COLUMBIA, S.C. — In a joint venture partnership, Arch Cos. and Drake Real Estate Partners have acquired a four-property portfolio of garden-style multifamily properties in Columbia totaling 672 units. Walker & Dunlop financed the acquisition. The sale and loan amount were not disclosed. The portfolio includes the 240-unit Austin Woods apartment located at 7648 Garners Ferry Road; the 200-unit Harbour Landing at 7625 Garners Ferry Road; the 120-unit Mallard Pointe located at 1101 Hallbrook Drive; and the 112-unit Ravenwood Hills located at 4215 Bethel Church Road. Arch Cos. plans to implement a capital improvements program to address deferred maintenance and deliver substantial interior upgrades. Arch’s in-house management team will operate the properties. Marcus & Millichap worked with both the buyers and sellers on the portfolio transaction.
SPOKANE, WASH., AND TUALATIN, ORE. — Next Wave Investors has expanded its Pacific Northwest multifamily portfolio and entered the Oregon market with the purchase of two apartment communities in Washington and Oregon. The firm acquired Serrano North and South in Spokane for $34.4 million, and River Lofts in Tualatin for $14.2 million. Located at 121 E. Wedgewood Ave. in Spokane, Serrano North and South features 300 apartments in a mix of studio, one-, two- and three-bedroom units with fully equipped kitchens, large closets, private balconies and patios. Community amenities include a swimming pool with sundeck, laundry facilities, clubhouse, detached garages and carports. Next Wave plans to reposition Serrano North and South by renovating all units and improving the community amenities. River Lofts, at 18540 SW Boones Ferry Road in Tualatin, offers 74 apartments in a mix of one-, two- and three-bedroom layouts, averaging 976 square feet. The seller renovated eight units, and Next Wave plans to upgrade the remaining 66 units.
WILMINGTON, ILL. — Transwestern Investment Group (TIG) has sold the Michelin Super Regional Distribution Center in Wilmington, about 60 miles southwest of downtown Chicago. The sales price was undisclosed. A build-to-suit for Michelin, the 2 million-square-foot property is situated within Elion Logistics Park 55. The 2,500-acre rail-served industrial park features access to 30 percent of the U.S. population with a one-day drive, according to TIG. Michelin continues to occupy a long-term lease at the property. Nick Murphy and Josh McArtor of Eastdil Secured represented TIG in the sale. Silver Creek was the buyer.
HACKENSACK, N.J. — JLL has negotiated the $114.4 million sale of Prospect Place Apartments, a 360-unit multifamily community located outside Manhattan in Hackensack. The property offers one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include two fitness centers, a pool, game room, resident lounge and a business center. Jose Cruz, Steve Simonelli, Kevin O’Hearn, Michael Oliver, J.B. Bruno and Michael Kavanagh of JLL represented the seller, Kushner Cos., in the transaction. The buyer was a partnership between Khosla Capital LLC and DKJ Equity LLC.
SARASOTA, FLA. — Virginia-based Snell Properties has purchased Arcos, an apartment community covering an entire city block in downtown Sarasota bounded by Central Avenue, Fourth Street and Lemon Avenue. Snell was the partnership lead in pursuit and closing of the acquisition, and will lead management of the asset, on behalf of the new ownership group. Built in 2019, Arcos is a 228-unit community located at 320 Central Ave. that offers studio, one-, two- and three-bedroom floorplans with keyless entry access, walk-in closets, in-unit washer/dryers and kitchens with quartz countertops, tiled backsplashes and stainless steel GE appliances, including French door refrigerators with indoor ice and water dispensers. The apartment homes feature large windows, recessed lighting and city and courtyard view options. Community amenities include a resort-style heated pool with sun deck; an outdoor pavilion with a fireplace, entertainment center, outdoor kitchen and a bar with grills, ice-mines and seating; a courtyard with water features and tropical landscaping; onsite spa with massage rooms and saunas; parking garage; fitness center; fenced dog park; coworking space; and a Starbucks coffee station. Brian Moulder and Chris Chadbourne of Walker & Dunlop represented the undisclosed seller in the transaction. Tim Weldon and Brian Kochan of Newmark …
NEW YORK CITY — New York City-based investment firm Manhattan Five Partners has acquired a portfolio of six multifamily properties totaling 2,167 units in the Dallas-Fort Worth metroplex. The properties were all built between 1970 and 1985 and include The Hangar, a 268-unit asset in Cedar Hill; Annex, a 267-unit complex in Mesquite; Forty200, a 512-unit community in Mesquite; Residence on Lamar, a 482-unit property in Arlington; Amp at the Grid, a 446-unit community in Arlington; and Current at the Grid, a 192-unit complex in Arlington. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, Dallas-based S2 Capital Partners, in the transaction.
MEXICO, MO. — Stan Johnson Co. has brokered the sale of a single-tenant warehouse and distribution center leased to The Home Depot in Mexico, about 40 miles northeast of Columbia. The sales price was undisclosed. The 310,000-square-foot property is located at 5701 U.S. Highway 54 East. It was originally constructed in 1985 and underwent renovations in 1995 and 2020. The warehouse is adjacent to another Home Depot facility that shares a joint inventory system. Jonathan Ameen and Brad Pepin of Stan Johnson represented the seller, a Midwest-based developer. A private investor from New York was the buyer.
NORTHAMPTON, PA. — Metro Chicago-based investment firm CenterPoint Properties has acquired a 1 million-square-foot industrial complex located in the Lehigh Valley city of Northampton for $201.5 million. Built in 2020, the property sits on 70 acres at 951 Willowbrook Road and features a clear height of 40 feet, 149 dock doors, 166 trailer parking stalls, 759 car parking spaces and an ESFR sprinkler system. The acquisition marks CenterPoint’s first in the Lehigh Valley. John Plower, Ryan Cottone, John Huguenard, Paul Torosian, Rob Kossar and Jeff Lockard of JLL represented the seller, a joint venture between Rockefeller Group and Los Angeles-based PCCP LLC, in the transaction.
KISSIMMEE, FLA. — New York-based O’Connor Capital Partners has sold the Tupperware Brands corporate headquarters campus in Kissimmee Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the $43 million sale of the 43-acre property. The buyer was Spirit Realty. The campus is 100 percent triple-net leased to Tupperware Brands, as it relocated its headquarters to the area in 1951. In 2020, Tupperware Brands executed a new 11-year lease with options enabling them to remain on the campus for up to 25 years. The eight-building campus is located on Orange Blossom Trail, just west of the Florida Turnpike and 10 miles south of Orlando International Airport. Douglas Mandel and Barry Wolfe of IPA represented O’Connor Capital Partners in the sale. The duo also procured the buyer, an unnamed investor based in Dallas. O’Connor is currently developing a mixed-use project on the land surrounding the Tupperware campus that will include residential, medical office and retail space.
SAN ANTONIO — California-based Investors Management Group (IMG) has purchased Encore281 Apartments, a 228-unit multifamily property in north San Antonio, for $33 million. The property features one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, clubhouse with a coffee bar, picnic area and a dog park. Sean Sorrell, Greg Toro and Robert Arzola of JLL brokered the deal, the seller of which was not disclosed. Charlie Mentzer of Capital One Multifamily Finance originated Freddie Mac acquisition financing for IMG, which plans to invest $1.2 million in capital improvements.