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Springs-Foothills-Farms-Colorado-Springs-CO

Berkadia Negotiates $110.9M Sale of Springs at Foothills Farms Apartments in Colorado Springs

by Amy Works September 20, 2022

COLORADO SPRINGS, COLO. — Berkadia Institutional Solutions has arranged the sale of Springs at Foothills Farms, a garden-style multifamily community located at 1203 Affirmed View in Colorado Springs. Wisconsin-based Continental Properties Co. sold the asset to California-based Hamilton Zanze & Co. for $110.9 million. Built in 2021, Springs at Foothills Farms features 264 apartments in a mix of studio, one-, two- and three-bedroom floor plans with in-unit washers/dryers, private patios or balconies, attached and detached garage options and walk-in closets. Community amenities include a swimming pool, fitness center and outdoor barbecue area. Nick Steele, John Laratta, Nate Moyer and Tyler King of Berkadia Denver represented the seller in the deal. Additionally, Clay Akiwenzie of Berkadia Incline Village arranged $58.1 million in permanent acquisition financing on behalf of the buyer. The 10-year loan was financed through Freddie Mac.

September 20, 2022

Acquisitions Hospitality Oregon Western

Pebblebrook Hotel Trust Sells Historic Kimpton Hotel Vintage Portland to Pacifica Hotels for $32.9M

by Amy Works September 20, 2022

PORTLAND, ORE. — Pebblebrook Hotel Trust has completed the disposition of Kimpton Hotel Vintage Portland, located at 422 SW Broadway in Portland. Aliso Viejo, Calif.-based Pacifica Hotels acquired the property for $32.9 million. Originally constructed in the late 1800s, the European-inspired hotel underwent a multimillion-dollar makeover in 2015 and 2018 that overhauled the lobby, rooms and amenities. Currently, each hotel floor is dedicated to a different Willamette Valley American Viticultural Area and each room is named after a local winery. The hotel features 117 guest rooms, 8,000 square feet of event space, a street-level restaurant and bar called Il Solito and Bacchus Bar, a private wine cellar and a game lounge. Additionally, the hotel’s lobby doubles as a tasting room. Chris Burdett, Matthew Behrens and Aaron Solaimani of CBRE Hotels in the Pacific Northwest represented the seller in the deal.

September 20, 2022

Acquisitions Indiana Midwest Retail

Hanley Investment Group Arranges Sales of Three Restaurant Properties in Indiana Totaling $9M

by Kristin Harlow September 20, 2022

GREENFIELD, IND. — Hanley Investment Group Real Estate Advisors has arranged the sales of three restaurant properties in Greenfield, an eastern suburb of Indianapolis. Dylan Mallory of Hanley and Jacque Haynes of Midland Atlantic Properties represented the seller and developer, Indianapolis-based Midland Atlantic Properties, in all three transactions. All three properties are part of a new development named Greenfield Market. In the first sale, a 2,616-square-foot building occupied by Chipotle Mexican Grill sold to a Simi Valley, Calif.-based private investor for $2.9 million. The property features a mobile order drive-thru lane. David Leibowitz of IREA Inc. represented the buyer. In the second transaction, a 3,500-square-foot property occupied by Panera Bread sold to a Hillsborough, Calif.-based private investor for $2.9 million. The building features two drive-thru lanes. Jeff Ida and Doug Ogard of Marcus & Millichap represented the buyer. In the third sale, a 4,500-square-foot Chick-fil-A ground lease sold for $3.1 million to a Dallas-based private investor, who was self-represented.

September 20, 2022

Acquisitions Florida Loans Multifamily Southeast

PCCP Provides $72.7M Acquisition Loan for Jacksonville Apartment Community

by John Nelson September 19, 2022

JACKSONVILLE, FLA. — PCCP LLC has provided a $72.7 million acquisition loan for Carlyle at Bartram Park, a 336-unit apartment community located at 14701 Bartram Park Blvd. on the south side of Jacksonville. The borrower, Rose Valley Capital, an affiliate of Hampshire Properties, will use a portion of the proceeds to renovate interiors and amenities at the property, which was built in 2009. Situated near the Bartram Park mixed-use development, Carlyle at Bartram Park was 93 percent occupied at the time of financing. The property includes one-, two- and three-bedroom floor plans with an average size of 991 square feet, as well as a playground, fitness studio, clubhouse with fireplace, gated access, outdoor fireplace and grill area, resort-style pool with sundeck and a walking trail around a lake.

September 19, 2022

Acquisitions Multifamily Seniors Housing Utah Western

IPA Brokers Sale of 144-Unit Lakeside Village Active Adult Community Near Salt Lake City

by Amy Works September 19, 2022

WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Lakeside Village, an active adult property in West Valley City. Constructed in 1997, Lakeside Village features 144 one- and two-bedroom residences with eight-foot ceilings, walk-in closets and private balconies or patios. The community includes a swimming pool, hot tub, community garden and pond. Danny Shin and Brock Zylstra of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Terms of the transaction were not released.

September 19, 2022

Acquisitions Iowa Midwest Retail

JLL Arranges $27.5M Sale of Lakeport Commons Shopping Center in Sioux City, Iowa

by Kristin Harlow September 16, 2022

SIOUX CITY, IOWA — JLL Capital Markets has arranged the $27.5 million sale of Lakeport Commons in Sioux City, a city in Northwest Iowa. The 202,880-square-foot shopping center is 95 percent leased. Aldi and Ross Dress for Less recently signed 10-year leases to open at the property. Additional tenants include Five Below, Old Navy, PetSmart, Michaels, Boot Barn, Shoe Carnival, Staples and a separately owned Kohl’s. Amy Sands, Clinton Mitchell, Michael Nieder and Marcus Pitts of JLL represented the seller, The RH Johnson Co. A Midwest-based private investor purchased the asset.

September 16, 2022

Acquisitions Multifamily North Carolina Southeast

Crescent Communities Sells Apartment Community in Charlotte’s Lower South End District for $140M

by John Nelson September 16, 2022

CHARLOTTE, N.C. — Crescent Communities has sold Novel LoSo Station, a 344-unit apartment community located at 4015 Craft St. in Charlotte. Mid-America Apartment Communities purchased the newly built property for $140 million, according to Charlotte Business Journal. Situated near the Scaleybark Light Rail Station in Charlotte’s Lower South End neighborhood (LoSo), Novel LoSo Station is a part of the larger LoSo Station master development by Beacon Partners that includes more than 500,000 square feet of office space, 45,000 square feet of retail space and 125 townhomes. Units at Novel LoSo Station come in studio, one-, two- and three-bedroom floor plans with high-end finishes. Community amenities include a double-story fitness center with a dedicated yoga and spin room, a LTH Coffee & Social café on the ground level, coworking area, saltwater pool with a tanning ledge, rooftop terrace with outdoor heated space and outdoor grilling and picnic areas. Crescent Communities sold Novel LoSo Station almost exactly one year after opening the community. The developer has recently announced the land closings of two build-to-rent communities in Charlotte, Harmon Five Points and Harmon Ballantyne, as well as the development of multifamily communities Novel Mallard Creek and Novel University Place, which are both under …

September 16, 2022

Acquisitions Multifamily Washington Western

Marcus & Millichap Negotiates $24.1M Sale of Tanara Villa Apartments in Tacoma, Washington

by Amy Works September 16, 2022

TACOMA, WASH. — Marcus & Millichap has arranged the sale of Tanara Village, a multifamily community in Tacoma. A private seller in a 1031 exchange sold the property to a limited liability company for $24.1 million, or $185,769 per unit. Built in 1969, Tanara Village features 130 apartments spread across five buildings. The community offers four laundry rooms, a recreation room, dog park and 113 parking stalls. The apartments are all one-bedroom/one-bath, 114 of which are 550 square feet and 16 are 600 square feet. Kellan Moll and Scott Morasch of Marcus & Millichap represented the seller and procured the buyer in the transaction.

September 16, 2022

Acquisitions Arizona Office Western

Orsett Properties Sells 149,321 SF The Reserve at San Tan Office Property in Arizona for $53.1M

by Amy Works September 15, 2022

GILBERT, ARIZ. — Orsett Properties has completed the sale of The Reserve at San Tan, a trophy-quality office property in Gilbert. West Valley Properties acquired the asset for $53.1 million. Built in 2020 on 12.8 acres, The Reserve at San Tan features 149,321 square of office space spread across two three-story multi-tenant office buildings connected by a common area tenant amenity lounge. The building offers high-end spec suites with open ceilings, creative office finishes and abundant covered surface parking. Additional features include monument signage, building signage, tenant lounges, PRESS coffee on-site and conference facilities. CJ Osbrink, Scott Scharlach and Kevin Shannon of Newmark handled the transaction. Mike Garlick, also of Newmark, assisted in the sale and was retained by the buyer to lead leasing efforts at the property.

September 15, 2022

Acquisitions Illinois Midwest Multifamily Northmarq

Northmarq Arranges $45M Sale of Multifamily Property in Peoria, Illinois

by Kristin Harlow September 15, 2022

PEORIA, ILL. — Northmarq has arranged the sale of Prairie Vista Apartments in Peoria for $45 million. Built in 2006, the 304-unit multifamily property features 38 buildings as well as a clubhouse, pool house and garages. The units are nearly fully occupied. Parker Stewart, Alex Malzone and Dominic Martinez of Northmarq brokered the sale. Dan Baker of Northmarq originated a $27 million Freddie Mac acquisition loan. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. California-based Prairie Vista SPE Owner LLC was the buyer.

September 15, 2022

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