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Dasmen Residential Acquires Five Apartment Properties in Orlando, Tampa for $102M

by Julia Sanders March 10, 2021

ORLANDO AND TAMPA, FLA. — New Jersey-based Dasmen Residential has acquired five apartment communities in Orlando and Tampa for a total of $102 million. Dasmen acquired the portfolio from Amzak Capital Management and The Focus Group using $15 million of equity raised from 275 investors on CrowdStreet. The CrowdStreet offering was oversubscribed, and investors on CrowdStreet pledged $22.9 million in offers in less than 18 hours. The transaction also included $33 million of total investor equity, as well as a $76.4 million Freddie Mac loan provided and serviced by Greystone. With 1,011 units total, the five apartment properties are 92 percent occupied. The names and addresses of the Orlando communities include Addington Place Apartments at 4757 Silver Star Road, Oak Hill Apartments at 4500 Silver Star Road and Oakmont Apartments at 3024 Rio Grande Ave. The properties in Tampa include Jasmine Terrace Apartments at 1250 Skipper Road and Laurel Crossings Apartments at 13101 Aarans Pond Drive. Dasmen plans to give the properties upgrades to individual units and common areas. The capital improvements will include rebranding all five communities. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the sellers in the transaction.

March 10, 2021

Acquisitions Industrial Midwest Ohio

JLL Brokers Sale of 583,000 SF Distribution Center in Metro Columbus

by Kristin Harlow March 10, 2021

LEWIS CENTER, OHIO — JLL Capital Markets has brokered the sale of a 583,000-square-foot distribution center in Lewis Center within metro Columbus for an undisclosed price. Located at 8355 Highfield Drive, the property is fully leased to a manufacturer of trucks, buses and construction equipment. Constructed in 1988, the building features a clear height of 24 feet, 32 dock-high doors, four drive-in doors and LED lighting. Coler Yokam, Robin Stolberg, Kurt Sarbaugh and Dan Wendorf of JLL represented the seller, a joint venture between Covington Group and Castlelake. Equity Industrial Partners purchased the asset. Additionally, JLL arranged a 10-year, fixed-rate acquisition loan with an insurance company.

March 10, 2021

Acquisitions Indiana Midwest Retail

Hanley Investment Group Negotiates $11.8M Sale of Two Retail Properties in Fort Wayne

by Kristin Harlow March 10, 2021

FORT WAYNE, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two retail properties in Fort Wayne for $11.8 million. Located at 407 W. Coliseum Blvd., the Shops at 407 spans 14,271 square feet. It was built in 2019 and is home to Mission BBQ, WingStop, CoreLife Eatery, Comcast and 5-Star Nutrition. The second property, named Corner Shoppes, is located at 401-407 E. Coliseum Blvd. Newly renovated and spanning 12,939 square feet, the building is home to Blaze Pizza, Red Wing Shoes, iCYRO, T-Mobile and Stanton Optical. Dylan Mallory and Jeff Lefko of Hanley represented the seller, a private partnership between Jackson Investment Group and McCormack Development. Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer, a Mexico City-based private investor.

March 10, 2021

Acquisitions California Net Lease Retail Western

Faris Lee Investments Brokers $22.6M Sale of Central Plaza Shopping Center in Lake Elsinore, California

by Amy Works March 10, 2021

LAKE ELSINORE, CALIF. — Faris Lee Investments has arranged the $22.6 million sale of Central Plaza Shopping Center in Lake Elsinore, with the $2.8 million sale of ULTA Beauty as the last piece of the break-up strategy for asset. The seller was HFC/PRP Elsinore LLC. The names of the buyers were not released. The Faris Lee team arranged the sale of a total of seven different properties within the center to seven different buyers. The transactions include a single-tenant, net-leased Marshalls; a single-tenant, net-leased Panera Bread with drive-thru; a two-tenant pad occupied by Pieology and Ono Hawaiian BBQ; a single-tenant, net-leased Five Below; a single-tenant, net-leased Sketchers; a single-tenant, net-leased Miguel Jr.’s with drive-thru; and the single-tenant, net-leased ULTA Beauty. Situated on 7.3 acres, Central Plaza is a 66,000-square-foot retail center located at the junction of Interstate 15 and Central Avenue. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in all the transactions.

March 10, 2021

Acquisitions Multifamily Texas

PEM Real Estate Buys 335-Unit Edge & Stone Apartments in San Antonio

by Taylor Williams March 10, 2021

SAN ANTONIO — Arizona-based PEM Real Estate Group has purchased Edge & Stone, a 335-unit, newly built apartment community in north-central San Antonio. The property sits on 22 acres and features studio, one- and two-bedroom units with quartz or granite countertops and private balconies or patios. Amenities include a pool with cabanas, outdoor grilling stations, fitness center and a dog park. Will Balthrope and Drew Garza of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a partnership between Thompson Realty Capital and Trez Capital, in the transaction. The duo also procured PEM Real Estate as the buyer.

March 10, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates $82M Sale of The Royce at Trumbull Apartments in Connecticut

by Taylor Williams March 10, 2021

TRUMBULL, CONN. — CBRE has negotiated the $82 million sale of The Royce at Trumbull, a 340-unit apartment community located in Connecticut’s Fairfield County. The property was built in 1998 and offers amenities such as a pool, fitness center, outdoor grilling areas, an indoor basketball court and an outdoor lounge. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie of CBRE represented the seller, a joint venture between Paredim Partners and LEM Capital, in the transaction. The team also procured the buyer, Connecticut-based Sym Investments, which will implement a value-add program.

March 10, 2021

Acquisitions Multifamily Oregon Western

Mountain Capital Partners, New Earth Equities Buy 99-Unit Harbour Court Apartments in Portland

by Amy Works March 9, 2021

PORTLAND, ORE. — A joint venture between Mountain Capital Partners and New Earth Equities has acquired Harbour Court, a multifamily community in Portland. Harbour Court Owner LLC, an affiliate of the San Diego-based ConAm Group, sold the asset for an undisclosed price. Located at 910 N. Harbour Drive, Harbour Court features 99 apartments and is served by Portland’s MAX light rail service, TriMet bus lines and Interstate 5. Ira Virden, Carrie Kahn and Frank Solozano of JLL Capital Markets represented the seller in the deal.

March 9, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 262-Unit Riley Apartments at CityLine in Metro Dallas

by Taylor Williams March 9, 2021

RICHARDSON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Riley, a 262-unit apartment community located within the CityLine mixed-use development in the northeastern Dallas suburb of Richardson. The property was built in 2018 and offers amenities such as a pool, grilling areas, dog park, fitness center and a Wi-Fi café with a serving bar and TV. Drew Kile, Joey Tumminello, Will Balthrope and Grant Raymond of IPA represented the seller, JLB Partners, and procured the buyer, TTI Capital.

March 9, 2021

Acquisitions Iowa Midwest Multifamily

JLL Brokers Sale of 261-Unit Apartment Community in West Des Moines

by Kristin Harlow March 9, 2021

WEST DES MOINES, IOWA — JLL Capital Markets has brokered the sale of Signature Place in West Des Moines for an undisclosed price. The 261-unit garden-style apartment community, built in 1997, features 12 buildings. Approximately 16 percent of the units have been renovated. Amenities include a pool, clubhouse, fitness center, dog park and business center. David Gaines and Kyle Butler led the JLL team that represented the seller, Artisan Capital Group LLC. The buyer, a West Coast-based equity group, assumed existing Fannie Mae debt.

March 9, 2021

Acquisitions California Office Top Stories Western

Kilroy Realty Agrees to Sell Dropbox-Anchored Office Campus in San Francisco for $1B

by John Nelson March 9, 2021

SAN FRANCISCO — Kilroy Realty Corp. (NYSE: KRC) has agreed to sell The Exchange on Sixteenth, a 750,000-square-foot office campus located at 1800 Owens St. in San Francisco’s Mission Bay neighborhood. The buyer was not disclosed, but the San Francisco Chronicle reported it was KKR, a private equity firm based in New York. The agreed purchase price is a little more than $1 billion, equating to approximately $1,440 per square foot. Kilroy Realty says this is the highest per-square-foot sales price for a “major property” in the history of San Francisco’s commercial real estate market. The Chronicle reports the sale represents the second largest transaction for a single property in the city’s history. “This transaction demonstrates that quality assets in quality locations remain highly attractive to buyers, and in this case generated a record price,” says John Kilroy, chairman and CEO of Kilroy Realty. Software storage giant Dropbox Inc. (NASDAQ: DBX) signed a 15-year lease for its corporate headquarters at the campus in 2017. The San Francisco Business Times reported last summer that the company listed 270,000 square feet of its space at the campus for sublease as the COVID-19 pandemic caused most of its staff to work remotely. Kilroy …

March 9, 2021

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