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Virtu Investments Purchases Cerasa Apartments in Bellevue for $109M

by Amy Works January 6, 2022

BELLEVUE, WASH. — Evergreen Point Development has completed the disposition of Cerasa, a multifamily property located at 10961 NE 2nd Place in Bellevue. Virtu Investments acquired the asset for $109 million, or $707,792 per unit. Completed in 2019, Cerasa features 154 apartments, including top-floor penthouses with 11-foot to 14-foot ceilings. Community amenities include a clubhouse, resident lounge with fireplace and gated underground parking garage with electric car charging stations. Philip Assouad and Giovanni Napoli of Intuitional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

January 6, 2022

Acquisitions Multifamily Texas

Berkadia Brokers Sale of 1,556-Unit Workforce Housing Portfolio in Houston Area

by Taylor Williams January 6, 2022

HOUSTON AND PASADENA, TEXAS — Berkadia has brokered the sale of a portfolio of four workforce housing properties totaling 1,556 units in the Houston area. The portfolio consists of the 504-unit Mosaic in the eastern suburb of Pasadena; the 364-unit Huntington Glen in Houston; the 438-unit Onyx in Houston; and the 250-unit Avenue in Houston. Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry of Berkadia represented the seller, Austin-based GVA Real Estate Group, in the transaction. The buyer was a joint venture between Houston-based Stonewall Associates and New York-based Nord Group.

January 6, 2022

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Franklin Templeton Purchase Apartment Community in Charlotte for $79.3M

by Julia Sanders January 6, 2022

CHARLOTTE, N.C. — Manhattan Beach, Calif.-based Magma Equities, in a joint venture with funds managed by Franklin Templeton, has purchased Cameron SouthPark, a 309-unit apartment community in Charlotte. The sales price was $79.3 million. Arel Capital was the seller. Constructed in 1984 and renovated in 2016, Cameron SouthPark’s one- and two-bedroom apartments are housed in 26 three-story residential buildings on a 35-acre site. Community amenities include two swimming pools, a clubhouse, fitness center, sand volleyball court, basketball courts, tennis courts and a dog park. The property was 95 percent occupied at the time of sale. The two companies plan to upgrade the property with improved management operations and physical improvements that include upgrades to the property’s exterior, common areas and unit interiors. Located at 6316 Cameron Forest Lane, the property is close to the 1.6 million-square-foot SouthPark Mall, 8.2 miles from downtown Charlotte and 2.5 miles from Park Road Park, a recreational park with a basketball court, tennis court and baseball fields.

January 6, 2022

Acquisitions Industrial Northeast Pennsylvania Self-Storage

Marcus & Millichap Brokers Sale of 378-Unit Self-Storage Facility in Greencastle, Pennsylvania

by Taylor Williams January 6, 2022

GREENCASTLE, PA. — Marcus & Millichap has brokered the sale of A-1 Greencastle Self Storage, a 378-unit facility located in Franklin County in the southern part of the state. The facility consists of 71,426 net rentable square feet across 365 non-climate-controlled units, 10 climate-controlled units and three commercial spaces. The property also features 17 parking spaces. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the undisclosed seller in the transaction. Sean Beuche of Marcus & Millichap assisted in closing the deal as the broker of record.

January 6, 2022

Acquisitions Industrial Southeast Virginia

Finmarc Management Disposes of Industrial Portfolio in Manassas, Virginia for $45.6M

by Julia Sanders January 6, 2022

MANASSAS, VA. — Bethesda, Md.-based Finmarc Management Inc. has disposed of a six-building portfolio comprising 212,000 square feet of warehouse and flex space in Manassas for $45.6 million. Boston-based The Davis Cos. and West Palm Beach, Fla.-based Davin Holdings were the buyers. Marc Tasker, Ryan Moody and Christopher Kubler of NAI KLNB represented Finmarc Management. Joseph Hoffman and Aaron Rosenfeld of Kelley Drye provided legal services. The portfolio was located at 7345, 7663 and 7795 Coppermine Drive and 7201, 7301 and 7401 Gateway Court. The portfolio was 86 percent leased at the time of sale to tenants including Aimpoint, Capital Lighting & Supply, Cedar F&B, Eaton Corp., DH Cos., Lennox Industries and Notal Vision. The six properties were part of a 26-building portfolio containing approximately 950,000 square feet of commercial office, flex/office and warehouse space.

January 6, 2022

Acquisitions Multifamily Southeast Tennessee

SVN Multifamily Arranges $32.5M Sale of Two Apartment Properties in Tennessee

by Julia Sanders January 6, 2022

ATHENS AND CLEVELAND, TENN. — SVN Multifamily LLC has arranged the $32.5 million sale of Park Oak and Park Crest Apartments, two multifamily properties with a total of 410 units located in Athens and Cleveland. Andrew Agee and Joseph Shaw of SVN Multifamily represented both the seller, Park Properties, and the buyer, New Jersey-based C.J. Lombardo Co. The buyer plans to renovate the units including upgrading interiors with LVT flooring and new appliances, as well as painting the exterior. Built in 1990, Park Crest offers 160 units with features such as washer and dryer hookups, a security system, storage units, dishwasher, walk-in closets and a balcony. Community amenities include laundry facilities, a car wash area, clubhouse, fitness center, pool and a picnic area. Located at 2108 Congress Parkway S. in Athens, the property is situated adjacent from the Tennessee College of Applied Technology and 56.5 miles from Chattanooga. Built in 1989, Park Oak offers 250 units with unit features including washer and dryer hookups, a security system, dishwasher, walk-in closets and balconies. Community amenities include a pool, fitness center, laundry facilities, car wash area, business center, playground and a basketball court. Located at 1159 Harrison Pike in Cleveland, the property …

January 6, 2022

Acquisitions Florida Multifamily Southeast

Walton Street Capital, Stoneweg Acquire New Tampa Bay Multifamily Community

by Julia Sanders January 6, 2022

ST. PETERSBURG, FLA. — An affiliate of Walton Street Capital LLC in partnership with St. Petersburg-based Stoneweg US LLC has acquired Waterview Echelon, a 226-unit, Class A multifamily property located in St. Petersburg. The sales price and seller were not disclosed. Built in 2021, the Waterview Echelon features a mix of one-, two- and three-bedroom apartments that were 99 percent occupied at the time of sale. Unit features include quartz countertops, stainless steel appliances, full-size washers and dryers in-unit and floor to ceiling windows with views of Tampa Bay. Community amenities feature an infinity pool with cabanas, gas grills and fire pits, fitness center, club lounge, single-use workspaces, covered parking and a private conference room. Located at 100 Main St. N., the property is situated adjacent to a Publix-anchored shopping center, 14.3 miles from downtown Tampa and 10.9 miles from downtown St. Petersburg. The property is also located within one mile of Carillon Office Park, which houses over 3 million square feet of office space.

January 6, 2022

Acquisitions Industrial Midwest Missouri

Newmark Zimmer Negotiates Sale of Five-Building Industrial Park in Kansas City

by Kristin Harlow January 6, 2022

KANSAS CITY, MO. — Newmark Zimmer has negotiated the sale of Stadium Business Park in Kansas City for an undisclosed price. The Class A industrial park spans five buildings and 276,000 square feet. Tenants include Amazon, UPS, JB Hunt and Aramark. Mark Long and John Hassler of Newmark Zimmer represented the buyer, Sealy & Co. Mark Fountain of True North Industrial Realty represented the undisclosed seller.

January 6, 2022

Acquisitions Georgia Industrial Southeast

Foxfield Industrial Sells Distribution Facility in Metro Atlanta for $27.4M

by Julia Sanders January 6, 2022

BRASELTON, GA. — Foxfield Industrial has sold a 455,602-square-foot bulk distribution facility at 1001 Cherry Drive in Braselton, about 49.3 miles from downtown Atlanta. Dennis Mitchell, Matt Wirth, Mitchell Townsend and Britton Burdette of JLL Capital Markets represented the seller. Birmingham-based Growth Capital Partners acquired the property for $27.4 million. Completed in 1985 and expanded in 1996, the property is fully triple-net leased to two tenants: YearOne Inc. and TransSouth Logistics. The building’s amenities include clear heights ranging from 22 to 28 feet, 45 dock-high doors, eight drive-in doors and 486 auto spaces. The 30.5-acre site provides excess land for potential building expansion and/or additional outdoor and trailer storage. The property is situated adjacent to Interstate 85 and is 56 miles from Hartsfield-Jackson Atlanta International Airport.

January 6, 2022

Acquisitions Development Florida Multifamily Southeast

Mast Capital, Rockpoint Buy Site in Miami’s Brickell District for $103M, Plan for Residential Development

by Julia Sanders January 5, 2022

MIAMI — Miami-based Mast Capital and Boston-based Rockpoint have bought a 2.8-acre site in Miami for $103 million. The site is located on the southern side of the Brickell Central Business District submarket. Construction on the project is slated for 2022. Mast Capital plans to build an 80-story condominium tower with 400 residences and two multifamily towers spanning 50 stories and 60 stories with a combined 850 apartments. The three residential towers will span 2.6 million square feet. Community amenities will include food and beverage services, 1,650 parking spaces and ground-floor retail on South Miami Avenue. Located at 1420 S Miami Ave., the development will be situated one mile from downtown Miami, 6.8 miles from University of Miami and 9.6 miles from Miami International Airport. The property is also near retailers and restaurants including Branca Café, PM Fish & Steak House and Publix.

January 5, 2022

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