BEL AIR, MD. — Washington Real Estate Investment Trust (WRIT) has sold the 33,921-square-foot Plumtree Professional Center, a single-story medical office building, for $8.75 million. The Atkins Companies, which is based in New Jersey, purchased the healthcare property at 104 Plumtree Rd. in Bel Air. Jonathan Carpenter and James Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller.
Southeast
WASHINGTON, D.C. — The 61-unit Terrace Manor Apartments, a garden-style apartment community, has sold in Washington, D.C. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Washington, D.C.-based Greysteel Co. represented the seller, Hastings Development Corp., in the transaction. Sanford Capital LLC purchased the multifamily property.
OKEECHOBEE, FLA. — A 40-room Travelodge Suites has sold in Okeechobee. Jonathan Ruprai and Dennis Hopper of Marcus & Millichap’s Tampa, Fla., office represented the seller, a local limited liability company. Ruprai secured the buyer, a North Carolina-based private investor.
Washington, D.C. continues to grow and thrive but in a very different manner than it did in the past. While the national debt surpassed $16 trillion, the local economy has benefited from the government spending — which has resulted in the metro area having the lowest unemployment rate in the country. Additionally, D.C. continues to reap the benefits of having seven out of the top 10 wealthiest counties in the United States located within the metropolitan trade area. Furthermore, Generations X and Y are changing the real estate landscape by rejecting the baby boomer suburban ideology and opting to migrate to the city for non-committal rental housing, public transit, and a closer proximity to work and shopping. As many retailers will attest, if you are not growing, you are dying. The District has always been a vital market for retailer expansion. Today, with a floundering American economy and fewer opportunities for growth in the middle of the country, Washington has become a focal point for retailer expansion. For example, YO! Sushi, the British conveyor belt sushi concept, elected to open its first North American unit at D.C.’s Union Station. In addition, Walmart spent significant time and money creating unique store …
LEXINGTON, LOUISVILLE AND FRANKFORT, KY.; AND NASHVILLE, TENN. — Irvine, Calif.-based Steadfast Income REIT Inc. has recently acquired five apartment communities for an aggregate purchase price of approximately $115 million. The properties were acquired in five separate transactions and include multifamily complexes in Lexington, Louisville, Frankfort and Nashville as well as Austin, Texas. Steadfast purchased Forty57 in Lexington for $52.5 million. It was 88 percent occupied at the time of the transaction, and it was built in phases between 2008 and 2012. South Pointe at Valley Farms was acquired for $5.2 million in Louisville. It is a 26-acre site that includes 32 apartment units and a clubhouse community building. Riverford Crossing was purchased for $30 million in Frankfort. It was built in 2011 and has 300 one- and two-bedroom apartments and townhomes. Keystone Farms was acquired for an unlisted price. It is a 90-unit apartment community located near Nashville. It was built in 1998 and was fully occupied at the time of the transaction.
BRANDON AND LAKELAND, FLA. — Tampa, Fla.-based Blue Rock Partners LLC, in partnership with Deerfield Beach, Fla.-based Konover South LLC, has acquired a multifamily portfolio totaling 1,218 units in three communities in Brandon and Lakeland for $66 million. Blue Rock Partners will invest another $9 million in improvements into its newly acquired portfolio. The 712-unit Plantation Key Apartments and adjacent 270-unit Providence Park Apartments are being rebranded and marketed as Park at Siena in Brandon. Additionally, the 236-unit Martin’s Landing Apartments, located at 3520 Cleveland Heights Blvd. in Lakeland, will undergo improvements and be marketed as Park at Verona.
LOUISVILLE, KY. — A Kentucky-based developer has sold the 689-unit Park at Hurstbourne apartment complex in Louisville for $39.2 million. The buyer, Louisville Property LLC, is planning to upgrade the community. Craig Collins of Commercial Kentucky Inc. and Mike Kemether of Cushman & Wakefield of Georgia represented the seller.
ORLANDO, FLA. — Centennial Holdings has purchased the 37-building, 336-unit Citrus Tower in suburban Orlando for $32 million. The multifamily complex was built in 2006 and is situated on nearly 30 acres. Jubeen Vaghefi, Denny St. Romain and Jeff Morris of Jones Lang LaSalle’s Capital Markets team represented the institutional seller.
MIAMI — MMG Equity Partners, a privately owned real estate company, has acquired two grocery-anchored shopping centers in Miami-Dade County in two separate transactions for undisclosed prices. MMG Equity Partners acquired the 64,000-square-foot Colonial Shopping Center, located at 450 N.E. 125th St. in North Miami. It is anchored by a Presidente Supermarket. The firm also acquired Tropical Shopping Center, which is located at 8100 N. Miami Ave. and anchored by a Tropical Supermarket.
ATLANTA — The RADCO Cos. has acquired seven multifamily properties in the Atlanta area, expanding its apartment portfolio to 3,000 units. The latest additions include the 132-unit Audubon Town & Country in Fairburn, Ga.; the 94-unit Audubon Brook in Conyers, Ga.; the 98-unit Audubon Way in Lawrenceville, Ga.; the 164-unit Wyntree in Doraville, Ga.; the 63-unit Bella Villas in Doraville; the 104-unit Meadowbrook Manor in Lilburn, Ga.; and the 328-unit Park Lake in Norcross, Ga. The transactions were financed through bridge debt from several lenders and $15.2 million in equity raised during the past 30 days from private sources.