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HFF Brokers Sale of 15-Story Apartment Building in Downtown Philadelphia

by David Cohen April 16, 2019

PHILADELPHIA — HFF has brokered the sale of The Commonwealth, a 15-story, 98-unit apartment building in Philadelphia. The sales price was undisclosed. Located at 1201 Chestnut St., the high-rise was built in 1906 and was fully renovated in 2012. The residential component is currently 99 percent occupied and the retail component is fully leased to 7-Eleven and Mitchell & Ness Nostalgia Co., which is the American sports clothing company’s only brick-and-mortar location. Mark Thomson, Carl Fiebig and Francis Coyne of HFF represented the seller, global real estate investment manager Invesco Real Estate, in the transaction. The buyer was a joint venture partnership between The Carlyle Group and Alterra Property Group.

April 16, 2019

Acquisitions Industrial Michigan Midwest

L. Mason Capitani CORFAC International Arranges Sale of 16,830 SF Industrial Building in Michigan

by Kristin Harlow April 16, 2019

SHELBY TOWNSHIP, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 16,830-square-foot industrial building located at 51255 Oro Drive in Shelby Township. The sales price was not disclosed. The buyer, Michigan Architectural Millwork, will use the building for the production of doors, plywood, moldings, hardwood boards and hardware. Jason Capitani and Joseph DePonio III of L. Mason Capitani represented both the buyer and the seller, JMJ Investment Co.

April 16, 2019

Acquisitions Multifamily Washington Western

Timberlane Partners Sells 127-Unit The Hudson Apartments in Seattle for $38.7M

by Amy Works April 16, 2019

SEATTLE — Timberland Partners has completed the disposition of The Hudson, a multifamily property located at 2450 Aurora Ave. N. in Seattle’s Queen Anne neighborhood. A private family acquired the asset for $38.7 million. Dylan Simon and Jerrid Anderson of Colliers International’s Seattle Multifamily team represented the seller in the deal. Built in 1987, The Hudson underwent extensive renovations from 2014 to 2016. Modernization of the building included unit finishes and upgraded amenities, such as a fully-equipped gym, large deck with community barbecue, and a bike maintenance and storage area.

April 16, 2019

Acquisitions Midwest Multifamily Nebraska

Investors Realty Brokers $9.2M Sale of Apartment Property in Lincoln, Nebraska

by Kristin Harlow April 15, 2019

LINCOLN, NEB. — Investors Realty Inc. has brokered the sale of Williamsburg Apartments in Lincoln for $9.2 million. The 11-building, 138-unit complex is located at 3400 Serenity Circle. The property was constructed between 1978 and 1984. John Heine and R.J. Neary of Investors as well as Todd Watson of Century Sales & Management LLC represented the seller. The buyer, a private investor, purchased the asset as part of a 1031 tax-deferred exchange.

April 15, 2019

Acquisitions Arizona Multifamily Western

IPA Directs $30M Sale of 265-Unit Multifamily Community in Arizona’s Southeast Valley

by Amy Works April 15, 2019

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Modern on Gilbert, a multifamily community located at 1800 E. Covina St. in Mesa. S2 Capital acquired the property from a joint venture between Modern Residential Co. and Henley USA for $30 million, or $113,208 per unit. Developed in 1980, Modern on Gilbert is situated on more than 19 acres and features 265 apartments, a new clubhouse, fitness center, business center and package delivery center. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

April 15, 2019

Acquisitions Multifamily Texas

Westmount Realty Capital Acquires 300-Unit Apartment Community in San Antonio

by Taylor Williams April 12, 2019

SAN ANTONIO — Dallas-based Westmount Realty Capital has acquired The Pointe at Ramsgate, a 300-unit apartment community in San Antonio. Built in 1975, the property offers one- and two-bedroom units averaging 682 square feet. Amenities include two pools, a fitness center, outdoor grilling area, resident clubhouse with a full kitchen and a dog park. Westmount will renovate the property’s unit interiors by upgrading the flooring, lighting, cabinetry and plumbing fixtures. Amenity spaces, as well as the signage, paint job and parking lot, will also be refreshed. The property will be rebranded Joule Apartment Homes.

April 12, 2019

Acquisitions California Office Western

Washington Capital Management Buys Spectrum Corporate Plaza Office Campus in San Diego for $39.8M

by Amy Works April 12, 2019

SAN DIEGO — Seattle-based Washington Capital Management, on behalf of its client, has acquired Spectrum Corporate Plaza, an office asset located in the Kearny Mesa submarket of San Diego. An undisclosed seller sold the property for $39.8 million. Located at 9242 and 9246 Lightwave Ave., the 129,146-square-foot office campus consists of two freestanding buildings. At the time of sale, the property was 95 percent leased. Major tenants include Epsilon Systems, Henkels and McCoy, the State of California and San Diego Workforce Partnership. Situated on 6.4 acres, the asset also features 514 parking spaces. Louay Alsadek and Hunter Rower of CBRE represented the seller, while Washington Capital Management represented the buyer, its client, in the deal.

April 12, 2019

Acquisitions Indiana Midwest Multifamily Student Housing

Marcus & Millichap Brokers $33.5M Sale of Student Housing Portfolio Near Purdue University

by Kristin Harlow April 12, 2019

WEST LAFAYETTE, IND. — Marcus & Millichap has brokered the sale of a 528-bed student housing portfolio in West Lafayette near Purdue University for $33.5 million. A joint venture between Muinzer and South Street Capital purchased the 152-unit portfolio. The buildings, constructed between 1983 and 1993, are all located within walking distance of campus. Brent Silcox and Austin Meeker of Marcus & Millichap represented the undisclosed seller and procured the buyer.

April 12, 2019

Acquisitions Office Texas

Northridge Capital Acquires 378,401 SF Hewlett-Packard Office Campus in Metro Houston

by Taylor Williams April 11, 2019

SPRING, TEXAS — Washington, D.C.-based Northridge Capital LLC has acquired HP Plaza, the 378,401-square-foot Hewlett-Packard office campus located within CityPlace at Springwoods Village in Spring, a northern suburb of Houston. Hewlett-Packard occupies the entirety of the two-building campus, which was completed in 2018. The developer, Patrinely Group, sold the property in partnership with USAA Real Estate and CDC Houston. Jeff Hollinden and Trent Agnew of HFF served as listing agents for the transaction.

April 11, 2019

Acquisitions California Retail Western

Optimus Properties Sells Multi-Tenant Retail Asset in Los Angeles

by Amy Works April 11, 2019

LOS ANGELES — An affiliate of Optimus Properties has completed the disposition of a retail building located at 8036-8038 W. Third St. in Los Angeles. Terms of the transaction were not released. Built in 1946, the property features 2,200 square feet of retail space and 12 parking spaces. At the time of sale, the building was fully occupied by The Osso Good Co., a maker of bone broth and paleo soups; I Love Nails, a nail salon; and Shampoo, a hair salon.

April 11, 2019

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