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TerraCap Acquires 354-Unit Apartment Complex in Peachtree Corners, Georgia

by Julia Sanders November 22, 2021

PEACHTREE CORNERS, GA. — Naples, Fla.-based TerraCap Management LLC has acquired The Reserve at Peachtree Corners, a 354-unit apartment complex in Peachtree Corners, about 22.3 miles from downtown Atlanta. Bill Shippen of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 1985, The Reserve at Peachtree Corners features one-, two- and three-bedroom units. Community amenities include a pool overlooking a private lake, fitness center, lakeside clubhouse, dog park and a playground. Located at 3495 Jones Mill Road, The Reserve at Peachtree Corners is situated in the northern region of Gwinnett County. The property is situated 8.1 miles from Perimeter Mall, 15 miles from Emory University and 30.6 miles from Hartsfield-Jackson Atlanta International Airport. TerraCap plans to reposition the property and complete several capital projects, including a renovation program on the unit interiors. Matt Stewart of TerraCap says the firm’s capital plan also includes renovations to the clubhouse and boosting the overall curb appeal. TerraCap chose First Communities Management as the new property manager.

November 22, 2021

Acquisitions Industrial New Jersey Northeast Self-Storage

Quinlan Development Sells New Jersey Self-Storage Portfolio to RXR Realty for $108.5M

by Taylor Williams November 22, 2021

HILLSIDE, ROCHELLE PARK AND CLIFTON, N.J. — Locally based firm Quinlan Development Group has sold a portfolio of three self-storage facilities totaling 3,606 units to New York City-based RXR Realty for $108.5 million. The properties, which were completed between fall 2019 and summer 2021 and total 422,609 gross square feet, are located in the Northern New Jersey communities of Hillside, Rochelle Park and Clifton. Additional terms of the sale were not disclosed.

November 22, 2021

Acquisitions Industrial Texas

Arden Logistics Parks Buys 861,046 SF Hardy Light Industrial Portfolio in Houston

by Taylor Williams November 19, 2021

HOUSTON — Arden Logistics Group, the industrial investment arm of Philadelphia-based Arden Group, has purchased the 861,046-square-foot Hardy Light Industrial Portfolio in Houston. The portfolio consists of 34 multi-tenant warehouses that are located in the metro’s North Hardy Toll Road submarket. Dustin Volz, Stephen Bailey, Trent Agnew and Zach Riebe of JLL brokered the sale. Dustin Stolly, Jordan Roeschlaub and Chris Kramer of Newmark arranged acquisition financing through Rialto Capital Management on behalf of the new ownership. The seller was an undisclosed institutional investor that had owned the portfolio since 2006.

November 19, 2021

Acquisitions Multifamily South Carolina Southeast

Monday Properties Disposes of Metro Charleston Multifamily Community for $79.5M

by Julia Sanders November 19, 2021

SUMMERVILLE, S.C. — Rosslyn, Va.-based Monday Properties has sold The Hudson, a 300-unit, Class A multifamily community in Summerville, for $79.5 million. PassiveInvesting.com, a real estate firm that mainly focuses on acquiring apartments and self-storage properties, was the buyer. Delivered in June 2021, The Hudson offers studio, one-, two- and three-bedroom apartments in 11 buildings. Community amenities include a clubhouse, business center, fitness studio and a saltwater pool with a sun shelf. The Hudson was nearly 60 percent leased at the time of sale. Located at 900 Owl Wood Lane, the property is situated 28.9 miles from Charleston, 19.7 miles from North Charleston and 21.4 miles from Charleston International Airport. Monday Properties designed The Hudson to focus on health and wellness, flexibility and outdoor amenities as more residents carve out space for telework. In the past six months, The Hudson is the firm’s second multifamily sale in the Charleston market. In June 2021, Monday Properties sold a 264-unit multifamily community in North Charleston called The Mason.

November 19, 2021

Acquisitions Maryland Multifamily Southeast Student Housing

Armada Hoffler Sells Student Housing Property in Baltimore for $75M

by Julia Sanders November 19, 2021

BALTIMORE — Armada Hoffler Properties Inc. has sold Nine East 33rd, a 157-unit student housing property in Baltimore, for $75 million. The buyer was not disclosed. Aaron Moll, Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu of Berkadia arranged a $62 million loan from PIMCO for the sale. Nine East 33rd offers one-, two-, three- and four-bedroom floorplans with an average unit size range of 590 to 1,120 square feet. The fully furnished units feature in-unit washers and dryers, pantries, patios and kitchen islands. Community amenities include a fitness center, bike storage, gameroom, media center and movie theater, courtyard, grill, retail space and onsite maintenance. The property also offers individual locking bedrooms, a study lounge, individual leases available and roommate matching options. Located at 9 E 33rd St., the property is situated close to downtown Baltimore and Interstate 83. The property is less than a mile from Johns Hopkins University campus and two miles from the Maryland Institute College of Art. The property has nearby retailers such as Insomnia Cookies, Barnes & Noble, Chipotle Mexican Grill, Kung Fu Tea and BOZ’s Burger Bistro. The transaction was part of Armada Hoffler’s plans to exit the student housing sector. The Virginia …

November 19, 2021

Acquisitions Florida Multifamily Southeast

Avison Young Brokers $63.5M Sale of Apartment Community in Orlando

by Julia Sanders November 19, 2021

ORLANDO, FLA. — Avison Young has brokered the $63.5 million sale of Linden on the GreeneWay, a garden-style, 234-unit apartment community in southeast Orlando. Peter Sherman, Jay Maddox and Rosendo Caveiro of Avison Young arranged the sale. Avison Young also assisted in arranging financing on behalf of the buyer, Beverly Hills-based Cores Management Inc. Institutional Property Advisors, a division of Marcus & Millichap, represented seller, Norfolk, Va.-based Harbor Group Management. Built in 2017, Linden on the GreeneWay offers studios, one-, two- and three-bedroom units. The apartments feature nine-foot ceilings, full-size washers/dryers and private patios/balconies. Community amenities include a resort-style swimming pool, two-story clubhouse with a fitness center, modern resident lounge, pet park and outdoor covered seating with a fireplace. The property was 96 percent occupied at closing. Located at 13000 Breaking Dawn Drive on 11.7 acres, Linden on the GreeneWay is situated 8.8 miles from Orlando International Airport and 13.9 miles from Walt Disney World Resort. The property is also close to major highways such as State Route 417 and the Florida Turnpike.

November 19, 2021

Acquisitions Office Southeast Virginia

Newmark Arranges $29.3M Sale of Springfield Corporate Center in Metro D.C.

by Julia Sanders November 19, 2021

SPRINGFIELD, VA. — Newmark has arranged the $29.3 million sale of Springfield Corporate Center, a five-story, 138,830-square-foot office building in Springfield. A joint venture between metro Washington, D.C.-based Artemis Real Estate Partners and Washington, D.C.-based MRP Realty sold the property to BGP Enterprises, a Springfield-based commercial real estate investment company. James Cassidy and Jud Ryan of Newmark represented the sellers in the transaction. Springfield Corporate Center was 84 percent leased at the time of sale to tenants including federal government contractors including Computer Systems Center Inc. (CSCI), Novetta Solutions and Volkert. Built in 1988, Springfield Corporate Center underwent a $2.7 million capital improvement project in 2014 and 2015 that included main lobby renovations, a new fitness center, restroom renovations and cooling tower replacement. Located at 6225 Brandon Ave., Springfield Corporate Center is situated 13.9 miles from Washington, D.C. The property is also located near Interstates 95, 495 and 395. The Springfield area includes tenants such as National Geospatial-Intelligence Agency (NGA) at a new $1.7 billion, 2.1-million-square-foot headquarters building at Fort Belvoir North. Just two miles from Springfield Corporate Center, Transportation Security Administration (TSA) relocated to a new 625,000-square-foot headquarters building.

November 19, 2021

Acquisitions Illinois Industrial Midwest

Cushman & Wakefield Brokers Sale of 355 Logistics Center in Lockport, Illinois

by Kristin Harlow November 19, 2021

LOCKPORT, ILL. — Cushman & Wakefield has brokered the sale of 355 Logistics Center in Lockport, about 30 miles southwest of Chicago. The sales price was undisclosed. Constructed in 2018, the two-building industrial development spans 611,576 square feet. Both buildings feature a clear height of 32 feet. James Carpenter, Mike Tenteris and Adam Tyler of Cushman & Wakefield represented the seller, Boston-based High Street Logistics Properties. A fund managed by a subsidiary of Ares Management Corp. was the buyer.

November 19, 2021

Acquisitions Multifamily Seniors Housing Utah Western

Buchanan Street Partners Sells Incline at Anthem Active Adult Community in Herriman, Utah

by Amy Works November 19, 2021

HERRIMAN, UTAH — Buchanan Street Partners has completed the disposition of Incline at Anthem, a 55-plus multifamily property in Herriman. Ridan acquired the community for an undisclosed price. Completed in 2018 on eight acres, Incline at Anthem features 298 apartments with open-concept living areas, vaulted ceilings, wood-style flooring, plush carpeting and washers/dryers. Community amenities include a pool and spa; a yoga, cycle and Cross Fit studio; a lounge with billiards and shuffleboard; and a business center and conference room. Daniel Shin, Brock Zylstra, Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer in the deal. Justin Forman of Marcus & Millichap served as broker of record in Utah.

November 19, 2021

Acquisitions Industrial South Carolina Southeast

JLL Arranges Sale of 196,540 SF Industrial Property in Charleston

by Julia Sanders November 18, 2021

CHARLESTON, S.C. — JLL Capital Markets has arranged the sale of 7770 Palmetto Commerce Parkway, a 196,540-square-foot industrial facility in Charleston. Pete Pittroff, Dave Andrews, Patrick Nally, Josh McArdle, Michael Scarnato and Zach Lloyd of JLL represented the seller, a joint venture between Charleston-based The Beach Co. and Greensboro, S.C.-based Samet Corp. New York-based Indus Realty Trust Inc. acquired the property for an undisclosed amount. 7770 Palmetto Commerce Parkway is a Class, A rear-load warehouse that is partially leased to Cummins Inc., an Indiana-based diesel and alternative fuel engines and generators retailer. The infill property is situated adjacent to Interstate 26, eight miles from Charleston International Airport and 16.2 miles from Port of Charleston.

November 18, 2021

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