Property Type

Olympus Property Acquires 194-Unit Vive Apartments in Chandler

by Nellie Day November 17, 2016

CHANDLER, ARIZ. — Olympus Property has purchased the 194-unit Vive in Chandler apartment community for an undisclosed sum. The Class A community is located at 1901 W. Germann Road in the South Price Corridor submarket. Vive was built in 2014. Property amenities include a 24-hour fitness center, resort pool with spa, clubhouse with billiard table, cinema room and an outdoor fireplace with seating. The South Price Corridor features notable employers like Intel, Wells Fargo, Orbital ATK, PayPal, Infusionsoft and GM Financial. The North Price Corridor plays host to Microchip Technology, Bank of America, GM Arizona IT Innovation Center, CVS Health, SanDisk and Pearson Education.

November 17, 2016

Kansas Midwest Multifamily

L5 Investments Partnership Acquires 289-Unit Apartment Community in Lenexa, Kansas for $17.7M

by Kristin Harlow November 17, 2016

LENEXA, KAN. — A partnership between L5 Investments and BH Equities has acquired Lenexa Pointe Apartments, a 289-unit apartment community, for $17.7 million. The property is situated on 20.5 acres at 12000 W. 77th Terrace in Lenexa, approximately 12 miles south of Kansas City, Mo. The community features 145 one-bedroom units and 144 two-bedroom units. The building was originally built in 1972 and renovated in 1992. The partnership is planning a major renovation of the property estimated at more than $6 million, including construction of a new leasing center, business and fitness center, landscaping enhancements and new lighting. BH Equities will manage the property through its property management arm, BH Management Services. Dustin Dulin of JLL arranged the debt on behalf of the partnership. Brandon Grisham of CBRE brokered the deal with both the buyer and the seller, a private investor.

November 17, 2016

Iowa Midwest Multifamily Seniors Housing

MorningStar, Confluent Development Break Ground on Senior Living Community in West Des Moines, Iowa

by Kristin Harlow November 17, 2016

WEST DES MOINES, IOWA — Co-developers MorningStar Senior Living and Confluent Development have broken ground on MorningStar Senior Living at Jordan Creek in West Des Moines. Construction is expected to be complete in November 2017. Located at 60th Street and Village View, the 71,643-square-foot property will feature 85 suites for assisted living and memory care. The community will offer studio, one- and two-bedroom suites ranging from 340 to more than 1,200 square feet. Rosemann & Associates is the architect for the new development. Thoma-Holec Design is the interior designer.

November 17, 2016

Indiana Midwest Retail

Adler Realty Acquires 87,083 SF Shopping Center in Muncie, Indiana for $9.9M

by Kristin Harlow November 17, 2016

MUNCIE, IND. — Adler Realty Investments Inc. has purchased Marsh Plaza in Muncie, about 50 miles northeast of Indianapolis, for $9.9 million. The 87,083-square-foot retail center is located at the intersection of McGalliard Road and Wheeling Avenue near Ball State University. The center is 100 percent occupied and is anchored by a Marsh Supermarket. Michael Adler represented Adler Realty in the transaction. McWheel Properties LLC was the seller.

November 17, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $21.7M Fannie Mae Loan for Multifamily Property in Burnsville, Minnesota

by Kristin Harlow November 17, 2016

BURNSVILLE, MINN. — Dougherty Mortgage LLC has arranged a $21.7 million Fannie Mae loan for the refinancing of Berkshire of Burnsville, a 205-unit multifamily property in Burnsville, 15 miles south of Minneapolis. Located at 13901 Echo Park Circle, the apartment building features one-, two- and three-bedroom townhomes. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for borrower Echo Park Limited Partnership.

November 17, 2016

Michigan Midwest Retail

Lamb Brokers $5.8M Sale of Net Leased Walgreens in Alma, Michigan

by Kristin Harlow November 17, 2016

ALMA, MICH. — Lamb Net Lease LLC has brokered the sale of a net leased Walgreens pharmacy in Alma in central Michigan for $5.8 million. The 14,820-square-foot property is located at 1420 Wright Ave. The buyer, Riverlawn Properties LLC, completed the deal as part of a 1031 exchange. Joe Patti of Roaring Fork Holdings LLC represented the buyer. Mike Lamb of Lamb Net Lease represented the seller, Retail Development Inc.

November 17, 2016

Multifamily Texas

Midway Cos. Opens 249-Unit 100 Park in College Station

by Amy Works November 17, 2016

COLLEGE STATION, TEXAS — Midway Cos. has opened 100 Park, a 21-and-older luxury apartment community located within Century Square, a mixed-use property in College Station. Situated steps from the campus of Texas A&M University, the property is a residential option for professors, faculty and area professionals. The four-story property features 249 units in a mix of studio, one- and two-bedroom floorplans. On-site amenities include a fitness facility, social lounge and business center with complimentary coffee and Wi-Fi, community pool with outdoor dining and grills and a pet-friendly common green gathering area. Project partners include Mayfield and Ragni Studio, aka MaRS, and STG Design. Century Square is a 200,000-square-foot public-private collaboration between Midway and Texas A&M University.

November 17, 2016

Loans Multifamily Northeast Pennsylvania Seniors Housing

TD Bank Invests $20.6M in Historic School Conversion in Philadelphia

by Amy Works November 17, 2016

PHILADELPHIA — TD Bank has invested a total of $20.6 million to convert the long-vacant Spring Garden School in Philadelphia into a 49-unit affordable community for seniors and homeless veterans. The investment includes $11.6 million in tax credit equity and a $9 million construction loan. When completed, the conversion will offer 37 units for low-income seniors and 12 units for homeless veterans. Spring Garden School was built in 1927 and added to the National Register of Historic Places in 1986. The property has been vacant for nearly 40 years. The project will include restoring the interior and exteriors of the building, while intentionally preserving some of the graffiti. HELP USA, a national homeless service provider and low-income housing developer, is developing the project.

November 17, 2016

Multifamily New York Northeast

Bestreich Realty Group Facilitates $9.2M Sale of 38-Unit Multifamily Portfolio in Brooklyn

by Amy Works November 17, 2016

NEW YORK CITY — Bestreich Realty Group has brokered the sale of a 38-unit five-building assemblage of multifamily properties located at 255-265 Linden St. in Brooklyn’s Bushwick neighborhood. Linden Street Group acquired the properties from Excelsior Equities for $9.5 million. The assemblage comprises four contiguous eight-unit properties and one six-unit property. The buyer plans to hold the property and maximize value. Derek Bestreich, Luke Sproviero, Steve Reynolds of Bestreich represented the buyer and seller in the deal.

November 17, 2016

New Jersey Northeast Retail

NAI Hanson Arranges Acquisition of 22,000 SF Retail Property in Morristown, New Jersey

by Amy Works November 17, 2016

MORRISTOWN, N.J. — NAI James E. Hanson has arranged the acquisition of a 22,000-square-foot retail property located at 110 Washington St. in Morristown. E&H Members LLC acquired the property, which is occupied by Whole Foods Market, for an undisclosed sum. Scott Perkins, Greg James and Chris Todd of NAI Hanson represented the buyer in the deal. The name of the seller was not released.

November 17, 2016

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