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RREAF Holdings Acquires 486-Bed Student Housing Community Near University of South Carolina

by John Nelson March 16, 2023

COLUMBIA, S.C. — RREAF Holdings has acquired Rivers Edge at Carolina Stadium, a 486-bed student housing community located near the University of South Carolina in Columbia. The seller and sales price were not disclosed. The property was built in 1996 within the university’s Greek Village. Capital improvements are planned for the community, which will be overseen by RREAF Construction Services. Renovations are set to include upgrades to 40 percent of the property’s 240 units and amenity updates, including the addition of a dog run; upgrades to the existing basketball, volleyball and pickleball courts; and new lighting along the community’s walking paths. Renovations will be completed between late 2026 and early 2027.

March 16, 2023

Acquisitions Indiana Midwest Multifamily Seniors Housing

ESI Arranges Sale of 48-Unit Assisted Living Community in Merrillville, Indiana

by Kristin Harlow March 16, 2023

MERRILLVILLE, IND. — Evans Senior Investments (ESI) has arranged the sale of a 48-unit assisted living and memory care community in Merrillville, a city in Northwest Indiana. A regional family ownership group sold the asset to Lloyd Jones for an undisclosed price. The community was originally purpose-built for memory care in 2016 and received in-place rents above $5,000 a month at that time. In late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units. The property experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February 2022. At the time of marketing, the asset was 79 percent occupied and experiencing positive cash flow.

March 16, 2023

Acquisitions California Company News Western

CBRE Acquires Two California Branches of Integra Realty Resources

by Jeff Shaw March 16, 2023

ORANGE COUNTY, CALIF. — CBRE has acquired the Los Angeles and Orange County affiliates of Integra Realty Resources (IRR). IRR is a network of commercial real estate valuation, counseling and advisory firms in the United States. IRR-Los Angeles/Orange County specializes in appraisals for right-of-way (ROW) properties, in addition to providing valuation and advisory services across a broad spectrum of property types. The firm has completed about 500 assignments annually for more than 100 regional and national clients. The acquisition complements CBRE’s national Valuation & Advisory Services’ ROW practice, the largest of its kind in the U.S., and expands the firm’s valuation team in Southern California. With offices in Los Angeles and Irvine, the new teams will integrate with CBRE’s existing team. John Ellis and Beth Finestone, principals of IRR-Los Angeles/Orange County, will continue to run the incoming team’s operations in Southern California as executive vice presidents for CBRE.

March 16, 2023

Acquisitions Connecticut Northeast Retail

Cornerstone Properties Sells Shopping Center in Ellington, Connecticut, for $27.7M

by Taylor Williams March 16, 2023

ELLINGTON, CONN. — An affiliate of Connecticut-based Cornerstone Properties has sold Valley Farms Shopping Center, a 99,936-square-foot retail property in Ellington, a northeastern suburb of Hartford, for $27.7 million. Big Y World Class Market anchors the center, which was originally built in 2007 on a 30-acre site that has land for potential expansion. Other tenants include McDonald’s and Liquor World. Tom Boyle of locally based brokerage firm Chozick Realty represented the seller and procured the undisclosed buyer in the transaction.

March 16, 2023

Acquisitions Industrial New York Northeast

JLL Negotiates $23M Sale of Queens Industrial Property

by Taylor Williams March 15, 2023

NEW YORK CITY — JLL has negotiated the $23 million sale of an industrial property in the Long Island City area of Queens. The site currently houses a 55,000-square-foot warehouse and is zoned for an additional 320,000 square feet of new development. The existing facility features a clear height of 17 feet, three overhead drive-in doors and private office space. Michael Mazzara, Ethan Stanton, Winfield Clifford, Stephen Palmese and Brendan Maddigan of JLL represented the seller, New York City-based Titan Contracting Corp., in the transaction. The buyer was San Francisco-based Terreno Realty Corp. A construction timeline for the next phase of development was not disclosed.

March 15, 2023

Acquisitions Industrial Midwest Minnesota

Sealy & Co. Acquires 221,128 SF Industrial Building in Metro Minneapolis

by Kristin Harlow March 15, 2023

BROOKLYN PARK, MINN. — Sealy & Co. has acquired a newly constructed industrial building totaling 221,128 square feet in the Minneapolis suburb of Brooklyn Park. The purchase price was undisclosed. Located at 10600 Xylon Ave. N., the facility is fully leased to multiple tenants. The property features a clear height of 32 feet, 50 dock-high doors, two drive-in doors and abundant auto and trailer parking. Jason Gandy and Davis Gibbs represented Sealy on an internal basis. Scannell Properties was the seller.

March 15, 2023

Acquisitions Colorado Multifamily Western

Pinnacle Brokers $6.5M Sale of 31-Unit Apartment Community in Denver

by Jeff Shaw March 15, 2023

DENVER — A California-based legacy real estate family has acquired the 31-unit multifamily property at 2444 S. York St. in Denver for $6.5 million. Mike Krebsbach and Kenny Clarke of Pinnacle Real Estate Advisors represented the buyer, and were able to secure an 18.35 percent discount, equating to a nearly $1.5 million price reduction, over the asset’s original listing price when it had gone under contract with another buyer. The buyer also assumed the seller’s low-leverage loan. The listing broker was Kyle Malnati of Calibrate Real Estate. The seller was not disclosed.

March 15, 2023

Acquisitions Florida Multifamily Southeast

Northmarq Brokers Sale of 150-Unit Apartment Community in St. Petersburg, Florida

by John Nelson March 15, 2023

ST. PETERSBURG, FLA. — Northmarq has brokered the sale of Aura @ 4th, a 150-unit garden-style apartment community in St. Petersburg. McCann Investments, a Tampa-based investment firm, sold the community to TRIG Investment Group, a California-based private multifamily investment company, for an undisclosed price. Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq’s Tampa office brokered the transaction. Aura @ 4th was constructed in 2016 and features a unit mix that consists of 40 percent one-bedroom and 60-percent two-bedroom units at an average unit size of 1,087 square feet. The property’s amenity package includes a resort-style pool, clubhouse, 24-hour fitness center, outdoor covered lounge area, stainless steel Weber grills, picnic areas, bark park and a cyber café.

March 15, 2023

Acquisitions California Multifamily Western

Keller Williams Brokers $11.5M Sale of Glendon Apartments in West Los Angeles

by Jeff Shaw March 14, 2023

LOS ANGELES — Keller Williams Commercial has negotiated the sale of The Glendon, a 27-unit apartment building in the Palms submarket of West Los Angeles. Glendon LP acquired the asset for $11.5 million. Built in 1986, the community is located at 3724 Glendon Ave. Matthew Kanner of Keller Williams Commercial and president of the Kanner Group, represented both the buyer and the seller, JEB Properties, in this transaction. The closing cap rate was 3.84 percent, with price per unit of $427,778.

March 14, 2023

Acquisitions Multifamily North Carolina Southeast

Clarion Partners Acquires 176-Unit Retreat at Weaverville Apartments in Asheville, North Carolina

by John Nelson March 14, 2023

ASHEVILLE, N.C. — Clarion Partners Real Estate Income Fund Inc., an investment vehicle sponsored by New York-based Clarion Partners, has acquired Retreat at Weaverville, a 176-unit apartment community in Asheville. The seller and sales price were not disclosed. Completed in 2021, the property sits on a 16.9-acre site within one mile of I-26. Community amenities include a clubhouse, coffee bar, dog park and dog wash station, fitness center, yoga and spin room, office workspaces and a swimming pool. The new, undisclosed property manager will complete numerous amenity upgrades over the next year at Retreat at Weaverville, including pool furniture upgrades, clubhouse enhancements, the installation of property access gates, the addition of a parcel locker and elevated landscaping.

March 14, 2023

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