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Newmark Secures $29M Acquisition Financing for Student Housing Property in Clemson

by John Nelson August 17, 2022

CLEMSON, S.C. — Newmark has secured $29 million in acquisition financing for Cambridge Creek, a 380-bed student housing community near Clemson University. Dustin Stolly, Jordan Roeschlaub, Chris Kramer, Nick Scribani, Holden Witkoff and Marshall Dickson of Newmark arranged the loan through Synovus Bank on behalf of the borrower, Center Court Mass. Cambridge Creek’s floor plans include two- and three-bedrooms that span up to 1,431 square feet of living space. Amenities include a 5,000-square-foot clubhouse, resort-style pool, fitness studio, cabanas, a coffee bar and a study lounge.

August 17, 2022

Acquisitions Florida Industrial Southeast

Sealy Acquires 841,849 SF Key Logistics Center in Lakeland, Florida

by John Nelson August 17, 2022

LAKELAND, FLA. — Sealy & Co. has purchased Key Logistics Center, an industrial property located at 5300 Allen K Breed Highway in Lakeland. The two-building property includes a 491,920-square-foot distribution center and a 349,929-square-foot facility. The two buildings at Key Logistics Center feature 36-foot clear heights, cross-dock configurations, ample parking, ESFR fire protection, LED lighting and proximity to I-4. Jason Gandy and John Nida led the transactions for Sealy & Co. on an internal basis. Frank Fallon of CBRE represented the undisclosed seller in the off-market transaction. The sales price was not disclosed.

August 17, 2022

Acquisitions Multifamily New Hampshire Northeast

DSF Group Sells Halstead Manchester Apartments in New Hampshire for $164.6M

by Taylor Williams August 16, 2022

MANCHESTER, N.H. — An affiliate of Boston-based DSF Group has sold Halstead Manchester, a 640-unit apartment community located in the southern part of The Granite State, for $164.6 million. Originally built between 1981 and 1985, the market-rate property comprises 16 three-story buildings and two single-story amenity buildings on a 41-acre site. According to Apartments.com, Halstead Manchester offers one- and two-bedroom units that range in size from 650 to 1,100 square feet. Biria St. John, Simon Butler and John McLaughlin of CBRE represented DSF Group in the transaction. The buyer was not disclosed.

August 16, 2022

Acquisitions Loans North Carolina Seniors Housing Southeast

Ziegler Arranges Acquisition Financing for 203-Unit Seniors Housing Property in Burlington, North Carolina

by John Nelson August 16, 2022

BURLINGTON, N.C. — Ziegler has arranged three separate loans to fund the acquisition of The Village at Brookwood (TVAB), a continuing care retirement community (CCRC) in Burlington. Opened in 2003, TVAB features 155 independent living units, 12 assisted living units, 12 memory care units and 24 skilled nursing units on a 47-acre plot. The buyer, Well-Spring, is the current operator and also owns and operates a second CCRC in nearby Greensboro, N.C. Alamance Regional Medical Center originally developed TVAB, but the health system was acquired by Cone Health in 2011, after which Well-Spring was installed as operator. Ziegler served as the placement agent for the taxable loans with Pinnacle Bank as the lender. The amount of the financing was not disclosed. In addition to the acquisition, the transaction will fund capital improvements at the campus.

August 16, 2022

Acquisitions Florida Retail Southeast

Stan Johnson Co. Arranges $8.4M Sale of Retail Strip Center in Fort Walton Beach, Florida

by John Nelson August 16, 2022

FORT WALTON BEACH, FLA. — Stan Johnson Co. has arranged the $8.4 million sale of Beal Commons, a 15,982-square-foot retail strip center located at 575 Beal Parkway NW in Fort Walton Beach. Chase Dominguez of Stan Johnson Co. represented the seller, an undisclosed local developer, in the disposition of the property to an individual investor based in Arizona. Both parties were involved in 1031 exchanges. The center was built in 2006 and renovated in 2019. Tenants at the time of sale included Starbucks Coffee, FedEx Office, Verizon Wireless and Ruby Tuesday.

August 16, 2022

Acquisitions Multifamily Washington Western

AIMCO Divests of 135-Unit Apartment Complex in Seattle for $69M

by Amy Works August 16, 2022

SEATTLE — AIMCO has completed the disposition of 2900 on First, an apartment community located in Seattle’s Belltown neighborhood. An undisclosed buyer purchased the asset for $69 million, or $511,111 per unit. 2900 on First features 135 apartments spread across three connected seven-story residential towers. Apartments feature flat-panel cabinetry, full-size washers/dryers, keyless entries and Wi-Fi-enabled thermostats. Select apartments have wood-burning fireplaces and private balconies. Additionally, the community features a standalone amenity building atop a parking garage podium and a 14,644-square-foot retail space. Amenities include a leasing office with a resident clubhouse and kitchen, conference room, multi-level fitness center, courtyard and lawn. A restaurant, spa, bakery, beauty store and pizza delivery service occupy the street-level retail space. Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

August 16, 2022

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Negotiates Sale of 216-Unit Multifamily Property in Little Rock

by John Nelson August 16, 2022

LITTLE ROCK, ARK. — Cushman & Wakefield has negotiated the sale of Pinnacle Park at Chenal Valley, a 216-unit multifamily community located in Little Rock. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, entities doing business as Chenal Valley – Orchard LLC and Chenal Valley – Foxwood LLC, in the transaction. Greystone closed on the assumption of the Fannie Mae loan, which was originated in 2019. The sales price and loan amount were not disclosed. Built in 1999 on the west side of Little Rock, Pinnacle Park at Chenal Valley features a clubhouse, 24-hour virtual fitness center, swimming pool, coffee bar and a 24-hour package room.

August 16, 2022

Acquisitions Midwest Nebraska Retail

Investors Realty Brokers $21.4M Sale of Retail Property in Omaha

by Kristin Harlow August 16, 2022

OMAHA, NEB. — Investors Realty has brokered the sale of a 123,664-square-foot retail property in Omaha for $21.4 million. Located at the intersection of 72nd and Pacific streets, the asset is home to Aldi, Cavender’s and Kohl’s. Ember Grummons of Investors Realty represented the seller, NewStreet Properties. Jason Taylor of Equity Management Group represented the buyer, Caller Properties.

August 16, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $9M Sale of Village 28 Apartment Community in Phoenix

by Amy Works August 15, 2022

PHOENIX — ABI Multifamily has arranged the sale of Village 28, a multifamily property located at 4750 N. 28th St. in Phoenix. A Washington-based seller sold the asset to a Washington-based buyer for $9 million, or $361,000 per unit. Built in 1969 and renovated in 2018, Village 28 consists of 25 garden-style, two-bedroom/one-bath units with private patios and in-unit washers/dryers. John Klocek, Patrick Burch, Mitchell Drake, Carson Griesemer and Dallin Hammond of ABI Multifamily represented both parties in the transaction.

August 15, 2022

Acquisitions Data Centers Development Georgia Southeast

QTS Buys 615 Acres in Fayetteville, Georgia for ‘World’s Largest Multi-Tenant Data Center Campus’

by John Nelson August 15, 2022

FAYETTEVILLE, GA. — Quality Technology Services (QTS), a data center owner and operator, has acquired 615 acres in Fayetteville, about 25 miles south of Atlanta. The Overland Park, Kan.-based firm plans to develop the world’s largest multi-data center campus on the site, according to CBRE. The square footage and construction timeline for the campus were not released. Tim Huffman and Mike Lash of CBRE represented the seller, the Fayette County Development Authority, in the deal. The duo also procured QTS, which acquired the assemblage for $153.8 million, or approximately $250,000 per acre. Atlanta’s data center market has seen strong demand as the market recorded a vacancy rate of 3.6 percent as of second-quarter 2022, according to CBRE research. The market is currently home to 249.5 megawatts (MW) of data center capacity, a 71.7-MW increase from the first half of 2021.

August 15, 2022

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