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Darlington Court Apartments, Crystal Lake, Ill.

Greystone Brokers $16M Sale of 235-Unit Multifamily Property in Crystal Lake, Illinois

by Jeff Shaw May 14, 2018

CRYSTAL LAKE, ILL. — Greystone Real Estate Advisors has brokered the $16 million sale of Darlington Court Apartments, a multifamily property in Crystal Lake that includes 209 apartments and 26 privately owned condominiums. Situated 45 miles northwest of Chicago and built in the 1970s, Darlington Court Apartments features one- and two-bedroom units ranging in size from 681 to 942 square feet, as well as laundry facilities, a children’s play area, swimming pool and storage units. The undisclosed buyer plans to convert the condo units into rental apartments. The buyer also plans to renovate the interiors of the apartment units and the common areas across the complex. Bill Montana and Chris Sackley of Greystone brokered the transaction on behalf of the seller, Darlington Properties LLC.

May 14, 2018

Acquisitions California Retail Western

De Venture Building Purchases 8,807 SF Retail Property in Los Angeles for $4.1M

by Amy Works May 14, 2018

LOS ANGELES — De Venture Building LLC has acquired a retail property located at 19216 Ventura Blvd. in the Tarzana neighborhood of Los Angeles. An individual/personal trust sold the property for $4.1 million. The building features 8,807 square feet of retail space. Brandon Michaels of Marcus & Millichap represented the seller and buyer in the deal.

May 14, 2018

Acquisitions Northeast Office Pennsylvania

CBRE Brokers Sale of Office Building in Philadelphia’s Navy Yard for $130.5M

by David Cohen May 11, 2018

PHILADELPHIA — CBRE has brokered the $130.5M sale of Five Crescent Drive, a 207,779-square-foot office building in Philadelphia’s Navy Yard. An affiliate of Korea Investment Management Co. purchased the property. Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran of CBRE represented the seller, Liberty Property Trust, in the transaction. Built in 2013, the four-story property is one of only a few office buildings in the United States to achieve LEED Double Platinum status. GlaxoSmithKline, a global leader in the life sciences industry, fully occupies the building on a long-term lease. The property is located in Philadelphia’s Navy Yard complex, a master-planned, 1,200-acre urban waterfront development on the Delaware River. The development currently serves as home to more than 13,000 employees and 152 companies in the life sciences, financial services, engineering, manufacturing and research and development sectors.

May 11, 2018

Acquisitions Multifamily Student Housing Texas

PAC Acquires 808-Bed Student Housing Property in College Station

by Taylor Williams May 11, 2018

COLLEGE STATION, TEXAS — A subsidiary of Preferred Apartment Communities Inc. (PAC), a publicly traded multifamily investment firm, has acquired The Tradition, an 808-bed student housing property in College Station. The 427-unit community is located one block away from Texas A&M University and features amenities such as a pool, outdoor grilling areas, 24-hour fitness center, computer stations, Starbucks Coffee bar, theater room and a game room. PAC financed the acquisition with a $30 million first mortgage bridge loan from Macquarie Group, an Australian investment banking firm. The seller was not disclosed.

May 11, 2018

Acquisitions Multifamily Utah Western

Security Properties Acquires 96-Unit Affordable Multifamily Property in Park City, Utah

by Amy Works May 11, 2018

PARK CITY, UTAH — Security Properties has purchased Elk Meadows, an affordable multifamily property located at 2627 Kilby Road in Park City, for an undisclosed price. The garden-style community comprises 96 units that are income restricted. The property was originally developed in 1993 utilizing Low-Income Housing Tax Credits from the Utah Housing Corp. A regulatory agreement tied to that original source of financing restricts the property to affordable housing through 2023. KeyBank provided a five-year, floating-rate loan for the property. Security Properties Residential, an affiliate of Security Properties, will manage the property. This acquisition is Security Properties’ first purchase in Utah.

May 11, 2018

Acquisitions Florida Multifamily Southeast

HG Management Sells 350-Unit Apartment Community in Palm Beach County for $120M

by Camren Skelton May 11, 2018

WELLINGTON, FLA. — Tampa-based HG Management LLC has sold The Quaye at Wellington, a 350-unit apartment community in Palm Beach County, for $120 million. Walker & Dunlop arranged the transaction on behalf of HG Management, which delivered the property in the spring of 2017. Stockbridge Capital Group acquired the asset. Situated on 32 acres in Wellington, The Quaye includes a mix of one- to four-bedroom floor plans and townhome-style units with direct-access garages. Community amenities include four lakes, a nature preserve with a walking path, dog park, playground, heated pool, clubhouse, game room, fitness center with a boxing ring, yoga and spin studio, indoor sports court and an outdoor summer kitchen. The community was more than 90 percent occupied at the time of sale.

May 11, 2018

Acquisitions Florida Office Southeast

IPA Brokers $16.4M Sale of 10-Story Office Building on Florida’s Gulf Coast

by Camren Skelton May 10, 2018

SARASOTA, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16.4 million sale of Kane Plaza, a 77,089-square-foot office building located at 1 S. School Ave. in Sarasota. Douglas Mandel and Nicholas Hanson of IPA arranged the transaction on behalf of the seller, TerraCap Management LLC. JLK Global Fund U.S. 2 Inc. acquired the asset. The 10-story Kane Plaza was constructed in 2000 and features a structured parking garage and renovated lobby.

May 10, 2018

Acquisitions California Office Western

Cruzan, Cigna Investment Management Acquire 106,890 SF Office Building in Beverly Hills

by Amy Works May 10, 2018

BEVERLY HILLS, CALIF. — A joint venture between Cruzan and Cigna Investment Management has purchased an office building located at 9171 Wilshire Drive in Beverly Hills. An undisclosed seller sold the property for $69.2 million. At the time of sale, the six-story, 106,890-square-foot building was 83 percent occupied. Current tenants include Avalon Holdings, Kaplan Perrone Entertainment and Mejia & Kaplan. The buyer plans to renovate the building. Andrew Harper, Matthew Fisher and Ryan Gallagher of HFF represented the seller and procured the buyer in the deal. Additionally, Paul Brindley, Todd Sugimoto, Steven Paskover and Ryan Ashe, also of HFF, arranged a $51.5 million acquisition loan through Mesa West Capital for the buyer.

May 10, 2018

Acquisitions Hospitality Midwest Ohio

MCR Acquires 84-Room Hilton Garden Inn Near Cincinnati

by Kristin Harlow May 10, 2018

LOVELAND, OHIO — MCR has acquired the 84-room Hilton Garden Inn Cincinnati Northeast in Loveland, about 20 miles northeast of Cincinnati. The purchase price was not disclosed. Located near I-275, the hotel features free Wi-Fi, a fitness center, indoor pool, business center, restaurant, convenience store and two meeting rooms. MCR will also manage the property.

May 10, 2018

Acquisitions Multifamily Texas

Kairoi Residential Acquires 1,210-Unit Multifamily Portfolio in San Antonio Area

by Taylor Williams May 9, 2018

SAN ANTONIO — Kairoi Residential, a San Antonio-based multifamily development and management firm, has acquired a portfolio of four multifamily properties totaling 1,210 units in the greater San Antonio area. Three of the communities are located near the South Texas Medical Center and USAA’s headquarters on the city’s northwest side. The fourth community is located adjacent to Lackland Air Force Base on the city’s southwest side. Kairoi plans to implement capital improvements at all four properties. The seller and property names were not disclosed.

May 9, 2018

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