Property Type

Elevation Financial Group Sells Multifamily Property in Columbus, Georgia for $13M

by Julia Sanders March 11, 2021

COLUMBUS, GA. — Elevation Financial Group has sold Serenity Apartments, a 211-unit multifamily community in Columbus, for $13 million. The buyer was not disclosed. Elevation purchased Serenity in July 2018 for $7.6 million, when it was 72 percent occupied. Since then the Orlando-based firm has made several enhancements, including the revitalization of over 50 apartment units, a complete rehabilitation of the leasing office, new carpet in all exterior breezeways, exterior painting of the townhome buildings and parking lot paving. At the time of sale, the property was 96 percent occupied. Serenity is situated within eight miles of Fort Benning Army Base and three miles from Columbus State University. The property marks the sixth disposition for Elevation Real Property Fund VI. Properties remaining in the portfolio include a multifamily community in Alabama, one in Mississippi, two seniors housing properties in Virginia and one seniors housing community in Illinois.

March 11, 2021

Arizona Development Multifamily Western

P.B. Bell Opens $55M Grayson Place Multifamily Community in Goodyear, Arizona

by Amy Works March 11, 2021

GOODYEAR, ARIZ. — P.B. Bell, as owner and manager, has opened Grayson Place, an apartment property located at 1499 N. 159th Ave. in Goodyear. The $55 million development features 296 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 726 square feet to 1,278 square feet. The community offers smart home technology, including smart door locks, thermostats and lights, controlled by the MyAPT app by Cox. Additionally, each unit features granite countertops, stainless steel appliances, subway tile backsplash, modern wood cabinets, full-sized washers/dryers, wood-style flooring, modern pendant lighting and private patios or balconies. Community amenities include a heated pool and spa; resident clubhouse with multiple lounge areas; outdoor entertainment spaces with grilling stations; a 24-hour fitness center; resident cinema room; business center; dog park; and pet spa. The controlled-access, gated community also offers valet trash, package lockers, 24-hour emergency maintenance, complimentary common area Wi-Fi and electric vehicle charging stations.

March 11, 2021

Acquisitions Kentucky Multifamily Southeast Student Housing

Capstone Brokers $10.1M Sale of Student Housing Portfolio Near Murray State University in Kentucky

by Julia Sanders March 11, 2021

MURRAY, KY. — Capstone Apartment Partners has brokered the sale of a 248 unit, 898-bed student housing portfolio in Murray for $10.1 million. The portfolio features two properties: CEV Murray North and CEV Murray South, which are situated less than a half mile north of Murray State University’s campus. Capstone’s Jonathan Hawks, Adam Klenk, Austin Heithcock and Tyler Mayo represented the seller, Timberline Real Estate, in the transaction. The buyer, Hillcrest Acquisitions, plans to do minor renovations to the assets and improve occupancy while keeping the current management company in place. CEV Murray North features 140-units and 490 beds. The property was built in 2008 and was 75 percent occupied at the time of closing. Less than one mile south from CEV Murray North is CEV Murray South, which has 108 units and 408 beds. The apartment property was constructed in 1999, and was 90 percent occupied at the time of sale. CEV Murray North and South each offer amenity packages such as swimming pools, fitness centers, clubhouses, grilling areas and volleyball courts.

March 11, 2021

Acquisitions Arizona Industrial Leasing Activity Western

Reich Brothers Acquires 620,000 SF Warehouse in Arizona, Leases 250,000 SF to Dynarex

by Amy Works March 11, 2021

GLENDALE, ARIZ. — Reich Brothers has purchased a 620,000-square-foot distribution facility located on 30 acres in Glendale. Terms of the acquisition were not released. The undisclosed seller made interior and exterior improvements to the site, including the addition of a 3.5-acre trailer lot adjacent the property, and completed lease-up of the facility. Reich Brothers plans to continue to upgrade and maintain the facility for distribution and logistics tenants. Dynarex, an Orangeburg, N.Y.-based medical supplies company, has signed a lease to occupy 250,000 square feet at the property. Thyssenkrupp’s 3PL division occupies the remainder of the asset. Located at 7811 N. Glen Harbor Blvd., the 620,000-square-foot building features clear heights ranging from 32 feet to 40 feet and 43 dock-high doors. Additionally, the site offers access to Loop 101 and Interstate 10.

March 11, 2021

Loans Multifamily Nevada Western

Dwight Capital Provides $30.2M HUD Financing for Cabrillo Apartments in Las Vegas

by Amy Works March 11, 2021

LAS VEGAS — Dwight Capital has closed $30.2 million in HUD financing for Cabrillo Apartments in Las Vegas. The loan includes a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property is Energy Star certified. Brandon Baksh of Dwight Capital originated the transaction. Built in 2008, Cabrillo Apartments features six residential buildings offering a total of 242 units, a leasing office/clubhouse and four garage buildings. Community amenities include a pool, spa, business center, fitness room and common lounge area.

March 11, 2021

Development Industrial Texas

VanTrust Real Estate to Develop 621,874 SF Spec Industrial Building in Forney, Texas

by Taylor Williams March 11, 2021

FORNEY, TEXAS — Kansas City-based VanTrust Real Estate LLC will develop Forney Distribution Center, a 621,874-square-foot speculative industrial building in the eastern Dallas suburb of Forney. The property will be located at the intersection of U.S. Highway 80 and South Gateway Boulevard. Construction is scheduled to begin in April and to be complete in May 2022. CBRE is leasing the project.

March 11, 2021

Acquisitions Colorado Healthcare Office Western

Pinnacle Real Estate Brokers $16.8M Sale of Medical Office Park in Broomfield, Colorado

by Amy Works March 11, 2021

BROOMFIELD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a medical office park located at 3301-3305 W. 144th Ave. in Broomfield. BPC Holdings sold the asset to an undisclosed buyer for $16.8 million, or $284 per rentable square foot. The property features 59,326 rentable square feet of medical office space. Corey Sandberg of Pinnacle Real Estate Advisors represented the seller in the deal.

March 11, 2021

259-267-S-San-Gabriel-Blvd-715-E-Broadway-San-Gabriel-CA

Acquisitions California NAI Retail Western

NAI Capital Arranges $2.9M Sale of Three-Building Retail Property in San Gabriel, California

by Amy Works March 11, 2021

SAN GABRIEL, CALIF. — NAI Capital Commercial has arranged the sale of a three-building retail asset located at 259-267 S. San Gabriel Blvd. and 715 E. Broadway in San Gabriel. San Gabriel Sash & Door Inc. sold the asset for $2.9 million, or $255 per square foot, to an undisclosed buyer. Totaling 11,712 square feet, the asset comprises three buildings on three separate parcels with frontage along both S. San Gabriel Boulevard and East Broadway, plus a parking lot. The property was partially leased at the time of sale. The seller plans to lease back 2,156 square feet of the property, while the new owner will occupy the vacant unit. Marie Taylor of NAI Capital Commercial’s Investment Services Group handled the transaction.

March 11, 2021

Acquisitions Affordable Housing Florida Multifamily Southeast

AHIB Arranges $2.5M Sale on Section 8 Public Housing Community in Macclenny, Florida

by Julia Sanders March 11, 2021

MACCLENNY, FLA. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the sale of Baker Manor Apartments at 680 S 6th St. in Macclenny for just over $2.5 million. Kyle Shoemaker of AHIB represented both the California-based purchaser, The Grey Rock Group, and the undisclosed seller to complete the transaction. Built in 1974, the 50-unit Baker Manor features 12 one-bedroom, 26 two-bedroom and 12 three-bedroom units. Rents in the building range from $655 to $924 per month. Amenities include a playground, pool that underwent renovations in 2018, a laundry facility, community room and an onsite management office. Baker Manor is located close to Interstate 10. The community currently has a waiting list of approximately three years.

March 11, 2021

Development Multifamily Texas

KBS, Southern Land Complete 309-Unit Apartment High-Rise in Dallas

by Taylor Williams March 11, 2021

DALLAS — A joint venture between California-based KBS and Nashville-based Southern Land Co. has completed Novē at Knox, a 309-unit apartment high-rise building in the Knox-Henderson area of Dallas. The location at 3031 Oliver St. puts the 19-story building adjacent to the Highland Park and Turtle Creek neighborhoods. The property offers a variety of different floor plans and amenities such as a pool deck with fitness terrace, community lounge, business center, recreation room, fitness center with yoga studio, concierge service, 465-space parking garage and valet parking. Southern Land designed the property and will also manage it.

March 11, 2021

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