sale1

OpenPath Investments Divests of 222-Unit Dana Park Multifamily Property in Mesa, Arizona

by Amy Works October 12, 2022

MESA, ARIZ. — OpenPath Investments has completed the sale of Dana Park, an apartment community located on 11 acres in Mesa. Baron Properties acquired the property for $64.6 million, or $291,216 per unit. Completed in 1986, Dana Park features 222 apartments spread across 19 buildings, plus two swimming pools and spas and a community vegetable garden. Apartments feature stackable washers and dryers, built-in bookshelves and walk-in closets. The unit mix is 67 percent two-bedroom/two-bath layouts, with the remainder of the units one-bedroom/one-bath floorplans. The average unit size is 928 square feet. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

October 12, 2022

Acquisitions Multifamily New Jersey Northeast

Tulfra, Hampshire Cos. Sell Multifamily Property in North Haledon, New Jersey for $89M

by Taylor Williams October 11, 2022

NORTH HALEDON, N.J. — A partnership between two locally based firms, Tulfra Real Estate and The Hampshire Cos., has sold Molly Brook on Belmont, a 180-unit multifamily property in the Northern New Jersey community of North Haledon, for $89 million. Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch of Cushman & Wakefield represented the partnership and procured the buyer, JLL Income Property Trust, in the transaction. Amenities at the property include a pool, fitness center, dog park and a clubhouse. Molly Brook on Belmont was fully occupied at the time of sale. G.S. Wilcox & Co. arranged acquisition financing for the deal.

October 11, 2022

Acquisitions Michigan Midwest Office

L. Mason Capitani/CORFAC International Brokers Sale of Two Office Buildings in Auburn Hills

by Kristin Harlow October 11, 2022

AUBURN HILLS, MICH. — L. Mason Capitani/CORFAC International has brokered the sale of two office buildings totaling 275,000 square feet in Auburn Hills for an undisclosed price. The properties, Cambridge Court I and II, are situated near I-75 and University Drive. Mason L. Capitani of the brokerage represented the buyer, LREH Michigan LLC. L. Mason Capitani/CORFAC will oversee leasing at the properties and its property management arm, Liberty Property & Asset Management, will take over all management responsibilities. The new ownership plans to immediately make renovations.

October 11, 2022

Acquisitions Colorado Multifamily Western

EverWest Sells Peakview Apartments in Denver Tech Center for $115M

by Amy Works October 11, 2022

CENTENNIAL, COLO. — Denver-based EverWest Real Estate Investors has completed the disposition of Peakview Apartments, a multifamily community situated within Denver Tech Center in Centennial. Griffis Residential acquired the four-story asset for $115 million. Located at 7700 E. Peakview Ave., Peakview Apartments features 304 studio, one-, two- and three-bedroom residences, a resort-style swimming pool, rooftop deck, fitness center, and bicycle storage and repair facilities. A structured, controlled-access deck provides parking. Peakview is two blocks from the Arapahoe light rail station. The asset was constructed in 2015.

October 11, 2022

Acquisitions Loans Multifamily Texas

Newmark Arranges Sale of 320-Unit Multifamily Property in San Antonio

by Taylor Williams October 10, 2022

SAN ANTONIO — Newmark has arranged the sale of Regency at Stone Oak, a 320-unit multifamily property located in the northern-central part in San Antonio. According to Apartments.com, the property was built in 2006 and offers one-, two-, three- and four-bedroom units that range in size from 600 to 1,954 square feet. The amenity package comprises a pool, fitness center, outdoor kitchen, dog park, business center and a children’s play area. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, a partnership between Internacional and CenterSquare Investment Management, in the transaction. The buyer was Atlantic | Pacific Cos. Regency at Stone Oak was 94 percent occupied at the time of sale. Andy Hill and Tyler Nowlin of Berkadia originated $33.4 million in Freddie Mac fixed-rate acquisition financing for the deal.

October 10, 2022

Acquisitions Multifamily Oregon Western

CBRE Negotiates $124M Sale of One Jefferson Apartments in Lake Oswego, Oregon

by Amy Works October 10, 2022

LAKE OSWEGO, ORE. — CBRE has brokered the sale of One Jefferson, a multifamily community located at 1 Jefferson Parkway in Lake Oswego. A joint venture associated with Security Properties sold the asset to an undisclosed buyer for $124 million. Josh McDonald, Joe Nydahl and Phil Oester of CBRE represented the seller in the deal. Built in 1986, One Jefferson comprises 58 three-story buildings situated on 20.5 acres. The property offers 347 apartments, averaging 1,049 square feet, with floor plans ranging from studio to five-bedroom/five-bath layouts. The previous owners completed renovations in 2019, including the modernization of approximately 86 percent of units with stainless steel appliances, granite countertops, tile backsplashes, vinyl-plank flooring in wet areas and updated fixtures. Community amenities include a year-round pool, spa, dog park, fitness center, picnic areas, outdoor lounge, sundeck and 644 parking spaces.

October 10, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.2M Sale of Apartment Building in Chicago’s Rogers Park

by Kristin Harlow October 10, 2022

CHICAGO — Interra Realty has brokered the sale of Elevation Lofts in Chicago’s Rogers Park neighborhood for $9.2 million. The property features 40 apartment units and retail space at 1531 W. Howard St. Amenities at the building, constructed in 2020, include a rooftop terrace, community room, fitness center, dog run, onsite parking and bike storage. Joe Smazal and Colin O’Malley of Interra represented the undisclosed seller as well as the buyer, Becovic Residential LLC. The sales price represents the highest price paid for an individual property in Rogers Park so far this year, according to Interra.

October 10, 2022

Acquisitions Office Texas

Teacher Retirement System of Texas Sells 198,972 SF Office Complex in Downtown Austin

by Taylor Williams October 7, 2022

AUSTIN, TEXAS — The Teacher Retirement System of Texas (TRS) has sold Waterloo Innovation Center, a 198,972-square-foot office complex located at 1000 Red River St. in downtown Austin that houses the organization’s headquarters. Russell Ingrum, Peter Jansen, Troy Holme, Jennifer Joseph, Patrick Benoist and Jared Chua of CBRE represented TRS, which will continue to operate out of the building for two more years until its new facility in northeast Austin is complete. The Austin Business Journal reports that Alexandria Real Estate Equities purchased the property for $108 million.

October 7, 2022

Acquisitions Multifamily New York Northeast

JLL Arranges $387.5M Sale of Manhattan Multifamily Property

by Taylor Williams October 7, 2022

NEW YORK CITY — JLL has arranged the $387.5 million sale of 685 1st Avenue, a 408-unit multifamily property in Manhattan’s Murray Hill neighborhood. Built in 2018, the property rises 43 stories and houses 408 market-rate residential units, 148 condominiums and 9,693 square feet of commercial space. Amenities include a pool, fitness center, coworking lounge, media room and a children’s play area. Rob Hinckley, Jeff Julien, Scott Panzer, Andrew Scandalios, Steve Rutman, John Taylor, Jon Faxon and Joy Ryoo of JLL represented the seller, Solow Building Co., in the transaction. The team also procured the buyer, GO Partners, which is a joint venture between two private investors.

October 7, 2022

Acquisitions Midwest Missouri Multifamily

CBRE Brokers Sale of 348-Unit Multifamily Property in Kansas City

by Kristin Harlow October 7, 2022

KANSAS CITY, MO. — CBRE has brokered the sale of Wild Oak in Kansas City for an undisclosed price. The 348-unit multifamily property is located at 7987 NE Flintlock Road. Amenities include two pools, a recently renovated clubhouse and a fitness center. Jeff Stingley and Max Helgeson of CBRE represented the seller, Missouri-based Maxus. Florida-based Stoneweg US was the buyer.

October 7, 2022

Newer Posts

Older Posts