GERMANTOWN, MD. — PRP LLC has acquired The Park at Kingsview Apartments, a 326-unit, Class A apartment community located in the Kingsview community of Germantown. PRP purchased the property from TA Associates Realty for $70.4 million. Built in 2001 with average unit sizes of 1,055 square feet, The Park at Kingsview features a swimming pool, clubhouse, fitness center with an aerobic studio, conference room/business center, lounge with a fireplace and a children’s play room. The community also offers walking, jogging and biking trails, tennis courts, playgrounds, a picnic pavilion and a dog park. PRP plans to implement a $3.5 million renovation of the property, including a renovated clubhouse, new pool area, in-unit renovations featuring new kitchens, stainless steel energy-efficient appliances, quartz countertops, 42-inch espresso cabinetry, nickel hardware, new lighting, new bathrooms and wide plank flooring.
ATLANTA and KENNESAW, GA. — Greystar has broken ground on two active adult communities in metro Atlanta: Overture Barrett in Kennesaw and Overture Lindbergh in Atlanta. Both apartment communities are restricted to residents over the age of 55. Overture Barrett will offer 175 luxury apartments and Overture Lindbergh will offer 190 apartments. The communities will include one- and two-bedroom apartments featuring gourmet kitchens with prep islands, granite countertops, tiled backsplashes, custom cabinetry and stainless steel appliances, wood-style plank flooring, nine-foot ceilings, spa-style showers and garden tubs, walk-in closets, full-size top-load washers and dryers, and private balconies or patios in select units. The developers plan to complete construction on Overture Barrett by February 2018 and Overture Lindbergh by summer 2017. Greystar, a South Carolina-based multifamily developer and operator, will break ground on nearly a dozen Overture-branded active adult properties during 2016 in Georgia, Texas, Virginia, North Carolina, Florida, California and Arizona.
CHICAGO — Chicago-based Blue Vista Capital Partners has sold three student housing communities located in Mississippi and North Carolina totaling 990 beds. The dispositions include Lafayette Place, a 366-bed community located near the University of Mississippi in Oxford; First Street Place, a 288-bed community located near East Carolina University in Greenville, N.C.; and Pembroke Place, a 336-bed community located near The University of North Carolina at Pembroke in Pembroke, N.C. Campus Partners LLC acquired Pembroke Place. The buyers of Lafayette Place and First Street Place were undisclosed. Dorothy Jackman, Steven Peden and Travis Prince of Colliers International represented Blue Vista Capital Partners in all three transactions. The sales prices were undisclosed.
HAWTHORNE, CALIF. — Carter Validus Mission Critical REIT II Inc. (CVMC REIT II) has acquired the 288,000-square-foot AT&T Hawthorne Data Center in the Los Angeles suburb of Hawthorne for $79.5 million. CVMC REIT II, a non-traded REIT headquartered in Tampa, Fla., will assume the existing net lease with AT&T Corp. as part of the transaction. The previous owner was Israel-based Red Sea Group. The one-story, powered shell data center is located on a 15.9-acre site and includes an on-site substation delivering a 12,470-volt, 22.5 MVA (mega-volt amp) commercial power service feed. An eight-foot iron fence surrounds the site, with guarded gates on the east and west ends of the property. Security features include 24-hour on-site security staff, closed-circuit monitors, secure keycard access, biometrics scanner and alarmed doors. AT&T Corp., a wholly owned subsidiary of AT&T Inc., is a provider of IP-based services to multinational companies and serves more than 3.5 million business customers. “The acquisition of the AT&T Hawthorne Data Center represents an opportunity to invest in a mission-critical property with a strong brand affiliation,” says Michael Seton, president of CVMC REIT II. “We strive to be a true capital partner for our tenants and are excited to expand our already …
WOODINVILLE, WASH. — Acacia Capital Corp. has purchased the 360-unit Campbell Run apartments in Woodinville for $98 million. The community is located at 13305 N.E. 171st St., just outside downtown Seattle and the Eastside Tech Corridor. It was built in 1989 and renovated in 2014. Campbell Run is the second largest garden-style apartment community to sell this year on the Eastside in terms of both sales price and number of units, according to the new owner. The seller was Grosvenor Americas, while the property manager was Thrive Communities. Philip Assouad and Giovanni Napoli of Kidder Mathews brokered the transaction.
DENVER — Columbia Sussex Corp. has received a $70 million loan to finance the 451-room Hyatt Regency Denver Tech Center. The hotel is located at 7800 E. Tufts Ave. in the Technological Center submarket of Southeast Denver. The area is home to about 11 million square feet of office space and about 1,000 companies. Hyatt Regency Denver Tech Center features 29,600 square feet of function space, a 533-space parking garage, the Root25 Taphouse & Kitchen, Perks coffee shop, Hyatt StayFit fitness center and an indoor swimming pool with outdoor sun deck. The hotel has operated as a Hyatt Regency since it was built in 1985. It recently underwent a $12.5 million renovation to transform the lobby, upgrade the common areas and introduce the signature restaurant and lounge. Rob Rubano and Greg Stampley of Eastdil Secured arranged the financing. Square Mile Capital Management LLC originated the transaction, and brought in Natixis to acquire the $52.5 million senior mortgage component of the debt. Columbia Sussex acquired the asset from JMI Realty.
LAS VEGAS — Devarim 18 LLC has acquired Edmond Town Center, a 21-acre shopping center in Las Vegas, for $5.5 million. The center is located at 921-1081 W. Owens Ave. Scot Prince and Neal Anzalotti of Logic Commercial Real Estate represented the buyer. CBRE’s Charles Moore and Marlene Fujita represented the seller.
PARKER, COLO. – An unnamed buyer has purchased a 6,406-square-foot mixed-use property in Parker for $1.3 million. The property is located at 18575 Stage Run Road. It consists of retail and office space. The new owner plans to relocate an existing hair salon to the center, as well as add a full-service spa. Construction is set to commence immediately for the new tenants. Mitch Trevey and Nick Nickerson of Trevey Land and Commercial represented the seller, Martinez Global International, in this transaction.
HAMBURG, N.Y. — Monmouth Real Estate Investment Corp. has acquired an industrial building located at 3779 Lake Shore Road in Hamburg. An undisclosed seller sold the property for $35.1 million. Situated on 49 acres, the 338,584-square-foot facility is net leased for 15 years to FedEx Ground Packaging System Inc.
PROVIDENCE, R.I. — The Omni Provident Hotel has completed a $15 million renovation program to its West tower. Renovations at the 564-room hotel, located at 1 W. Exchange St. in Providence, include guest rooms, landings and public spaces receiving fresh designs that complement elements of local New England flair. Each guest room features new vinyl wallcoverings and carpeting, custom bedding and drapery, plush seating, artwork and modern decorative lighting. Upgrades to the guest room bathrooms include new vanities, wallcoverings, illuminated mirrors, and new finishes and materials. Additionally, the guest corridors and elevator lobbies received new carpeting, furnishing, wallcoverings, paint, contemporary light fixtures and artwork.