Property Type

Investors Management Group Buys 246-Unit Apartment Community in San Antonio

by Taylor Williams June 7, 2021

SAN ANTONIO — California-based Investors Management Group has purchased Azul Apartments, a 246-unit multifamily community in northwest San Antonio. Built in 2007, the property offers a mix of one-, two- and three-bedroom units averaging 868 square feet. Amenities include a pool with a lounge and game areas, fitness center, outdoor grilling stations and picnic areas, a basketball court and a business center. David Bleiweiss of Berkadia originated an undisclosed amount of Freddie Mac acquisition financing for the deal on behalf of the new ownership, which plans to invest more than $1 million in capital improvements. The seller was not disclosed.

June 7, 2021

Acquisitions Multifamily Texas

Darwin German Acquires 204-Unit Frankford Station Apartments in Metro Dallas

by Taylor Williams June 7, 2021

CARROLLTON, TEXAS — Locally based firm Darwin German Real Estate Investments has acquired Frankford Station, a 204-unit apartment community located in the northern Dallas suburb of Carrollton. The property offers one- and two-bedroom units with keyless entry mechanisms, quartz countertops and wood-style plank flooring. Communal amenities include a pool, fitness center, dog park, onsite storage space and a resident clubhouse with a coffee bar, business center and private conference room. The community, which was 89 percent occupied at the time of sale, was acquired in an off-market transaction from an undisclosed Dallas-based investor. The sales price was also not disclosed.

June 7, 2021

Acquisitions Loans Maryland Multifamily Southeast

KeyBank Funds $18M Acquisition Loan for Manufactured Housing Community in Dundalk, Maryland

by Julia Sanders June 7, 2021

DUNDALK, MD. — KeyBank Real Estate Capital has secured an $18 million Fannie Mae acquisition loan for a manufactured housing community in Dundalk known as Briarwood Estates. The borrower is a partnership between Dahn Corp., a Newport Beach, Calif.-based real estate investment and asset management company, and Orlando-based Elevation Capital Group. The property represents the first purchase for Elevation’s investment fund Elevation Fund 8 LLC, which focuses on self-storage and manufactured housing acquisitions. Paul Angle and Jason Weaver of KeyBank originated the financing. The 10-year loan is structured with a fixed interest rate, three years of interest-only payments and a 30-year amortization schedule. Originally built in 1949, renovated in the 1960s and expanded in the 1980s, Briarwood Estates is a 209-pad manufactured housing community situated on 34 acres approximately 48 miles north of Washington, D.C.

June 7, 2021

Development Industrial Office Texas

Harvey Builders to Construct 115,000 SF Manufacturing, Office Facility in Houston

by Taylor Williams June 7, 2021

HOUSTON — General contractor Harvey Builders will construct a 115,000-square-foot manufacturing and office facility in Houston. Designed by Powers Brown Architecture, the facility will be situated on an 8.3-acre site within the Houston Spaceport campus on the city’s southwest side. The project will be a build-to-suit for Hamilton Sundstrand, a subsidiary of Collins Aerospace, and is expected to be complete in summer 2022. Houston-based Griffin Partners has been tapped as the development manager for the project, which is expected to add about 250 new jobs to the local economy.

June 7, 2021

Acquisitions Healthcare Oklahoma Texas

National Health Advisors Purchases Brookhaven Hospital in Tulsa for $40.3M

by Taylor Williams June 7, 2021

TULSA, OKLA. — National Health Advisors (NHI) has purchased Brookhaven Hospital, a 64-bed facility in Tulsa, Okla., for $40.3 million. Behavioral health services provider Vizion Health, which treats patients who have suffered traumatic brain injuries, occupies the property on a 15-year lease. The seller was not disclosed.

June 7, 2021

Acquisitions Kentucky Retail Southeast

Marcus & Millichap Arranges $5.6M Sale of Four-Property Dollar General Portfolio in Kentucky

by Julia Sanders June 7, 2021

PAINTSVILLE, DANVILLE, EASTERN AND GIRDLER, KY. — Marcus & Millichap has arranged the $5.6 million sale of a four-property Dollar General portfolio in Kentucky totaling 36,400 square feet. Darpan Patel, Dan Yozwiak and Matthew Johnson of Marcus & Millichap represented the seller, James Myers of Kentucky Lodging and Development, and secured the buyer, Harrimack Holdings Acquisitions LLC, in the transaction. Colby Haugness of Marcus & Millichap assisted in closing the transaction. The four Dollar General stores are located at 1370 Euclid Ave. in Paintsville; 6595 Alum Springs Road in Danville; 5451 N. KY Highway 11 in Girdler; and 39 Kentucky-680 in Eastern.

June 7, 2021

Development Multifamily New Jersey Northeast

KRE Group, NREA Open 68-Story Journal Squared 2 Multifamily Tower in Jersey City

by Taylor Williams June 7, 2021

JERSEY CITY, N.J. — A partnership between KRE Group and National Real Estate Advisors LLC has opened Journal Squared 2, a 68-story multifamily tower in Jersey City. Designed by HWKN and Handel Architects, the property features 704 units that are now more than 50 percent leased. Floor plans include micro studio, studio, one-, two- and three-bedroom options. The project represents the second phase of a larger development that began with the delivery of a 53-story, 538-unit apartment tower. Residents have access to nearly 100,000 square feet of indoor and outdoor amenities between the two buildings. Rents start at $1,960 per month.

June 7, 2021

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 350-Unit Hoyt Bedford Apartments in Stamford, Connecticut

by Taylor Williams June 7, 2021

STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Hoyt Bedford, a 350-unit apartment complex in Stamford. Built on seven acres in 1940, the property consists of five buildings with 57 to 60 units per building that feature an average size of 927 square feet. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, an entity doing business as Stamford Apartment Co. LLC, in the transaction. The trio, along with Marcus & Millichap’s Andrew Daitch, also procured the buyer, Hoyt Bedford LP.

June 7, 2021

Leasing Activity New York Northeast Office

Legal Aid Society Signs 198,900 SF Office Lease in Manhattan’s Tribeca Area

by Taylor Williams June 7, 2021

NEW YORK CITY — The Legal Aid Society, a social justice law firm, has signed a 198,900-square-foot office lease at 40 Worth Street in Manhattan’s Tribeca neighborhood. The lease term is 30 years. The property, also known as the Merchants Square Building, was originally constructed in 1929 and spans approximately 800,000 square feet. Craig Reicher, Christopher Mansfield, Greg Maurer-Hollaender and Peter Gamber of CBRE represented the tenant in the lease negotiations. Brian Steinwurtzel and Roy Lapidus of GFP Real Estate represented the landlord, 40 Worth Street Associates LLC.

June 7, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of 135-Bed Skilled Nursing Facility on Cape Cod

by Taylor Williams June 7, 2021

HARWICH, MASS. — Cushman & Wakefield has brokered the sale of Wingate at Harwich, a 135-bed skilled nursing facility located in the Cape Cod city of Harwich. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the seller, an undisclosed institutional investor that is exiting the skilled nursing space, in the transaction. The buyer, a regional operator, plans to upgrade the community.

June 7, 2021

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