Property Type

Sentinel Peak Acquires 272-Unit Lakebridge Apartments in North Houston

by Taylor Williams April 22, 2020

HOUSTON — Dallas-based Sentinel Peak Capital Partners has acquired Lakebridge Apartments, a 272-unit multifamily community in North Houston. The property was originally built on 13.2 acres in 1984 and was expanded in 2001. Units average 896 square feet, and all ground-floor residences were recently renovated. Amenities include a pool, lake access, clubhouse, fitness center and 538 covered parking spaces. Chip Nash, Bob Heard, Greg Austin, Chris Young, Joey Rippel, Chris Curry and Todd Marix of JLL represented the undisclosed seller in the transaction. Campbell Roche and James Brolan of JLL arranged floating-rate acquisition financing through Voya Investment Management on behalf of Sentinel Peak.

April 22, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 40,000 SF Retail Property in Uvalde, Texas

by Taylor Williams April 22, 2020

UVALDE, TEXAS — Marcus & Millichap has brokered the sale of a 40,000-square-foot retail property in Uvalde, located about 85 miles west of San Antonio. The property currently houses Tractor Supply Co. and Dollar General. Philip Levy of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a personal trust. Both parties requested anonymity.

April 22, 2020

Healthcare Leasing Activity Texas

University of St. Thomas Signs 20,000 SF Medical Office Lease Near Houston

by Taylor Williams April 22, 2020

SHENANDOAH, TEXAS — The University of St. Thomas, a private Catholic college in Houston, has signed a medical office lease in the northern Houston suburb of Shenandoah. The tenant will occupy 20,000 square feet at 121 Vision Park Boulevard, a 58,000-square-foot medical office building that was completed in mid-2019, to support its nursing program. Beth Young of Colliers International represented the university in the lease negotiations. Lisa Hughes and Pamela Sprouse of The J. Beard Real Estate Co. represented the landlord, a partnership between Everson Developments and VP2 Partners.

April 22, 2020

Affordable Housing Development Illinois Midwest Multifamily

Joseph J. Duffy Co., Safeway Construction Underway on $14.9M Affordable Housing Project in Chicago

by Kristin Harlow April 22, 2020

CHICAGO — Joseph J. Duffy Co. and Safeway Construction Co. Inc. are underway on the construction of Hope Manor Village, a $14.9 million affordable housing project in Chicago’s Englewood neighborhood. The nonprofit organization Volunteers of America Illinois is the developer. Worn Jerabek Wiltse Architects PC is the project architect. Plans call for 28 two-bedroom units and 10 three-bedroom units. This is the fourth Hope Manor project that Joseph J. Duffy Co. has built for the developer.

April 22, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $4M Sale of Apartment Property in Saginaw, Michigan

by Kristin Harlow April 22, 2020

SAGINAW, MICH. — Greystone Bel Real Estate Advisors has arranged the $4 million sale of The Poplars Apartments in Saginaw, approximately 75 miles north of Lansing. Built in 1964, the 105-unit apartment property is located at 4444 State St. The family-owned asset features a swimming pool, patio tables and lounge seating. Austin Hull of Greystone Bel represented both parties in the sale.

April 22, 2020

Indiana Industrial Leasing Activity Midwest

American Residential Services Signs 20,439 SF Industrial Lease in Metro Indianapolis

by Kristin Harlow April 22, 2020

PLAINFIELD, IND. — American Residential Services (ARS) has signed a 20,439-square-foot industrial lease at Gateway Business Park in Plainfield near Indianapolis. The Memphis-based plumbing and HVAC company will occupy the space at 853 Columbia Road. The 104,400-square-foot building, developed in 2004, was the first phase of HSA Commercial Real Estate’s Gateway Business Park. The 55-acre park now includes six buildings totaling about 900,000 square feet. Terry Busch and Jared Scaringe of CBRE, along with Christine Muszynski of HSA, represented ownership in the lease transaction.

April 22, 2020

Acquisitions Hospitality Midwest Missouri

Mumford Co. Negotiates Sale of 60-Room Hotel in Missouri

by Kristin Harlow April 22, 2020

KINGDOM CITY, MO. — Mumford Co. has negotiated the sale of a 60-room Super 8 hotel in Kingdom City, approximately 25 miles east of Columbia. The sales price was not disclosed. The three-story property is located near I-70. George Arvanitis of Mumford represented the seller, CapeInn LLC, and procured the buyer, Americas Value Inn LLC. The buyer intends to rebrand the property as Amerihost Inn & Suites.

April 22, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $1.5M Sale of Property Occupied by Service King in Metro Chicago

by Kristin Harlow April 22, 2020

VILLA PARK, ILL. — Marcus & Millichap has brokered the $1.5 million sale of a 7,800-square-foot property net leased to Service King in Villa Park, about 20 miles west of Chicago. The building is located at 724 N. Ardmore Ave. and has a corporate guarantee from Service King, a collision repair center. Andrew Antoniou, Domini Sulo and Chad Lieber of Marcus & Millichap represented the seller, an individual trust. The team also secured and represented the buyer, an out-of-state limited liability company that completed a 1031 tax-deferred exchange.

April 22, 2020

Acquisitions California Multifamily Top Stories Western

Marcus & Millichap Brokers Sale of 26 Multifamily Properties in Los Angeles for $102M

by Kristin Harlow April 22, 2020

LOS ANGELES — The Neema Group at Marcus & Millichap has brokered the sale of a 26-property, 642-unit multifamily portfolio sale in Los Angeles for a total value of $102 million. The private seller, a plastics broker that also invested in the multifamily sector, hired the Neema Group in early 2019 to market five of his properties for sale. Golden Bee Properties purchased the assets, which are located throughout the South Los Angeles and Panorama City neighborhoods, for $18.7 million. During the escrow process, the owner passed away and left control of the remaining portfolio to his trustees, who continued to work with the Neema Group. The remaining 21 properties were strategically divided into packages based on location, age and type. Cipolla Revocable Living Trust purchased three buildings totaling 62 units for $8.7 million. The properties, built between 1929 and 1960, are located within a mile of each other in Wilmington. An undisclosed buyer acquired eight buildings totaling 175 units, all located in Mid-City, for $33.5 million. Lastly, an undisclosed buyer purchased the Armor Collection for $42 million. It features 10 buildings constructed between 1912 and 1954. The 300 units are situated within two miles of each other in the …

April 22, 2020

Development Georgia Multifamily Southeast

Kaufman Capital, Atlantic Residential to Reposition Metro Atlanta Shopping Center into $50M Multifamily Community

by Alex Tostado April 21, 2020

DORAVILLE, GA. — Kaufman Capital Partners and Atlantic Residential will redevelop Village at Tilly Mill, a shopping center in Doraville, into a 320-unit, $50 million multifamily community. The property will offer studio to three-bedroom floor plans, including some units reserved for City of Doraville police staff at a discounted rate. The yet-to-be-named property will be situated at 6259 Peachtree Industrial Blvd., 18 miles northeast of downtown Atlanta. The City of Doraville approved $19 million in incentives for the developers. Due to the COVID-19 crisis, the timeline for completion has been extended to March 2023.

April 21, 2020

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