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IPA Brokers $25.5M Sale of 66-Unit Multifamily Property in Los Angeles’ Echo Park

by Amy Works January 28, 2019

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Morton Gardens, a multifamily property located in the Echo Park neighborhood of Los Angeles. A regional private investor sold the property to an institutional investment fund for $25.5 million, or $386,364 per unit. Built on 2.9 acres in 1972, Morton Gardens features 66 units in a mix of one-, two- and three-bedroom layouts, two courtyards, controlled entry and covered parking. Joe Grabiec, Greg Harris and Kevin Green of IPA, along with Paul Darrow of Marcus & Millichap, represented the seller and procured the buyer in the deal.

January 28, 2019

Loans Multifamily Washington Western

Arbor Funds $7.5M Freddie Mac Refinancing for Cavalla Apartment Homes in Sumner, Washington

by Amy Works January 28, 2019

SUMNER, WASH. — Arbor Realty Trust has funded $7.5 million in Freddie Mac SBL financing for Cavalla Apartment Homes in Sumner. Built in 2005, Cavalla Apartment Homes features 72 two-story residences with gourmet kitchens, washer/dryer units, personal garages, tiled fireplaces, private balconies and a shared gazebo. Jonathan Chaim of Arbor’s New York City office originated the loan, which features a 10-year hybrid term.

January 28, 2019

Acquisitions Arizona Industrial Western

C&W|PICOR Negotiates $3.9M Acquisition of 44,736 SF Industrial Building in Tucson, Arizona

by Amy Works January 28, 2019

TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the purchase of an industrial property located at 4551-4571 S. Alvernon Way in Tucson. Walter & Sons LLC acquired the building from HS-Tucson AZ LLC for $3.9 million. Rite Way Heating, Cooling & Plumbing will occupy the 44,736-square-foot building. Russell Hall and Stephen Cohen of Cushman & Wakefield|PICOR represented the buyer, while William Di Vito of CBRE represented the seller in the transaction.

January 28, 2019

Acquisitions Colorado Multifamily Western

Marcus & Millichap Brokers $8.7M Sale of Eagleview Apartments in Colorado Springs

by Amy Works January 25, 2019

COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the purchase of Eagleview Apartments, a multifamily property located at 1803 Prairie Road in Colorado Springs. A private local investor acquired the property for $8.7 million. Built in 1968, the 52,000-square-foot building features 65 two-bedroom/one-bath units, covered parking, a swimming pool, fitness center and on-site laundry. Brian Haggar of Marcus & Millichap represented the buyer, while Phillip Gause, also of Marcus & Millichap, secured acquisition financing for the buyer. The name of the seller was not released.

January 25, 2019

Acquisitions Hospitality Northeast Vermont

AWH Partners Acquires 100-Acre Topnotch Resort and Spa in Stowe, Vermont

by David Cohen January 24, 2019

STOWE, VT. — Real estate investment, development and management firm AWH Partners has acquired the Topnotch Resort and Spa in Stowe. The sales price was undisclosed. Set on 100 acres of woodland and the foot of Mount Mansfield, Topnotch Resort includes 68 guestrooms, a 35,000-square-foot spa and two full-service restaurants. The resort also features four indoor and six outdoor tennis courts as well as a whirlpool/Jacuzzi and two outdoor pools with mountain views. The property was named by U.S. News & World Reportas best hotel in Vermont of 2017. AWH’s hospitality management company is now managing the resort.

January 24, 2019

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Negotiates $2.6M Sale of Mixed-Use Building in Brooklyn

by David Cohen January 24, 2019

NEW YORK CITY — Marcus & Millichap has negotiated the $2.6 million sale of a 6,000-square-foot mixed-use property in Brooklyn. The four-story property was built in 1920 and is located at 206 Bushwick Ave. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

January 24, 2019

Acquisitions California Office Western

South Korean Gaming Developer Acquires Pettebone Building in Los Angeles for New Headquarters

by Amy Works January 24, 2019

LOS ANGELES — NHN Global, a South Korean video game developer, has purchased the historic Pettebone Building, located at 501 S. Broadway in Los Angeles. RYDA sold the property for $22 million, or $595 per square foot. The video game developer plans to relocate its headquarters, which is currently in Koreatown, to the new location in downtown Los Angeles. Andrew Tashjian and Michael Gooch of Cushman & Wakefield represented the seller, while Carle Pierose of Industry Partners represented the buyer in the transaction. Originally built in 1905, Pettebone Building is designated a Historic-Cultural Monument and underwent an extensive renovation in 2015. The property features updated elevators, fiber internet, and a 3,000-square-foot rooftop deck. Retail tenants at the office building include Mezcalero and YAKIDO.

January 24, 2019

Acquisitions California Multifamily Western

Burbank Housing Development Corp. Buys Parkwood Apartments in Santa Rosa for $15M

by Amy Works January 24, 2019

SANTA ROSA, CALIF. — Burbank Housing Development Corp. has acquired Parkwood Apartments, a garden-style multifamily property in Santa Rosa. L.E.E. & J. Inc. sold the property for $15 million, or $268,000 per unit. Located adjacent to Rincon Valley Community, Parkwood Apartments features 56 units. Vincent Schwab and John Garrett of Marcus & Millichap represented the seller and procured the buyer in the deal.

January 24, 2019

Acquisitions California Industrial Self-Storage Western

Gelt Inc. Purchases 665-Unit Self-Storage Facility in California for $16.5M

by Amy Works January 24, 2019

SOUTH PASADENA, CALIF. — Los Angeles-based Gelt Inc. has acquired Southmark Storage, a self-storage facility located in South Pasadena. Southmark Storage LLC, a California-based private investor, sold the property for $16.5 million. Situated on a 1.8-acre site at 919 Mission St., the six-building property features 623 indoor storage units, 42 outdoor rental units, a site office and a two-bedroom manager’s apartment. At the close of escrow, the property, which was built in 1986, was 99 percent occupied. Immediately upon closing, Gelt hired Extra Space Storage to streamline operations at the property. Gelt also plans to install new roofs, asphalt and paint, as well as signage, property access systems and the addition of a web payment platform. Greg Nassir and Edward Matevosian of CBRE represented the seller, while Gelt was self-represented in the transaction.

January 24, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 723-Unit Self-Storage Facility in Metro Austin

by Taylor Williams January 23, 2019

ROUND ROCK, TEXAS — Marcus & Millichap has brokered the sale of Mustang Storage, a 723-unit self-storage facility in Round Rock, a northern suburb of Austin. The property, which features 161,590 square feet of traditional storage space, includes 509 storage spaces for boats and recreational vehicles. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The trio also procured the buyer, GYS Development, which specializes in development and management of self-storage assets. Tim Speck of Marcus & Millichap also assisted in closing the deal.

January 23, 2019

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