OKLAHOMA CITY — Tulsa-based investment firm Vesta Capital has acquired Esplanade by the Lake, Mansion West, Salem West and Wedgewood Village in Oklahoma City. The four multifamily properties total approximately 550 units. According to Apartments.com, Esplanade by the Lake was built in 1976 and totals 136 units; Mansion West was completed in 1984 and offers 78 units; Salem West was constructed in 1970 and consists of 34 units; and Wedgewood Village was built in 1974 and features 301 units. The sellers were not disclosed.
TOMBALL, TEXAS — Marcus & Millichap has brokered the sale of a 597-unit facility located in the northern Houston suburb of Tomball. The property was built on 5.5 acres in 1998, consists of 70,100 net rentable square feet and features a relatively even mix of climate- and non-climate-controlled space. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a family trust, in the transaction. A California-based corporation purchased the asset for an undisclosed price.
RICHMOND, VA. — Apple Hospitality REIT, a publicly traded hotel REIT based in Richmond, has sold 20 select-service hotels for $211 million. The portfolio includes 11 Marriott-branded hotels and nine Hilton-branded hotels. The buyer is a joint venture between San Francisco-based Flynn Properties Inc. and Minneapolis-based Värde Partners. The 20 hotel properties are located throughout the Sun Belt, Northeast, Pacific Northwest and Midwest. Flynn Properties will assume property management duties and oversee capital improvements at the hotel over the next few years. With this acquisition, Flynn Properties’ select-service hotel portfolio increases to 26 properties. Flynn Properties, a division of Flynn Holdings, recently bought six Marriott Courtyards and four luxury resorts. Värde Partners is a global alternative investment firm whose investments span corporate and traded credit, real estate and mortgages, private equity and direct lending.
STONE MOUNTAIN, GA. — Berkadia has arranged the $62.2 million sale of Lakeview I and II, a 540-unit apartment property in the Atlanta suburb of Stone Mountain. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, California-based Praxis Capital, in the transaction. Bethesda, Md.-based Acento Real Estate Partners was the buyer. Lakeview previously operated as two properties and is now combined into one property. Located at 200 Summit Lake Drive, Lakeview I and II has one-, two- and three-bedroom floor plans. The property features fully equipped kitchens and patios or balconies. Praxis Capital previously renovated 32 of the units so the transaction represents a value-add opportunity for Acento. Community amenities include two swimming pools, two playgrounds, an outdoor area with grilling stations and a laundry facility. The property is located about 1.5 miles from Stone Mountain Industrial Park and is also situated close to the Atlanta Media Campus, Amazon’s new robotic distribution facility and Assembly Yards.
HUBER HEIGHTS, OHIO — Marcus & Millichap has arranged the $8.5 million sale of North Heights Plaza in Huber Heights, just north of Dayton. The 113,732-square-foot shopping center was fully occupied at the time of sale. Anchor tenants include Hobby Lobby and Bed Bath & Beyond. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller marketed the property on behalf of the seller, a private out-of-state investor. The team procured the buyer, ExchangeRight, in collaboration with JRW Realty.
BETTENDORF, IOWA — Southern California-based private equity firm IRA Capital has acquired the Genesis Center for Digestive Health in Bettendorf, one of the Quad Cities. The purchase price was undisclosed. The 14,000-square-foot medical office building is fully leased to Genesis Health. Constructed in 2004, the highly specialized endoscopy center features three operating rooms alongside a full gastroenterology clinic, which includes physician offices, exam rooms and procedure rooms. Gastroenterology Associates previously occupied the building before becoming part of Genesis in June. IRA acquired the property through a sale-leaseback with Genesis, which operates six hospitals and employs over 5,500 people in the region.
DENVER — JLL Capital Markets has arranged $49 million in financing for the acquisition of Aspire 7th & Grant, an apartment property located at 670 N. Grant St. in Denver’s Capitol Hill neighborhood. Leon McBroom led the JLL team that represented the borrower, an unnamed institutional fund, to secure the seven-year, fixed-rate loan through Northwest Mutual Real Estate Investments. Built in 2020, Aspire 7th & Grant features 178 studio, one- and two-bedroom units that average 882 square feet. Community amenities include a sky terrace with an outdoor fireplace, chef-inspired kitchen with a dining area, eighth-floor club area, rooftop business center, second-floor garden deck with a resort-style pool, fitness center, yoga studio, indoor pet spa and grilling lounge.
SAN LUIS OBISPO, CALIF. — IDEAL Capital Group has purchased Vintage at SLO, an apartment community located at 3554 Ranch House Road in San Luis Obispo, for $51 million. The seller was a joint venture between Newport Beach, Calif.-based Capstone Commercial Properties and Robbins | Reed. Completed in 2021, the 91,749-square-foot Vintage at SLO consists of seven three-story buildings offering a total of 105 apartments, with an average unit size of 874 square feet. Community amenities include a resort-style pool, fitness center, dog washing station and 161 parking spaces. Stew Watson, Dean Zander and Jef Henderson of CBRE represented the seller in the deal.
GLENDALE, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Westgate Village, a 129-unit independent living community in Glendale. Located approximately nine miles northwest of downtown Phoenix, the property was built in 2017. It totals 112,000 square feet on approximately eight acres of land. A regional developer sold the community to an unnamed REIT for an undisclosed price. The new owner plans to keep the existing operator in place. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “This was a great opportunity for the new owner to acquire a high-quality asset and the current operator to stay in place,” says Punzel. “The seller will be recycling the capital into other senior living projects.”
JACKSONVILLE, FLA. — Berkadia has arranged the $40 million sale of Coquina Bay, a 200-unit multifamily property located in Jacksonville. Greg Rainey, Matt Wilcox, Brett Moss, Cole Whitaker and Jason Stanton of Berkadia completed the sale on behalf of the seller, Texas-based InvestRes. The buyer was a New York-based institutional fund advisor. Located at 3709 San Pablo Road S, Coquina Bay features one-, two- and three-bedroom floor plans with wood-burning fireplaces and in-unit washers and dryers. Community amenities include a swimming pool, fitness center, yoga studio, business center, clubhouse, tennis court and a dog park.