NEW YORK CITY — JLL has brokered the $50.7 million sale of a 101-unit multifamily building located at 740 West End Ave. on Manhattan’s Upper East Side. Constructed in 1915, the elevator building rises 14 stories and includes six commercial spaces and one superintendent’s apartment. Bob Knakal, Hall Oster, Jonathan Hageman, Paul Smadbeck, Teddy Galligan and Braedon Gait of JLL represented the seller, Wolk Properties, in the transaction, and procured the buyer, Aya Acquisitions.
GURNEE, ILL. — Marcus & Millichap has brokered the $9.2 million sale of an 81,893-square-foot industrial building in Gurnee, a city in Northeast Illinois. The facility is located at 1111 Lakeside Drive within the Grand Tri-State Business Park directly off I-94. Ohio Medical LLC occupies the building, which was constructed in 1993. The property features a clear height of 24 feet, four external docks and two drive-in doors. Peter Doughty of Marcus & Millichap represented the seller, a private investment group, and procured the buyer, a New York-based REIT.
DALLAS — CBRE has arranged the sale of DalParc Logistics Center, a newly built, 1 million-square-foot industrial development in South Dallas. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE represented the seller and developer, Kansas City-based VanTrust Real Estate, in the transaction. Property Reserve Inc. purchased DalParc Logistics Center, which is fully leased to an unnamed tenant, for an undisclosed price. VanTrust broke ground on the project in summer 2020.
HOUSTON — Walker & Dunlop has brokered the sale of 7 Square, a 402-unit apartment community in Houston. The property offers one- and two-bedroom units and amenities such as two pools, a fitness center with yoga and spin rooms, a wine room and outdoor grilling stations. Walker & Dunlop’s Ryan Epstein and Jennifer Ray represented the undisclosed seller in the transaction. The duo also worked with Mark Vinitsky and Harvey Pava of Walker & Dunlop to arrange acquisition financing through Voya Financial on behalf of the buyer, a partnership between DLP Capital and Avid Realty Partners. The loan was structured with a three-year term and interest-only payments.
ATLANTA — Hudson Capital Properties (HCP) has sold Hudson Ridge Apartments, a 434-unit multifamily community located at 3505 Windy Ridge Lane in Atlanta’s Cumberland-Galleria submarket. An affiliate of New York-based L+M Fund Management purchased the community for $143.5 million. Kevin Geiger of CBRE represented HCP, which purchased the property in 2016 and executed a community-wide renovation, in the transaction. Built in 1998, Hudson Ridge features one-, two- and three-bedroom apartments, some of which feature detached garages and offer views of the nearby Truist Park, the home ballpark of the Atlanta Braves. Amenities at Hudson Ridge include a clubhouse with a lounge, resort-style pool and sundeck, tennis court, business center and a fitness center.
TUCSON, ARIZ. — SB Pacific Group has completed the disposition of Peaks at Redington, an apartment community located along Speedway Boulevard, to MF Asset Management for $53.9 million, or $179,070 per unit. Constructed in 1980 on 10 acres, Peaks at Redington features 301 apartments with nine-foot ceilings, dishwashers and balconies or patios. Community amenities include a swimming pool, bocce ball court and outdoor fitness equipment. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
CHICAGO — Interra Realty has brokered the sale of a multifamily portfolio in Chicago for $2.9 million. The property is comprised of 15 units across two buildings, one located at 3856 W. Diversity Ave. and the other at 2544 N. Harding Ave. The multifamily portfolio includes one studio, two one-bedroom, nine two-bedroom and three three-bedroom units. Brad Feldman and Jeremy Morton of Interra represented the seller, who extensively renovated the buildings. Feldman and Morton also represented the private, out-of-state buyer, who intends to bring rents in line with the market as units turn over.
NEW YORK CITY — CBRE has brokered the $415 million sale of 160 Riverside Boulevard, a 455-unit multifamily building on Manhattan’s Upper East Side. The building sits between West 67th and West 68th streets and overlooks the Hudson River. According to Apartments.com, the property offers studio, one-, two- and three-bedroom units that range in size from 498 to 1,797 square feet and amenities such as a fitness center, clubhouse, package handling system and a playground. Darcy Stacom led a CBRE team that represented the seller, Equity Residential, in the transaction. The buyer was locally based investment firm A&E Real Estate. Square Mile Capital Management provided $285.8 million in acquisition financing for the deal.
HUMBLE, TEXAS — JLL has negotiated the sale of Humblewood Shopping Center, a 183,897-square-foot retail property located on the northern outskirts of Houston. Tenants at the center include Conn’s HomePlus, Petco, Michaels, DSW, Five Below, Texas State Optical, Sketchers, GameStop, Honey Baked Ham, Jason’s Deli, Smoothie King, IHOP, Humble Nails, Gadget MD and Ace Cash Express. Chris Gerard and Ryan West and Erin Lazarus of JLL represented the seller, Forge Capital Partners, in the transaction. South Florida-based JBL Asset Management acquired the asset for an undisclosed price.
DAVENPORT, FLA. — Vienna, Va.-based Middleburg Communities and private equity partner Stockbridge have acquired Indigo Champions Ridge, a 300-unit luxury apartment community located at 1005 Champions Ridge Drive in Davenport, which is about midway between Orlando and Tampa. Brett Moss, Tyler Swidler, Cole Whitaker and Matt Mitchell of Berkadia’s Orlando and Tampa offices represented the Georgia-based sellers, Red Clay Development Partners and Atlantic Residential, in the $100.5 million transaction. Middleburg will take over management, operations and leasing responsibilities at Indigo Champions Ridge, which was completed earlier this year and features resort-style amenities, a modern clubhouse and high-end finishes. Adam Bieber of Bellwether Enterprise structured the joint venture between Middleburg and Stockbridge, as well as an undisclosed amount of acquisition financing through Synovus Bank.
