PHOENIX — OpenPath Investments has purchased the 160-unit Ventana Palms Apartments in Phoenix for $8.5 million. The community is located at 7021 W. McDowell Road. It was built in 1989. OpenPath will invest $1.5 million in interior and exterior upgrades to the property.
LAYTON, UTAH — DataMaster has acquired Fairfield Crossing Building, a 16,000-square-foot office building in Layton, for an undisclosed sum. The space was formerly a retail asset, but the real estate appraisal software company will house its sales and tech services at the property. It is situated just north of Salt Lake City. Chris Falk of Newmark Grubb ACRES represented DataMaster. Adam Hawkes of Mountain West Retail and Investment represented the undisclosed seller.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Complete Emergency Care, a 10,453-square-foot net-leased medical property located in Fort Worth. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Levy and Gainey also secured the buyer, a limited liability company. Complete Emergency Care is located at 6006 Camp Bowie Blvd. The triple-net lease has a corporate guarantee. Four years remain on the primary term with annual CPI adjustments, and the tenant has one, 10-year option for renewal. The building was constructed in 1990 and sits on 0.8 acres.
SAN MARCOS, TEXAS — Alex. Brown Realty Inc. (ABR) and Asset Campus Housing have acquired a student housing project near the main campus of Texas State University in San Marcos. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $4.6 million in the joint venture. The acquisition was financed with a first mortgage loan from Amegy Bank. Currently known as University Springs, the 488-bed student housing property will be rebranded as The Reserve at West Avenue and will undergo capital improvements focused on interior and exterior upgrades. At closing, the property was 98 percent pre-leased for the 2015-2016 academic school year. Texas State University has seen enrollment growth for the past 16 consecutive academic school years. Built in 1998, the property’s 152 units range from two-, three- and four-bedroom units. Asset will serve as property manager of the asset.
LAKEWOOD, COLO. — A 24-unit apartment community in Lakewood has sold to an unnamed buyer for $2.1 million. The community is located at 10623-10709 W. 8th Ave. It was built in 1961. Robert Lawson of Pinnacle Real Estate Advisors represented the buyer, while Josh Newell of the same firm represented the seller.
HOUSTON — NAI Partners has represented IEK Holdings in leasing a freestanding 20,700-square-foot industrial warehouse/distribution building located at 7310 W. Road in Houston. Michael Keegan of NAI Partners represented the landlord, IEK Holdings, during the negotiations, while Gary Horn with Mohr Partners represented the tenant.
HARTFORD, CONN. — CBRE/New England’s Multifamily Debt & Structured Finance Group has secured $5.5 million in financing for the $6.9 million acquisition of 184 Washington Street, a multifamily property in Hartford. Premier Properties West, an affiliate of BrickPoint Capital, acquired the property, which is also known as Lafayette Arms. Developed in 1968, the property has undergone numerous amenity and unit renovations. Each of the 136 apartment units features a galley-style or open kitchen, a living room and bedrooms with carpeted floors. John Kelly and Sam Dylag of CBRE/NE arranged the 10-year, non-recourse acquisition loan for the undisclosed borrower through a Connecticut-based bank.
BERKELEY HEIGHTS, N.J. — Weiss Realty Co. has arranged a long-term, 25-year ground lease for CVS/pharmacy at Berkeley Heights Shopping Center in Berkeley Heights. Located at 400 Springfield Ave., the new 13,000-square-foot property features a drive-thru pharmacy and is situated on 1.2 acres at the entrance to the 62,000-square-foot shopping center. Weiss Realty Co. represented the developer, First Hartford Realty Corp. and the landlord, Berkeley Development Co., in the lease transaction.
MIDDLETOWN, CONN. — Trevor Davis Commercial Real Estate LLC has arranged four leases at Middletown Business Park in Middletown. New Tech Installation leased 3,171 square feet; the State of Connecticut Department of Administrative Services, Department of Rehabilitation Services inked a deal for 1,340 square feet; UBTS leased 583 square feet; and A&B Home Health Care will occupy 411 square feet. The landlord is BostonMiddletown LLC. Trevor Davis of Trevor Davis Commercial was the sole broker in the transactions. The 75,000-square-foot office and light industrial park is now 85 percent occupied.
WILLISTON, VT. — Nedde Real Estate has brokered an office lease in the Hillside East subdivision of Williston. Cognizant Technology Solutions has inked a deal to occupy 9,025 square feet of office space at the property. Grant Butterfield of Nedde Real Estate represented Cognizant in the transaction. Cognizant is an American multinational corporation that provides custom information technology, consulting and business process outsourcing services. Terms of the lease and the name of the landlord were not released.