BLOOMINGTON, IND. — Alex. Brown Realty Inc. (ABR) and Asset Campus Housing have acquired The Fields, a student housing project near the main campus of Indiana University in Bloomington. ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $11.7 million in the joint venture. The acquisition was financed with a first mortgage loan from Texas Capital Bank N.A. Built as a conventional apartment community between 1997 and 2001, the property was recently converted to a 537-bed student housing community by the prior owner and includes two pools, two 24-hour fitness centers, a business and media center, a 10-acre park and a clubhouse. At closing, The Fields was 98 percent leased for the 2016-2017 school year. The joint venture plans to complete $3.4 million of value-add improvements to cure deferred maintenance, upgrade select unit interiors and refresh the property’s curb appeal.
DES PLAINES, ILL. — CBRE represented the owners of Kingston Pointe in the $42 million sale of a 144-unit multifamily property located at 1646 River St. in Des Plaines. San Francisco-based Friedkin Realty Group was the buyer. Kingston Pointe, located in downtown Des Plaines, includes one-, two- and three-bedroom units featuring floor-to-ceiling windows, stainless steel appliances, granite countertops and in-unit washer/dryers. Amenities include a fitness center, swimming pool, on-site management and heated garage parking. John Jaeger and Dan Cohen of CBRE represented ownership in the sale.
ADRIAN, MICH. — Reichle Klein Group has brokered the $3.95 million sale of a multi-tenant retail building in Adrian. Reichle Klein Group’s Duke Wheeler represented the seller, Blitz Hutton One LLC. The 13,000-square-foot retail center, which is 100 percent occupied, is located at 1515 E. U.S. Route 223. Wheeler has been involved with the leasing of this asset since 2008.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of two grocery-anchored shopping centers located in San Antonio. The first property, located at 3614 Pleasanton Road near its intersection with Formosa Boulevard, spans 30,675 square feet on 2.9 acres. The second property, located at 340 Enrique Barrera Parkway, includes 50,240 square feet on 4.3 acres. Arlan’s Market, a local grocery store chain with 20 locations across south Texas, and Family Dollar anchor both properties. SACA’s Bradley Suttle negotiated the sale on behalf of the seller, 2ML Real Estate Interests Inc., and procured the buyer, a Texas-based investment group.
LAKEWOOD, COLO. — Inland Real Estate Acquisitions has purchased the 244-unit WestLink at Oak Station in Lakewood for an undisclosed sum. The community is located at 1665 Pierson St., about nine miles west of downtown Denver. The property was 97 percent leased at the time of sale. Community amenities include a resort-style swimming pool and spa, fitness center with a yoga studio, sundeck with cabanas and business center. Mark Cosenza facilitated the transaction on behalf of an Inland affiliate.
PHOENIX — Caliber has purchased the Palms Weekly Portfolio, which contains three multifamily properties in Phoenix, for $14 million. The portfolio includes Siesta Palms, Palm Shadows and Twin Palms. All three communities were built in the 1970s. The gated communities feature swimming pools, barbecue areas and laundry facilities.
COLUMBUS, IND. — Namdar Realty Group has acquired the State and Mapleton Plaza shopping center located at 2150 State St. in Columbus. The seller was a private investor. The 19,425-square-foot property is 100 percent occupied. CVS/Pharmacy and Dollar General serve as anchor tenants. The acquisition was an all-cash, off-market transaction. Joel Gorjian, vice president of acquisitions and dispositions at Namdar, completed the transaction.
GROSSE ILE, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of Elbamar Apartments, a 24-unit multifamily building located at 10033-45 Groh Road in Grosse Ile, Mich., a suburb of Detroit. I & L Properties LLC acquired the property from seller Phillip Byers. Greg Hornby of Friedman represented both the seller and the purchaser in the transaction.
SAN ANGELO, TEXAS — The Net Leased Investment Group for Coldwell Banker Commercial has arranged the sale of Kool Smiles, a dentist’s office, in San Angelo. The property is a net-leased investment with all maintenance and repairs handled by the tenant. Parker Carroll of Coldwell Banker Commercial represented the seller in the transaction.
FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of a 2,820-square-foot net leased retail property located at 4217 Bridge St. in Fort Worth. Lisa Estrada of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an individual/personal trust. Estrada also secured the buyer, another individual/personal trust. The property is located two miles from downtown Fort Worth along I-30.