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HFF Brokers $42.1M Sale of Multifamily Asset in Durham

by Camren Skelton April 3, 2018

DURHAM, N.C. — HFF has brokered the $42.1 million sale of Altera North Pointe, a 320-unit apartment community located at 2335 Broad St. in Durham. Allan Lynch, Justin Good and Jeff Glenn of HFF arranged the transaction on behalf of the seller, Atlanta-based Wood Partners, and procured the buyer, a partnership between McCann Realty Partners and LEM Capital. Wood Partners originally acquired the asset in 2015 for $36.4 million, according to the Triangle Business Journal. The property is located adjacent to North Pointe Shopping Center and will soon offer direct pedestrian access to the Ellerbe Creek Greenway, which is nearing completion. Completed in 2001, the property was recently renovated and features two swimming pools, tennis courts, a volleyball court, playground, grilling areas, dog park, fitness center, clubhouse, game room with billiards and a car care center. The community offers a mix of one- to three-bedroom floor plans averaging 977 square feet.

April 3, 2018

Acquisitions Industrial Midwest Minnesota

CBRE Arranges Sale of 914,698 SF Industrial Tech Portfolio in Suburban Minneapolis

by Kristin Harlow April 3, 2018

MINNEAPOLIS — CBRE Capital Markets has arranged the sale of a 12-property industrial tech portfolio totaling 914,698 square feet in the Twin Cities. A joint venture between Artemis Real Estate Partners and Eagle Ridge Partners purchased the portfolio, which was 87 percent leased at the time of sale. Tenants include a mix of high-tech services, manufacturing, biotechnology, media production and other companies in the tech industry. The properties are located in the suburbs of Woodbury, Oakdale, Plymouth, Maple Grove, Minnetonka and Eden Prairie. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, a private REIT.

April 3, 2018

Acquisitions Multifamily Texas

Waterton Acquires 330-Unit Apartment Community in Metro Houston

by Taylor Williams April 3, 2018

CYPRESS, TEXAS — Chicago-based investment firm Waterton has acquired Carrington at Barker Cypress, a 330-unit multifamily community in Cypress, a northwestern suburb of Houston. The property offers one-, two- and three-bedroom units ranging in size from 830 to 1,567 square feet and amenities such as a pool with grilling areas, fitness center, business center and a game room. Waterton will invest in capital improvements to the interiors of the units. The seller was not disclosed.

April 3, 2018

Acquisitions Multifamily New York Northeast

Meridian Brokers $14.2M Sale of 29-Unit Apartment Building in East Harlem

by David Cohen April 2, 2018

NEW YORK CITY — Meridian Investment Sales has brokered the sale of an 18,860-square-foot, 29-unit apartment building in East Harlem for $14.2 million. The buyer was BEB Capital. Located at 238 East 106th St., the eight-story building was constructed in 2016 and features 29 one- and two-bedroom units. Amenities include a modern lobby, onsite laundry and balconies on all units. David Benharouch and Abie Kassin of Meridian represented the undisclosed seller and procured the buyer in the transaction. Meridian Investment Sales is the commercial property sales division of Meridian Capital Group.

April 2, 2018

Industrial New Jersey Northeast Property Type

Colliers Negotiates Sale of Three Industrial Buildings in South Jersey for Combined $7.5M

by David Cohen April 2, 2018

PENNSAUKEN, N.J. — Colliers International has negotiated the sale of three industrial buildings in Southern New Jersey for a combined $7.5 million. The three properties located in Pennsauken include: 9240 Commerce Highway, a 67,600-square-foot warehouse acquired by a private investor for $3.2 million; 6995 Airport Highway Lane, a 60,800-square-foot manufacturing facility purchased by Heat Makers Sense for $2.7 million; and 9265 Commerce Highway, a 33,500-square-foot warehouse acquired by Draco Broadcast for $1.6 million. The seller was the Bloom Organization. Ian Richman and Marc Isdaner of Colliers arranged the sale of the three properties.

April 2, 2018

Acquisitions Office Texas

TIER REIT Sells 575,000 SF Office Complex in West Houston to Griffin Partners

by Taylor Williams April 2, 2018

HOUSTON — Dallas-based TIER REIT Inc. has sold Loop Central, a 575,000-square-foot office complex in west Houston, according to company filings. TIER REIT acquired the three-building property, which was built in 1985 and approximately 84 percent leased at the time of sale, in late 2007. The buyer was Griffin Partners, a Houston-based development and investment firm, according to realtynewsreport.com. HFF brokered the sale.

April 2, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $141.7M Sale of Apartment Community in Metro Atlanta

by Camren Skelton April 2, 2018

ALPHARETTA, GA. — Cushman & Wakefield has brokered the sale of Juncture, a 560-unit apartment community in Alpharetta, a northern suburb of Atlanta. CoStar reports Dallas-based JLB Partners, which developed the property in 2016, sold the asset for $141.7 million. The sales price sets a record for the highest suburban apartment sale in metro Atlanta, according to Cushman & Wakefield. Chris Spain, Robert Stickel, Travis Presnell and Alex Brown of Cushman and Wakefield arranged the transaction on behalf of JLB Partners. Nashville-based Carter-Haston Real Estate Services Inc. acquired the asset. Residences at Juncture features granite and quartz countertops, stainless steel appliances, hardwood flooring and crown molding. Community amenities include a fitness center, pool and an entertainment lounge.

April 2, 2018

Acquisitions Michigan Midwest Office

L. Mason Capitani CORFAC International Brokers Sale of 55,528 SF Office Building in Auburn Hills, Michigan

by Kristin Harlow April 2, 2018

AUBURN HILLS, MICH. — L. Mason Capitani CORFAC International has brokered the sale of Oakland Euro Center in Auburn Hills. The 55,528-square-foot office building is located at 3201 University Drive. The property is 97 percent leased by 10 tenants. The sales price was not disclosed, but the asking price was reported to be $5.7 million. Mason L. Capitani represented the buyer, LSTC Michigan LLC, in the transaction. This sale represents the seventh acquisition in metro Detroit for the California-based buyer. L. Mason Capitani CORFAC International will oversee leasing at the building, while its affiliated company, Liberty Property & Asset Management, will manage the property.

April 2, 2018

California Multifamily Western

Greystar Acquires 211-Unit Multifamily Property in Long Beach, California

by Nellie Day April 2, 2018

LONG BEACH, CALIF. — Greystar Real Estate Partners, on behalf of its real estate funds, has purchased Pacific Court Apartments, located at 250 Pacific Ave. in Long Beach, for an undisclosed price. The property features 211 apartment units, 35,000 square feet of retail space and a 400-space subterranean parking garage. On-site amenities include a fitness center, dog wash, business center, poker room and clubhouse. The name of the seller was not released.

April 2, 2018

Acquisitions New York Northeast

Forest City Completes Sale of 363-Unit Apartment Community in Brooklyn for $156M

by David Cohen March 30, 2018

NEW YORK CITY — Forest City Realty Trust has completed the disposition of 461 Dean St., a 363-unit apartment community in Brooklyn for $156 million. The selling price reflects a capitalization rate of 4.5 percent on estimated 2018 net operating income. International real estate manager Principal Global Investors purchased the property. The 32-story, modular apartment building is located next to the Barclays Center and was completed in 2016. The asset was 100 percent owned by Forest City.

March 30, 2018

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