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Westmount Realty Capital Acquires 316,752 SF Industrial Portfolio in Metro Minneapolis

by Kristin Harlow August 11, 2022

MINNEAPOLIS — Westmount Realty Capital has acquired the West Tech Industrial Portfolio in metro Minneapolis for an undisclosed price. The portfolio’s five buildings total 316,752 square feet and are located within the Twin Cities Medical Alley and Golden Triangle. The Plymouth buildings total 126,936 square feet and were constructed in 2001. The Eden Woods buildings were constructed in 1985 in Eden Prairie. Lastly, the Cedar building is a flex industrial facility spanning 65,484 square feet. The portfolio is 90 percent leased to 13 tenants across multiple industries such as aeronautics, defense, life sciences and technology. Westmount plans to make upgrades to the roofs and HVAC systems.

August 11, 2022

Office Southeast Top Stories Virginia

Turnbridge Equities, Fundamental Advisors Sell Five-Property Office Portfolio in Northern Virginia for $220M

by Katie Sloan August 11, 2022

NEW YORK CITY — A joint venture between two New York City-based investors, Turnbridge Equities and Fundamental Advisors LP, has sold its five-building Northern Virginia Cybersecurity and Defense Infrastructure office portfolio for $220 million. The buyer was undisclosed. The joint venture began assembling the 860,000-square-foot portfolio in 2018 with the goal of mitigating rollover risk related to single-tenant occupancy by creating a multi-tenant portfolio with staggered lease terms. The properties were 96 percent occupied at the time of sale by tenants that include Lockheed Martin Corp., General Dynamics Corp., Boeing and Northrop Grumman Corp. The portfolio includes a 205,074-square-foot property at 460 Herndon Parkway in Herndon; a 84,652-square-foot property at 14700 Lee Road in Chantilly; a 112,623-square-foot building at 21700 Atlantic Blvd. in Sterling; a 184,414-square-foot property at 12450 Fair Lakes Circle in Fairfax; and a 273,713-square-foot complex located at 10302 and 10304 Eaton Place in Fairfax. Eric Berkman, Shaun Weinberg and Kevin Sidney of Cushman & Wakefield represented the seller in the transaction. “Cybersecurity is among the fastest growing areas of government contracting, and the portfolio was assembled to take advantage of these trends with a strong roster of leading tenants that are immune to work-from-home trends …

August 11, 2022

Acquisitions Multifamily Texas

Berkadia Negotiates Sale of 206-Unit Workforce Housing Community in Metro Houston

by Taylor Williams August 10, 2022

TOMBALL, TEXAS — Berkadia has negotiated the sale of Bridgewater Apartments, a 206-unit workforce housing community in the northern Houston suburb of Tomball. Built in phases between 1979 and 1982, Bridgewater Apartments contains one- and two-bedroom units ranging in size from 670 to 944 square feet. The amenity package comprises a resident kitchen, clubroom, business center, pool, picnic areas with grilling stations, an enclosed pet park and open green spaces. Joey Rippel, Chris Young, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Houston-based Sentinel Capital, in the transaction. Cutt Ableson, also with Berkadia, arranged acquisition financing on behalf of the buyer, a partnership between Tranquility Capital, Abundance Equity Partners and Rubio Investors.

August 10, 2022

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Brokers $19.2M Sale of Hotel Portfolio in Suburban Chicago

by Kristin Harlow August 10, 2022

ELGIN AND ALGONQUIN, ILL. — Marcus & Millichap has brokered the sale of a three-property hotel portfolio in Chicago’s western suburbs for $19.2 million. The assets include a Comfort Suites and a Country Inn and Suites in Elgin, as well as a Holiday Inn Express in Algonquin. The 78-room Comfort Suites was built in 2006, while the 98-room Country Inn and Suites was constructed in 2000. The Holiday Inn Express was built in 2001 and features 86 rooms. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the seller, a Chicago-based investment group. The duo also secured two separate buyers, a Wisconsin-based investment group and a local investor. All three properties are expected to undergo improvements in the coming months.

August 10, 2022

Acquisitions Multifamily Oregon Western

Security Properties Buys Sienna Pointe Apartments in Bend, Oregon for $49.5M

by Amy Works August 10, 2022

BEND, ORE. — Seattle-based Security Properties has acquired Sienna Pointe Apartments, a 168-unit multifamily community located at 1855 NE Lotus Drive in Bend, for $49.5 million. The name of the seller was not released. Built in 1991 on 9.1 acres, the property features 21 buildings with one- and two-bedroom units averaging 845 square feet. Unit amenities include washers/dryers in most units, stainless steel appliances, electric fireplaces and private decks and patios. Community amenities include a fitness center, pet play area, laundry and clubhouse facilities, onsite management and 264 parking spaces. Nick Santangelo of CBRE Capital Markets’ Debt & Structured Finance team in Portland secured a $31.4 million acquisition loan for the buyer. CBRE Multifamily Capital, an approved lender under Fannie Mae’s DUS program, provided the seven-year, fixed-rate, full-term, interest-only loan.

August 10, 2022

Acquisitions Florida Multifamily Southeast

JLL Brokers $70.6M Sale of Grand Reserve Apartments in Central Florida

by John Nelson August 9, 2022

OCALA, FLA. — JLL has brokered the $70.6 million sale of Grand Reserve Apartment Homes, a 263-unit value-add multifamily community located at 3001 SW 24th Ave. in Ocala. Ken Delvillar led the JLL team that represented the seller, ApexOne Investment Partners, in the transaction. Melissa Marcolini Quinn and Lee Weaver led the JLL Capital Markets team arranging debt and equity financing totaling $65 million for the buyer, JT Capital. The debt provider was an unnamed life insurance company, and the equity source was an undisclosed institutional investor. Built in 2003, Grand Reserve features one-, two- and three-bedroom units with an average size of 1,072 square feet. Renovated units feature walk-in closets, full-sized washers and dryers, breakfast bars, granite countertops, screened patios/balconies and stainless steel appliances. Community amenities include a resort-inspired pool and sundeck, a screened poolside gazebo with a TV lounge, firepit, 24-hour fitness center, business center, children’s playground and direct access garages.

August 9, 2022

Acquisitions Arizona Multifamily Western

Avanti Residential, KKR Sell Two-Property Multifamily Portfolio in Tempe, Arizona for $111.7M

by Amy Works August 9, 2022

TEMPE, ARIZ. — A joint venture between Avanti Residential and KKR Real Estate has completed the disposition of a two-property multifamily portfolio in Tempe. Denver-based Jason McCool acquired the assets for $111.7 million. The 369-unit portfolio includes Omnia on 8th, a 188-unit property, and Omnia McClintock, a 181-unit property. The communities were constructed between 1971 and 1984 and feature a mix of studio, one- and two-bedroom units. Brad Goff, Brett Polachek and Chris Canter of Newmark represented the seller in the transaction.

August 9, 2022

Acquisitions Multifamily Texas

IPA Negotiates Sale of 288-Unit Vantage at O’Connor Apartments in San Antonio

by Taylor Williams August 9, 2022

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vantage at O’Connor, a 288-unit apartment community in northeast San Antonio. The property was built in 2020. According to Apartments.com, Vantage at O’Connor offers one-, two- and three-bedroom units ranging in size from 605 to 1,150 square feet and amenities such as a pool, fitness center, media lounge, two pet parks and package concierge services. Will Balthrope and Drew Garza of IPA represented the seller, Vantage Communities, and procured the undisclosed buyer in the transaction.

August 9, 2022

Acquisitions Midwest Multifamily Wisconsin

Northland Buys 318-Unit Apartment Community in Madison, Wisconsin

by Kristin Harlow August 9, 2022

MADISON, WIS. — Northland has purchased Preserve West, a 318-unit apartment community in Madison. The purchase price and seller were undisclosed. The garden-style property was formerly named ReNew 78 West. The community features 17 buildings across roughly 20 acres. Amenities include a clubhouse, fitness center, coworking space and communal kitchen. Northland owns and operates a multifamily portfolio that includes more than 26,000 units across the U.S.

August 9, 2022

Acquisitions Illinois Industrial Midwest Top Stories Wisconsin

EQT Exeter Purchases 3.8 MSF Industrial Portfolio in Wisconsin, Illinois

by John Nelson August 9, 2022

PLEASANT PRAIRIE, WIS. AND NORTH CHICAGO, ILL. — EQT Exeter, a global industrial and residential investment firm, has purchased an eight-property industrial portfolio in Wisconsin and Illinois totaling 3.8 million square feet. CenterPoint Properties, a warehouse and distribution center investor and developer based in Oak Brook, Ill., and an unnamed investment partner sold the portfolio to EQT Exeter. John Huguenard and Kurt Sarbaugh of JLL represented CenterPoint in the transaction. The sales price was not disclosed, but the Milwaukee Business Journal reports the assets traded for $290 million. The properties include seven facilities within the master-planned LakeView Corporate Park in Pleasant Prairie, which is situated near I-94 and provides users with connectivity to population centers in Milwaukee 40 miles north and Chicago 60 miles to the south. The lone Illinois asset was a facility located at 3200 Skokie Highway in North Chicago. The eight properties were fully leased at the time of sale to nine tenants. The facilities feature clear heights averaging 32 feet, ample loading options and fully circulating truck courts. “In these times of economic uncertainty, we are even more focused on selectively buying high-quality and well-located real estate like LakeView to serve our global tenant relationships,” says …

August 9, 2022

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