ALBUQUERQUE, N.M. — Kennedy Wilson has acquired Sombra del Oso, a wholly owned apartment property located on 16 acres on Albuquerque’s Westside, for $65 million, excluding closing costs, in an off-market transaction. Situated on 16 acres, the two-story, garden-style community features 344 apartments. The buyer invested $28 million of equity using proceeds generated from recent asset sales and secured a 10-year, fixed-rate loan of $39 million. The name of the seller was not released.
BLOOMINGTON, ILL. — Coldwell Banker Commercial has arranged the sale of a pair of multifamily buildings in Bloomington known collectively as Anglers Cove for $2.5 million. The first building at 1002 Arlene Court was constructed in 1982 and consists of 36 units. The adjacent building at 1005 Arlene Court was constructed in 1984 and features 12 two-bedroom units. Meghan O’Neal-Rogozinski of Coldwell Banker Commercial represented the buyer, All Season Properties LLC, which plans to update the units as they become vacant. Seller information was undisclosed.
HOOVER, ALA. — Cushman & Wakefield has brokered the $40.5 million sale of Barrington on the Green, a 342-unit apartment community located in the Birmingham suburb of Hoover at 5831 Summer Place Parkway. Jimmy Adams and Craig Hey of Cushman & Wakefield represented a private undisclosed seller in the transaction. The buyer, White Eagle, plans to rebrand the community as The Avenues of South Hoover. Constructed in 1996, Barrington on the Green’s community amenities include a pet park with agility equipment, swimming pool, a playground, outdoor kitchen and picnic area, resident park amenity area, clubhouse, sports courts and a cardio and strength training center. The property was 97 percent occupied at the time of sale.
TUCKER, GA. — Berkadia has arranged the $32.3 million sale of Tucker Square, a 276-unit, garden-style multifamily property in Tucker. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, New York-based Read Property Group LLC, in the transaction. New Jersey-based LightWater Capital Investments was the buyer. Located at 1313 Stone Mill Way, Tucker Square is situated at the intersection of Stone Mountain Parkway and Memorial Drive. The property features one-, two-, three- and four-bedroom floor plans, as well as townhome layouts. The apartment units include washer and dryer connections, fireplaces, upgraded lighting and private balconies or patios. Community amenities include a swimming pool, business center and a clubhouse. The property was built in 1973 and renovated in 2019, and was 95 percent occupied at the time of sale.
LAS VEGAS — Avison Young has arranged the sale of Crystal Court, a multifamily property located in Las Vegas. Crystal Court Apartments Inc. sold the asset to an undisclosed buyer for $23.7 million, or $203,233 per unit. Located at 900 E. Desert Inn Road, Crystal Court features 116 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Group at Avison Young represented the seller in the deal.
CHICAGO — Preservation of Affordable Housing (POAH) has acquired Island Terrace Apartments in Chicago for $29.5 million. The 240-unit apartment community is located at 6430 S. Stony Island across from the planned Obama Presidential Center and serves residents at a variety of income levels. The seller, PNC Bank, had owned the property since 2015. The allocation of 9 percent low-income housing tax credits from the Illinois Housing Development Authority along with a financial commitment from the City of Chicago made the purchase possible. POAH will also finance the acquisition with a loan from Merchants Capital and its own equity. POAH will take over property management through its affiliate, POAH Communities. A renovation of the apartment complex, which was built in 1969, will begin next year. The work will include improvements to the building’s major systems, modernization of the units and upgrades to resident community space.
KING OF PRUSSIA, PA. — Jack Lingo Asset Management (JLAM) has acquired a 102,000-square-foot office building at 211 S. Gulph Road in King of Prussia, a northern suburb of Philadelphia. The single-story building was renovated in 2018 and was 97 percent leased at the time of sale. Mike Margolis and David Dolan of Newmark represented the undisclosed seller in the transaction. Nick Scribani and Ben Kroll of Newmark arranged acquisition financing through Wells Fargo on behalf of JLAM.
SUNNYVALE AND ALAMEDA, CALIF. — Levin Johnston of Marcus & Millichap has arranged the purchases of three properties in the Bay Area on behalf of a local private investor. The acquisitions totaled a combined $68.2 million. The transactions are: The $18 million acquisition of a 65,805-square-foot self-storage facility located at 220 W. Ahwanee Ave. in Sunnyvale. The Storage Spot operates the 508-unit property. The $36 million purchase of Iris Park Apartments & Iris Garden Apartments, a 100-unit asset located at 611-641 Iris Ave. in Sunnyvale. The $14.2 million acquisition of Islander Apartments, a 38-unit, 31,374-square-foot apartment community at 1701 Shore Line Drive in Alameda. Adam Levin and Robert Johnston of Levin Johnston of Marcus & Millichap handled the transactions. The names of the sellers were not released.
HOUSTON — Transwestern Real Estate Services (TRS) has negotiated the sale of three warehouses totaling 198,663 square feet in Houston. The first property spans 89,000 square feet across four buildings and is located at 15800 Export Plaza. The second facility totals 59,344 square feet and is located at 11940 Brittmoore Park Drive. The third asset consists of 50,319 square feet on a 7.2-acre site at 7211 Gessner Road. Nick Peterson and John Ferruzzo of TRS represented the sellers in all three transactions. The buyers were all undisclosed.
DEKALB, ILL. — Zilber Property Group has acquired a 161,542-square-foot industrial building in Dekalb, about 65 miles west of Chicago. The purchase price was undisclosed. The Class A property is located at 711 Fairview Drive near I-88. Audiovisual and entertainment company Solotech and third-party logistics firm B&C Logistics fully occupy the building. Constructed in 2001, the facility features a clear height of 28 feet, 20 dock positions, four drive-in doors, 167 car parking spaces and onsite trailer parking. Dominic Carbonari, Frank Griffin, Kate Coxworth and Ed Halaburt of JLL represented the seller, SparrowHawk Real Estate. Rachel Agba represented Zilber on an internal basis.
