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Inland Private Capital Divests of Conifer Creek Apartments in Aurora, Colorado for $127M

by Amy Works November 4, 2021

AURORA, COLO. — Inland Private Capital Corp. has completed the disposition of Conifer Creek Apartments, a multifamily community in Aurora. Grand Peaks, which previously owned the property from 2011 to 2013, repurchased the asset for $127 million. Located at 2205 S. Racine Way, Conifer Creek Apartments features 480 apartments in a mix of townhomes and condominium-style units spread across 53 residential buildings with tuck-under garages in every building. The property’s floor plans range from 668 square feet to 1,192 square feet and offer full-size washers/dryers, walk-in closets, individual hot water heaters, fireplaces, and expansive balconies and patios with outside storage. The community was built in 1986. Dave Martin and Brian Mooney of Northmarq’s Denver office represented the seller in the transaction.

November 4, 2021

Campus-at-South-County-Foothill-Ranch-CA

Acquisitions California Office Western

Newmark Arranges $50M Sale of Two-Building Office Campus in Foothill Ranch, California

by Amy Works November 4, 2021

FOOTHILL RANCH, CALIF. — Newmark has arranged the sale of The Campus at South County, a two-building office complex in Foothill Ranch. The asset traded for $50 million, or $238 per square foot, in an off-market transaction. Paul Jones, Brunson Howard, Ken White, Kevin Shannon and Brandon White of Newmark represented the seller, a private commercial real estate investment firm, in the deal. The buyer was an undisclosed high-net-worth individual. Located at 27051 and 27121 Towne Centre Drive, The Campus at South County features 210,083 square feet of office space. The property offers an outdoor courtyard, tenant lounge and conference center. Current tenants include Cox Communications, Ossur and Fujitsu.

November 4, 2021

Acquisitions Multifamily Texas

TruePoint, Electra Capital Buy 436-Unit Apartment Community in Houston

by Taylor Williams November 4, 2021

HOUSTON — Metro Houston-based investment firm TruePoint Capital has acquired The Aubrey, a 436-unit apartment community in Houston’s Westchase neighborhood. Florida-based Electra Capital contributed a $5.2 million equity investment to the deal. The Aubrey offers one-, two- and three-bedroom units that range in size from 700 to 1,300 square feet and feature wood-style flooring, designer color schemes, washer/dryer connections and private patios/balconies. Communal amenities include two pools, a fitness center, a full-service business center, clothing care center, dog park and a playground.

November 4, 2021

Acquisitions Florida Multifamily Southeast

Fifteen, Meritage Group Sell Apartment Complex in Orlando for $107.8M

by Julia Sanders November 4, 2021

ORLANDO, FLA. — A joint venture between affiliates of Miami-based Fifteen Group and San Francisco-based Meritage Group LP has sold Patterson Court Apartments, a 384-unit multifamily property in Orlando, for $107.8 million. West Hollywood, Calif.-based Trion Properties was the buyer, according to the Orlando Business Journal. Brett Moss and Jaret Turkell of Berkadia represented the seller. Patterson Court offers one-, two- and three-bedroom apartments ranging in size from 772 to 1,312 square feet. Community amenities include a pool, fitness center, grill, picnic area, courtyard, sundeck, business center, clubhouse, conference room and car charging station. Located at 8151 Patterson Woods Drive, the property is situated near Interstates 4 and 417 and Orlando International Airport. Built in 2008, Patterson Court has historically been utilized by Walt Disney World Resort as housing for participants in its Disney College Program, which is an internship program operated by The Walt Disney Co. for college students. The new owner plans to renovate the property.

November 4, 2021

Acquisitions Illinois Midwest Retail

Union Investment Real Estate Purchases High-End Retail Property in Chicago

by Kristin Harlow November 4, 2021

CHICAGO — Union Investment Real Estate has purchased 59-65 E. Oak St., a one-block stretch of high-end retail space in Chicago. The purchase price was $120 million, according to Crain’s Chicago Business. The price represents the largest amount paid for any retail asset sold in Chicago since 2016, according to CBRE. Keely Polczynski of CBRE Capital Markets represented both the buyer and the seller, Jenel Real Estate, which acquired two separate parcels in 2016, demolished them and rebuilt a 32,000-square-foot building that now houses high-end retailers Chanel, Van Cleef & Arpels, Moncler and Le Colonial. Based in Germany, Union Investment is an international investment manager specializing in open-ended real estate funds for private and institutional investors.

November 4, 2021

Acquisitions Florida Multifamily Southeast

Berkadia Institutional Solutions Arranges $132.5M Sale of Multifamily Portfolio in West Palm Beach

by Julia Sanders November 3, 2021

WEST PALM BEACH, FLA. — Berkadia Institutional Solutions, a partnership between Berkadia and the apartment brokerage of Moran & Co., has arranged the sale of three multifamily properties in West Palm Beach: Windward at the Villages, The Royal St. George and Village Place. The three properties have a combined 622 units and were sold for a total of $132.5 million. Jaret Turkell, Roberto Pesant, Omar Morales and Jose Mota of Berkadia’s Miami office completed the sale on behalf of the seller, Massachusetts-based Northland Investment Corp. Pennsylvania-based Morgan Properties was the buyer. T.J. Piper of Berkadia’s Philadelphia office secured a bridge loan for the three properties. Located at 1441 Brandywine Road, Windward at the Villages is a 196-unit property that offers one- and two-bedroom floorplans. The units feature private balconies and in-unit washers and dryers. Community amenities include a swimming pool, fitness center, tennis court and a playground. The Royal St. George is a 224-unit property located at 1651 Brandywine Road. The property features one-, two- and three-bedroom floorplans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a swimming pool, fitness center, picnic area and a dog park. Lastly, Village Place is a 202-unit …

November 3, 2021

Acquisitions Multifamily Texas

Castle Lanterra Buys 255-Unit Broadstone McKinney Apartments in Metro Dallas

by Taylor Williams November 3, 2021

MCKINNEY, TEXAS — New York-based investment firm Castle Lanterra Properties has purchased Broadstone McKinney, a 255-unit multifamily community located on the northern outskirts of Dallas. Units at the newly constructed property feature stainless steel appliances, granite countertops, custom cabinetry and full-size washers and dryers. Amenities include a pool, fitness center, business center, outdoor kitchen, dog park and package lockers. Arizona-based developer Alliance Residential sold the property to Castle Lanterra for an undisclosed price.

November 3, 2021

Acquisitions Industrial Midwest Minnesota

MDH Partners Purchases 285,582 SF Industrial Facility in Rogers, Minnesota

by Kristin Harlow November 3, 2021

ROGERS, MINN. — MDH Partners has purchased Rogers Logistics Center for an undisclosed price. The 285,582-square-foot industrial facility is located at 20000 S. Diamond Lake Road in Rogers, a northwest suburb of Minneapolis. Constructed in 2004, Rogers Logistics Center features a clear height of 32 feet, 33 exterior docks and 215 car parking spaces. Developed as a build-to-suit for Archway Marketing Services Inc., the property has been fully occupied since completion. Archway’s current lease runs through January 2026. Judd Welliver and Bentley Smith of CBRE represented the undisclosed seller. The acquisition marks the first purchase in Minnesota for Atlanta-based MDH. Houston Hawley of MDH led the acquisition on behalf of the firm.

November 3, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Negotiates $41.6M Sale of Westover Parc Apartments in Phoenix

by Amy Works November 3, 2021

PHOENIX — ABI Multifamily has arranged the sale of Westover Parc Apartments, a multifamily property located at 6515 W. McDowell Road in Phoenix. The asset traded for $41.6 million, or $260,156 per unit. The names of the buyer and seller were not released. Built in 2002 on 16.1 acres, Westover Parc Apartments features 160 units in a mix of one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath floor plans. Apartments feature patios/balconies, ceiling fans, walk-in closets and full-size washers/dryers. Community amenities include a leasing office, swimming pool, fitness center, barbecue grills, picnic areas, a dog park, two gazebo areas, gated/controlled access, open/covered parking and garages. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the Massachusetts-based buyer and the California-based seller in the deal.

November 3, 2021

Acquisitions Multifamily Texas

LYND Living Buys Legends Lakeline Apartments in North Austin for $46.6M

by Taylor Williams November 2, 2021

AUSTIN, TEXAS — San Antonio-based investment firm LYND Living has purchased Legends Lakeline, a 222-unit apartment community located in North Austin, for $46.6 million. Built in 2008, the property features one-, two- and three-bedroom units ranging in size from 675 to 1,717 square feet. Amenities include a pool, fitness center, grilling stations, resident clubhouse, business center and a dog run. The new ownership will invest about $4 million in capital improvements to the unit interiors, building exteriors and amenity spaces. The seller was not disclosed. Marc Suarez of Lument provided a $41.2 million acquisition loan for the deal.

November 2, 2021

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