SALT LAKE CITY – The Oakridge Apartments, a 40,000-square-foot apartment complex in South Ogden, has sold to BiSkan Oakridge LLC for an undisclosed sum. The community is located at 1280 East 5850 South. Patrick Bodnar of Mountain West represented both the buyer and seller, Craigland Properties LLC, in this transaction.
HURST, TEXAS — Marcus & Millichap has arranged the sale of Sutton Square Apartments, a 154-unit apartment property located in Hurst. John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker also represented the buyer, another limited liability company. Sutton Square Apartments is located at 601 Bellaire Drive. The location provides access to State Highway 10 and State Highway 183.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), an independently owned and operated member of the Cushman & Wakefield Alliance, has brokered the sale of The Place at Commerce, a 184-unit apartment community located in east San Antonio. The buyer was a Texas-based private investor, and the seller was a California-based partnership.
HOUSTON — HFF has arranged the sale of Pines of Louetta North, a 71,090-square-foot retail strip center in northern Houston. HFF arranged the sale of the property on behalf of the seller, Pines of Louetta North. Built in stages from 2009 to 2014, Pines of Louetta North is comprised of three buildings that are 92 percent leased to national and regional tenants including Spec’s Wine, Spirits & Finer Foods, Dickey’s Barbecue Pit, Chipotle Mexican Grill, Schlotzsky’s and Salata. Located at 1600-1620 Louetta Road, the property is just west of I-45. The property is 26 miles north of downtown Houston. Ryan West Matt Berry and Robbie Kilcrease led the HFF investment sales team representing the seller.
OKLAHOMA CITY — The RADCO Cos. (RADCO) has acquired Warwick West, an apartment complex located in the Northwest submarket of Oklahoma City. The 424-unit property was purchased for $31.2 million. RADCO financed the acquisition with private capital, in addition to a bridge loan from NXT Capital. Since August 2011, the company has raised more than $226 million of private equity to fund its purchases. Warwick West was originally built in 1978 on 17.4 acres in the city’s Northwest submarket. It features 16 floor plans, including 195 one-bedroom apartments, 199 two-bedroom units, 29 three-bedroom units and one five-bedroom layout. In addition, 16 of its units are townhomes. Community amenities include three swimming pools, a fitness facility, rentable event space, tennis courts and a picnic area with barbeque grills. The property is situated along the Northwest Expressway, which connects Oklahoma City residents with downtown, and is next door to the 511-bed Integris Baptist Medical Center.
HAMMONTON, N.J. — Marcus & Millichap has brokered the sale of Colonial Court Apartments in Hammonton. The 72-unit apartment building sold for $5.1 million. Located at 748 Bellevue Ave., the property consists of 12 buildings with 24 one-bedroom and 48 two-bedroom apartments. Nat Gambuzza of Marcus & Millichap represented the seller, a private investor, and the undisclosed buyer in the transaction.
PARAMUS, N.J. — Valley Hospital has signed a 10-year lease for 73,978 square feet of space at Mack-Cali Centre III in Paramus. Located at 140 East Ridgewood Ave., the property features two towers joined by a seven-story atrium, an on-site café with outdoor seating and advanced building systems. Robert Rudin of Cushman & Wakefield represented the tenant, while Chris DeLorenz of Mack-Cali represented the landlord. Additional terms of the transaction were not disclosed.
ORLANDO, FLA. AND CARY, N.C. — Avanath Capital Management LLC, a private real estate investment manager, has purchased a two-property multifamily portfolio in Orlando and Cary for $45.9 million in an off-market transaction. The two properties total 553 affordable housing/workforce units and were more than 95 percent occupied at the time of sale. The properties include the 304-unit Oakwood at 4708 Olive Branch Road in Orlando and the 248-unit Geneva Park at 200 Wrenn Drive in Cary. Avanath Capital will invest roughly $7,000 per unit to upgrade the properties’ exterior paint, wood finishings, kitchen appliances, HVAC and landscaping. In addition to the upgrades, Avanath Capital will rebrand Oakwood as Bella Cortina and Geneva Park as Arbors at Cary. Avanath Capital purchased the portfolio using its Avanath Affordable Housing II LLC fund.
ORLANDO, FLA. — Marcus & Millichap has brokered the $11.2 million sale of the WOW Resort, a 334-room hospitality property in Orlando’s International Drive corridor. The hotel features a seasonally heated outdoor pool, picnic area and a gym/fitness center. Located at 6101 Sand Lake Road, the hotel is located one mile from the Wet ‘n Wild Orlando water park, three miles from the Universal Studios Florida theme park and 10 miles from the Walt Disney World Resort. Ahmed Kabani and J. Dominic Vito of Marcus & Millichap represented the seller, an investment fund based in Boston. Kabani and Vito also procured the buyer, a private investor from the Arabian Peninsula that purchased the hotel in cash.
MIAMI — EDENS has purchased the Whole Foods Market at Met 3, part of the Metropolitan Miami development in downtown Miami, for an undisclosed price. The property currently has 400 residential units under construction on top of the grocery store. EDENS, a shopping center developer, owner and operator based in Columbia, S.C., owns and operates 11 other retail centers in Miami, including Fifth & Alton in South Beach. “Whole Foods has seen record-breaking traffic and sales since it opened, catering to the cosmopolitan Miami spirit,” says Jami Passer, managing director at EDENS. “We are excited to be investing in downtown Miami and be a part of the emerging urban vitality.”