Property Type

Cushman & Wakefield Negotiates Sale of 314-Unit Apartment Complex in Orlando

by Alex Tostado June 17, 2019

ORLANDO, FLA. — Cushman & Wakefield has arranged the sale of Alta Grande, a 314-unit apartment complex in Orlando that opened in May 2018. Lantower Residential acquired the property and will rebrand it as Lantower Grande Flats. The property was 98.4 percent occupied at the time of sale and offers one-, two- and three-bedroom floor plans spread across 10 three-story buildings. Community amenities include a fitness center with separate yoga studio, dog park, saltwater swimming pool, cabanas, media center/game room and an outdoor hammock garden. Jay Ballard, Ken Delvillar, Michael Mulkern and Robert Given of Cushman & Wakefield represented the seller and developer, Atlanta-based Wood Partners, in the transaction. The sales price was not disclosed.

June 17, 2019

Acquisitions Florida Retail Southeast

Forge Capital Sells Two Publix-Anchored Shopping Centers in Florida

by Alex Tostado June 17, 2019

ST. PETERSBURG AND WEST PALM BEACH, FLA. — Forge Capital Partners has sold Disston Plaza, a 129,150-square-foot shopping center in St. Petersburg, and Polo Grounds Mall, a 130,015-square-foot shopping center in West Palm Beach. New Market Properties LLC, a subsidiary of Atlanta-based Preferred Apartment Communities, acquired both properties, which are both anchored by Publix. Disston Plaza was built in 1954 and renovated in 2018. The property was 97 percent leased at the time of sale to tenants including Bealls Outlet, Dollar Tree, Suncoast Resale Shoppe, Anytime Fitness, Subway, Little Italy, Great Clips and Greenberg Dental. The property is situated at 3501 49th St. N., 20 miles southwest of downtown Tampa. Completed in 1966 and renovated in 2007, Polo Grounds Mall’s tenant roster includes Bealls Outlet, Rainbow, Medical Consultants of Florida, United States Postal Service, Chase Bank, Wing Stop and Papa Johns. Luis Castillo, Daniel Finkle and Eric Williams of HFF represented the seller in both sale transactions. Ed Coco, Matt Casey, Greg Gaughan, Libby Malloy and Maxx Carney of HFF arranged acquisition financing for each property through Thrivent Financial on behalf of the buyer. Both acquisition loans are structured with fixed interest rates and 15-year terms. The sales prices were not …

June 17, 2019

Acquisitions Georgia Multifamily Southeast

Beach Investment Acquires Multifamily Community in Metro Atlanta for $19M

by Alex Tostado June 17, 2019

AUSTELL, GA. — Beach Investment Management, an affiliate of The Beach Co., has acquired Reserve at Sweetwater Creek, a 156-unit multifamily community in Austell, for $19 million. Reserve at Sweetwater Creek is located 15 miles west of downtown Atlanta and was built in 1988. The property offers one- and two-bedroom floor plans ranging from 650 to 1,000 square feet. Communal amenities include a swimming pool, outdoor kitchen, fitness center, tennis court, laundry facility and a cyber lounge. Beach plans to upgrade unit interiors, including installing stainless steel appliances, granite countertops and modern fixtures. Community upgrades will include new roofs throughout the property, conversion of the tennis court into an outdoor fitness center and a new gazebo with a grilling area. Darby Parker of The Beach Co. represented the buyer internally in the transaction. Nate Swenson and Travis Presnell of Cushman & Wakefield represented the seller, Arcan Capital. Berkadia provided arranged acquisition financing on behalf of the buyer.

June 17, 2019

Acquisitions Georgia Retail Southeast

Newmark Knight Frank Arranges Sale of 106,485 SF Shopping Center Near Atlanta

by Alex Tostado June 17, 2019

ALPHARETTA, GA. — Newmark Knight Frank (NKF) has arranged the sale of Stonewood Village, a 106,485-square-foot shopping center in Alpharetta. Stonewood Village was 70 percent leased at the time of sale to tenants including Dover Saddlery, Anytime Fitness, Queen of Hearts Antiques and Pure Spa. A vacant big box also sits on the site. Orkin & Associates acquired the property, which is situated at 670 N. Main St., 30 miles north of downtown Atlanta. Mark Joines and Drew Fleming of NKF represented the seller, Nightingale Properties, in the transaction. The sales price was not disclosed.

June 17, 2019

Acquisitions Multifamily Texas

CONTI Organization Acquires 350-Unit Apartment Complex in Plano

by Taylor Williams June 17, 2019

PLANO, TEXAS — CONTI Organization, a multifamily investment firm that specializes in value-add deals, has acquired Waterford on the Meadows, a 350-unit complex in Plano. Built on 22 acres in 1984, the garden-style property offers one- and two-bedroom units and amenities such as three pools, a volleyball court and onsite laundry facilities. The seller was California-based Steadfast Income REIT. CBRE brokered the transaction. With this acquisition, CONTI now owns 29 multifamily communities totaling 8,180 units in the metroplex and 40 properties in Texas.

June 17, 2019

Acquisitions Office Texas

Fuller Realty Partners Buys Two Office Buildings Totaling 175,700 SF in Houston

by Taylor Williams June 17, 2019

HOUSTON — An affiliate of locally based investment firm Fuller Realty Partners has purchased Parkview I and II, two office buildings totaling 175,700 square feet in Houston’s Energy Corridor area. Both properties were built in the 1980s and were a combined 11 percent leased at the time of sale. Rick Goings, Rudy Hubbard and Kevin McConn of JLL represented the seller, LNR Partners, in the transaction.

June 17, 2019

Acquisitions Industrial Texas

HFF Negotiates Sale of Three Warehouses Totaling 113,117 SF in Houston

by Taylor Williams June 17, 2019

HOUSTON — HFF has negotiated the sale of Kempwood Tech Center, an industrial property consisting of three buildings totaling 113,117 square feet in northwest Houston. The warehouses are situated on 7.2 acres at 2700-2778 Bingle Road near Interstate 10 and U.S. Highway 290. Marty Hogan and Charles Strauss of HFF marketed the property in conjunction with Ten-X on behalf of the seller, LNR Partners LLC. Scott Wilkerson of Garver Real Estate represented the buyer, a limited partnership.

June 17, 2019

Development Healthcare Texas

Archway Completes 65,000 SF Healthcare Property in Metro Houston

by Taylor Williams June 17, 2019

HUMBLE, TEXAS — Houston-based developer Archway Properties has completed a 65,000-square-foot healthcare property in Humble, a northern suburb of Houston. Vital Heart & Vein occupies the Class A facility, which includes an ambulatory surgical center, imaging center, cardiology clinic and administrative areas. E.E. Reed Construction served as general contractor, and Powers Brown Architecture handled the design.

June 17, 2019

Acquisitions Multifamily Texas

CBRE Brokers Sale of 176-Unit Apartment Community in Irving

by Taylor Williams June 17, 2019

IRVING, TEXAS — CBRE has brokered the sale of Hidden Village, a 176-unit apartment community in Irving. Chris Deuillet and Chandler Sims of CBRE represented the seller in the transaction. The buyer was EBEX Irving Apartments LLC, which acquired the asset for an undisclosed price. Hidden Village was 96 percent occupied at the time of sale. The gated community features a clubhouse, onsite laundry services, picnic areas and a playground.

June 17, 2019

Acquisitions Multifamily Washington Western

Joint Venture Buys 198-Unit Bryson Square Apartments Near Seattle for $43.2M

by Amy Works June 17, 2019

KENT, WASH. — A joint venture between RISE Properties Trust and Aegon Real Assets US has acquired Bryson Square Apartments, a multifamily property located at 24006 108th Place SE in Kent, for $43.2 million. Built in 1988, the property features 198 apartments and is situated approximately two miles from Kent Station, an open-air lifestyle destination that features a Sounder commuter train station, 14-screen AMC theater and more than 15 restaurants and 30 retailers and servicers. Seattle-based Thrive Communities will manage the property. Berkadia brokered the transaction, which is the first joint venture between the companies. Including Bryson Square, RISE owns approximately 2,700 units across 15 multifamily properties in the Pacific Northwest.

June 17, 2019

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