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One Real Estate Acquires 222-Unit Lotus Village Apartments in North Austin

by Taylor Williams July 9, 2021

AUSTIN, TEXAS — An affiliate of Miami-based One Real Estate Investment has acquired Lotus Village, a 222-unit apartment community in North Austin. Built in 2012, the property offers one-, two- and three-bedroom units with hardwood floors, individual washers and dryers and private balconies/patios. Communal amenities include a fitness center, clubhouse, business center, picnic area and a pet play area. Brad Williamson of Berkadia arranged acquisition financing through LoanCore on behalf of the buyer. The seller was undisclosed.

July 9, 2021

Acquisitions California Multifamily Western

Harbor International Group Buys Olive Ridge Resort Apartments in Pomona, California for $46.8M

by Amy Works July 9, 2021

POMONA, CALIF. — Harbor International Group (HGI) has purchased The Olive Ridge Resort, a multifamily property in Pomona, for $46.8 million. Located at 2261 Valley Blvd., the 11-building community features 220 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a fitness center; tennis and volleyball court; swimming pool and spa; business center; barbecue grilling stations; a junior soccer field; and on-site laundry facilities. Shane Shafer and Quinn Breslin of NorthMarq’s Newport Beach office handled the transaction.

July 9, 2021

Acquisitions Florida Industrial Southeast

Colliers Brokers $19M Sale of Park Center Industrial Complex in Orlando

by Julia Sanders July 8, 2021

ORLANDO, FLA. — Colliers International has brokered the sale of Park Center, a 200,400-square-foot industrial complex in Orlando. The Geneva Group, a real estate investment and property services firm based in Deerfield Beach, Fla., has purchased the property for $19 million. A private investor group doing business as Park Center Properties LLC was the seller. Park Center, which was fully leased at the time of sale, is located west of North John Young Parkway and north of Lake Breeze Drive, in Orlando’s Northwest Orange submarket. The transaction included eight parcels with a total of 16.7 acres. In addition to one vacant lot, the property includes six single-story small bay warehouses and one dock-high warehouse and assembly building. Geneva Group has begun on renovations of Park Center, including new paint and roofs, enhanced lighting, a parking lot overlay and new signage. Park Center was leased to 44 tenants at the time of the sale to predominantly local and regional businesses. Joe Rossi and Nick Hanson of Colliers brokered the transaction. With the acquisition of Park Center, Geneva Group now owns 631,352 square feet of industrial space in Central Florida.

July 8, 2021

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Acquisitions New Jersey Northeast Retail

Mack-Cali Sells Grocery-Anchored Shopping Center in Hanover, New Jersey, for $46M

by Taylor Williams July 8, 2021

HANOVER, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold Wegmans Retail Center, a 133,276-square-foot grocery-anchored retail center located about 30 miles west of New York City in Hanover. The sales price was $46 million. The property was built in phases between 2017 and 2020 and was fully leased to regional grocer Wegmans and Panera Bread at the time of sale. The sale also included two newly developed restaurant buildings that are leased to Capital Grille and Seasons 52. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli, J.B. Bruno and Nicholas Stefans of JLL represented Mack-Cali in the transaction. The buyer was not disclosed.

July 8, 2021

Acquisitions Arizona Multifamily Western

Tide Equities Acquires Palm Valley Multifamily Property in Goodyear, Arizona for $71.8M

by Amy Works July 8, 2021

GOODYEAR, ARIZ. — Tide Equities has purchased Palm Valley, a multifamily property in Goodyear. Avanti Residential sold the asset for $71.8 million. Tide Equities has renamed the community Tides at Palm Valley. Built in 1997, the property features 264 apartments; two resort-style swimming pool and spa areas with covered cabanas; a fitness center; basketball court; resident clubhouse; business center; children’s playground; barbecue and picnic areas; and package lockers. Updated units offer quartz countertops, new wood-style vinyl plank flooring and carpet, interior paint, new white cabinet doors and hardware, stainless steel appliances, kitchen backsplash, new lighting fixtures and new plumbing fixtures. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.

July 8, 2021

Acquisitions Maryland Multifamily Southeast

StoneBridge Acquires Gramercy at Town Center Apartments in Columbia, Maryland for $67M

by Julia Sanders July 7, 2021

COLUMBIA, MD. — StoneBridge Investments has acquired Gramercy at Town Center, a 210-unit apartment community in Columbia, for $67 million. Martha Hastings and Bill Roohan of CBRE represented the sellers, Prudential Global Investment Management and Bozzuto, in the transaction. Maxi Leachman and David Webb, also with CBRE, arranged financing on behalf of StoneBridge. The financing was a Freddie Mac loan of about $43 million. Built in 1998 at 10601 Gramercy Place, Gramercy at Town Center features a mix of one-, two- and three-bedroom apartments. StoneBridge plans to make improvements to the clubhouse and pool, building exteriors and interior unit upgrades such as faux wood flooring, updated finishes and technology packages. Each unit has a private balcony or patio, individual side-by-side washer and dryer and a walk-in closet, and some of the units also offer gas fireplaces and built-in computer niches. The kitchens feature stainless steel appliances, granite countertops, hardwood flooring and breakfast bars. Community amenities include a swimming pool with sundeck, 24-hour fitness center, a business center, guest suite and private garages.

July 7, 2021

Acquisitions Industrial Kansas Midwest

Newmark Zimmer Brokers Sale of 1.1 MSF Distribution Center in Gardner, Kansas

by Kristin Harlow July 7, 2021

GARDNER, KAN. — Newmark Zimmer has brokered the sale of a 1.1 million-square-foot distribution center in Gardner, about 30 miles southwest of Kansas City. The sales price was undisclosed. Located at 17150 Mercury St., the 72-acre property is one of the largest distribution facilities in metro Kansas City, according to Newmark Zimmer. It is fully leased to outdoor recreation company Coleman Co. Inc., which has occupied the facility since 2009. Mark Long, John Hassler and Jim Linn of Newmark Zimmer brokered the transaction, further details of which were undisclosed.

July 7, 2021

Acquisitions California Data Centers Industrial Western

CBRE Global Investors Acquires 395,673 SF Logistics Property in Irvine, California

by Amy Works July 7, 2021

IRVINE, CALIF. — A fund sponsored by CBRE Global Investors has purchased Irvine Crossing, a mixed-use logistics property in Irvine. Terms of the transaction were not released. The 395,673-square-foot property features a 193,173-square-foot data center with 10 megawatts of critical power located at 17836 Gillette Ave. and a 202,500-square-foot logistics warehouse located at 17871 Von Karman Ave. One of the largest data center operators in the world occupies the data center, while a large e-commerce company occupies the logistics warehouse.

July 7, 2021

Acquisitions Multifamily Texas

LYND Acquires Two Apartment Communities in Metro Houston for $84M

by Taylor Williams July 6, 2021

KINGWOOD AND PORTER, TEXAS — LYND, a San Antonio-based multifamily developer and operator, has acquired two apartment communities totaling 684 units in the Houston area for $84 million, or roughly $123,000 per unit. The two properties — the 372-unit Paramount at Kingwood and the 312-unit Villas of Valley Ranch — are located in Houston’s northeastern suburbs of Kingwood and Porter, respectively. Paramount at Kingwood features one-, two- and three-bedroom units and a clubhouse, pool and fitness center. Villas of Valley Ranch offers one- and two-bedroom units and a pool, dog park and walking trails. LYND assumed management of the properties in September 2020 and oversaw a value-add program. The seller was Sy Li, a private investor based in Texas.

July 6, 2021

Acquisitions Multifamily Nevada Western

Bascom Group Acquires 390-Unit Multifamily Portfolio in Las Vegas

by Amy Works July 6, 2021

LAS VEGAS — The Bascom Group has purchased a three-property apartment portfolio located in Las Vegas for $72 million, or $184,806 per unit. Totaling 390 units, the portfolio includes Spectra at 4000, Spectra East and Spectrum at Katie. Bridge Investment Group provided debt financing, which Charles Halladay, Jamie Kline and Annie Rice of JLL Capital Markets arranged. Bascom selected Cushman & Wakefield for property management services and Renu Multifamily Services for construction management. Spectra at 4000 and Spectra East are located in eastern Las Vegas Valley, and Spectrum at Katie is located near University of Nevada – Las Vegas and the Las Vegas Strip. The name of the seller was not released.

July 6, 2021

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