sales_and_leases

Cushman & Wakefield Brokers $58.8M Sale of Apartment Community in Flowery Branch, Georgia

by John Nelson February 6, 2017

FLOWERY BRANCH, GA. — Cushman & Wakefield’s Atlanta multifamily team has brokered the sale of TreePark, a 456-unit apartment community located in Flowery Branch. Toronto-based Venterra Realty purchased the asset from Atlanta-based Watkins Real Estate Group for $58.8 million. The community was developed in 2006 on 38 acres east of Lake Lanier. Amenities include a resort-style clubhouse, swimming pool, lighted tennis courts, walking trail, park area with green space, spa and parking areas for RVs and boats. Brandon Whitesell, Chris Spain and Alex Brown of Cushman & Wakefield represented Watkins in the transaction. TreePark was 93.4 percent occupied at the time of sale.

February 6, 2017

Massachusetts Northeast Office Retail

Synergy Investment Sells 53,000 SF Office, Retail Building in Boston for $21.8M

by Amy Works February 6, 2017

BOSTON — Synergy Investment has completed the disposition of an office and retail building located at 26 West St. in Boston’s Ladder District. Boston-based Eden Properties acquired the property for $21.8 million. Services Employee International Union occupies a portion of the building on a long-term lease. Scott Dragos of Colliers International Boston represented the seller in the deal.

February 6, 2017

Multifamily Texas

Peak Real Estate Management Acquires 289-Unit Apartment Community in West Austin

by Amy Works February 3, 2017

AUSTIN, TEXAS — Peak Real Estate Management has purchased Promesa, an apartment community located in west Austin, for an undisclosed price. At the time of sale, the 289-unit multifamily property was 93 percent occupied. On-site amenities include a resort-style pool with cabana lounge seating and outdoor cooking stations, demonstration kitchen, media and gaming rooms, business center with a private conference room and fitness center. Pat Jones of ARA Newmark represented the undisclosed seller and procured the buyer in the deal.

February 3, 2017

California Retail Western

Progressive Real Estate Brokers $2.5M Sale of Retail Pad in Yucca Valley

by Nellie Day February 3, 2017

YUCCA VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of Shoppes @ Balsa 62, a multi-tenant retail pad located at 58132 Twentynine Palms Highway in Yucca Valley. A Northern California-based investor acquired the 6,518-square-foot property for $2.5 million, or $391 per square foot. Greg Bedell and Victor Buendia of Progressive Real Estate represented the seller, a Nevada-based private investor, and the buyer in the deal.

February 3, 2017

Midwest Minnesota Multifamily

Monument Capital Acquires Apartment Community in Eagan, Minnesota

by Kristin Harlow February 3, 2017

EAGAN, MINN. — Monument Capital Management has acquired Lexington Hills Apartments in Eagan. The seven-building community consists of 168 units and is located at 4116 Lexington Ave. South. Amenities include a clubhouse, fitness center, swimming pool and detached garages. The community recently underwent $1.8 million in renovations, and upgrades will continue under the new ownership.

February 3, 2017

Hospitality Kansas Midwest

NAI Martens Brokers Sale of Two Hotels in Wichita, Kansas

by Kristin Harlow February 3, 2017

WICHITA, KAN. — NAI Martens has brokered the sale of The Northrock Suites and Wichita Inn North in Wichita. A hotel investor group purchased the hotels with plans to flag them as a Comfort Inn & Suites and a Super 8. Neither the sales prices nor the seller were disclosed. Northrock Suites was built in 1996, and consists of four stories and 101 rooms. Wichita Inn North was built in 1998, and consists of three stories and 96 rooms. Troy Farha of NAI Martens brokered the transaction.

February 3, 2017

Multifamily Texas

Marcus & Millichap Facilitates Sale of 16-Unit Apartment Building in Dallas

by Amy Works February 2, 2017

DALLAS — Marcus & Millichap has arranged the sale of Reiger Place, an apartment building located at 4515 Reiger Ave. in Dallas. An undisclosed partnership acquired the 16-unit property for an undisclosed price. Constructed in 1955, the property offers one-bedroom/one-bath, 725-square-foot units. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, while Fluellen, Hoover and Sean Scott, also of Marcus & Millichap, procured the buyer in the deal.

February 2, 2017

Northeast Pennsylvania Retail

Phillips Edison Acquires Retail Center in Lehigh Valley for $32.3M

by Amy Works February 2, 2017

EASTON, PA. — Phillips Edison has acquired Palmer Town Centre, a shopping center located in Easton, for $32.3 million. Anchored by Giant Foods Supermarket and Marshalls, the property offers 153,085 square feet of retail space. Colliers International represented the seller, Los Angeles-based The Festival Cos., in the deal.

February 2, 2017

Colorado Multifamily Western

Pathfinder Partners Buys Two Apartment Communities in Boulder for $24M

by Nellie Day February 2, 2017

BOULDER, COLO. — Pathfinder Partners has purchased two adjacent multifamily communities in Boulder for $24 million. The communities included in the transaction are the 50-unit Villa Del Prado and the 32-unit Chateau at Villa Del Prado. Villa Del Prado has a parking garage, indoor pool, spa, sauna and clubhouse, while Chateau has parking and a covered pool. Pathfinder plans to renovate the interiors, upgrade the amenities and incorporate green features. The Colorado office of ARA Newmark brokered the transaction.

February 2, 2017

Multifamily Oregon Western

Muse Apartment Complex in Portland Sells for $20.1M

by Nellie Day February 2, 2017

PORTLAND, ORE. — A Santa Clara, Calif.-based private investment group has purchased the 58-unit Muse apartment complex in Portland for $20.1 million. The community is located at 1313 N.W. 19th Ave. The Muse was built in late 2016. Jordan Carter, Clay Newton, Tyler Linn and Joe DeJager of Kidder Mathews executed the sale. The seller was Gerding Edlen.

February 2, 2017

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