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Lexerd Capital Acquires 152-Unit Multifamily Community in Birmingham

by Alex Tostado December 9, 2020

BIRMINGHAM, ALA. — Lexerd Capital Management LLC has acquired Emerald Pointe, a 152-unit multifamily community in Birmingham, through one of its funds. The property comprises 21 two- and three-story buildings offering one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, picnic area, playground and an onsite childcare facility. The asset is situated at 2149 Emerald Pointe Drive, 11 miles south of downtown Birmingham. The seller and sales price were not disclosed.

December 9, 2020

Acquisitions Industrial Northeast Pennsylvania

Postal Realty Trust Acquires 431,000 SF Industrial Property Near Pittsburgh for $47M

by Taylor Williams December 9, 2020

WARRENDALE, PA. — Postal Realty Trust (NYSE: PSTL), a New York-based REIT, has acquired a 431,000-square-foot industrial building located in the northern Pittsburgh suburb of Warrendale for $47 million. The property was fully leased at the time of sale to three tenants, with a USPS processing and distribution facility occupying roughly 75 percent of the space. The other tenants are Omnicell Inc., a provider of operational solutions for healthcare facilities, and DBC Real Estate Management LLC, a regional multifamily owner-operator. The seller was not disclosed. Postal Realty Trust now owns 714 properties in 47 states totaling 2.6 million square feet of net leasable commercial space.

December 9, 2020

Acquisitions Multifamily Seniors Housing Utah Western

Blueprint Brokers Sale of 42-Unit Seniors Housing Community in Park City, Utah

by Amy Works December 9, 2020

PARK CITY, UTAH — Blueprint Healthcare Real Estate Advisors has brokered the sale of an undisclosed assisted living and memory care community in Park City, approximately 35 miles southeast of Salt Lake City. The community was built in 1999 and features 32 units of assisted living and 10 units of memory care. The Pacific Northwest-based owner sought to divest the asset as a geographical outlier in its portfolio. A local owner-operator bought the property for an undisclosed price, taking on the existing HUD loan as part of the deal.

December 9, 2020

Acquisitions Maryland Retail Southeast

JCR Acquires Two Shopping Centers in Maryland for $23.8M

by Alex Tostado December 8, 2020

ROCKVILLE AND BEL AIR, MD. — The JCR Cos. has acquired two shopping centers in Maryland totaling $23.8 million. The first property is Woodley Gardens Shopping Center in Rockville. The asset is situated at 1101-1125 Nelson St., 17 miles north of downtown Washington, D.C. JCR acquired the 22,797-square-foot property for $4.5 million. It was fully leased at the time of the sale to tenants including Hard Times Café, Essex Bank, Slice of Rockville, Carmen’s Ice Cream and Shanghai Taste. The second property is Bel Air Town Center, which is located 30 miles northeast of downtown Baltimore. Washington, D.C.-based JCR purchased Bel Air Town Center for $19.3 million. JCR plans to sell pad sites at the 95,229-square-foot property. The seller(s) was not disclosed.

December 8, 2020

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Negotiates $15.6M Sale of Tampa Bay Multifamily Community

by Alex Tostado December 8, 2020

NEW PORT RICHEY, FLA. — Cushman & Wakefield has arranged the $15.6 million sale of Worthington Court, a 152-unit multifamily community in New Port Richey. The property offers one- and two-bedroom floor plans. Communal amenities include a pool, half basketball court, tennis court, playground and a clubhouse. The asset is situated at 7541 Highwater Drive, 32 miles northwest of downtown Tampa. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, HKSK Corp., in the transaction. Birmingham, Ala.-based Engel Realty Co. acquired the property.

December 8, 2020

Acquisitions California Multifamily Seniors Housing Western

JCH Negotiates $5.4M Sale of Seniors Housing Community in Southern California

by Amy Works December 8, 2020

RIVERSIDE COUNTY, CALIF. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer that decided not to proceed. The seller, a family-owned owner-operator, eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up a lease with a local assisted living operator looking to expand in the area.

December 8, 2020

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $15.1M Sale of Two Apartment Communities in Vineland, New Jersey

by Taylor Williams December 8, 2020

VINELAND, N.J. — New Jersey-based brokerage firm The Kislak Company Inc. has arranged the $15.1 million sale of Regency Court and Chester Court, two apartment communities totaling 152 units in Vineland, located at the southern tip of the Garden State. Regency Court totals 104 units on 4.5 acres, and Chester Court features 48 units on 2.4 acres. Both garden-style properties offer courtyards and onsite laundry facilities. Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

December 8, 2020

Acquisitions Florida Multifamily Southeast

Waypoint Real Estate Acquires Apartment Complex in Daytona Beach for $57.1M

by Alex Tostado December 7, 2020

DAYTONA BEACH, FLA. — Waypoint Real Estate Investments has acquired Tomoka Pointe, a 276-unit apartment complex in Daytona Beach, for $57.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, pool, resident lounge, 24-hour fitness center and a clubhouse. The asset is situated at 1317 Tomoka Town Center Drive, five miles west of downtown Daytona Beach. The seller, Tomoka Pointe Housing LP, delivered the community in 2019. Scott Ramey, Erik Bjornson and Patrick Dufour of Newmark represented the seller in the transaction.

December 7, 2020

Acquisitions Kentucky Multifamily Southeast Student Housing

Newmark Arranges Sale of 649-Bed Student Housing Community Near University of Kentucky

by Alex Tostado December 7, 2020

LEXINGTON, KY. — Newmark has arranged the sale of The Lex, a 649-bed student housing community near the University of Kentucky in Lexington. The property is the closest student housing community to Rupp Arena, the home court of the university’s men’s basketball team. Communal amenities at The Lex include a business center, game room, 24-hour fitness center, pool and grilling areas. The property offers studio to four-bedroom floor plans. Debbie Corson, Ryan Lang and Jack Brett of Newmark represented the seller, a partnership between Atlanta-based CF Real Estate Services and global private equity firm SFO Group, in the transaction. Boston-based William Fideli Investments acquired the asset for an undisclosed price.

December 7, 2020

Acquisitions Industrial Texas

KKR Acquires 1.8 MSF Industrial Portfolio in Dallas, Houston for $171M

by Taylor Williams December 7, 2020

DALLAS AND HOUSTON — Global investment firm KKR (NYSE: KKR) has acquired a 1.8 million-square-foot industrial portfolio in Dallas and Houston for $171 million. The portfolio consists of two fulfillment and distribution centers, one in each market, that were both fully leased to two different investment-grade tenants on a long-term basis at the time of sale. Houston-based Hines developed and sold the assets, which have an average construction vintage of 2019. KKR now owns more than 20 million square feet of industrial real estate throughout the United States.

December 7, 2020

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