AUSTELL, GA. — Resource Apartment REIT III Inc., through a wholly owned subsidiary, has acquired Tramore Village, a 324-unit apartment community in Austell, roughly 17 miles northwest of Atlanta. Constructed in 1999, the community features two swimming pools, a fitness center and a lighted tennis court. The sales price and name of the seller were not disclosed.
CHICAGO — Jameson Commercial has brokered the $6.8 million sale of a retail building in Chicago’s Elston corridor. The 81,700-square-foot property is situated on 1.5 acres at 2525 N. Elston Ave. Artsupply.com and Johnstone Supply are two of the property’s tenants. Jose Colon represented the buyer in the sale. Both the buyer and seller were investment groups based in the Chicago area.
DENVER — Nexus Commercial Real Estate has brokered the sale of Park Plaza Apartments, located at 2250 Josephine St. in Denver. Anchor Josephine LLC acquired the apartment building from Park Plaza Josephine LLC for $3.2 million. The 22-unit building features 20 one-bedroom units, one studio apartment and one two-bedroom unit. Adam Riddle of Nexus represented the seller, while Riddle and Austin Smith, also of Nexus, represented the buyer in the deal.
CLEVELAND — Marcus & Millichap has arranged the sale of The Esmond in Cleveland for an undisclosed price. The 24-unit apartment building is located at 4806 Euclid Ave. in the Midtown neighborhood. John Eisenmann, who built the renowned Cleveland Arcade, originally constructed the building in 1898. The building has historically been a popular residence for artists, musicians and other creative professionals. William Koontz, Charles Gagliano, Michael Barron, Daniel Burkons and Joshua Wintermute of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer who plans to renovate the units. Lease-up will begin this summer.
SANTA CLARITA, CALIF. — Marcus & Millichap has negotiated the sale of a multi-tenant retail property located at 23460 Cinema Drive in Santa Clarita. A local investor purchased the property from a limited liability company for $9.2 million. At the time of sale, the 32,343-square-foot property was fully occupied. Built in 1997, the property consists of 13 suites anchored by Valencia Laser Blast. Marty Cohan and Neda Rassouli of Marcus & Millichap represented the seller in the deal.
GLENDALE, ARIZ. — Encore Real Estate Investment Services has brokered the sale of a single-tenant retail property located at 5011 W. Union Hills Drive in Glendale. A New York City-based private investor sold the building to an undisclosed New York-based buyer. Walgreens occupies the property on a 25-year absolute triple-net lease with approximately 9.5 years remaining. Brandon Hanna of Encore Real Estate represented the seller, while Brandon Hanna, Deno Bistolarides and Brent Hanna, also of Encore, represented the buyer in the deal. The acquisition price was not released.
ROME, GA. — Colliers International has brokered the $8.6 million sale of West Town Square, an 84,828-square-foot shopping center in Rome, a city in north Georgia. Joe Montgomery and Tony D’Ambrosio of Colliers arranged the transaction on behalf of the seller, Eck-Phoenix LLC. Attic XII Self Storage LLC acquired the center. The three-tenant West Town Square was fully leased at the time of sale to Bargain Hunt, Harbor Freight Tools and Redmond Regional Medical Center Medical Complex.
SAN MARCOS, TEXAS — 29th Street Capital (29SC) has acquired The Edge and The Lodge, two student housing properties totaling 1,249 beds near Texas State University (TXST) in San Marcos. The properties span 431 units and are located within a mile of TXST’s campus. Both feature amenities such as shuttle service to campus, fitness centers, pools, study rooms, salon services, sport courts, game rooms and dog parks. 29SC will invest more than $4 million in capital upgrades to both properties’ unit interiors and communal amenities. The seller and sales price were not disclosed.
LAGUNA HILLS AND MURRIETA, CALIF. — JLL Capital Markets has brokered the sales of two retail properties in Laguna Hills and Murrieta. In the first deal, an undisclosed buyer acquired a restaurant property, located at 23971 El Toro Road in Laguna Hills, for $5.5 million. Raising Cane’s Chicken Fingers leases the property on a 13-year, triple-net ground lease. Additionally, this Raising Cane’s location is the first to sell in California. In the second transaction, an undisclosed buyer sold a gas station and convenience store property located in Murrieta. Shell Gas Station occupies the property under a 20-year, triple-net lease. Adam Friedlander and Matt Berres of JLL Capital Markets’ Irvine, Calif., office arranged the transactions.
NEWPORT, ORE. — Crystal Investment Property (CIP), a member of Hotel Brokers International, has brokered the sale of the Econo Lodge in Newport. The property features 43 rooms, which have been updated with new granite and tilework throughout. Joseph Kennedy of CIP represented the undisclosed seller and undisclosed buyer in the deal. The acquisition price was not released.
