private party suite. Residents will also have access to water taxi services, as well as paddleboards and kayaks, on Lake Carolyn. Completion is slated for October 2021.

December 2, 2020

Acquisitions Industrial Office Texas

JLL Negotiates Sale of 149,893 SF Westchase Commons Flex Property in Houston

by Taylor Williams December 2, 2020

HOUSTON — JLL has negotiated the sale of Westchase Commons, a three-building, 149,893-square-foot flex property in Houston. The 14-acre Westchase Commons was built in 2001 and was 77 percent leased at the time of sale. Kevin McConn and Trent Agnew of JLL represented the undisclosed seller and procured Houston-based Mission Cos. as the buyer. John Ream and Michael Johnson of JLL arranged acquisition financing through Woodforest National Bank.

December 2, 2020

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