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Weller Development Partners Buys 2,870-Acre Aetna Springs Resort in Napa Valley

by Amy Works January 30, 2023

POPE VALLEY, CALIF. — Weller Development Partners has acquired Aetna Springs, a 2,870-acre wine country resort in Pope Valley. Mosaic Real Estate Investors sold the asset for an undisclosed price. Located at 1600 Aetna Springs Road, the property has producing vineyards, a community clubhouse, a nine-hole golf course designed (currently closed, but minimally maintained), tennis courts, a swimming hole and 40 planned estate lots. Development plans include 70 guest cottages in the historic resort village, 18 glamping sites, expansion of the existing vineyards and construction of the estate homes. Additional plans include recreational activities on Lake Juliana, a full-service spa, recreational center, restaurants and a boutique winery. Six Senses will operate the resort upon completion. Aetna Springs’ history stems from its 19th century origins, when it was best known for its mineral hot springs and outdoor activities. The property is 16 miles north of downtown St. Helena, and its vineyards produce cabernet sauvignon, sauvignon blanc and petite syrah grapes that are sold to premier wine brands, including Rombauer, Frank Family, Duckhorn and The Prisoner. Henry Bose, Alex Lee-Bull, Elena Quach, Jeff Woolson, Tom Berry and Morgan Abbott of CBRE represented the seller in the deal.

January 30, 2023

Acquisitions Idaho Retail Western

Ironwood Partners Sells 105,406 SF Ironwood Square Shopping Center in Coeur d’Alene, Idaho

by Amy Works January 30, 2023

COEUR D’ALENE, IDAHO — Ironwood Partners LLC has completed the disposition of Ironwood Square, a retail center in Coeur d’Alene. EMES Ironwood LLC acquired the property for an undisclosed price. Kobe Furqueron of Marcus & Millichap’s Salt Lake City office represented the seller, while Allan Friedman of Westlake Associates procured the buyer in the deal. Adam Lewis is Marcus & Millichap’s brokers of record in Idaho. At the time of sale, the 105,406-square-foot Ironwood Square was 96.2 percent occupied. Current tenants include Staples, Rite Aid, Holiday’s Hallmark, Wells Fargo, Tesoro Fuel Center, Beyoutiful Hot Yoga and Norco Medical. Staples and Rite Aid recently extended their leases by seven and 10 years, respectively.

January 30, 2023

Acquisitions Loans Multifamily Texas

Trez Capital Sells Two Apartment Communities Totaling 608 Units in Metro Austin

by Taylor Williams January 30, 2023

PFLUGERVILLE, TEXAS — Trez Capital has sold The Dalton and The Beacon, two apartment communities in the northern Austin suburb of Pflugerville that total 350 and 258 units, respectively. Trez Capital developed both properties in partnership with Thompson Realty Capital, with construction on both projects commencing in late 2019/early 2020 and wrapping up in 2021 and 2022, respectively. The Dalton and The Beacon both feature one-, two- and three-bedroom units and amenities such as pools, fitness centers, outdoor grilling and dining areas, dog parks and resident lounges. TerraCap Management purchased the assets. The sales price was not disclosed, but global real estate private equity firm ACRE provided $111 million in acquisition financing for the deal. Newmark arranged the debt.

January 30, 2023

Acquisitions Multifamily Texas

37th Parallel Properties Acquires 291-Unit Apartment Community in Metro Houston

by Taylor Williams January 27, 2023

KATY, TEXAS — Virginia-based investment firm 37th Parallel Properties has acquired Grand Reserve, a 291-unit apartment community located in the western Houston suburb of Katy. The property offers one-, two- and three-bedroom units with an average size of 933 square feet. Amenities include a pool, fitness center, business center, clubhouse, coffee bar, package lockers and a dog park. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.

January 27, 2023

Acquisitions Hospitality Midwest Ohio

Spark GHC Acquires Hampton Inn Hotel in Downtown Cleveland

by Kristin Harlow January 27, 2023

CLEVELAND — Spark GHC, a private real estate joint venture focused on hospitality assets in the Midwest, has acquired the Hampton Inn by Hilton-Downtown Cleveland for an undisclosed price. The transaction marks the 11th acquisition for Spark GHC since 2018 and increases its assets under management to above $100 million. Spark GHC plans to significantly upgrade the 25-year-old hotel with a multi-million-dollar capital improvement plan. Spark GHC is a joint venture between Spark Hotels, a developer, acquirer and operator of Ohio-based hospitality assets, and Green Harvest Capital, an asset manager of Northeast Ohio-based multifamily assets.

January 27, 2023

Acquisitions Multifamily New York Northeast

Khosla Capital Acquires Apartment Community in New Rochelle, New York, for $200M

by Taylor Williams January 27, 2023

NEW ROCHELLE, N.Y. — Khosla Capital has acquired Halstead Station, a 408-unit apartment community located north of New York City in New Rochelle. Built in 2001, Halstead Station rises 24 stories and offers studio, one-, two- and three-bedroom residences. Communal amenities include a pool, fitness center with a yoga studio, resident lounge, courtyard with grilling and dining stations, dog park, business center with private conference pods and a children’s play area. JLL represented the seller, The DSF Group, in the transaction. California-based Pacific Urban Investors contributed an undisclosed amount of preferred equity to the deal.

January 27, 2023

Acquisitions Arizona Retail Western

First Washington Realty Sells Whole Foods Market-Anchored Retail Center in Tucson for $31.1M

by Amy Works January 27, 2023

TUCSON, ARIZ. — First Washington Realty has completed the disposition of River Center, a neighborhood retail center at 5555-5675 E. River Road in Tucson, to a private investor for $31.1 million. River Center features 107,508 square feet of retail space. At the time of sale, the property was fully leased to Whole Foods Market, Petco, Walgreens, Tenet Healthcare, Childtime Childcare and Orange Theory Fitness. Patrick Dempsey, Geoff Tranchina and Patrick Anthon of JLL Retail Capital Markets’ investment sales and advisory team represented the seller in the transaction.

January 27, 2023

Acquisitions Midwest Office Ohio

JLL Brokers Sale of 303,130 SF Office Portfolio in Cincinnati

by Kristin Harlow January 26, 2023

CINCINNATI — JLL Capital Markets has brokered the sale of a two-building office portfolio totaling 303,130 square feet in Cincinnati for an undisclosed price. The first asset, 400 Oak St., rises seven stories and spans 156,000 square feet. Originally built in 1924, the building was renovated in 2011. The second property, 2905 Vernon Place, is a four-story, 147,130-square-foot building that was constructed in 2017. The two properties are fully leased to Cincinnati Children’s Hospital Medical Center for administrative functions and other nonclinical uses. Jaime Fink, Bruce Miller, Sam DiFrancesca and Patrick Shields of JLL represented the seller, 90 North Real Estate LLP, and procured the buyer, Azora Exan. Keith Largay and Lucas Borges of JLL arranged acquisition financing on behalf of the buyer.

January 26, 2023

Acquisitions California Multifamily Western

Fairfield Carmenita Sells Alivia Apartments in Whittier, California for $49.6M

by Amy Works January 26, 2023

WHITTIER, CALIF. — Fairfield Carmenita LP has completed the disposition of Alivia Apartments, a multifamily community in Whittier, to NexGen Properties Group for $49.6 million, or $387,695 per unit. Completed in 2022, Alivia Apartments features seven residential buildings comprising 68 one-bed/one-bath units and 60 two-bed/two-bath units. All units offer stainless steel appliances, washers/dryers, kitchen islands with storage, and wood-style plank flooring. Community amenities include a resort-style pool and spa, fitness center, social lounge, dog park and outdoor fire lounge. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Michael Derk of Marcus & Millichap Capital Corp. arranged a 10-year, $19.1 million, non-recourse loan for the buyer.

January 26, 2023

Copper-Creek-Senior-Living-South-Jordan-Utah

Acquisitions Multifamily Seniors Housing Utah Western

Stellar Senior Living Acquires 103-Unit Anthology of South Jordan Seniors Housing Community in Utah

by Amy Works January 25, 2023

SOUTH JORDAN, UTAH — Stellar Senior Living has acquired Anthology of South Jordan, a 103-unit seniors housing community in South Jordan, a suburb of Salt Lake City. The new owner has changed the name to Copper Creek Senior Living. The property offers independent living, assisted living and memory care services. Copper Creek is located near retail, entertainment, recreational and healthcare destinations. Utah-based Stellar Senior Living is a family-owned senior living provider operating 28 senior living communities in nine states in the Western United States.

January 25, 2023

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