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Berkadia Arranges $95M Sale of Multifamily Portfolio in Lawrence, Massachusetts

by Taylor Williams March 23, 2021

LAWRENCE, MASS. — Berkadia has arranged the $95 million sale of the Merrimack Valley Portfolio, a duo of multifamily buildings totaling 372 units in Lawrence, located north of Boston. The portfolio consists of Mill 240, a 217-unit complex that was renovated in 2019; and Washington Mills, a 155-unit property that was renovated in 2007. Both properties include amenities such as dog parks, fitness centers, yoga studios, business centers and outdoor theaters complete with fire pits and bocce ball courts. Jennifer Athas and Matt Olson of Berkadia represented the seller, an entity comprised of two locally based limited partnerships, in the transaction. The buyer was Boston-based Berkeley Investments Inc.

March 23, 2021

Acquisitions Arizona Industrial Western

BKM Capital Sells Koll Cotton Center in Phoenix to TerraCap Management for $30.9M

by Amy Works March 22, 2021

PHOENIX — BKM Capital Partners has completed the sale of Koll Cotton Center, a seven-building light industrial park in Phoenix. Naples, Fla.-based TerraCap Management acquired the asset for $30.9 million. Situated on 17.8 acres at 4050 E. Cotton Center Blvd., Koll Cotton Center offers 225,403 square feet of light industrial space within Cotton Center Business Park, a 286-acre mixed-use development. Built in 2000, the property has undergone a multimillion-dollar improvement and enhancement plan that includes speculative suite buildouts, new signage and interior and exterior improvements. At the time of sale, the property was 93 percent leased to 20 tenants. Buildings feature 16- to 18-foot clear heights, ample parking and office finishes. Mark Detmer, Ryan Sitov, Steve Sayre, Mark Gustin and Dave Seeger of JLL Capital Markets represented the seller in the transaction. Additionally, Kevin MacKenzie and Jason Carlos of JLL Capital Markets Debt Placement arranged a $23.2 million, five-year, floating-rate acquisition through an unnamed life insurance company on behalf of TerraCap.

March 22, 2021

1000-Southgate-Pkwy.-Morristown-New-Jersey

Acquisitions New Jersey Northeast Office

Birch Group Acquires Office Portfolio in Morristown, New Jersey, for $77M

by Taylor Williams March 22, 2021

MORRISTOWN, N.J. — The Birch Group, a New York-based investment firm, has acquired a portfolio of three office buildings totaling 411,737 square feet in the Northern New Jersey city of Morristown. The sales price was $77 million. The buildings are located at 60 Columbia Drive, 100 Southgate Pkwy. and 1200 Mount Kemble Ave. and were collectively 98 percent leased at the time of sale. Cushman & Wakefield represented the seller, Lincoln Equities Group, in the transaction.

March 22, 2021

Acquisitions California Office Western

Harbor Associates, Singerman Acquire 297,277 SF Summit IV Office Campus in Aliso Viejo, California

by Amy Works March 19, 2021

ALISO VIEJO, CALIF. — Harbor Associates, in partnership with Singerman Real Estate, has purchased Summit IV, an office campus in Aliso Viejo. The seller and terms of the off-market transaction were not released. Harbor plans to renovate the 297,277-square-foot property, which was 80 percent leased at the time of sale. Planned renovations include improving workplace wellness and the addition of onsite lifestyle amenities throughout the outdoor courtyard, as well as a new lobby, move-in ready suites and updates to the restrooms and corridors.

March 19, 2021

Acquisitions Maryland Multifamily Southeast

Excelsa Properties Acquires Multifamily Community in Camp Springs, Maryland for $64M

by Julia Sanders March 19, 2021

CAMP SPRINGS, MD. — Excelsa Properties has acquired Tribeca at Camp Springs, a multifamily property located at 4701 Old Soper Road in Camp Springs, for $64 million. This is the seventh multifamily property acquisition for the Excelsa US Real Estate I LP investment vehicle. The seller was not disclosed. Tribeca features 224 apartments and over 18,000 square feet of retail space. Completed in 2006, Tribeca’s units feature nine-foot ceilings, poured concrete construction and structured parking. The property is located adjacent to the Branch Avenue Metro station. Excelsa and its undisclosed joint venture partner intends to invest more than $2 million in property upgrades at Tribeca, including improvements to unit interiors, common areas and amenities.

March 19, 2021

Acquisitions Georgia Multifamily Single-Family Rental Southeast

J.P. Morgan Purchases New Single-Family Rental Community in Athens, Georgia for $50.8M

by Julia Sanders March 19, 2021

ATHENS, GA. — New York-based J.P. Morgan has purchased The Cottages at Ridge Pointe, a single-family rental community in Athens, for $50.8 million. The seller is Vinings, Ga.-based Jim Chapman Communities, which delivered the 216-unit community property in 2020. Located at 805 Zelkova Ridge, the property comprises single-story rental ranch cottages. Each rental unit includes private patios and front-porch entryways, kitchens with granite countertops and subway tile backsplashes, designer lighting, stainless steel appliances, wide doorways, a zero-step entry into the home, walk-in closets and attached, single-car garages. Community amenities include a resort-style pool, a 4,000-square-foot clubhouse with fitness center, catering kitchen and leasing and management offices. The community also offers onsite management by Atlanta-based RangeWater Real Estate, which includes 24-hour emergency maintenance service.

March 19, 2021

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $3.7M Sale of Apartment Building in Chicago

by Kristin Harlow March 19, 2021

CHICAGO — Kiser Group has arranged the sale of a 46-unit apartment building in Chicago’s South Humboldt Park neighborhood for $3.7 million. Located at 3432-40 W. Franklin Blvd., the property was built in 1927 and fully renovated in the mid-2000s. Monthly rents range from $624 to $1,375. Jack Petrando, Danny Logarakis and Rick Ofman of Kiser represented the buyer, RMRE Holdings LLC, and the undisclosed seller. The buyer plans to complete cosmetic upgrades to some of the units.

March 19, 2021

Acquisitions Multifamily New Jersey Northeast Seniors Housing

AMS Acquisitions Sells Seniors Housing Property in Sayreville, New Jersey, for $28M

by Taylor Williams March 19, 2021

SAYREVILLE, N.J. — New York City-based investment firm AMS Acquisitions has sold Gillette Towers, a two-building, 136-unit seniors housing facility in the Northern New Jersey community of Sayreville. In 2019, AMS purchased the property, which then consisted of a single 80-unit building, for $13 million. The company then developed a 56-unit building that is nearing completion, while the original building is now fully leased. The buyer was a partnership between A&RW Properties LLC and its affiliates JYW Holdings LLC and Nadlan Capital Inc.

March 19, 2021

Acquisitions Alabama Multifamily Southeast

Berkadia Brokers $100.8M Sale of The Park at Hoover Apartment Community in Metro Birmingham

by Julia Sanders March 18, 2021

HOOVER, ALA. — Berkadia has brokered the $100.8 million sale of The Park at Hoover, a 1,060-unit, garden-style apartment community in suburban Birmingham. The Class B complex is the largest apartment community in Alabama, according to Berkadia. The buyer, Miami-based Westside Capital Group, split the acquisition into two separate transactions and financed each with floating-rate debt. David Oakley, David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia’s Birmingham office arranged the sale on behalf of the undisclosed seller. Charles Foschini and Chris Apone of Berkadia’s Miami office arranged two 10-year Freddie Mac loans on behalf of Westside Capital totaling $75.6 million. The 920-unit Phase I of The Park is located in Hoover and was built in 1988, while the newer 140-unit Phase II was built in 1996 and is located in unincorporated Jefferson County. Community amenities include four swimming pools, a large fitness center, four tennis courts, sports court, dog park, playground and a 6,685-square-foot clubhouse. Westside Capital plans to renovate the apartment community to improve its walkability and rebrand the complex into three separate properties. The buyer also plans to explore potential development opportunities on the 101-acre site. Westside Capital’s property management arm WS Living will operate the property …

March 18, 2021

Lantower-Southwest-Building-Wichita-Falls

Acquisitions Office Texas

Marcus & Millichap Brokers Sale of 124,356 SF Office Building in Wichita Falls, Texas

by Taylor Williams March 18, 2021

WICHITA FALLS, TEXAS — Marcus & Millichap has brokered the sale of the Lantower Southwest Building, a 124,356-square-foot office property in Wichita Falls, located roughly midway between Dallas and Amarillo. The building is situated on 3.5 acres and was 81 percent leased at the time of sale to tenants such as Merrill Lynch, J.P. Morgan Chase, Wichita Home Health and Jacksboro National Bank. Joseph Jacques of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a limited liability company. Both parties requested anonymity.

March 18, 2021

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