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Silver Point, Origin Investments Acquire 462-Unit Ashley Oaks Apartments in San Antonio

by Taylor Williams December 3, 2020

SAN ANTONIO — New Jersey-based Silver Point Group and its Chicago-based preferred equity partner Origin Investments have acquired Ashley Oaks Apartment Homes, a 462-unit multifamily community in San Antonio. Built in phases between 1985 and 1995, the property is located approximately 15 miles from the downtown district and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling areas. The seller was LivCore, a subsidiary of Blackstone Group.

December 3, 2020

Acquisitions Northeast Office Pennsylvania

Sidra Capital Acquires 90 Percent Stake in 855,600 SF Office Campus in Blue Bell, Pennsylvania

by Taylor Williams December 3, 2020

BLUE BELL, PA. — Saudi Arabian investment firm Sidra Capital has acquired a 90 percent stake in Arborcrest Corporate Campus, an 855,600-square-foot office property located in the Philadelphia suburb of Blue Bell. The five-building campus was completed in two phases between 2015 and 2019 and maintains a sizable life sciences and biotechnology footprint. JLL brokered the deal between Sidra Capital and Spear Street Capital, which retains the other 10 percent ownership in the campus.

December 3, 2020

Acquisitions Midwest Minnesota Multifamily

TMC Management Sells Four-Property Multifamily Portfolio in Metro Minneapolis

by Kristin Harlow December 3, 2020

MINNEAPOLIS — TMC Management Corp. has sold a four-property multifamily portfolio totaling 104 units in metro Minneapolis. Two buyers purchased the properties in two separate transactions for undisclosed prices. The properties include Bella Vista in New Hope, Highland Gables in Brooklyn Park, Hanson Court in Crystal and Cedar Lake in Minneapolis. RST Holdings LLC acquired Bella Vista, Highland Gables and Hanson Court, while LHF Equites LLC purchased Cedar Lake. Ted Abramson and Drew Rafshol of CBRE Minneapolis Multifamily represented the seller.

December 3, 2020

Acquisitions Affordable Housing Hawaii Multifamily Western

Standard Communities, Stanford Carr Development Buy Kamakee Vista Affordable Housing Project in Honolulu

by Amy Works December 3, 2020

HONOLULU — Standard Communities and Stanford Carr Development, in partnership with The State of Hawaii Housing Finance & Development Corp., have closed on the final phase of its $223.9 million public-private partnership that will preserve 1,221 units of affordable housing across six properties on the islands of Oahu, Hawaii and Maui. The last phase was the acquisition of Kamakee Vista, an affordable apartment community located at 1065 Kawaiahao St. in Honolulu. The building will undergo a $14.3 million rehabilitation program to renovate unit interiors, modernize building systems and update common areas. Residents of the property will not be displaced during renovations. Built in 1992, the 28-story property features 226 residences, more than 35,000 square feet of commercial space and an attached 251-stall parking facility. The community offers a landscaped rooftop recreation deck with barbecue areas, as well as meeting space and laundry facilities.

December 3, 2020

Acquisitions Arizona Office Western

Lincoln Property Co. Sells Grand2 Office Building in Tempe to Apex Capital for $187.5M

by Amy Works December 2, 2020

TEMPE, ARIZ. — Lincoln Property Co. (LPC) has completed the disposition of Grand2, an office building located at 1033 W. Roosevelt Way in Tempe. Apex Capital Investments Corp. acquired the property for a reported $187.5 million. Developed in late 2019 by LPC Desert West and Goldman Sachs MBD Real Estate, the nine-story building features 358,000 square feet of Class AA office space. Grand2 offers a 13,000-square-foot indoor/outdoor lobby and amenity lounge with a television viewing area, collaborative spaces, conference facilities and an on-site fitness facility with Peloton and Mirror equipment. Additionally, the building features a 13,000-square-foot rooftop deck with shaded seating and subterranean and structured parking. The development team included DAVIS as architect and Whiting-Turner as general contractor. San Francisco-based food delivery app DoorDash has occupied the property with a full-building, long-term commitment since its completion. CJ Osbrink, Kevin Shannon, Ken White, Brunson Howard, Paul Jones and Rick Stumm of Newmark represented LPC, while Apex Capital was self-represented in the sale. Grand2 is part of the 1.8 million square feet slated for development by LPC at The Grand at Papago Park Center, which is master planned for 3.2 million square feet of office, multifamily, hotel, retail and restaurant space within …

December 2, 2020

Acquisitions Indiana Midwest Multifamily

384-Unit Solana Apartments Trades Hands in Indianapolis

by Kristin Harlow December 2, 2020

INDIANAPOLIS — An affiliate of Inland Private Capital Corp. has sold Solana Apartments in Indianapolis to a real estate fund managed by Covenant Capital Group. The 384-unit waterfront apartment community is situated in the Keystone Crossing submarket of Indianapolis. The three-story property was built in 2014. Amenities include a pool, clubhouse, business center, fitness center and game room. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller.

December 2, 2020

Acquisitions Affordable Housing Illinois Midwest Multifamily

ShainRealty Capital Acquires 96-Unit Affordable Housing Property in Chicago’s East Garfield Park for $8.2M

by Kristin Harlow December 2, 2020

CHICAGO — ShainRealty Capital has acquired Madison Terrace, a 96-unit affordable housing property located at 3147 W. Madison St. in Chicago’s East Garfield Park, for $8.2 million, or $93 per square foot. The sales price represents a cap rate of 6.9 percent. The property was built in 1986. Units average 800 square feet, and most are leased on a Section 8 basis via the Chicago Housing Authority. ShainRealty plans to implement a renovation plan. Arbor Realty Trust provided a $6.7 million Fannie Mae loan for the acquisition. Jeff Baasch and Finley Askin of SVN Chicago Commercial brokered the sale.

December 2, 2020

Acquisitions Industrial Texas

Dalfen Acquires 396,750 SF Peachtree Distribution Center in Mesquite, Texas

by Taylor Williams December 2, 2020

MESQUITE, TEXAS — Dalfen Industrial has acquired Peachtree Distribution Center, a 396,750-square-foot industrial property located in the eastern Dallas suburb of Mesquite. The cross-dock property was built in 2001 and was fully leased to manufacturers Dal-Tile Corp. and Parker-Hannafin Corp., as well as packaging firm Bronco Orora, at the time of sale. Building features include 68 docks, ample car and trailer parking space and proximity to Interstates 30, 80 and 635. The seller was New York-based Clarion Partners. With this acquisition, Dalfen now owns and operates over 4.4 million square feet of last-mile industrial space in Texas and over 24 million square feet nationwide.

December 2, 2020

Acquisitions Office Texas

JLL Negotiates Sale of 17-Story Office Building in Downtown Houston

by Taylor Williams December 1, 2020

HOUSTON — JLL has negotiated the sale of 1111 Fannin, a 428,629-square-foot office building in downtown Houston. The 17-story building was fully leased to a single investment-grade tenant at the time of sale. According to the Houston Business Journal, that tenant is JP Morgan Chase. Amenities include a conference center, attached parking garage and access to Houston’s tunnel system, which features more than seven miles of underground climate-controlled walkways with retail and dining amenities. Dan Miller, Marty Hogan and Ethan Goldberg of JLL represented the undisclosed seller and procured the buyer, a partnership between Triten Real Estate Partners and Taconic Capital Advisors, in the transaction. The new ownership plans to redevelop the building and has tapped Chicago-based HPA Architecture to conceptualize the design.

December 1, 2020

Acquisitions Massachusetts Northeast Office

Newmark Negotiates Sale of 362,550 SF Concord Road Corporate Center Near Boston

by Taylor Williams December 1, 2020

BILLERICA, MASS. — Newmark has negotiated the sale of Concord Road Corporate Center, a 362,550-square-foot office complex located approximately 25 miles northwest of Boston in Billerica. The three-building, Class A property offers a fitness center with lockers and showers, a conference center, game room, outdoor patio with seating areas and a bocce court. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Torin Taylor of Newmark represented the undisclosed seller in the transaction and procured KS Partners as the buyer. Dominick Romano of Newmark provided financial analysis support. The property received upgrades to its exteriors, lobbies and amenity spaces in recent years.

December 1, 2020

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