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Wilshire Capital Partners Acquires 177,520 SF Office Building in Phoenix’s Camelback Corridor for $54.5M

by Amy Works November 19, 2019

PHOENIX — Ryan Cos., as developer, builder, owner and property manager, has completed the disposition of 3900 Camelback Center. The Class A office building is located at 3900 Camelback Road in Phoenix’s Camelback Corridor. Wilshire Capital Partners acquired the asset for $54.5 million, or $306.44 per square foot. Certified LEED Gold, the 177,520-square-foot building features xeriscape (dry) landscaping, storm water management, water-efficient fixtures and parking for fuel-efficient vehicles. Additionally, local/recycled materials and natural wood and stone finishes were used throughout the space. The property features terraced balconies and views of Squaw Peak and the Camelback Mountains. Current tenants include Ryan Cos.’s Southwest office and the corporate headquarters of Shamrock Foods. Kevin Shannon, CJ Osbrink, Paul Jones, Ken White, Brunson Howard and Rick Stumm of Newmark Knight Frank represented the seller. David Milestone and Brett Green, also of Newmark Knight Frank, facilitated financial structuring and placement of debt for the buyer in the transaction.

November 19, 2019

Acquisitions Midwest Multifamily Wisconsin

JLL Brokers $47.5M Sale of Apartment Property in Suburban Madison, Wisconsin

by Kristin Harlow November 19, 2019

FITCHBURG, WIS. — JLL has brokered the $47.5 million sale of The Vue at Pinnacle Park in Fitchburg, a suburb of Madison. The 285-unit, Class A apartment property is located at 1300 Post Road. Built in 2014, the 9.8-acre property comprises five three-story buildings. Units average 976 square feet. Amenities include a pool, grilling area, fitness center, clubroom and pet washing stations. The property was 97 percent leased at the time of sale. Wick Kirby, Marty O’Connell, Kevin Girard and Amanda Friant of JLL represented the seller, Milwaukee-based Fiduciary Real Estate Development Inc. JLL also procured the buyer, Weidner Apartment Homes.

November 19, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

OC Ventures Acquires 482-Bed Student Housing Community Near University of Illinois at Chicago

by Kristin Harlow November 19, 2019

CHICAGO — OC Ventures has acquired Automatic Lofts, a 482-bed student housing community located adjacent to the University of Illinois at Chicago campus. The property — originally built as a telephone factory in 1901 — offers one-, three- and four-bedroom, loft-style units. Shared amenities include a fitness center, study lounges on each floor, a café, recreation room and laundry services. The new ownership plans to implement capital improvements such as building out a larger fitness center, renovating lobby and study areas and updating apartment furniture. Varsity Campus will manage the community. The seller and terms of the transaction were undisclosed.

November 19, 2019

Acquisitions Multifamily North Carolina Southeast

Northland Investment Buys Inspire SouthPark Multifamily Complex in Charlotte for $145M

by Alex Tostado November 18, 2019

CHARLOTTE, N.C. — Northland Investment Corp. has acquired Inspire SouthPark, a 369-unit multifamily complex in Charlotte, for $145 million from seller and developer Morgan Bond Co. Six miles south of downtown Charlotte, Inspire SouthPark is now the fourth of Northland Investment’s North Carolina apartment properties. Inspire SouthPark offers studio to three-bedroom apartments, a pool, fitness and wellness centers, courtyard, social hall, dog care facility and underground parking. The complex is close to retail, 6 million square feet of office space and more than 60 food and beverage outlets.

November 18, 2019

Acquisitions Maryland Multifamily Southeast

Hines REIT Acquires Apartment Community Near University of Maryland for $98M

by Alex Tostado November 18, 2019

COLLEGE PARK, MD. — Hines, an international real estate developer based in Houston, has acquired The Alloy by Alta, a new seven-story, 275‐unit multifamily asset located at 4700 Berwyn House Road near the University of Maryland in College Park. Hines purchased the asset via Hines Global Income Trust, the company’s nontraded REIT. The purchase price was not disclosed, but multiple media outlets reports Hines purchased the property for $98 million. The predominantly student-occupied apartment was 97.5 percent occupied at the time of sale. The property offers one-, two- and three-bedroom apartments units averaging 838 square feet.

November 18, 2019

Acquisitions Multifamily Washington Western

Rise Properties Trust, Aegon Real Assets Buy 186-Unit Linden Square Apartments in Seattle for $52.7M

by Amy Works November 18, 2019

SEATTLE — Canada-based Rise Properties Trust and Netherlands-based Aegon Real Assets US have acquired Linden Square Apartments in North Seattle for $52.7 million. Brokered by CBRE, this transaction represents the third joint venture between the companies this year. Built in 1993, the multifamily community features 186 residences in a mix of one-, two- and three-bedroom units. Community amenities include a fitness center, pool, garage parking, storage and additional amenity space. Seattle-based Thrive Communities will manage the property. Including Linden Square Apartments, Rise owns approximately 3,200 units across 20 multifamily properties in the Pacific Northwest.

November 18, 2019

Acquisitions Industrial New Jersey Northeast

NAI James Hanson Brokers Sale of 130,000-Square-Foot Industrial Property in North Bergen, New Jersey

by Alex Patton November 15, 2019

NORTH BERGEN, N.J. — NAI James Hanson has brokered the sale of a 130,000-square-foot industrial building in North Bergen, an eastern suburb of New York City. Located at 7300 West Side Ave., the property features 22-foot ceiling heights. Scott Perkins, Greg James and Chris Todd of NAI James Hanson represented the buyer, a partnership between Blackstone and Roman Real Estate Holdings Inc. Bonnie Heller of Cushman & Wakefield represented the seller, which was undisclosed. The sales price was also undisclosed.

November 15, 2019

Acquisitions Multifamily Texas

FourPoint Brokers Sale of 166-Unit Apartment Community in Metro Austin

by Taylor Williams November 15, 2019

CEDAR PARK, TEXAS — FourPoint Investment Sales Partners has brokered the sale of The View at Cedar Park Town Center, a 166-unit multifamily community in Cedar Park, a northern suburb of Austin. Built in 2017, the property features amenities such as a resort-style pool, fitness center, pet park and a business center. Kevin Dufour and Kyle Peco of FourPoint handled the transaction on behalf of the Ohio-based seller. The buyer was also undisclosed.

November 15, 2019

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $3.7M Sale of Apartment Building in Chicago’s Edgewater Neighborhood

by Kristin Harlow November 15, 2019

CHICAGO —Interra Realty has brokered the sale of 5827 N. Ridge Ave., a four-story, 18-unit apartment building in Chicago’s Edgewater neighborhood, for $3.7 million. Built in 1926, the property was gut-renovated in the past year, and the apartments were fully occupied at the time of sale. It is located near public transportation and is approximately 10 miles from downtown Chicago. Patrick Kennelly and Paul Waterloo of Interra represented both the seller, Campbell Street Asset Management Inc., and the buyer, a local private investor, in the transaction. At $205,555 per unit, the sale represents the second-highest per-unit price in Edgewater so far in 2019, according to data from CoStar Group.

November 15, 2019

Acquisitions Office Oregon Western

Gerding Edlen Buys 272,079 SF Power + Light Office Building in Portland for $131.5M

by Amy Works November 15, 2019

PORTLAND, ORE. — An affiliate of Gerding Edlen has acquired the Power + Light Building, an office property located in the central business district of Portland. An affiliate of Beacon Capital Partners sold the asset for $131.5 million. Located at 920 SW Sixth Ave., the 272,079-square-foot property was repositioned in 2018 to appeal to tenants seeking creative office space in a walkable location. The recent $9.4 million repositioning included an overhaul of the building lobby and the addition of a high-end fitness center equipped with shower and locker facilities, bike storage and an indoor/outdoor rooftop tenant lounge. At the time of sale, a diverse mix of office and retail tenants occupied the 15-story building. Power + Light is located a few blocks from Pioneer Square and Portland’s multi-modal transit hub. Nick Kucha and James Childress of Newmark Knight Frank, along with Buzz Ellis and Rob Hielscher of JLL, represented the seller. The buyer was self-represented in the transaction.

November 15, 2019

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