OAKLAND, CALIF. – A 48-unit apartment building that is located at 200-220 East 15th Street in Oakland has sold to Cohen Rojas Capital Partners for $5.1 million. The four-building community was built in 1955. It recently underwent renovations to make the property more eco-friendly. Cohen was represented by David Wolfe and Eli Davidson of Marcus & Millichap’s Oakland office. The seller was not named.
AUBURN, COLO. — Auburn Shopping Center, a 39,829-square-foot retail property, has sold to a limited liability company for an undisclosed amount. The center is located at 1801 Howard Road in Auburn. It is anchored by Jo-Ann Fabric and El Mercado Latino Grocery. The buyer was represented by Dino A. Christophilis of Marcus & Millichap’s Seattle office. The seller was also represented by Christophilis, along with Larry Corkins of the same office.
LONG BEACH, CALIF. – The 200-unit Long Beach Senior Arts Colony, which was built for seniors aged 55 and older, has debuted. The $70-million, transit-oriented development is located at200 E. Anaheim Street. It is situated along Long Beach’s light rail line. The project was developed by Meta Housing Corporationand Century Housing Corporation.
COMMERCE, CALIF. — A 202,838-square-foot industrial building in Commerce has sold to the Ryzman Family Trust for $17 million. It is located at 1935-1965 Tubeway Ave. The facility was built in 1965 and remodeled in 1994. Ryzman was represented by Jack Cline and Jeff Bethel of Lee & Associates’ Los Angeles – Central office. The seller, Ronald S. Bauer, trustee of the Ronald S. Bauer Living Trust, was represented by Michael Tsaparian of the same office.
PHOENIX – The 275-unit Vista Ventana in Phoenix has sold to BH Properties LLC for $10.2 million. The community is located at 3221 W. El Camino Drive. The property recently underwent a series of improvements. Its occupancy is currently at 90 percent. Karl Abert and Brad Pickering of Newmark Grubb Knight Frank represented both the buyer and the seller, El Camino Vista, LLC, in this transaction.
NASHVILLE, TENN. — Richmond, Va.-based Lingerfelt Companies has purchased Nashville’s Bank of America Plaza Tower from Parkway Properties for $41.8 million. Located at 414 Union St. in the downtown submarket, the 21-story office tower contains 435,525 square feet of Class A space. Its anchor tenants, Bank of America and Louisiana Pacific Corp., occupy more than 50 percent of the tower. Total occupancy will be 70 percent by the end of the year. In the near term, Lingerfelt plans to complete capital improvements to the lobby and common areas as well as maintenance upgrades. Commonwealth Commercial Partners will manage the building, and CB Richard Ellis will handle leasing. This purchase more than double’s Lingerfelt’s Tennessee office portfolio, bringing it to 919,672 square feet.
DURHAM, N.C. — Passco Companies has acquired Encore at the Park, a Class A apartment community situated near Research Triangle Park in Durham, for $28 million. Constructed in 2001, the garden-style community is located at 2850 Country Creek Blvd. It contains 280 units in one- through three-bedroom configurations. Community amenities include a resort-style swimming pool, sundeck, business center, fitness center, car care center, picnic and grilling stations, and dog park. In the near term, Passco plans to complete minor interior and exterior upgrades to keep the property competitive in the marketplace. Sean Wood of ARA Investment Services represented both Passco and the seller, a joint venture between Atlanta-based Centennial Holding Company and Washington, D.C.-based The Carlyle Group. Riverstone Residential Group will take over management duties for the community.
ATLANTA, GA. — Mall Properties Inc. (MPI) has acquired the Sheraton Suites Galleria hotel in Atlanta for $21 million. Constructed in 1990, the 17-story hotel is located at the intersection of interstates 75 and 285 in the city’s Cumberland submarket. It features 277 suites, 4,000 square feet of meeting space, full-service dining options, heated indoor and outdoor pools, 24-hour business center, fitness center and a five-story parking deck. It is connected via pedestrian bridge to the Cobb Galleria Convention Centre. MPI plans to complete a $9 million capital improvements program to the property that will include upgrades to all guest rooms, construction of a Sheraton Club lounge, expansion of the fitness center, and upgrades to all food and beverage facilities. The purchase represents MPI’s first hotel acquisition in the Atlanta area, but the company does own the Akers Mill Square retail center, which is located one mile from the Sheraton Suites.
GAITHERSBURG, MD. — Construction has topped out for Downtown Crown, a new multi-use project under construction on 180 acres in Gaithersburg. JBG Rosenfeld Retail and The Bozzuto Group are currently developing seven buildings and three garages that will contain 260,000 square feet of retail space along with a 538-unit apartment community known as The Cadence at Crown. The apartments will begin pre-leasing in the fall. Some retail tenants will open sooner than the projects’ spring 2014 grand opening. Starbucks Coffee will open in September, LA Fitness will open by the end of the year, and Harris Teeter will open in January. Ruth’s Chris Steak House has also signed on at Downtown Crown.
CLARKSTON, GA. — Marcus & Millichap has brokered the sale of Kristopher Woods Apartments, a 214-unit multifamily community in Clarkston, for $5.9 million. The property is located at 762 Jolly Ave. South and was 99 percent occupied at the time of the sale. Andrew Mays and Paul Vetter of Marcus & Millichap’s Atlanta office arranged the sale between the two undisclosed parties.