Property Type

Continental Realty Advisors Sells Multifamily Complex in Metro Memphis for $35.9M

by Alex Tostado May 7, 2019

GERMANTOWN, TENN. — Continental Realty Advisors (CRA) has sold The Preserve at Southwind Apartments, a 306-unit multifamily complex built in 2000 in Germantown, for $35.9 million. Denver-based CRA bought The Preserve in December 2014 and renovated the clubhouse, leasing center, fitness center and swimming pool area. The asset is situated one mile south of the FedEx Express World Headquarters and 21 miles southwest of downtown Memphis. Blake Pera of Newmark Knight Frank represented the seller in the transaction. The buyer was not disclosed.

May 7, 2019

Acquisitions Georgia Multifamily Southeast

Carter Multifamily Acquires Apartment Community in Savannah for $13.2M

by Alex Tostado May 7, 2019

SAVANNAH, GA. — Carter Multifamily has acquired Ascend at Savannah, a 159-unit community in Savannah, for $13.2 million. Ascend at Savannah was built in 1970 on 8.9 acres, seven miles south of downtown Savannah. Carter Multifamily plans to update unit interiors and communal areas including the swimming pool, clubhouse and recreational areas, as well as add a fenced-in pet park and dog spa, fitness center, internet café and outdoor gathering areas. The property offers one-, two- and three-bedroom floor plans ranging in size from 744 to 1,050 square feet. The seller was not disclosed.

May 7, 2019

Acquisitions Georgia Office Southeast

Newmark Knight Frank Arranges Sale of Office Building in Metro Atlanta for $10.8M

by Alex Tostado May 7, 2019

ALPHARETTA, GA. — Newmark Knight Frank (NKF) has arranged the $10.8 million sale of an 88,000-square-foot office building in Alpharetta. The property, situated at 5925 Cabot Parkway 25 miles north of downtown Atlanta, was built in 1999 and renovated in 2007. The asset offers 48 private offices, about 130 work stations, 11 conference rooms, two lounge areas and a full-service catering kitchen. Jason Schrago and Frank Clementi of NKF represented the seller, JM Family Enterprises, in the transaction. Tom Kirbo of SK Commercial Realty represented the buyer, The Woodbury Group.

May 7, 2019

Development Mixed-Use Texas

Seritage Breaks Ground on Redevelopment of Former Mall in North Dallas

by Taylor Williams May 7, 2019

DALLAS — Seritage Growth Properties (NYSE: SRG) has broken ground on Park Heritage, a mixed-use project located at the intersection of the LBJ Freeway and Preston Road in north Dallas that could ultimately span as much as 2 million square feet. Seritage is the master developer, and Dallas-based KDC currently plans to develop about 1.1 million square feet of Class A office space. Toll Brothers Apartment Living will construct the first phase of the project’s multifamily component, which calls for roughly 300 units. At full build-out, Park Heritage could span as much as 275,000 square feet of retail, restaurant and entertainment space, 660 to 800 multifamily units and up to 300 hotel rooms, as well as three acres of open space. Construction work will begin with the demolition of the former Sears building and automotive center, located at the site of the old Valley View mall, followed by investment in the surrounding infrastructure. Seritage was formed in 2015 to unlock the underlying real estate value of a portfolio acquired from Sears Holdings.

May 7, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 217,800 SF Manufactured Housing Community in Fort Worth

by Taylor Williams May 7, 2019

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Fowler’s RV Park, a 217,800-square-foot manufactured housing community in Fort Worth. The property comprises 65 recreational vehicle sites, 10 apartments and four commercial units on five acres. The property, which was close to fully occupied at the time of sale, was acquired at a 10 percent cap rate and a price of approximately $22,900 per site. A local bank provided acquisition financing at a 70 percent loan-to-value ratio. Jeff Taylor, Douglas Danny and Braeden Jehle of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.

May 7, 2019

Acquisitions Retail Texas

HFF Negotiates Sale of 89,679 SF Shopping Center in Southwest Houston

by Taylor Williams May 7, 2019

HOUSTON — HFF has negotiated the sale of Beechcrest Shopping Center, an 89,679-square-foot, grocery-anchored shopping center in southwest Houston. The property is located near Beltway 8 at the intersection of Beechnut and Wilcrest streets, which have a combined traffic count of nearly 60,000 vehicles per day. Beechcrest Shopping Center was 100 percent leased at the time of sale to tenants such as DD’s Discounts, Dollar General, Pizza Hut and Lone Star Title. Ryan West, John Indelli, Charles Strauss and Ethan Goldberg of HFF represented the seller, South Florida-based Global Fund Investments LLC, in the transaction. Houston-based Wu Investments acquired the asset for an undisclosed price.

May 7, 2019

Acquisitions Healthcare Texas

CareTrust REIT Acquires Skilled Nursing Facility in Dallas for $10M

by Taylor Williams May 7, 2019

DALLAS — California-based CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Lakewest Rehabilitation & Skilled Care, a 118-bed skilled nursing facility located in Dallas. Next Gen P LLC is the operator of the property, which was acquired for roughly $10 million. Initial annual cash rent will be approximately $900,000. The seller was not disclosed.

May 7, 2019

Acquisitions Healthcare Texas

Richland Cos. Buys 4,830 SF Medical Office Building in Amarillo

by Taylor Williams May 7, 2019

AMARILLO, TEXAS — The Richland Cos., a privately held full-service real estate firm, has purchased Lone Star Heart Center, a 4,830-square-foot medical office building located in the West Texas city of Amarillo. The property, which was 100 percent leased at the time of sale to a single tenant, offers access to Interstate 40 as well as multiple medical facilities and a large selection of lodging options. The seller was not disclosed.

May 7, 2019

Acquisitions Arizona Multifamily Western

Continental Realty Advisors Sells Courtney Village Apartments in Phoenix for $62.2M

by Amy Works May 7, 2019

PHOENIX — Denver-based Continental Realty Advisors (CRA) has completed the sale of Courtney Village Apartments, a multifamily property in Phoenix, for $62.2 million. Constructed in 2002, CRA originally acquired the 368-unit property in partnership with HQ Capital in June 2016. Greystar Property Management managed the asset for 2.5 years. CRA upgraded property’s clubhouse/leasing center, fitness center and pool area, as well as renovated unit interiors, including flooring, appliances, countertops, lighting fixtures and plumbing fixtures. The property was sold in March 2019; additional terms of the transaction were not released.

May 7, 2019

Affordable Housing California Development Multifamily Western

CPP Completes $35.6M Rehabilitation of Affordable Housing Community Near Sacramento

by Amy Works May 7, 2019

ANTELOPE, CALIF. — Community Preservation Partners (CPP) has completed the rehabilitation of Danbury Park Apartments, a 140-unit affordable housing community in Antelope, approximately 15 miles north of Sacramento. Located at 7840 Walerga Road, the community consists of 84 two-bedroom and 56 three-bedroom apartments. The $35.6 million rehabilitation includes an $18.5 million purchase and nearly $5 million in construction. Upgrades to the community include Energy Star appliances in each unit, an enhanced security system and new roofing. Built in 1996, without any units conforming to the Americans with Disabilities Act, CPP remodeled 14 units (10 percent of the community) to bring the units into compliance, widen the path of travel and make the amenities accessible. CPP acquired the property from Danbury Park LLC in 2018, with an equity investment from CPP’s parent company, WNC & Associates and Foundation for Affordable Housing.

May 7, 2019

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