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Alpha Wave Investors Acquires 94-Unit Multifamily Property in Metro Salt Lake City

by Amy Works August 3, 2018

MIDVALE, UTAH — Alpha Wave Investors has purchased Park Station Apartments, a multifamily property located at 7155 High Tech Drive #3 in Midvale, a suburb of Salt Lake City. A Northern California-based private investor sold the property for an undisclosed price in an off-market transaction. Constructed in 1974, Park Station Apartments features 94 two-bedroom/one-bath apartment units. Alpha Wave plans to invest $1.5 million in capital improvements at the property. Renovations will include the addition of a swimming pool, fitness center and leasing office. The company will also address deferred maintenance and renovate exteriors and interiors, including adding washers and dryers to each unit. Brock Zylstra and Danny Shin of Marcus & Millichap represented the buyer and seller in the deal. David Walkin of Meridian Capital Group arranged acquisition financing, provided by Texas-based ReadyCap, for the buyer.

August 3, 2018

Acquisitions Midwest Missouri Multifamily

Ridgehouse Capital Acquires Apartment Building Near St. Louis University for $8.4M

by Kristin Harlow August 2, 2018

ST. LOUIS — Ridgehouse Capital has acquired PW Shoe Loft Apartments in midtown St. Louis for $8.4 million. The property features 34 lofts and is located at 3433 Locust St. adjacent to St. Louis University. The property is fully occupied. Bobby Mills, Mike Hanrahan and Paul Hilton of Cushman & Wakefield represented the seller, PW Shoe Lofts LP.

August 2, 2018

Acquisitions Multifamily Texas

Olympus Acquires Apartment Community in Metro Houston

by Taylor Williams August 2, 2018

KATY, TEXAS — Fort Worth-based investment firm Olympus Property has acquired Vista at Grand Crossing, a multifamily community located in the western Houston suburb of Katy. Built in 2015, the Class A property features one-, two- and three-bedroom units. Amenities include a pool, fitness center, coffee bar, hiking and biking trails, bocce court, a tanning salon and a dog park. The property has since been rebranded Olympus Grand Crossing. The seller was not disclosed.

August 2, 2018

Acquisitions Florida Office Southeast

Colliers Arranges $59M Sale of Office Building in Downtown Jacksonville

by Camren Skelton August 2, 2018

JACKSONVILLE, FLA. — Colliers International has arranged the $59 million sale of a 23-story office tower located at 76 S. Laura St. in downtown Jacksonville. VyStar Credit Union acquired the asset from a joint venture between CarVal Investors LLC and Mainstreet Capital Partners. Colliers arranged the transaction on behalf of the joint venture, which originally acquired the building in 2015 for $31.1 million. The previous ownership invested $2 million to update to property, which was originally constructed in 1989. In addition to mechanical and common area improvements, notable changes included the completion of a 612-space parking garage adjacent to the building, new elevator cabs, lobby improvements, food and beverage options, a fitness center, tenant lounge and a conference center. The new ownership will rename the property VyStar Tower. Colliers International Northeast Florida has been retained as the leasing agent for the building, which was more than 90 percent leased as a result of the sale.

August 2, 2018

Acquisitions Georgia Multifamily Southeast

JLL Brokers $49.8M Sale of Multifamily Community Near Savannah

by Camren Skelton August 2, 2018

POOLER, GA. — JLL has brokered the $49.8 million sale of Two Addison Place, a 325-unit apartment community in Pooler, roughly 14 miles west of Savannah. David Gutting, Derrick Bloom, Jim Sewell and Andrew Howard of JLL arranged the transaction on behalf of the seller, New York-based Wharton Realty, which originally acquired the property in 2016. Montgomery, Ala.-based B&M Management Co. LLC purchased the asset. Two Addison Place includes a mix of one-, two- and three-bedroom apartment units. The gated community is located less than five miles from the Tanger Outlets and features a saltwater pool, dog park, fitness center with a yoga room and a cyber café.

August 2, 2018

Acquisitions Industrial North Carolina Southeast

HFF, JLL Negotiate $49.2M Sale of Industrial Park, Future Development Sites in Metro Charlotte

by Camren Skelton August 2, 2018

CONCORD, N.C. — HFF and JLL have arranged the $49.2 million sale of RiverOaks Corporate Center, a two-building industrial park in Concord, roughly 25 miles northeast of Charlotte. Chris Norvell and Patrick Nally of HFF, in conjunction with JLL’s Pete Pittroff, brokered the transaction on behalf of the seller, Beacon Partners. Exeter Property Group acquired the property, which totals 453,206 square feet. The sale also included three land sites for future development. Completed in 2016, the existing buildings are located at 800 Derita Road and 8475 Automation Drive. The buildings feature 24- to 32-foot clear heights. The pre-graded development sites, located at 700 Derita and 8400 and 8500 Automation, would add nearly 900,000 square feet to RiverOaks Corporate Park, bringing the total square footage to approximately 1.4 million square feet. The park is located adjacent to Concord Regional Airport and 23 miles from Charlotte Douglas International Airport.

August 2, 2018

Acquisitions Illinois Midwest Retail

Essex Brokers $7.5M Sale of Walgreens Property in Aurora, Illinois

by Kristin Harlow August 1, 2018

AURORA, ILL. — Essex Realty Group Inc. has brokered the sale of a single-tenant retail property occupied by Walgreens in Aurora for $7.5 million. The property is located at 1180 Farnsworth Ave. Walgreens has approximately 12 years left on its initial lease term. Steven Livaditis and Joe Scheck of Essex represented the buyer, CIMA Investors LLC, in the transaction. The seller was not disclosed.

August 1, 2018

Acquisitions Multifamily Texas

Waterton Acquires 432-Unit Apartment Community in Metro Houston

by Taylor Williams August 1, 2018

THE WOODLANDS, TEXAS — Chicago-based Waterton has acquired Plantation at The Woodlands, a 432-unit apartment community in The Woodlands, located about 30 miles north of Houston. The property features one-, two- and three-bedroom units and amenities such as two pools, a fitness center, a business center, game room, a playground and package delivery service. The property was acquired from a partnership controlled by CBRE Global Investors as part of a multifamily portfolio sale totaling 3,685 units.

August 1, 2018

Acquisitions California Office Western

Hudson Pacific Properties Sells Six-Building Office Campus in San Mateo for $210M

by Amy Works August 1, 2018

SAN MATEO, CALIF. — Hudson Pacific Properties has completed the sale of the remaining six buildings at Peninsula Office Park in San Mateo. The buildings sold for a total consideration of $210 million before credits, pro-rations and closing costs. Totaling 447,739 square feet, the assets included in the sale are Buildings 1-5 and 7. As of the end of the first quarter of 2018, the buildings were 83 percent occupied. Hudson Pacific sold the fully vacant, 63,050-square-foot Building 6 in January for $22.5 million. Net proceeds from the sale were used to repay amounts outstanding on the company’s revolving credit facility, with the remainder held for general corporate purposes. The name of the buyer was not released.

August 1, 2018

Acquisitions California Office Western

Lincoln Property Acquires Historic Office Building in San Francisco’s Financial District

by Amy Works August 1, 2018

SAN FRANCISCO — Lincoln Property Co. has partnered with affiliates of Rockwood Capital to purchase 332 Pine St., a historic office building located in San Francisco’s financial district. Built in 1912, the 45,000-square-foot property features open floor plans, side-core construction, high ceilings and exposed concrete and brick. Additionally, the nine-story office building includes a penthouse and rooftop terrace. At the time of sale, a variety of technology and media tenants occupied the property. Kyle Kovac and Mike Taquino of Newmark Knight Frank handled the transaction. Terms of the sale were not disclosed.

August 1, 2018

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