LAS VEGAS — Security Properties has purchased Lofts at 7100, a Class A wrap-style multifamily asset located in Las Vegas’ Northwest submarket. An undisclosed seller sold the property for $80 million. Originally developed in 2008, Lofts at 7100 features 379 apartments with at least 11-foot ceilings, fully appointed kitchens, full-size washers/dryers and either a private patio/balcony or sunroom. The community features two resort-style swimming pools with spa, a 24-hour fitness center, clubhouse, pet exercise park, business center, secured parcel room and garage parking. Security Properties plans to hold the property long term and upgrade unit interiors to uniform finishes and improve the asset’s amenity package, focusing on the leasing office/entryway, fitness center and outdoor pool area. Security Properties Residential, an affiliate of Security Properties, will manage the community. With this acquisition, Security Properties now owns 123 assets totaling approximately 24,500 units across its portfolio, including five properties and more than 1,500 units in the Las Vegas marketplace.
SACRAMENTO — San Diego-based Pathfinder Partners has acquired Rosemont Park, an apartment complex near downtown Rosemont, a census-designated place in Sacramento County outside of Sacramento. An undisclosed seller sold the asset for $28.8 million. Located at 9190 Schmuckley Drive in Sacramento, Rosemont Park features 170 apartments in a mix of one-, two-, three- and four-bedroom units, as well as 21 townhomes ranging from 537 square feet to 1,400 square feet. The asset features a mix of original unit interiors and renovated units with upgraded vinyl-plank flooring, resurfaced countertops, stained cabinetry and dual-pane windows. Community amenities include reserved covered parking, a courtyard with a community garden, resident package lockers, 24-hour card-operated laundry facilities, shaded barbecue and picnic area, swimming pool, spa and an open area to host community events.
LAS VEGAS — CALCAP Asset Management has completed the disposition of City View Apartments, a multifamily asset located at 3355 Arville St. in Las Vegas’ West-Central submarket. A local multifamily owner acquired the property for $13 million. Constructed in 1977, City View Apartments features 112 garden-style apartments in a mix of one- and two-bedroom layouts with upgraded countertops, appliances, baseboards, paint and hardware. Community amenities include a swimming pool and a clubhouse. Taylor Sims and Carl Sims of Cushman & Wakefield represented the seller in the transaction.
SAN DIEGO — An affiliate of Capstone Advisors has completed the sale of Sabre Springs Plaza, a retail center in San Diego’s Sabre Springs community. A Southern California-based private investor acquired the property for $6.8 million. Located at the intersection of Poway Road and Springbrook Drive, the asset features 15,038 square feet of retail space. Phil Voorhees of CBRE’s National Retail Partners – West represented the seller, while Gary Stache of CBRE represented the buyer in the deal. Capstone Advisors has owned and operated the retail center since it acquired the property in 2015.
LITTLETON, COLO. — Nexus Commercial Realty has arranged the sale of Silver Leaf Apartments, a 22-unit multifamily property located in 5635 S. Bannock St. in Littleton. An undisclosed buyer acquired the asset for $3.7 million. The newly renovated asset features 12 two-bedroom apartments, six one-bedroom units and four studio apartments. The buyer plans to integrate the property into its existing Littleton portfolio and increase rents as the units turn. Brandon Kaufman and Nik MacCarter of Nexus Commercial Realty represented the undisclosed seller and buyer in the deal.
SUN PRAIRIE AND DEFOREST, WIS. — Berkadia has arranged the sale of a two-property multifamily portfolio totaling 364 units in suburban Madison. The sales price was not disclosed. The properties include Van Buren Place in Sun Prairie and The Park in DeForest. Located at 1351 Okeefee Ave., Van Buren Place is a 164-unit, garden-style community. The Park, located at 6203 Williamsburg Way, is a newly constructed, 200-unit property. Ralph DePasquale, Parker Stewart and Alex Blagojevich represented the seller, Wisconsin-based Cascade Development. Weidner Apartment Homes purchased the portfolio. Clay Akiwenzie, Chris Blechschmidt and Emily Stang of Berkadia procured acquisition financing through a life insurance company.
CHICAGO — Evergreen Real Estate Group has completed construction of Independence Apartments, a six-story, 44-unit affordable seniors housing community located above the new Independence Branch Library in Chicago’s Irving Park neighborhood. Designed by John Ronan Architects, the project consists of affordable senior apartments paired with a new library that serves both residents and neighbors in the surrounding community. It is the second such project Evergreen has completed in Chicago this year, following Northtown Apartments in the West Ridge neighborhood. Both projects were funded in part with federal low-income housing tax credits and Illinois affordable housing tax credits provided by the Chicago Department of Housing. The Northtown development also received federal HOME funds from the Illinois Housing Development Authority. Other financing partners for the project include CIBC, City Real Estate Advisors (CREA), TCF Bank, Fifth Third Bank, Clocktower Tax Credits LLC, ComEd Energy Efficiency Program, North River Commission and predevelopment lenders LISC Chicago and Chicago Community Loan Fund.
CHICAGO — Orangetheory Fitness has leased 4,000 square feet on the second floor of 155 N. Michigan Ave. in Chicago. Larry Kling of Newmark Knight Frank represented the fitness franchise in the lease transaction. Orangetheory offers workouts based on high-intensity interval training that blend cardiovascular and strength training. The company has more than 1,200 locations worldwide. The Michigan Avenue location will be the company’s 17th in Chicago and 58th in the state of Illinois. Set to open in January, the build-out will feature an open space with additional workspaces and larger bathrooms and shower facilities than traditional Orangetheory floor plans.
ANKENY, IOWA — The Opus Group has completed the lease-up of Corporate Woods II, a 200,000-square-foot speculative industrial building in Ankeny. Tenants include Carroll Tire Co., Alfa Laval, Berlin Packaging and Harrell’s Car Wash Systems. The building serves as the second phase of Corporate Woods Industrial Park. Opus is set to begin work on the third and final phase of the industrial park this fall. The final building will span 200,000 square feet and is slated for completion in 2020. JLL represented all four tenants in the lease transactions and will market Phase III for lease.
SHARONVILLE, OHIO — Marcus & Millichap has brokered the $5.2 million sale of a 75-room Holiday Inn Express & Suites hotel in Sharonville near Cincinnati. The property is located at 11160 Dowlin Drive. Andrew Bankhurst and Alexandre Duong of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company.