RIDGELAND, MISS. — Carter Multifamily has acquired The Gables, a 168-unit apartment community in suburban Jackson, for approximately $26.6 million. The property is located just north of downtown Jackson and approximately two miles off Interstate 55 in the suburb of Ridgeland. The seller was not disclosed. The Gables features one-, two- and three-bedroom floorplan options. Community amenities include a resort-style pool and spa, gated entry, detached garages, outdoor grilling areas, fitness center and an onsite laundry facility. The buyer intends to enchance the community’s amenity package and complete interior and exterior upgrades. Carter Multifamily is private, value-add multifamily investment firm based in Tampa.
DAYTONA BEACH, FLA. — Lument has provided a $22 million Fannie Mae acquisition loan for a multifamily community in Daytona Beach. The 288-unit property, The Park at Via Roma, was acquired by an unnamed sponsor that has a multifamily portfolio of approximately 2,800 units located throughout the Southeast. Trey Palmedo of Lument’s Nashville office originated the 10-year loan, which features a 30-year amortization schedule, 75 percent loan-to-value (LTV) ratio and five years of interest-only payments. The Park at Via Roma has 56 studio units, 56 one-bedroom units, 96 two-bedroom units and 80 three-bedroom units across 29 buildings. Common amenities include two swimming pools, tennis courts, a fitness center, clubhouse and onsite laundry. The community was originally built in 1974 and was renovated in 2017.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Grove Deer Valley, a multifamily property located in Phoenix. A private buyer acquired the community from a partnership between RedHill Realty Investors and Shelter Asset Management for $46.7 million, or $224,759 per unit. Built in 1996 on nine acres, The Grove Deer Valley features 208 apartments in a mix of one-, two- and three-bedroom layouts. All units offer full-size washers/dryers, walk-in closets and private patios or balconies with extra outside storage. Community amenities include controlled access gated entry, a fitness center, resort-inspired swimming pool, entertainment area with gas barbecue grills and fire pit, a locker system for packages and community dog park. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.
BRISTOL, CONN. — Connecticut-based Chozick Realty has brokered the $43.4 million sale of a 12-building, 496-unit multifamily portfolio in Bristol. The properties were built in the 1960s and 1970s and range in size from 12 to 60 units. Steve Pappas of Chozick Realty represented the seller, Harvest Properties, in the transaction. Pappas also procured a New York-based owner-operator, which will implement a value-add program, as the buyer.
WATERTOWN, MASS. — Locally based brokerage firm ABG Commercial has arranged the $21.5 million sale of a 145,000-square-foot industrial flex building located at 580 Pleasant St. in Watertown, a western suburb of Boston. Bernard Gibbons and Stephanie Deering of ABG Commercial represented the seller and occupant, Fluid Management Systems Inc., in the transaction. The duo also procured the buyer, a partnership between Griffith Properties and a fund controlled by New York-based DRA Advisors. The new ownership plans to convert the building into a life sciences facility that is slated to be complete in summer 2022.
SARASOTA, FLA. — Coldwell Banker Commercial and Coldwell Banker Realty in Florida have represented the sellers of the former Gulf Beach Resort Motel in a transaction valued at $23.5 million. Elliot Rose with Coldwell Banker Commercial NRT and Judy Kepecz-Hays with Coldwell Banker Realty’s Longboat Key, Fla., office co-listed the property. The undisclosed buyer plans to redevelop the 2.3-acre site as a beachfront luxury condominium tower. The Gulf Beach Resort Motel is located at located at 930 Benjamin Franklin Drive in the Lido Key area of Sarasota. It was built in 1950 and was part of the post-World War II motel construction boom that addressed the needs of a growing number of tourists to the area. In 1977, the motel was converted into a condominium form of ownership containing 43 units.
NORCROSS, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of an 18,550-square-foot retail strip center in Norcross. The seller, an entity doing business as OMI 5770 IB LLC, sold the property to Shallya Wholesale Distributing LLC for $4.3 million. The property, known as Peachtree Corners Pavilion, is located at 5770 Peachtree Industrial Blvd. The center is situated on the border of Norcross and Peachtree Corners, and sits on roughly 1.9 acres. It was fully leased at the time of sale to retailers including TapOut Fitness, Avis, Shane’s Rib Shack and CBD Plus USA. The retail center was built in 2006. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. Chase Murphy of Skyline Seven Real Estate represented the buyer.
CHANDLER, ARIZ. — Orange County, Calif.-based Kanasardas Investment has purchased a Class A industrial property located at 3167 W. Armstrong Place in Chandler. An undisclosed seller sold the property for $10 million. Will Strong, Phil Haenel, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the deal. Built in 2010, the 62,415-square-foot property is fully leased on a long-time basis to a regional credit tenant, one of the nation’s largest integrated designers, manufacturers and installers of products for the commercial building envelope.
TULSA, OKLA. — Tulsa-based Stan Johnson Co. has brokered the $68.4 million sale of a 27-property, single-tenant retail portfolio located across 18 states. The 340,000-square-foot portfolio includes properties ranging from 5,100 square feet to 23,500 square feet. The buildings are leased to tenants including dollar stores, discount retailers, automotive suppliers, farm stores and home improvement retailers. Zach Harris, Jeff Hughes and Melissa McKenzie of Stan Johnson Co. represented the seller, a Midwest-based private family office, in the disposition of the properties to an undisclosed institutional investor.
BUFFALO, N.Y. — Marcus & Millichap has brokered the sale of the Holiday Inn Buffalo International Airport, a 207-room hotel, for $3.9 million. The property was built in 1968 and features banquet facilities, a fitness center, shuttle service, business center and an outdoor pool. Jerry Swon, Daniel Zagoria, Luke Prybylski and Will Nollmann of Marcus & Millichap represented the seller, DSM California LLC, in the transaction. The team also secured the buyer, Stephen Development LLC.