MONTGOMERY, ILL. — Kiser Group has brokered the sale of Victorian Apartments in Montgomery, a western suburb of Chicago, for $10.8 million. The 152-unit property, located at 800-834 Victoria Drive, was built in the 1970s. John Meyer of Kiser Group represented both parties in the sales transaction. A Chicago-based investor purchased the property from the private owner in a 1031 exchange.
ORLANDO, FLA. — A joint venture between Truamerica Multifamily and Investcorp has purchased a two-property multifamily portfolio totaling 708 units in Orlando for $98 million. The communities include the 360-unit Montevista at Windermere and the 348-unit Highpoint Club. Each community features a mix of one- and two-bedroom floor plans and amenities including a resort-style pool, resident clubhouse, dog park and fitness center. The joint venture plans to launch a value-add renovation program across the portfolio that will include faux wood vinyl flooring, upgraded countertops and backsplashes, new cabinet fronts, light fixtures and microwaves. Other improvements will include upgrades to the fitness centers, clubhouses, signage, landscaping and new paint on all building exteriors. Richard Jordan of CBRE’s Atlanta office arranged a seven-year, floating-rate, agency loan on behalf of the joint venture. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the undisclosed seller in the transaction.
MIAMI — Robbins Electra has acquired The Broadwater at the Hammock Apartments, a 424-unit multifamily community located at 15000 S.W. 104th St. in Miami. Robbins Electra purchased the asset from HRA Broadwater for $61.2 million. Broadwater’s community amenities include two swimming pools, a fitness center, jogging trail, sand volleyball court and an indoor racquetball court. Larry Stockton, Jeff Resnick, Jaime Rodriguez and Alex Morcate of Colliers International represented both parties in the off-market transaction. Robbins Electra plans to rebrand the property Lago Paradiso and renovate the interiors and community amenities.
RIVERVIEW, FLA. — Passco Cos. has acquired Pearce at Pavilion, a 250-unit apartment community located at 3603 Pavilion Palms Center in Riverview, about 15 miles south of Tampa. Passco purchased the community from partners Adler Group and Mattoni Group for $49.7 million. Pearce at Pavilion’s amenities include a resort-style swimming pool, whirlpool spa, 24-hour fitness and wellness center, clubhouse, coffee bar, multi-media game room, poolside kitchen and a leash-free dog park. JBM Institutional Multifamily Advisors represented the sellers in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae acquisition loan on behalf of Passco, which has closed on three acquisitions in Florida in the past month.
SAN DIEGO — Sorrento West Properties has purchased a 117,354-square-foot industrial building in the San Diego submarket of Poway for $20 million. The property is located at 14145 Danielson St. It is situated on 7.2 acres. Sorrento West represented itself, while Mickey Morera and James Duncan represented the seller in this off-market transaction.
STOCKTON, CALIF. — Westcore Properties has purchased a 277,500-square-foot industrial property in Stockton for $14.4 million. The property is one mile west of I-5. It can accommodate mid-sized users seeking 25,000 to 75,000 square feet of space. Mike Goldstein of Colliers International represented both the buyer and unnamed seller in this transaction.
CHICAGO — CBRE has brokered the sale of Bel-Harbour in Chicago for $51.5 million. The sale of the 207-unit condominium property is a deconversion to rental units. The 30-story property is located at 420 W. Belmont Ave. in the Lakeview neighborhood. The building features a mix of studio, one- and two-bedroom units. Amenities include a heated indoor pool, sun deck and on-site maintenance and management. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, Bel-Harbour Condo Association. Strategic Properties of North America purchased the property. “This is the largest condo deconversion transaction we have seen in Chicago in a long time,” says Jaeger. “Investors are capitalizing on these opportunities to enter the multifamily market in excellent locations. You can’t build a rental building of this size at this location. As the multifamily market continues to perform at such a high-level, this will be one of the most effective ways investors can bring new rental product to the market.” Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement.
COLUMBUS, OHIO — Following a multi-year collaboration, M+A Architects has formally acquired KMA Design Partners’ (KMA/DP) institutional practice. KMA/DP, an architectural design and planning partnership also headquartered in Columbus, will cease to exist. KMA/DP focused on healthcare, civic and urban development, community and educational facilities. P’Elizabeth Koelker, co-founder of KMA/DP, has been directing M+A’s healthcare and higher education practices during the merger, and will continue in that role as principal with M+A Architects. Three other employees, Dottie Stamm, Ken Cleaver and Wes Hawkins, will also transition into roles with M+A Architects as associates.
DALLAS — CBRE has brokered the sale of Parkway Office Center, a 229,466-square-foot office complex located at 14180 N. Dallas Parkway in Dallas. The Class A property, which was 90 percent leased at the time of sale to tenants such as Gulf Coast Western and Capital Senior Living, consists of two nine-story buildings and a multi-level parking garage. Gary Carr, John Alvarado, Eric Mackey and Robert Hill of CBRE represented the seller, KBS Realty, which sold the property to tech firm Apex Pacific Partners for an undisclosed price.
HOUSTON — HREC Investment Advisors has arranged the sale of Marriott TownePlace Suites Houston Northwest, a 127-room hotel located at 11040 Louetta Road in Houston. A California-based hotel investor purchased the property for an undisclosed price. Hank Wolpert of HREC represented the seller, a private equity fund that acquired the property in 2012.
