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Decron Properties Enters Arizona Market, Buys Multifamily Property in Tempe for $96.1M

by Amy Works May 12, 2021

TEMPE, ARIZ. — Decron Properties has entered the Arizona market with the purchase of Broadstone Rio Salado, an apartment community in Tempe, for $96.1 million. The name of the seller was not released. Completed in 2020, Broadstone Rio Salado features 278 apartments in a mix of studio, one- and two-bedroom floor plans with gourmet kitchens, quartz countertops, stainless steel appliances, wood-style flooring and in-unit washers/dryers. Community amenities include a resort-style pool and spa; poolside cabanas; clubhouse with demonstration kitchen and coffee bar; two-level fitness center with virtual training; outdoor entertainment lounge; on-site bike storage; package lockers for resident deliveries; and a dog park.

May 12, 2021

Acquisitions Multifamily Oregon Western

Wolff Co. Acquires 158-Unit Northpointe Multifamily Community in Portland

by Amy Works May 11, 2021

PORTLAND, ORE. — An affiliate of The Wolff Co. has purchased Northpointe, an apartment property located at 1314 N. Skidmore St. in Portland. A partnership between Fore Property Co. and Principal Real Estate Investors sold the asset for an undisclosed price. Completed in 2019, Northpointe features 106,568 square feet of residential space and 3,748 square feet of commercial space. The 158-unit property offers a mix of studio, one- and two-bedroom floor plans with quartz countertops, in-home washers/dryers, stainless steel appliances, solar shades, luxury vinyl plank flooring, private balconies or patios, and walk-in closets in select units. Community amenities include a 24-hour fitness center, conference room, rooftop deck with mountain views and an outdoor entertainment area with firepits and a social lounge. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

May 11, 2021

Acquisitions Florida Office Southeast

KBS Sells Office Campus in South Florida to Banyan Street Capital for $52.3M

by Julia Sanders May 11, 2021

WESTON, FLA. — KBS has sold a two-building, 149,103-square-foot office campus in Weston, a suburb of Fort Lauderdale in Broward County. The Class A property, Weston Corporate Center, was sold to an affiliate of Banyan Street Capital for $52.3 million. Christian Lee and José Lobón of CBRE represented KBS in the sale transaction. KBS acquired Weston Corporate Center in 2015 and implemented upgrades to the center, including updated atrium lobbies with new furniture and a coffee bar, as well as a full renovation of all the multi-tenant restrooms in both buildings. In addition, the KBS previously implemented significant structural enhancements, including a new roof section on Weston Corporate Center I, substantial HVAC and LED lighting upgrades, a resealed and restriped parking lot and an updated exterior sitting area. Weston Corporate Center is located at 2500 Weston Road and 2700 S. Commerce Parkway, and is located close to Interstates 75, 595 and 95 and the Florida Turnpike. Built in 1997 and 1998, Weston Corporate Center comprises two four-story buildings that were a combined 94 percent leased at the time of sale.

May 11, 2021

Acquisitions Affordable Housing Midwest Multifamily Ohio Seniors Housing

Evergreen Real Estate Group Acquires Affordable Seniors Housing Community in Cleveland, Plans $18M Renovation

by Kristin Harlow May 11, 2021

CLEVELAND — Evergreen Real Estate Group has acquired Carter Manor Apartments in downtown Cleveland. Evergreen plans to update the 270-unit historic community through an $18 million capital improvement program. Located at 1012 E. Prospect Ave., the 11-story property comprises a mix of studio, one- and two-bedroom units, all of which will be preserved as affordable housing for seniors and disabled individuals. Designed by architect Max Dunning, the building originally opened in 1917 as the 600-room Hotel Winton. The property was redeveloped into apartments in 1971. It also features three commercial tenants, Domino’s, Liberty Labor and Guardian Title & Guaranty Agency. Evergreen Construction Co., an affiliate of Evergreen Real Estate Group, will serve as general contractor on the renovation work. Construction is scheduled to begin in June. Both residential and commercial tenants will remain in place during the renovations. All apartments will receive upgraded kitchens, bathrooms and flooring. Additionally, 14 units will receive accessibility upgrades. Evergreen also plans to modernize three elevators, repair the building façade and parking garage, replace the roof and update major mechanical systems. The common areas will receive a community kitchen and new paint and flooring. Completion is slated for December 2022. The acquisition and renovation was …

May 11, 2021

Acquisitions Illinois Industrial Midwest

MAG Capital Partners Acquires 645,000 SF Industrial Property in Northwest Illinois

by Kristin Harlow May 10, 2021

ROCK FALLS, ILL. — MAG Capital Partners LLC has acquired a 645,000-square-foot industrial property in the Northwest Illinois community of Rock Falls for an undisclosed price. Cimco Recycling LLC leases the property, which is known as the I-88 Distribution Center. Cimco has occupied the facility since 2018. It previously served as the home of a Stanley Black & Decker plant. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Kent Williams, Matt Taylor and Steven Weinstock of Marcus & Millichap represented the undisclosed seller. Fort Worth, Texas-based MAG Capital Partners is led by principals Dax T.S. Mitchell and Andrew Gi.

May 10, 2021

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $77M Sale of Lakeshore Club Apartment Community in Tampa

by Julia Sanders May 10, 2021

TAMPA, FLA. — Cushman & Wakefield has brokered the $77 million sale of Lakeshore Club, a 638-unit apartment community located at 6900 Concord Drive in Tampa. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Neil Sazant of Harbour Realty Advisors Inc., in the transaction. The buyer, an entity doing business as Lakeshore Multifamily Partners LLC, purchased the asset for $120,689 per unit. Lakeshore Club historically averages 99 percent occupancy. The property sits on nearly 66 acres on Egypt Lake. Community amenities include two swimming pools, two tennis courts, a lakefront sand volleyball court, recreation deck, playground and fitness center. After capital improvements, the buyer expects rental rates at Lakeshore Club to increase by over $325 per unit on average.

May 10, 2021

Acquisitions Arizona Multifamily Western

Olympus Property Sells Cactus Forty-2 Apartments Near Phoenix for $56M

by Amy Works May 10, 2021

PARADISE VALLEY, ARIZ. — Fort Worth, Texas-based Olympus Property has completed the sale of Cactus Forty-2, a multifamily property located in Paradise Valley, a northeast suburb of Phoenix. Los Angeles-based Ezralow Co. acquired the community for $56 million. David Folger and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction. Located at 4242 E. Cactus Road, Cactus Forty-2 offers 200 apartments in a mix of studio, one- and two-bedroom units featuring nine-foot ceilings, hardwood-inspired flooring, stainless steel kitchen appliances, granite countertops, marble bath vanities, large soaking tubs, in-unit washers/dryers and private patios or balconies on some units. On-site amenities include a pool and spa, outdoor kitchen, fireplace and gathering place, fitness center, clubhouse, pet park, covered parking and gated access.

May 10, 2021

Acquisitions Alabama Retail Southeast

JLL Brokers Sale of 248,988 SF Shopping Center in Metro Birmingham

by Julia Sanders May 7, 2021

TRUSSVILLE, ALA. — JLL Capital Markets has brokered the sale of Pinnacle at Tutwiler Farm, a 248,988-square-foot regional shopping center in Trussville, a suburb of Birmingham. Brad Buchanan, Jim Hamilton, Will Sledge, Tom Hall and Taylor Callaway of JLL marketed the property in coordination with online auction platform Ten-X on behalf of the sellers, Credit Suisse First Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through Certificates and Series 2007-C1. The undisclosed buyer was a private investor based out of Texas. The sales price was not disclosed. The Pinnacle at Tutwiler Farm is located at 5006 Pinnacle Square. The center was 75 percent leased at the time of sale and features a mix of national and regional tenants, including anchors Best Buy and At Home.

May 7, 2021

Acquisitions Industrial Texas

Equus Capital Partners Buys 757,325 SF Industrial Park in Houston

by Taylor Williams May 7, 2021

HOUSTON — Philadelphia-based Equus Capital Partners has purchased a 757,325-square-foot industrial park located near the junction of Interstate 45 and Beltway 8 in Houston. The development consists of three rear-load buildings and two cross-dock buildings that were constructed between 2008 and 2014. The buildings were 62 percent leased to 11 tenants at the time of sale. Equus plans to implement a capital improvement program and to rebrand the properties as Park 845 Crossing. Rusty Tamlyn, Trent Agnew, Charlie Strauss, Katherine Miller and Jack Moody of JLL represented the seller, a joint venture between IDI Logistics and Heitman, in the transaction. John Ream, Michael Johnson and Stuart Hepler of JLL arranged $55 million in floating-rate acquisition financing on behalf of the buyer.

May 7, 2021

Acquisitions Industrial Self-Storage Texas

HPI Real Estate Acquires 745-Unit Self-Storage Facility in Metro Houston

by Taylor Williams May 7, 2021

RICHMOND, TEXAS — Texas-based HPI Real Estate has acquired a 745-unit self-storage facility at 10535 Mason Road in Richmond, a southwestern suburb of Houston. Extra Space Storage manages and operates the facility, which spans 93,630 net rentable square feet and was more then 95 percent occupied at the time of sale. The seller and sales price were not disclosed. HPI acquired the asset in conjunction with another Extra Space Storage facility in Naples, Fla.

May 7, 2021

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