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AHIB Arranges $8.8M Sale of Affordable Senior Living Community in Lyons, Illinois

by Kristin Harlow July 6, 2021

LYONS, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has arranged the $8.8 million sale of Riverwalk in Lyons, about 14 miles southwest of Chicago. Built in 2003, the six-story property includes 120 units. The majority of the units are rented under affordable housing guidelines, while 16 are rented at market rate. The community was developed using funds from the Low-Income Housing Tax Credit program and the Illinois Housing Development Authority. Current affordability restrictions remain in place until 2033. Kyle Shoemaker of AHIB represented the seller, Barron Development LLC, as well as the buyer, New Frontier Cos. The buyer intends to operate the community as affordable housing for the foreseeable future, according to AHIB.

July 6, 2021

Acquisitions Florida Multifamily Southeast

CBRE Brokers $26.1M Sale of Pinebrook Apartment Homes in Jacksonville

by Julia Sanders July 2, 2021

JACKSONVILLE, FLA. — CBRE has brokered the sale of Pinebrook Apartment Homes, a 208-unit multifamily property located in Jacksonville. Bella Property LLC acquired the property for $26.1 million, or $125,481 per unit. Cliff Taylor and Joe Ayers of CBRE represented the seller, an entity doing business as Pinebrook CE Partners LLC, in the transaction. Originally built in 1974, Pinebrook is located at 7500 Powers Ave. and features 13 apartment buildings and one clubhouse. The apartment community is situated 7.7 miles from downtown Jacksonville and 34 miles from St. Augustine. Pinebrook has had improvements completed to the property over the past 18 months, including renovations to the exterior and unit interiors.

July 2, 2021

Acquisitions Colorado Multifamily Western

CIM Group Purchases 710-Unit The Lex at Lowry Multifamily Community in Denver

by Amy Works July 2, 2021

DENVER — CIM Group has purchased The Lex at Lowry, an apartment property located on 26 acres at 240 S. Moncao Parkway in Denver. Terms of the transaction were not released. Originally built in 1972, The Lex at Lowry consists of 24 buildings offering a total of 710 units in a mix of townhome and mid-rise buildings in one-, two- and three-bedroom layouts. Community amenities include 1,204 parking stalls, multiple swimming pools, tennis courts, a yoga and spin studio, racquetball court, indoor basketball court, fitness center and business and conference facilities. The property also features a playground, dog park and ample outdoor seating areas with fire pits. This acquisition brings CIM Group’s Denver-area residential portfolio to more than 1,300 units.

July 2, 2021

Acquisitions Multifamily Texas

Cushman & Wakefield Negotiates Sale of 200-Unit Apartment Community Near San Antonio

by Taylor Williams July 2, 2021

CONVERSE, TEXAS — Cushman & Wakefield has negotiated the sale of The Heights at Converse, a 200-unit apartment community in Converse, a northeastern suburb of San Antonio. Built in 2015, the property offers amenities such as a pool, clubhouse, fitness center, cybercafé, dog park and a playground. John Carr and Ben Fuller of Cushman & Wakefield represented the seller, Acme Development LLC, in the transaction. The duo also procured the buyer, California-based Investors Management Group, which purchased the asset for an undisclosed price with plans to implement a value-add program. David Bleiweiss of Berkadia originated an undisclosed amount of acquisition financing for the deal.

July 2, 2021

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 281,888 SF Distribution Center in Suburban Indianapolis

by Kristin Harlow July 2, 2021

GREENFIELD, IND. — Colliers International has brokered the sale of IFCO 70/Connect Distribution Center, a 281,888-square-foot facility in Greenfield, an eastern suburb of Indianapolis. IFCO, a provider of reusable packaging solutions for fresh foods, fully occupies the newly built property. Located immediately off I-70, the facility features a clear height of 32 feet, 28 docks and ample car and trailer parking. Alex Cantu of the Colliers Indianapolis office, as well as Jeff Devine and Steve Disse of Colliers Chicago, represented the seller, Carmel-based Lauth Group. The buyer and sales price were undisclosed.

July 2, 2021

Acquisitions Florida Office Southeast

Joint Venture Acquires One Clearlake Office Building in Downtown West Palm Beach for $60.7M

by Julia Sanders July 1, 2021

WEST PALM BEACH, FLA. — Tricera Capital, New England Development, NDT Development and Rockpoint Group have acquired One Clearlake, an office building in downtown West Palm Beach. JLL arranged the $60.7 million sale. Velocis, a private equity real estate manager, was the seller. Located on three acres at 250 S. Australian Ave., One Clearlake is 2.3 miles from Palm Beach and 3.4 miles from Palm Beach International Airport. The 18-story property has more than 220,000 square feet of rentable space, with an average floor plate of nearly 13,000 square feet. One Clearlake’s attached 669-space garage provides a parking ratio of three spaces per 1,000 square feet. The building’s amenities include 24-hour security, a new tenant lounge, fitness center and an onsite café. Built in 1986, the office tower recently underwent renovations to the lobby and other building elements. The building is LEED Gold- and Energy Star-certified. The property was 62 percent leased when it was put under contract. Prior to closing, Tricera and its partners successfully executed two new leases at the building. In addition, the new ownership is heading to lease with another large user, which the joint venture expects to finalize soon. The building’s tenant roster includes Intech …

July 1, 2021

Acquisitions Office Washington Western

Newmark Arranges $62M Sale of Office Campus in Bellevue’s 520 Corridor

by Amy Works July 1, 2021

BELLEVUE, WASH. — Newmark has brokered the sale of Corporate Campus East, a multi-tenant office campus located in Bellevue’s 520 Corridor. An liability limited company associated with Kennedy Wilson sold the asset to Lake Washington Partners for $62 million. Kevin Shannon, Rob Hannan, Ken White, Michael Moll and Nick Kucha of Newmark represented the seller in the deal. Located at 3025, 3055 and 3075 112th Ave. NE, the three-building campus offers a total of 136,592 square feet of office space. At the time of sale, the property was 93 percent leased to a variety of tenants with Microsoft as an anchor. The property recently underwent a $3 million capital repositioning, which included lobby remodels, bathroom renovations, exterior paint and the addition of an outdoor patio and seating. Additional property features include premier signage, flexible floorplates, ample parking and regional access.

July 1, 2021

Acquisitions Illinois Midwest Multifamily

Connor Group Sells Glenmuir of Naperville Apartment Property for $103M

by Kristin Harlow July 1, 2021

NAPERVILLE, ILL. — The Connor Group has sold Glenmuir of Naperville, a 321-unit apartment property in suburban Chicago. BH Equities purchased the asset for roughly $103 million, according to Crain’s Chicago Business. The deal marked the second-largest property sale in Connor’s nearly 30-year history, according to the company, which acquired the asset in 2014. Connor, which owns and operates 45 apartment communities across 16 markets, says it intends to continue operating in the Naperville submarket long-term.

July 1, 2021

Acquisitions Arizona Multifamily Western

Cushman & Wakefield Negotiates $74.5M Sale of Centra Apartment Community in Midtown Phoenix

by Amy Works June 30, 2021

PHOENIX — Cushman & Wakefield has arranged the sale of Centra, a multifamily property located at 306. N. Central Ave. in midtown Phoenix. San Diego-based MG Properties acquired the community from Fore Property Co. for $74.5 million. Built in 2020, Centra features 223 apartments in a mix of 93 one-bedroom and 130 two-bedroom units; a swimming pool and spa; cabanas; outdoor grilling stations; a fitness center with a yoga, spin and weight room; a gaming lounge with billiards, arcade games and shuffleboard; and a rooftop social lounge with city views. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.

June 30, 2021

Acquisitions Kansas Midwest Multifamily

CBRE Negotiates $105M Sale of Two Multifamily Properties in Metro Kansas City

by Kristin Harlow June 30, 2021

SHAWNEE AND PRAIRIE VILLAGE, KAN. — CBRE has negotiated the sale of two multifamily properties in metro Kansas City for a combined $105 million. Jeff Stingley, Max Helgeson and Michael Spero of CBRE represented the seller in each transaction. Prairie Pines in Shawnee includes 220 rental townhome units. Hickok-Dible Co. completed the property in 2019. Two- and three-bedroom floor plans average 1,900 square feet. Amenities include a fitness center, pool and outdoor grilling areas. Kansas City-based Nolan Real Estate Services was the buyer. Kenilworth Apartments in Prairie Village includes 246 units. JC Nichols Co. originally completed the property in 1964. Amenities include an indoor and outdoor pool as well as an outdoor kitchen and grilling area. Denver-based Avanti Residential was the buyer.

June 30, 2021

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