Property Type

IPA Negotiates $34.8M Sale of Tides on 28th Multifamily Property in Phoenix

by Amy Works February 19, 2021

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Tides on 28th, an apartment community in Phoenix. Tides Equities sold the asset to a undisclosed buyer for $34.8 million, or $155,357 per unit. Built in 1980 on eight acres, Tides on 28th features 224 apartments, a swimming pool, spa, modernized clubhouse, leasing center, basketball court, dog park, two on-site laundry facilities, covered parking and immediate access to Lake Biltmore. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.

February 19, 2021

Acquisitions Multifamily Washington Western

Fourth Avenue Capital Buys Calabria Apartment Building in Issaquah from Pacifica Cos. for $9M

by Amy Works February 19, 2021

ISSAQUAH, WASH. — Fourth Avenue Capital, a local apartment investor, has acquired Calabria, a multifamily property located at 2000 NW Talus Drive in Issaquah. San Diego-based Pacifica Cos. sold the asset for $9 million, or $450,000 per unit. Constructed in 2009, the property features 20 condominium-quality apartment units, with 10 being three-bedroom townhome units. Dylan Simon, Jerrid Anderson and Matt Laird of The Simon and Anderson Team at Kidder Mathews represented the seller.

February 19, 2021

Acquisitions California Retail Western

Nazareth Enterprises Buys Retail Property in Downtown San Mateo for $7.3M

by Amy Works February 19, 2021

SAN MATEO, CALIF. — Nazareth Enterprises has acquired a retail building located at 616 S B St. in San Mateo for $7.3 million. The San Mateo-based company is planning to redevelop the 7,500-square-foot building, which is currently leased by Kelly-Moore Paint, into a mixed-use property. Richard Beale of Beale Properties represented the undisclosed sellers. Mitch Zeemont and Tony Kaufmann of Gantry arranged acquisition financing, which AvidBank provided.

February 19, 2021

Company News Industrial Market Reports Texas Texas Market Reports

Shifting Investment Patterns Prompt IPA’s Industrial Expansion in Texas

by Taylor Williams February 19, 2021

By Taylor Williams The decision by Institutional Property Advisors (IPA), a division of Marcus & Millichap, to recently bring its investment sales services for the Dallas-Fort Worth (DFW) industrial market not only represents an opportunity to gain share of a booming market, but also to capitalize on a pronounced shift in buying patterns. COVID-19 has drastically accelerated demand for e-commerce services and industrial space on the leasing front. As investors that put new acquisitions on hold early in the pandemic regain their aggressiveness and as more capital sources diversify into the asset class, the line between requirements for institutional and private investors is growing blurrier. Ultimately, the shift in investment philosophy for industrial product in major markets boils down to private buyers targeting assets that have typically been considered institutional quality. This trend is a factor of several marketplace tendencies: the cautiousness with which institutional capital proceeds, the willingness of private investors to accept lower returns and the general mixing up of the Tier 1 industrial buyer pool. Like demand for industrial product from both tenants and the capital markets, the creeping of private buyers into the institutional space was taking place before the pandemic. But the overlap has become …

February 19, 2021

Company News Hospitality Maryland Southeast

Marriott Posts First Annual Loss Since 2009 as COVID-19 Loomed Large in 2020

by Julia Sanders February 18, 2021

BETHESDA, MD. — Marriott International (NASDAQ: MAR) posted a net income loss of $267 million for 2020, which The Wall Street Journal reports is the hotel giant’s first annual loss since 2009. The company posted a net loss of $164 million in fourth-quarter 2020, which is a significant drop from its net income of $279 million in fourth-quarter 2019. The COVID-19 pandemic materially changed global traffic patterns for both leisure and business travelers in 2020, and Marriott’s hotels bore the brunt of the subdued demand for hotel rooms, as well as conventions and conferences. “With the global pandemic, 2020 was the most challenging year in our 93-year history,” says Stephanie Linnartz, Marriott’s group president of consumer operations, technology and emerging businesses. Linnartz, along with Tony Capuano, are overseeing Marriott’s day-to-day operations of corporate matters in the wake of president and CEO Arne Sorenson’s passing earlier this week. On April 14, 2020, the Transportation Security Administration (TSA) reported its lowest travel volume of only 87,500 passengers throughout all TSA checkpoints nationwide, representing just 4 percent of passenger volume recorded on the same weekday in 2019. Average travel volume per day between Thanksgiving and New Year’s Eve, which is typically TSA’s busiest …

February 18, 2021

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Arranges Sale of 237-Unit Multifamily Community in Springdale, Arkansas

by Julia Sanders February 18, 2021

SPRINGDALE, ARK. — Cushman & Wakefield has facilitated the sale of Towne Park at Har-ber, a 237-unit apartment community located in Springdale. Martin Bynum and Craig Hey of Cushman & Wakefield represented the Little Rock-based seller, BSR REIT, in the transaction. Block Funds bought the property for $31.7 million, according to the seller. Constructed in 2016, Towne Park at Har-ber is located at 257 Arborside Road, 68 miles from Fort Smith Regional Airport. Amenities include swimming pool with sun deck, fully equipped fitness center and a community clubhouse.

February 18, 2021

Affordable Housing Alabama Development Loans Multifamily Southeast

Bellwether Provides $11.6M HUD-Insured Loan for Affordable Housing Community in Dothan, Alabama

by Julia Sanders February 18, 2021

DOTHAN, ALA. — Bellwether Enterprise Real Estate Capital LLC has provided an $11.6 million HUD 221(d)(4) loan for the rehabilitation of an affordable housing community in Dothan. The 50-unit public housing property, Capstone at Kinsey Cove, is located at 1121 Kinsey Road. Jon Killough of Bellwether Enterprise’s Alabama office originated the loan on behalf of the borrower, an affiliate of The Banyan Foundation. The financing is part of HUD’s Rental Assistance Demonstration (RAD) program, which allows housing authorities to access private capital to meet capital needs while also protecting long-term affordability. Capstone at Kinsey Cove includes a one-story office building and a one-story maintenance structure. Community amenities include a community room, business and computer lab, central laundry facility, playground, picnic area, off-street surface parking and onsite management. In addition to the HUD loan, the transaction’s capital stack includes 4 percent Low-Income Housing Tax Credits (LIHTC) syndicated by Raymond James Tax Credit Funds and subordinate loans provided by the Housing Authority of the City of Dothan. The rehabilitation total development cost will be $158,000 per unit. Upon rehabilitation, units will receive dishwashers, microwaves and vinyl plank flooring. The estimated completion date of the renovations is July 2022.

February 18, 2021

Acquisitions Florida Retail Southeast

SRS Brokers $1.7M Sale of Medical Cannabis-Occupied Retail Property in Jacksonville

by Julia Sanders February 18, 2021

JACKSONVILLE, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $1.7 million sale of a retail property located at 9760 San Jose Blvd. in Jacksonville. The property is triple-net leased to Curaleaf, a medical cannabis provider. Curaleaf, which operates approximately 100 stores, recently signed a 10-year lease at the 2,619-square-foot location. William Wamble and Patrick Nutt of SRS represented the unnamed seller, a national investment and development company, in the sale. Alex Wolak of Podium Realty Group represented the all-cash buyer, a Brazil-based investor.

February 18, 2021

Acquisitions Industrial Texas

Sealy & Co. Acquires 663,821 SF Warehouse, Distribution Building in Northeast Houston

by Taylor Williams February 18, 2021

HOUSTON — Dallas-based investment firm Sealy & Co. has acquired a 663,821-square-foot warehouse and distribution building located at the intersection of McCarty Drive and Loop 610 in northeast Houston. The rail-served property is situated on 40 acres and features 200 trailer parking spaces with additional expansion capacity. Tom Lynch and Faron Wiley of CBRE, along with Scott Sealy Jr. and Jason Gandy of Sealy & Co., handled the transaction on behalf of the buyer. First Industrial Real Estate Trust sold the asset for an undisclosed price.

February 18, 2021

Acquisitions Multifamily Texas

MLG Capital Purchases 328-Unit Heights at Harper’s Preserve Apartments in Conroe, Texas

by Taylor Williams February 18, 2021

CONROE, TEXAS — Wisconsin-based investment firm MLG Capital has purchased Heights at Harper’s Preserve, a 328-unit apartment property located within the Harper’s Preserve master-planned community in Conroe, about 40 miles north of Houston. Heights at Harper’s Preserve offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, resident lounge and a complimentary breakfast and coffee bar. MLG Capital now owns approximately 10,700 apartments in Texas. The seller was not disclosed.

February 18, 2021

Newer Posts

Older Posts