Property Type

87-Room Tru by Hilton Opens in St. Charles, Missouri

by Kristin Harlow June 25, 2018

ST. CHARLES, MO. — Tru by Hilton has opened in St. Charles, a suburb of St. Louis. The five-story, limited-service hotel features 87 rooms. St. Charles Hotel Associates owns the property, while Kinseth Hospitality Cos. is managing the hotel. Amenities include complimentary breakfast, Wi-Fi and a fitness center. An open lobby features four areas where guests can work, lounge or eat. The hotel is part of The Streets of St. Charles, a mixed-use community comprised of retail, dining, entertainment, hospitality, residential and office space. Cullinan Properties is the developer and owner of the 27-acre development.

June 25, 2018

Acquisitions Illinois Midwest Mixed-Use

Interra Arranges $16.5M Sale of Adjacent Mixed-Use Buildings in Chicago

by Kristin Harlow June 25, 2018

CHICAGO — Interra Realty has arranged the sale of two adjacent mixed-use buildings in Chicago’s Edgewater neighborhood for $16.5 million. Located on North Broadway Avenue, a 95,000-square-foot building is comprised of 42 apartment units and two street-level retail spaces, one of which is leased to a daycare center. The asset sold for $15.8 million. An adjacent mixed-use building includes two apartment units and 1,800 square feet of ground-floor retail space. The asset sold for $745,000. A private buyer purchased both of the properties. The seller was not disclosed. Craig Martin and Brian DiBasilio of Interra represented both parties in the sale.

June 25, 2018

Acquisitions Midwest Multifamily Ohio

Colliers Negotiates $2.1M Sale of Apartment Building in Columbus, Ohio

by Kristin Harlow June 25, 2018

COLUMBUS, OHIO — Colliers International has negotiated the sale of Cambridge Apartments in Columbus for $2.1 million. The apartment building, located at 3170 Cleveland Ave., includes 66 units. Will Mathews, Russ Williamson, Carter Brehm, Tyler Hague and Jack Maloney of Colliers represented the seller, AMG Mario LLC. Ravi Chenna, a private buyer, purchased the asset.

June 25, 2018

Colorado Development Multifamily Western

LMC, Weitz Co. Top Out 18-Story, 329-Unit Multifamily Development in Downtown Denver

by Amy Works June 25, 2018

DENVER — Developer LMC, A Lennar Co., and general contractor The Weitz Co. have topped out vertical construction for Radiant, a high-rise multifamily property located in downtown Denver. The 18-story, 486,000-square-foot tower will feature 329 apartment units, an amenity deck with a pool and hot tub on the fifth floor, a fitness center and patio on the sixth floor, a club room on the 17th floor, and a four-level parking garage. Situated in Denver’s Welton corridor, the project is located on the L Route of the Regional Transportation District Light Rail System offering a transit-oriented living options for residents. Designed by RNL, the property is slated for completion in June 2019.

June 25, 2018

Acquisitions Healthcare Nevada Office Western

Fairfield Asset Advisors Brokers $20.7M Sale of Medical Office Building in Henderson, Nevada

by Amy Works June 25, 2018

HENDERSON, NEV. — Denver-based Fairfield Asset Advisors has arranged the sale of a medical office building located at 10561 Jeffreys St. in Henderson. An undisclosed buyer acquired the property for $20.7 million. The seller was a physician group. Built in 2008, the property features 48,000 square feet of medical office space. The anchor tenant is an orthopedic surgery center operated by USPI and Dignity Health.

June 25, 2018

Acquisitions California Multifamily Western

Levin Johnston Negotiates $13.6M Acquisition of Multifamily Community in Redwood City, California

by Amy Works June 25, 2018

REDWOOD CITY, CALIF. — Levin Johnston, a division of Marcus & Millichap, has arranged the purchase of 10 Birch, a multifamily property located at 10 Birch St. in the Mount Carmel neighborhood of Redwood City. A private investor acquired the property for $13.6 million from another private investor, which was the long-time owner of the property. The buyer plans to renovate the exterior of the property, as well as execute a full interior remodel on each of the 27 apartment units. Adam Levin and Robert Johnston of Levin Johnston represented the buyer in the transaction.

June 25, 2018

Acquisitions California Industrial Western

Rev Projects Acquires R&D Building in Fremont’s Bayside Business Park for $9.6M

by Amy Works June 25, 2018

FREMONT, CALIF. — Rev Projects has purchased a freestanding R&D building, located at 46355 Landing Parkway in Fremont. Oplink Communications, the former occupant, sold the property for $9.6 million, or $183 per square foot. The buyer plans to complete improvements at the 52,321-square-foot building, which is located within Bayside Business Park. Oplink Communications, a United States-based manufacturer of optical components, relocated its operations to a nearby building after being acquired by Koch Industries. Mike Spiro of Newmark Knight Frank Oakland represented the seller in the transaction.

June 25, 2018

Acquisitions Nevada Retail Western

NAI Alliance Arranges Sale of 15,984 SF Shopping Center in Sparks, Nevada

by Amy Works June 25, 2018

SPARKS, NEV. — NAI Alliance has brokered the sale of Marina Marketplace, a shopping center located in Sparks. An undisclosed buyer purchased the property for $4.4 million. Mark Keyzer negotiated the transaction. The 15,984-square-foot property is occupied by 11 tenants, including Peg’s Glorified Ham ‘N Eggs as the anchor. The name of the seller was not released.

June 25, 2018

Acquisitions Multifamily Student Housing Top Stories

Greystar Agrees to Acquire EdR in $4.6B Merger

by Taylor Williams June 25, 2018

CHARLESTON, S.C. — An affiliate of multifamily development firm Greystar has agreed to acquire student housing developer Education Realty Trust Inc. (NYSE: EDR) in an all-cash transaction that will take the company private. The sales price of $4.6 billion includes existing debt. Under the terms of the agreement, which is expected to close during the second half of the year, EdR’s stockholders will receive $41.50 per share in cash. The price represents a premium of 13.6 percent over the May 31 closing share price, the last day before rumors of the sale were published. According to the company’s annual report, in 2017, Memphis-based EdR owned 70 student housing properties totaling 36,420 beds across 24 states. The company also managed 16 communities totaling 9,832 beds across 10 states. “As a public company, one of our priorities is to maximize stockholder value and we believe this transaction with Greystar accomplishes that goal,” says Randy Churchey, CEO and chairman of EdR. “Since the current EdR management team took over on January 1, 2010 — and including this transaction — EdR stockholders will have received a total stockholder return of 293 percent.” According to Alex Goldfarb, managing director and senior REIT analyst at New York-based Sandler …

June 25, 2018

Florida Market Reports Multifamily Property Type Southeast Southeast Market Reports

Miami’s Multifamily Market Sees Prolonged Sales Activity for First Time in Years

by John Nelson June 25, 2018

Driven by the delivery of new product, the Miami multifamily market is experiencing a period of increased transaction activity. Always in high demand, but generally a thinly traded market, Miami has seen a significantly higher volume of market-rate multifamily sales in the last two years. While Miami-Dade County has maintained strong fundamentals overall, its sales volume has historically trailed nearby markets in Broward and Palm Beach counties. In 2014 and 2015, Miami saw an average total sales volume of $150 million, compared to $935 million in Broward County and $675 million in Palm Beach County. Although Miami-Dade County is home to half of South Florida’s population, it has historically accounted for just 20 percent of South Florida’s multifamily sales volume. Part of the reason is that Miami is in high demand because institutional, foreign and private investors are enamored with Miami-Dade County and want these multifamily assets in their portfolio. Likewise, each of these groups tend to hold Miami-Dade properties for extended periods of time. Further, in the early 2000s, the condo conversion trend eliminated much of Miami’s Class A rental inventory, increasing the scarcity of this type of multifamily product. In 2017, however, Miami saw over $820 million in …

June 25, 2018

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