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PEBB Enterprises, Topvalco Acquire Delray Commons Shopping Center in South Florida for $10.5M

by Julia Sanders June 11, 2021

DELRAY BEACH, FLA. — PEBB Enterprises has acquired Delray Commons, a 71,000-square-foot shopping center located at 5024-5070 W. Atlantic Ave. in Delray Beach. The Boca Raton, Fla.-based company formed a joint venture dubbed KP Delray LLC with the center’s existing owner, Cincinnati-based Topvalco Inc., for the acquisition. The sales price was $10.5 million. Built in 1981, Delray Commons has 65,940 square feet of inline retail space, a 3,036-square-foot Burger King outparcel and an approximately 2,000-square-foot Taco Bell outparcel. Sprouts Farmers Market has committed to anchor the center with a 23,256-square-foot store. PEBB previously owned Delray Commons before selling the property to a local venture in 2015, Topvalco acquired the center three years later. The partnership plans to completely redevelop the center with a new façade, roof, parking lot, site lighting, signage and landscaping. The new ownership also has the ability to add another outparcel building along West Atlantic Avenue.

June 11, 2021

Acquisitions Illinois Midwest Multifamily Ohio Seniors Housing

Pathway to Living Partners with Welltower to Acquire, Manage 1,105-Unit Seniors Housing Portfolio

by Kristin Harlow June 11, 2021

ILLINOIS AND OHIO — Pathway to Living, the seniors housing platform of Chicago-based Waterton, has partnered with healthcare REIT Welltower Inc. to manage and modernize a 22-property seniors housing portfolio across Illinois and Ohio. In addition to its day-to-day role as operator, Pathway to Living will serve as a minority investor in the 1,105-unit portfolio. The partnership represents an opportunity for Pathway to Living to expand into the Ohio market and grow its existing footprint in the Midwest region. The portfolio consists of a mix of independent living, assisted living and memory care communities. Renovation plans include refreshing common areas and addressing deferred maintenance. Additionally, several communities will receive infrastructure updates to improve aging sidewalks, parking lots and mechanical systems. As of Dec. 31, Pathway to Living’s portfolio spanned nearly 2,800 units across 29 properties in Illinois, Michigan, Minnesota and Wisconsin.

June 11, 2021

Acquisitions Development Multifamily New York Northeast

JLL Brokers $31.7M Sale of Multifamily Development Site in Queens

by Taylor Williams June 10, 2021

NEW YORK CITY — JLL has brokered the $31.7 million sale of a 57,035-square-foot multifamily development site in the Forest Hills neighborhood of Queens. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Winfield Clifford, Ethan Stanton and Patrick Madigan of JLL represented the seller, Jasper Venture Group, in the deal. The buyer, a partnership between Top Rock Holdings, RJ Capital Group and SYU Properties, plans to develop a 235,679-square-foot market-rate project and an 82,559-square-foot senior affordable living development on the site.

June 10, 2021

Acquisitions Georgia Multifamily Southeast

Continental Realty Corp. Acquires Two Addison Place Apartments Near Savannah

by Julia Sanders June 10, 2021

POOLER, GA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Two Addison Place, a 325-unit multifamily community located at 2 Addison Place in Pooler, 10 miles from Savannah. The property was purchased via Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. The sales price and seller were not disclosed. Delivered in 2014, Two Addison Place offers one-, two- and three-bedroom floorplans ranging from 723 to 1,737 square feet. Thirty seven custom floor plans are available, with open space units featuring nine- to 14-foot ceiling heights, granite kitchen and bathroom countertops, ceiling fans throughout, wood-style and stained concrete flooring, washers and dryers, walk-in closets and balconies or porches. The garden-style community, which also features some cottage homes with attached garages, was 97 percent occupied at the time of the off-market sale. Community amenities include a clubhouse with conference center, cybercafé, fitness center, yoga room and a resort-style saltwater swimming pool with private cabanas, as well as two outdoor courtyards with fireplaces and grilling areas, a dog park, dog wash area and a car care center. With this acquisition, CRC now owns three properties in Georgia, …

June 10, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Arranges Sales of Three Multifamily Properties in Tucson

by Amy Works June 10, 2021

TUCSON, ARIZ. — Taylor Street Advisors has arranged the sales of three apartment communities located in Tucson. In the first transaction, an out-of-state investor acquired Fort Lowell Casitas, a 13-unit low-rise apartment building, for $1.5 million, or $116,153 per unit. The property features one- and two-bedroom units. Evan Plonis of Taylor Street Advisors represented the undisclosed seller. In the second deal, The 7th Ave Apartments sold for $990,000, or $66,000 per unit. The 15-unit property was recently remodeled and units feature modern kitchens and bathrooms and tile floors throughout. Andy Burnett of Taylor Street Advisors represented the undisclosed buyer in the deal. In the third transaction, the eight-unit Eagle Ridge Apartment complex sold for $700,000, or $87,500 per unit. Austen Oakley of Taylor Street Advisors represented the undisclosed seller and undisclosed buyer in the deal.

June 10, 2021

Acquisitions Illinois Industrial Midwest

Avison Young Brokers Sale of Three-Building Industrial Portfolio in Chicago

by Kristin Harlow June 10, 2021

CHICAGO — Avison Young has brokered the sale of a three-building industrial portfolio spanning 100,000 square feet in Chicago. The contiguous buildings are located at 4006 W. Belden Ave., 2311 N. Keystone Ave. and 2321 N. Keystone Ave. Steven Kohn and Patrick Richwine of Avison Young represented the seller, Eazypower Corp., which is relocating to a new property in a northern suburb of Chicago. The buyer, a Chicago-based industrial investor, plans to complete an extensive renovation of the buildings.

June 10, 2021

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 209,643 SF Industrial Facility in Norton, Massachusetts

by Taylor Williams June 9, 2021

NORTON, MASS. — CBRE has brokered the sale of a 209,643-square-foot industrial facility in Norton, located near the Massachusetts-Rhode Island border. Built in 1986, the property was fully leased to U.S. Cabinet Depot at the time of sale. Building features include a clear height of 28 feet, 20 docks and an ESFR sprinkler system. Scott Dragos, Chris Skeffington, Doug Jacoby, Roy Sandeman, Tim Mulhall, Tony Hayes and Daniel Hines of CBRE represented the seller, Paradigm Capital Advisors, in the off-market transaction. Denver-based Black Creek Group acquired the asset for an undisclosed price.

June 9, 2021

Acquisitions Illinois Midwest Multifamily

Pensam Acquires 260-Unit Apartment Community in Suburban Chicago

by Kristin Harlow June 9, 2021

WEST DUNDEE, ILL. — Pensam has acquired 1900 at Canterfield, a 260-unit apartment community in West Dundee, a far northwest suburb of Chicago. Built in 2018, the property consists of 18 buildings on 23 acres. Amenities include a clubhouse, fitness center, conference room, outdoor lounge area and pool. The seller and sales price were undisclosed. A multifamily real estate investment firm based in Miami, Pensam has invested more than $3 billion in 35,000 multifamily assets across the country.

June 9, 2021

Acquisitions Affordable Housing California Loans Multifamily Western

Hunt Capital Closes $8.5M Loan for Acquisition, Rehabilitation of Affordable Housing in Palm Desert, California

by Amy Works June 9, 2021

PALM DESERT, CALIF. — Hunt Capital Partners and developer D.L. Horn & Associates have closed on more than $8.5 million in federal Low Income Housing Tax Credits equity financing for the acquisition and rehabilitation of an affordable multifamily project in Palm Desert. The Hovley Gardens project consists of 16 two-story, walk-up residential buildings offering a total of 163 units, as well as a community building. The unit mix includes 72 two-bedroom units, 72 three-bedroom units, 18 four-bedroom units and one three-bedroom manager’s unit. Eighteen of the units will be restricted to households earning up to 30 percent of area median income (AMI), 55 units will be restricted to households earning up to 45 percent of AMI, 82 units will be for households earning up to 50 percent of AMI and seven units will be for households earning up to 60 percent of AMI. Units renovations will include upgraded cabinets, countertops, sinks, faucets and flooring. Twelve units will be converted to fully accessible and the five existing accessible units will be modified to be compliant with current regulations. Community upgrades will include improvements to the building systems, commons areas and community spaces. The project team includes ConAm Management Corp., Multi-Family Builders, …

June 9, 2021

Acquisitions Multifamily Texas

Bell Partners Acquires Two New Multifamily Assets in Austin, Will Create 949-Unit Community

by Taylor Williams June 8, 2021

AUSTIN, TEXAS — North Carolina-based investment firm Bell Partners has acquired Lenox Springs and Lenox Meadows, two adjacent multifamily assets in Austin totaling 619 units. Bell Partners will merge these properties with its 330-unit Bell Southpark property, which neighbors Lenox Springs and Lenox Meadows, to create a 949-unit community that will be located roughly 10 miles from downtown Austin. Lenox Springs and Lenox Meadows were built in 2018 and 2021, respectively, and Bell Southpark was built in 2018. The new community will feature multiple resort-style pools, grills and fireplace features, as well as fitness and wellness studios and green spaces.

June 8, 2021

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