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NewQuest Brokers Sale of 426-Unit Apartment Community in Houston

by Taylor Williams March 26, 2018

HOUSTON — NewQuest Properties has brokered the sale of Chateaux Dijon Apartments, a 426-unit multifamily community located at 5331 Beverly Hill St. in Houston’s Galleria neighborhood. The property consists of one-, two- and three-bedroom units ranging from 510 to 1,380 square feet. Amenities include several pools, a fitness center, coffee bar, dog park, conference room and a business center. Glenn Dickerson of NewQuest Properties represented the seller, FHB Beverly Hill LP, and procured the buyer, Florida-based investment firm Avesta Communities LLC. The property was developed in the 1960s and renovated in 2016.

March 26, 2018

Acquisitions Multifamily North Carolina Southeast

Audubon Purchases 500-Unit Apartment Community in Durham

by Camren Skelton March 26, 2018

DURHAM, N.C. — Audubon Communities has acquired Oak Creek Village, a 500-unit apartment community located at the intersection of Durham-Chapel Hill Boulevard and Garrett Road in Durham. The name of the seller and the sales price were not disclosed. Audubon will invest $4.6 million in capital improvements for the property — originally constructed in 1972 — and rename the community The Garrett. Planned improvements include replacement of the existing leasing office with a new facility that will include a new fitness center and residential lounge, roof replacement, landscape improvements and updates to the pool, playground and other outdoor amenities. Legacy Capital Partners is Audubon’s equity partner on the transaction. Audubon financed the deal with an acquisition and construction loan from PGIM Real Estate Finance. The deal marks Atlanta-based Audubon’s first investment in the North Carolina market and the company’s third deal with Legacy Capital Partners.

March 26, 2018

Acquisitions Multifamily Washington Western

CBRE Arranges Sale of 176-Unit Multifamily Property in Richland, Washington

by Amy Works March 26, 2018

RICHLAND, WASH. — CBRE has brokered the sale of Badger Mountain Ranch, a multifamily property located 451 Westcliffe Blvd. in Richland. Badger Mountain Apartments I LLC sold the property to Irvine, Calif.-based Starboard Realty Advisors for an undisclosed price. Built in 2013, the property features 176 apartment units in a mix of one-, two- and three-bedroom layouts. Phil Oester, Eli Hanacek, Joe Nydahl and Josh McDonald of CBRE represented the seller in the transaction.

March 26, 2018

Acquisitions Industrial Self-Storage Texas

Skyview Brokers Sale of 763-Unit Self-Storage Facility in San Antonio

by Taylor Williams March 23, 2018

SAN ANTONIO — Skyview Advisors, a Tampa-based brokerage firm specializing in self-storage, has brokered the sale of a 763-unit Extra Space Storage facility in San Antonio. Approximately 97 percent of the units at the Class A facility are climate-controlled. The property sold during lease-up at 50 percent physical occupancy, according to Ryan Clark of Skyview, who represented the seller in the transaction. California-based FollettUSA purchased the property for an undisclosed price.

March 23, 2018

Acquisitions Hospitality Washington Western

Hodges Ward Elliot Negotiates $87M Sale of 234-Bed Hotel in Bellevue, Washington

by Amy Works March 23, 2018

BELLEVUE, WASH. — Hodges Ward Elliott has arranged the sale of AC Hotel Seattle Bellevue/Downtown, a hotel located at 208 106th Place NE in downtown Bellevue. Ishin Aju Hotel Bellevue LLC acquired the hotel from WPPI Bellevue AC LLC for $87 million. The seven-story property, which opened in August 2017, features 234 rooms, two levels of underground parking, 1,487 square feet of meeting space, the AC Lounge, the AC Kitchen, the AC Store, the AC Library and a fitness center. Mark Elliott, John Sonnier, Michael DiPrima and Rick Rush of Hodges Ward Elliott represented the seller in the transaction.

March 23, 2018

Acquisitions Illinois Midwest Multifamily

Interra Brokers $1.4M Condo Deconversion in Oak Park, Illinois

by Kristin Harlow March 23, 2018

OAK PARK, ILL. — Interra Realty has brokered the $1.4 million sale of a condo deconversion in Oak Park, a suburb of Chicago. The buyer intends to convert the property’s 10 condominiums into apartment rental units. Built in the 1950s and located on Marion Street, the property features a mix of one- and two-bedroom floor plans. Patrick Kennelly of Interra represented the sellers through the condominium’s association and also procured the undisclosed buyer. The sales price equates to approximately $145,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or lease back the unit from the new owner.

March 23, 2018

Acquisitions North Carolina Office Southeast

Accesso, Torchlight Acquire 10 Office Buildings in Triangle for $108.1M

by Camren Skelton March 23, 2018

DURHAM, N.C. — Florida-based Accesso Partners LLC, along with capital partner Torchlight Investors, has acquired 10 office buildings totaling 690,520 square feet within Meridian Corporate Center, a 270-acre office park in Durham. The campus is located adjacent to Research Triangle Park. The sales prices were not disclosed, but the Triangle Business Journal reports Accesso acquired a nine-building portfolio within Meridian Corporate Center from New York-based Investcorp for $95.7 million. The portfolio was 91 percent leased at the time of sale. In addition, Accesso acquired another 74,072-square-foot building on the campus from Origin Investments for $12.4 million. Ryan Clutter, Scot Humphrey and Chris Norvell of HFF arranged the transactions on behalf of the sellers. Susan Hill of HFF arranged acquisition financing through J.P. Morgan Chase Bank on behalf of the buyers. The new ownership plans to enhance the office campus with a conference center, tenant lounge, collaborative areas, fitness center and exterior landscaping. The majority of tenants at the park are in the software, technology and life science fields, including NVDIA, Parexel, EBSCO Information System’s NoveList division, Spoonflower and Avaya. In addition to office space, Meridian Corporate Center is also home to a 332-unit apartment community (The Heights at Meridian) and a …

March 23, 2018

Acquisitions New York Northeast

Besen & Associates Brokers Sale of 20,000 SF Multi-Use Building in Hudson Heights for $9.1M

by David Cohen March 22, 2018

NEW YORK CITY — Besen & Associates has arranged the sale of 4468-4474 Broadway in northern Manhattan for $9.1 million. The sales price equates to $457 per square foot and a 3.75 percent capitalization rate. The two-story, 20,000-square-foot building consists of six stores and five offices. Built in 1991, the property features 100 feet of retail frontage along Broadway in the Hudson Heights neighborhood and is located just north of the George Washington Bridge between Fort Tyron Park and Harlem River Park. The property also includes 14,400 square feet of unused air rights. Hilly Soleiman, Amit Doshi and Ron Cohen of Besen & Associates represented the seller, Broadway 10th Ave. Corp. in the transaction. Alma Realty was the buyer.

March 22, 2018

Acquisitions Industrial Texas

Binswanger Arranges Sale of 700,644 SF Grocery Distribution Center in Houston

by Taylor Williams March 22, 2018

HOUSTON — Philadelphia-based Binswanger has arranged the sale of a 700,644-square-foot grocery distribution center situated on 70.2 acres at 10700 Telge Road in Houston. The facility was formerly leased to Randalls, a grocer owned by Idaho-based Albertson’s that operates 44 stores in Texas. It includes 517,500 square feet of dry and perishable grocery warehouse space, 113,200 square feet of frozen warehouse space and 6,200 square feet of office space. Other features include 25- to 40-foot ceiling heights and an ESFR sprinkler system. Holmes Davis of Binswanger represented the seller, Albertsons Cos., in the transaction. Cory Driskill and Will Mundinger of Crow Holdings Industrial represented the buyer internally. Crow Holdings plans to expand the facility by developing three additional buildings on the site.

March 22, 2018

Acquisitions Iowa Midwest Retail

R.H. Johnson Co. Purchases 282,708 SF Shopping Center in Sioux City, Iowa

by Kristin Harlow March 22, 2018

SIOUX CITY, IOWA — The R.H. Johnson Company has purchased Lakeport Commons in Sioux City for an undisclosed price. The 282,708-square-foot shopping center is located at 5101 Sergeant Road. Completed in 2005, the property is 92 percent leased to tenants such as Gordmans, Best Buy, Staples, Michaels, PetSmart, Old Navy, Party City, Shoe Carnival and Dress Barn. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF marketed the property on behalf of the seller, InvenTrust Properties Corp.

March 22, 2018

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