WESTFORD, MASS. — Regional brokerage firm Adirondack Capital Partners has arranged the $102.5 million sale of Abbot Mill, a 234-unit multifamily property in Westford, a northwestern suburb of Boston. The property, which represents Phase I of a larger project, is a redevelopment of a historic mill that was originally constructed in 1875, according to Apartments.com. The website also reports that Abbot Mill offers one- and two-bedroom units and amenities such as a fitness center, business center, clubhouse and a lounge. New York-based investment firm Aker acquired the property from an undisclosed local developer. Michael Hunter Coghill and David Johnson of Adirondack brokered the deal.
AUSTIN, TEXAS — Landmark Properties has acquired Pointe on Rio, a 321-bed student housing property located at 1901 Rio Grande St. near the University of Texas in Austin. The midrise building, which will be rebranded as Tradition on Rio, was constructed in 2014. The community offers units in studio through five-bedroom configurations with hardwood floors, stainless steel appliances and in-unit washers and dryers. Amenities include a pool, resident lounge, gaming area, fitness center and conference and study spaces. At the time of sale, the community was 94 percent preleased for the 2024-2025 academic year.
JERSEY CITY, N.J. — JLL has negotiated the $54 million sale of a 1.7-acre multifamily development site located at 107 Morgan St. in Jersey City. The site is approved for the development of 650 apartments and ground-floor retail space. Jose Cruz, Ryan Robertson, Michael Oliver, Steve Simonelli and Elizabeth DeVesty of JLL represented the seller, Veris Residential, in the transaction. The team also procured the buyer, locally based developer LCOR. A timeline for completion was not disclosed.
DENVER — Cress Capital has acquired The 410, a 24-story office building in downtown Denver, for an undisclosed price. Situated at 410 17th St., the property consists of 440,000 square feet of office space and a detached eight-story parking structure. The building underwent a major renovation in 2021 and offers amenities such as a fitness center, conference and training facilities, an outdoor tenant lounge and a coffee bar. Cress, in collaboration with Denver-based E2M Ventures, acquired the loan on the property earlier this year and subsequently negotiated a deed-in-lieu of foreclosure with the prior owner.
HYDE PARK, N.Y. — Pennsylvania-based developer Shaner Hotel Group has completed a $55 million Marriott-branded hotel in Hyde Park, about 90 miles north of New York City. Marriott will operate the 137-room hotel, which will be located within the $1 billion Bellefield at Historic Hyde Park mixed-use development, under its Residence Inn brand. Amenities include a fitness center, onsite restaurant and a convenience mart. T-Rex Capital Group is the master developer of Bellefield at Historic Hyde Park.
HALTOM CITY, TEXAS — Locally based investment firm Rise48 Equity has purchased Mosaic Apartments, a 288-unit apartment community located north of Fort Worth in Haltom City. The property offers one- and two-bedroom units and amenities such as two pools, a fitness center and outside grilling and dining stations. The new ownership plans to invest about $7 million in capital improvements and rebrand the property as Rise Fossil Creek. The seller and sales price were not disclosed.
MIDLOTHIAN, TEXAS — Marcus & Millichap has brokered the sale of Lakeridge Self Storage, a 564-unit facility located in the southern Dallas suburb of Midlothian. The property, which totals 59,517 net rentable square feet, was built in 2005 and expanded by roughly 20 percent in recent years. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a locally based private investor, in the deal. The duo also procured the buyer, an Austin-based investment group that plans to renovate the facility.
NEW YORK CITY — New York City-based private equity firm KKR has entered into an agreement to acquire a national portfolio of 19 student housing properties totaling more than 10,000 beds. The names and the locations were not disclosed, but the properties collectively serve 14 four-year public universities across 10 states. Blackstone Real Estate Income Trust (BREIT) sold the portfolio to KKR after acquiring it in 2018 in a joint venture with South Carolina-based Greystar. University Partners, an affiliate of KKR, will manage the portfolio. TSB Capital Advisors and J.P. Morgan Securities LLC served as financial advisors to BREIT on the transaction, which is expected to close during the third quarter.
WHITE RIVER JUNCTION, VT. — CBRE has brokered the $19 million sale of two adjacent hotels in White River Junction, located along the Vermont-New Hampshire border. The 77-room Holiday Inn Express & Suites and the 110-room White River Inn & Suites are both located at the intersection of Interstates 89 and 91. The Larkin Family Partnership sold the properties to Giri Hotel Management LLC. Dave McElroy, Scott Hutchinson and Tyler Black of CBRE brokered the deal on behalf of both parties.
HOUSTON — Versal, a self-storage brokerage firm with offices in Austin and Los Angeles, has arranged the sale of A&B Boat & RV Storage, a 279-unit facility located approximately 14 miles southeast of downtown Houston. The facility spans 121,328 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, California-based Sunbelt Storage II, in the transaction. The team also procured the buyer, Dallas-based RecNation.
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