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Berkadia Arranges $33M Sale of Villas de Azul Multifamily Property in Phoenix

by Amy Works September 18, 2020

PHOENIX — Berkadia has arranged the sale of Villas de Azul, a garden-style multifamily in Phoenix. North Carolina-based Sterling Real Estate Partners sold the property to Vancouver, Canada-based Western Wealth Capital for $33 million. Located at 2627 N. 45th Ave. on 17 acres, Villas de Azul features 301 apartments in a mix of one- and two-bedroom apartments and three-bedroom townhouse units. Community amenities include a swimming pool, basketball court, soccer field, playground and laundry facilities. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal. Clay Akiwenzie of Berkadia’s San Francisco office secured $26.4 million in financing for the acquisition of the property. The 10-year Freddie Mac loan features an 80 percent loan-to-purchase ratio, a five-year interest-only period and a 30-year amortization.

September 18, 2020

Acquisitions New Jersey Northeast Office

Onyx Equities Acquires Office Portfolio in New Jersey from Mack-Cali for $160M

by Taylor Williams September 17, 2020

NEWARK, N.J. — A partnership led by New Jersey-based investment firm Onyx Equities has acquired a 10-building, 1.5 million-square-foot office portfolio in Morris County, New Jersey, from Mack-Cali Corp. The portfolio consists of nine buildings in Parsippany and one in Madison. Onyx Equities, which acquired the portfolio in partnership with Taconic Capital Advisors LP, Axonic Capital LLC and Machine Investment Group, will implement a capital improvement plan. JLL brokered the deal.

September 17, 2020

Acquisitions Industrial Oklahoma Texas

Monmouth Acquires New Industrial Property Leased to Amazon in Oklahoma City for $15.2M

by Taylor Williams September 17, 2020

OKLAHOMA CITY — New Jersey-based Monmouth Real Estate Investment Corp. has acquired a 120,780-square-foot industrial building at 6101 SW 44th St. in Oklahoma City for $15.2 million. The property is situated on 22 acres and is net-leased to Amazon.com Services LLC for 10 years. According to LoopNet Inc., the property was built in 2019 and features 30- to 32-foot clear heights and a 5 percent office finish. The seller was not disclosed.

September 17, 2020

Acquisitions Multifamily Washington Western

Local Developer Divests of Westminster Towers Multifamily Complex Near Seattle for $28M

by Amy Works September 17, 2020

TACOMA, WASH. — A local developer has completed the disposition of Westminster Towers, an apartment community in Tacoma. A private investor in a 1031 exchange acquired the asset for $28 million, or $201,439 per unit. Built in 1997, the property features 139 units in a mix of studio, one-, two- and three-bedroom layouts with floor plans that measure up to 1,137 square feet. Community amenities include a clubhouse, fitness center, swimming pool, gazebo, garage and covered space parking. Timothy Ufkes and Evan McLeod of Marcus & Millichap represented the seller and procured the buyer in the transaction

September 17, 2020

Acquisitions Colorado Multifamily Western

Oak Coast Properties Divests of Pembrooke on the Green Apartments in Denver for $163M

by Amy Works September 16, 2020

DENVER — Los Angeles-based Oak Coast Properties has completed the disposition of Pembrooke on the Green Apartments, located at 10700 E. Dartmouth Ave. in southeast Denver. An undisclosed buyer acquired the asset for $163 million. The 37-building property features 959 units in a mix of studio, one-bedroom and two-bedroom units, heated swimming pools, a fitness center, soccer field, playground, dog park and two clubhouses. In 2016, Oak Coast originally purchased the community, which was built between 1974 and 1980 in different stages, and implemented a $1.9 million renovation plan as part of a value-add investment strategy. Terrance Hunt and Shane Ozment of Newmark Knight Frank represented the seller in the deal.

September 16, 2020

Acquisitions Colorado Multifamily Western

Buchanan Street Partners Buys The Vibe Apartments in Fort Collins from Milestone Development Group for $74M

by Amy Works September 16, 2020

FORT COLLINS, CALIF. — Buchanan Street Partners has purchased The Vibe Apartments, a multifamily community located at the south end of Fort Collins. Milestone Development Group sold the asset for $74 million. Built in 2018 on 10 acres, The Vibe features 276 residences spread across 12 buildings. At the time of sale, the property was 93 percent occupied. Buchanan plans to implement modest operational changes to The Vibe and position it as a stabilized core asset to benefit from the positive submarket fundamentals and long-term forecasted growth of the area.

September 16, 2020

Acquisitions Development Georgia Multifamily Southeast

JLL Negotiates $7.9M Sale of Land in Midtown Atlanta, Buyer Plans 284-Unit Apartment Building

by Alex Tostado September 15, 2020

ATLANTA — JLL has negotiated the $7.9 million sale of a 1.1-acre site in Atlanta’s Midtown district. The purchase price represents the highest price per square foot ($167) in the neighborhood, described as south of North Avenue (SoNo). The buyer, Woodfield Development, plans to build a 284-unit apartment community at the site, located at 505 Courtland St. NE. The property is expected to also include 18,000 square feet of amenity space. The Isle of Palms, S.C.-based developer plans to break ground this month. Scott Cullen and Mark Lindenbaum of JLL represented the seller, Drapac Capital Partners, in the land sale.

September 15, 2020

Acquisitions Industrial Oregon Western

CRG Sells The Cubes at Troutdale Industrial Facility Near Portland to KKR

by Amy Works September 15, 2020

TROUTDALE, ORE. — CRG has completed the sale of The Cubes at Troutdale, a 350,000-square-foot speculative industrial facility located at 2503 NW Sundial Road in Troutdale, a suburb on the east side of Portland. KKR acquired the asset for an undisclosed price. Situated within Troutdale Reynolds Industrial Park, the facility includes a 76,000-square-foot cooler space. At the time of sale, the property was fully leased to C&S Wholesale Grocers, the largest wholesale grocery supplier in the United States. CRG led the development of the facility and formed a joint venture partnership with U.S. Logistics Fund 1 to invest in the project. Vertical construction started in February 2019. The developers claim the property will create 300 new jobs for C&S.

September 15, 2020

Acquisitions Arizona Multifamily Western

Marcus & Millichap Arranges Sale of 70-Unit Torrey Pines Villas in Glendale, Arizona

by Amy Works September 14, 2020

GLENDALE, ARIZ. — Marcus & Millichap has brokered the sale of Torrey Pines Villas, a 70-unit multifamily property located in Glendale. A limited liability company sold the asset to another limited liability company for $8.3 million. Paul Bay of Marcus & Millichap represented both parties in the deal. Located at 5712 N. 67th Ave., Torrey Pines Villas features 44 one-bedroom/one-bath units and 26 two-bedroom/two-bath units. The community was built in 1985 on 1.14 acres.

September 14, 2020

Acquisitions New Jersey Northeast Office

JLL Negotiates Sale of 18,000 SF Office Property in Wayne, New Jersey

by Taylor Williams September 14, 2020

WAYNE, N.J. — JLL has negotiated the sale of 1 Corporate Drive, an 18,000-square-foot office property located in the Northern New Jersey city of Wayne. The building is situated on 2.7 acres. Frank Recine and Derek DeMartino of JLL represented the seller, USAlliance Financial Federal Credit Union, in the transaction. Philip J. Kreizer & Associates represented the buyer, Retina Center of New Jersey.

September 14, 2020

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