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FCP, Tides Equities Acquire Solara at Mill Avenue Apartments in Tempe for $77M

by Amy Works September 25, 2020

TEMPE, ARIZ. — A joint venture between FCP and Tides Equities has purchased Solara at Mill Avenue, a multifamily community in Tempe. An undisclosed seller sold the asset for $77 million. Solara at Mill Avenue features 515 apartments in a mix of one- and two-bedroom layouts with updated kitchens, new cabinets, quartz countertops, wood-style flooring and large windows. Community amenities include a clubhouse, covered parking, dog park, fire pit, event lawn, swimming pool and 24-hour parcel/package concierge. Matt Pesch of CBRE brokered the transaction. Solara at Mill Avenue is adjacent to Tides at South Tempe, which the joint venture acquired in June.

September 25, 2020

Acquisitions Healthcare Illinois Midwest

MedProperties Group Sells Four-Building Salt Creek Medical Campus in Hinsdale, Illinois

by Kristin Harlow September 25, 2020

HINSDALE, ILL. — MedProperties Group has sold Salt Creek Medical Campus in Hinsdale, about 20 miles west of Chicago. The sales price was undisclosed. The four-building medical office portfolio spans 156,660 square feet. The properties are 88 percent leased to a variety of healthcare providers, including the Hinsdale Surgical Center. MedProperties originally acquired 12 Salt Creek Lane, 907 Elm Street and 901 Elm Street in 2012 and 2013 and made significant capital improvements to the buildings over the last several years. The seller developed 8 Salt Creek Lane in 2016 as a build-to-suit for Edward-Elmhurst Health. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE represented the seller. The buyer was undisclosed.

September 25, 2020

Acquisitions Multifamily Texas

Colliers Arranges Sale of 138-Unit Bonita Gardens Apartments in South Dallas

by Taylor Williams September 25, 2020

DALLAS — Colliers International has arranged the sale of Bonita Gardens, a 138-unit apartment community located at 3410 Fordham Road on the south side of Dallas. The garden-style community was built on 3.7 acres in 1976 and renovated in 2011. Units range in size from 661 to 762 square feet. Mark Allen and Courtland Charles of Colliers represented the undisclosed seller in the transaction. A Dallas-based buyer acquired the asset in an all-cash transaction.

September 25, 2020

Acquisitions Industrial New York Northeast

Botanic Properties Acquires 97,047 SF Flex Building in Long Island City

by Taylor Williams September 25, 2020

LONG ISLAND CITY, N.Y. — Locally based investment firm Botanic Properties has acquired a 97,047-square-foot flex building located at 24-02 Queens Plaza in the Long Island City area of Queens. Apex Technical School has occupied the entirety of the three-story building since 2012. Christopher Peck, Steve Klein and Thomas Pryor of JLL arranged a $24 million fixed-rate acquisition loan through MSD Partners on behalf of the borrower. The seller was not disclosed.

September 25, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

Preferred Apartment Communities to Sell Student Housing Portfolio to TPG for $478.7M

by Alex Tostado September 24, 2020

ATLANTA — Preferred Apartment Communities (PAC) has entered into an agreement with TPG Real Estate Partners to sell an eight-property student housing portfolio for $478.7 million. The portfolio is located in Arizona, Florida, Georgia, North Carolina and Texas. The Atlanta-based seller expects the sale to close by the end of the year. The Arizona property is SoL, a 639-bed community serving students in Tempe. The Florida properties are NxNW, a 679-bed community in Tallahassee, and Knightshade, an 894-bed complex in Orlando. In Georgia, PAC will sell Stadium Village, a 792-bed property in Kennesaw. PAC will also sell Rush, an 887-bed asset in Charlotte, N.C. The Texas communities included in the sale are The Tradition, an 808-bed complex in College Station, and The Bloc, a 556-bed property in Lubbock. CBRE represented the seller in the transaction. PAC is a REIT whose portfolio includes apartment communities, grocery-anchored shopping centers, Class A office buildings and student housing communities.

September 24, 2020

Acquisitions Northeast Pennsylvania

Avison Young Brokers Sale of 106,000 SF Office Building in Malvern, Pennsylvania

by Taylor Williams September 24, 2020

MALVERN, PA. — Avison Young has brokered the sale of a 106,000-square-foot office building located at 70 Valley Stream Parkway in Malvern, located northwest of Philadelphia. The building formerly served as the headquarters of digital services and printing firm Ricoh USA. Scott Williams and Ryan FitzPatrick of Avison Young represented the seller, Star 79VS Owner LLC, in the transaction. The buyer, Commonwealth Charter Academy, purchased the asset for $15.3 million.

September 24, 2020

Acquisitions California Multifamily Western

CBRE Brokers $22.5M Acquisition of The Davenport Multifamily Property in Sacramento

by Amy Works September 24, 2020

SACRAMENTO, CALIF. — CBRE has negotiated the sale of The Davenport, an apartment community located at 941 43rd Ave. in Sacramento. An affiliate of Abacus Capital Group sold the asset to an undisclosed buyer for $22.5 million. The seller invested in extensive capital renovations to the building exteriors and common area spaces while upgrading 10 percent of the unit interiors. Built in 1970, the 126-unit property features an upgraded swimming pool; remodeled clubhouse, leasing office and fitness center; barbecue area with two gas grills; dog park; laundry facilities; secured gate access; and covered parking. Marc Ross of CBRE’s Sacramento office brokered the sale.

September 24, 2020

Acquisitions Illinois Midwest Office

Colliers Arranges Sale of 121,000 SF Office Property in Lisle, Illinois

by Kristin Harlow September 24, 2020

LISLE, ILL. — Colliers International has arranged the sale of 2400 Ogden Avenue in Lisle for an undisclosed price. Built in 2000, the office property spans 121,000 square feet on 10.4 acres. It has more than 500 parking spaces. At the time of sale, the asset was 71 percent leased to ARRIS Solutions Inc. and Automated Logic. Alissa Adler and John Homsher of Colliers represented the institutional seller. A local investor purchased the property.

September 24, 2020

Acquisitions Multifamily Texas

FourPoint Brokers Sale of 372-Unit Ethos Apartments in South Austin

by Taylor Williams September 23, 2020

AUSTIN, TEXAS — FourPoint Investment Sales Partners has brokered the sale of Ethos Apartments, a 372-unit multifamily community in Austin. Built in 2014, the property offers one-, two- and three-bedroom units. Amenities include a pool, business center, fitness center, walking trails, a clubhouse, pet play area and outdoor picnic areas. Kevin Dufour and Kyle Peco of FourPoint represented the undisclosed seller in the transaction. Bluestone Properties, a Los Angeles-based investment firm, purchased the asset for an undisclosed price.

September 23, 2020

Acquisitions Industrial Self-Storage Southeast Tennessee

JLL Arranges Sale of 1,200-Unit Self-Storage Portfolio Near Nashville

by Alex Tostado September 23, 2020

MURFREESBORO, TENN. — JLL has arranged the sale of a 1,200-unit self-storage portfolio in Murfreesboro. The portfolio comprises the 662-unit Salem Glen Self Storage facility at 3450 Glenside Court and the 538-unit CubeSmart facility at 1932 Cason Lane. Glen Self Storage was delivered in 2005 and expanded in 2017. The property has 177 climate-controlled units and 485 drive-up, non-climate-controlled units. The CubeSmart facility was completed in 2017 and expanded this past spring to add 57 RV parking units. The unit mix includes 244 climate-controlled units and 237 drive-up, non-climate-controlled units. The properties are located one mile from each other and 35 miles southeast of downtown Nashville. Steve Mellon, Brian Somoza and Bo Fulk of JLL represented the seller, Utah-based Wasatch Storage Partners, in the transaction. Reliant Real Estate Management purchased the facilities for an undisclosed price.

September 23, 2020

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