sale1

Next Wave Acquires Two Multifamily Communities in Beaverton, Oregon for $30.5M

by Amy Works May 31, 2022

BEAVERTON, ORE. — Next Wave Investors has purchased two apartment properties in Beaverton for a total of $30.5 million. The communities are the 62-unit The Huntley and the 48-unit Parker Apartments. The seller was not disclosed. Located at 12310 SW Center St., The Huntley sold for $18 million and has nine remaining unrenovated units. Located at 17135 SW Heritage Court, Parker Apartments sold for $12.5 million and features 12 classic units that Next Wave plans to modernize. The buyer also plans to install HVAC systems in all units at both properties.

May 31, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 659-Unit Urban Palms Apartments in West Houston

by Taylor Williams May 31, 2022

HOUSTON — Northmarq has arranged the sale of Urban Palms, a 659-unit apartment community in the Chinatown area of West Houston. The property was built in 1979 and renovated in 2017. Units feature energy-efficient appliances, washer/dryer connections and private balconies/patios. Amenities include two pools, a fitness center, business center, playground, grilling and picnic areas and onsite laundry facilities. Justin Chambers and Scott Lamontagne of Northmarq represented the Southern California-based seller and the undisclosed buyer in the transaction. Joel Heikenfeld, James Currell and Emily Balazik, who are also with Northmarq, arranged acquisition financing and joint venture equity for the deal.

May 31, 2022

Acquisitions Florida Retail Southeast

BH Properties Acquires Lincoln Center Retail Property in Miami Beach for $93.6M

by John Nelson May 31, 2022

MIAMI BEACH, FLA. — BH Properties, a private real estate investment firm based in Los Angeles, has purchased Lincoln Center, a 129,360-square-foot retail destination in Miami Beach. Vornado Realty Trust sold the asset to BH Properties, marking the firm’s entry to the Miami market. The sales price was not disclosed, but South Florida Business Journal reported the property traded for $93.6 million. Built in 1999, the four-story building is situated on a full city block in the South Beach neighborhood along Lincoln Road, which is Miami’s high-street retail corridor. An 18-screen Regal Cinema, the only movie theater in South Beach, anchors the property. Regal recently extended its lease, according to BH Properties. The asset was 74 percent leased at the time of sale to tenants including French apparel retailer Zadig & Voltaire, fine art gallery Romero Britto, Ben & Jerry’s, Doraku Sushi and restaurant Wok to Walk. The property also includes an attached, 291-space parking garage.

May 31, 2022

Acquisitions Midwest Nebraska Retail

First National Realty Partners Buys 221,000 SF Shopping Center in Omaha

by Kristin Harlow May 31, 2022

OMAHA, NEB. — First National Realty Partners has purchased The Shoppes at Grayhawk in Omaha for an undisclosed price. The 221,000-square-foot shopping center is located on West Maple Road. A 140,000-square-foot Lowe’s anchors the property. Additional tenants include Michaels, Dollar Tree, Chipotle, Jimmy John’s and First Watch. Ben Snyder and Zack Bates of Matthews Real Estate Investment Services represented the undisclosed seller.

May 31, 2022

Development Multifamily Northeast Pennsylvania

Southern Land Breaks Ground on 254-Unit Multifamily Project in Philadelphia

by Taylor Williams May 31, 2022

PHILADELPHIA — Tennessee-based developer Southern Land Co. has broken ground on a 254-unit multifamily project at 1620 Sansom St. in Philadelphia’s Center City District. The development will include 22,000 square feet of flexible commercial space for restaurant or health and wellness users. The 27-story building will offer amenities such as a 12,000-square-foot rooftop deck, fitness center, pool and communal dining and entertainment spaces. Solomon Cordwell Buenz is designing the project, and Hunter Roberts Construction Group is serving as the general contractor. Completion is slated for winter 2023.

May 31, 2022

Acquisitions California Multifamily Western

Waterton Acquires 736-Unit Terracina Apartments Community in Ontario, California

by Amy Works May 27, 2022

ONTARIO, CALIF. — Waterton has purchased Terracina, a multifamily property located at 3303 S. Archibald Ave. in Ontario. The 41.3-acre community will be rebranded as Citrine Hills. Terms of the transaction were not released. Comprised of 46 two-story residential buildings, the 736-unit property comprises 288 one-bedroom, 128 two-bedroom/one-bath and 320 two-bedroom/two-bath layouts with an average unit size of 874 square feet. The buyer plans to renovate the property, which was built in 1989, with updates to existing finishes in all residences. These features will include vinyl plank flooring, new carpet, stainless steel appliances, quartz countertops and washers and dryers in each unit. The renovation program also includes upgrades to common areas and building and mechanical systems. Community amenities include four pools, two hot tubs, two fitness centers, two soccer fields with surrounding running paths, two dog parks, a pet wash, outdoor barbecue areas, a tennis court, business center, furnished sundecks and water features throughout the grounds. Additionally, the property features 84 garages and 801 carports.

May 27, 2022

Acquisitions Industrial Lee & Associates Midwest Wisconsin

Lee & Associates Brokers $2.5M Sale of Industrial Building in Waunakee, Wisconsin

by Kristin Harlow May 27, 2022

WAUNAKEE, WIS. — Lee & Associates has brokered the $2.5 million sale of a 24,000-square-foot industrial building in Waunakee, a northern suburb of Madison. The property is located at 904 Bethel Circle. Blake George of Lee & Associates represented the seller, Golden Properties LLC. Stimac Holdings LLC, a company that designs and manufactures video games, was the buyer.

May 27, 2022

Acquisitions Multifamily North Carolina Southeast Top Stories

ZOM Living Sells Hazel SouthPark Apartments in Charlotte for $130.8M

by John Nelson May 27, 2022

CHARLOTTE, N.C. — ZOM Living has sold Hazel SouthPark, a 203-unit mid-rise apartment community in Charlotte that the firm delivered last year. The property includes 14,000 square feet of retail space that was fully leased at the time of sale. An undisclosed buyer purchased the asset for $130.8 million, establishing a new record high price per unit for a multifamily community in North Carolina when adjusting for the value of the retail space. Eastdil Secured represented ZOM Living in the transaction. “This is a significant sale that reflects the level of design and construction quality of our newest development, the desirability of the SouthPark neighborhood and the strength of Charlotte’s multifamily market,” says Greg West, CEO of ZOM Living. “Since we delivered this property in 2021, we have seen tremendous leasing activity and achieved premium rents within a few months of its opening. The sale of this asset is in line with our plan to continue to invest in developing future multifamily properties in the Charlotte market and beyond,” adds West. Hazel SouthPark is situated within Charlotte’s SouthPark neighborhood, an office submarket about six miles south of the city’s central business district that is anchored by Simon’s SouthPark Mall, which …

May 27, 2022

Acquisitions Multifamily Washington Western

Sack Properties Buys Fairwood Landing Apartment Complex in Renton, Washington, for $61M

by Amy Works May 26, 2022

RENTON, WASH. — San Francisco-based Sack Properties has purchased Fairwood Landing, a garden-style multifamily property located at 14121 SE 177th St. in Renton, from CES Properties for $61 million. Built in 1981, Fairwood Landing features 195 apartments. Sack Properties plans to renovate and modernize the community. Jerrid Anderson, Brandon Lawler and Dylan Simon of Kidder Mathews’ represented the buyer in the deal. Kidder Mathews was the only brokerage firm involved in the transaction.

May 26, 2022

Acquisitions Illinois Industrial Midwest

Cresa Arranges Sale-Leaseback of 48,340 SF Warehouse in Northlake, Illinois

by Kristin Harlow May 26, 2022

NORTHLAKE, ILL. — Cresa Chicago has arranged the sale-leaseback of a 48,340-square-foot warehouse located at 11697 W. Grand Ave. in Northlake, a western suburb of Chicago. The building features a clear height of 24 feet, six docks and two drive-in doors. Ed Lowenbaum, George Mack and Mike Duncan of Cresa represented the seller, CTL Global Inc., which provides fulfillment and logistics solutions. Faropoint Ventures LLC purchased the asset for an undisclosed price. Faropoint’s Jordan Kovalsky led the firm’s in-house acquisition team. CTL constructed the facility in 2003.

May 26, 2022

Newer Posts

Older Posts