SALT LAKE CITY — Hines Global REIT II has purchased Cottonwood Corporate Center, a 490,030-square-foot office complex in Salt Lake City, for an undisclosed sum. The four-building center is situated on East Cottonwood Parkway near the mouth of Big Cottonwood Canyon. This was the REIT’s first acquisition in Utah. CBRE’s Eli Mills and Timothy Richey, along with NGKF’s Ken White, represented the seller, CommonWealth Partners LLC, in this transaction.
BELLEVUE, WASH. — Kennedy Wilson Real Estate Fund V has purchased a 451-unit apartment community in Bellevue named LIV Bel-Red for $172 million. The Class A community is located at 2170 Bel-Red Road. The property was built in 2015. Notable employers in the area include Microsoft’s world headquarters, Boeing, Expedia, Salesforce and Symetra Financial. The fund invested $58 million of equity and secured a 10-year loan of $115 million through Fannie Mae for the acquisition. Kennedy Wilson is a 12 percent investor in Fund V.
NEW YORK CITY — Eastern Consolidated has arranged the $40.73 million sale of a 167-unit, 187,800-square-foot multifamily property at 94-25 57th Avenue in Elmhurst, Queens. The fully occupied property, located on Junction Boulevard between 56th and 57th Avenues, includes 15 studios, 101 one-bedrooms, 35 two-bedrooms, 12 three-bedrooms, and three professional units. Matt Sparks and Ted Volynets of Eastern Consolidated represented the seller, a private investor, and Sparks procured the buyer, Treetop Development, in the off-market transaction.
AUSTIN, TEXAS — StreetLights Residential and partner Tricon Capital Group Inc. have opened a 415-unit apartment and townhome community in Austin known as The Michael at Presidio. Located at 13535 Lyndhurst St. near Lakeline Mall, the leasing center is now open with townhomes and apartments immediately available. The Michael, a three- and four-story residential community, is located near Highway 183 and the Texas 45 toll road. Floor plans include studios, one- and two-bedroom apartments and three-bedroom townhomes ranging from 599 to 1,896 square feet. Amenities include a pool with water features and grilling stations, community lounge with fireplace, game lounge, conference center, coffee bar, fitness facilities and electric car charging stations. Apartments feature granite countertops, stainless steel appliances, solid wood cabinetry, 10- and 12-foot vaulted ceilings, built-in bookcases and desks, walk-in closets and private patios. StreetLights developed the project, with SLR Texas Construction LLC serving as the general contractor. The development team also included architect Looney Ricks Kiss, landscape architects Linda Tycher Design and Bury Inc. and interior designer Faulkner Design Group. Gables Residential is The Michael at Presidio’s property management company.
WEST SAINT PAUL, MINN. — Marcus & Millichap has brokered the $3.9 million sale of Wentworth Plaza, a 12,793-square-foot retail property located at 1590 S. Robert St. in West Saint Paul. National retailers occupy about 75 percent of Wentworth Plaza. Matthew Hazelton, Sean Doyle, Cory Villaume and Adam Prins of Marcus & Millichap’s Minneapolis office represented the seller, a regional developer/owner, in the transaction. The team also secured the buyer, a limited liability company.
TUCSON, ARIZ. — EdR has acquired The Urbane, a 311-unit apartment community in Tucson, for an undisclosed sum. The community offers a range of studio to five-bedroom apartments. The Urbane amenities include a fitness center; spa featuring a sauna and tanning beds; rooftop sundeck with pool, oversized hot tub, lounging and gaming areas, and poolside cabanas; an outdoor terrace with fire pits and a custom barbecue grill; and an executive business center with computers and printers.
LONG BEACH, CALIF. — Ballast Point Brewing & Spirits is set to open a new 11,427-square-foot brewery at 110 N. Marina Drive, adjacent to Alamitos Bay Landing in Long Beach’s Seaport Village. Ballast Point Tasting Room & Kitchen will be the brewer’s largest location and will offer seating for 670 customers. The location will feature three bars and a large outdoor patio offering views of Catalina, Seal Beach and Alamitos Bay. Keith Kropfl and Michael Ganz of Avison Young and Jeff Chasin of Voit Real Estate Services represented Ballast Point as well as the landlord, Bancap Seaport Village Inc., in the leasing transaction.
LOS ANGELES — Marcus & Millichap has arranged the $1.1 million sale of a 5,104-square-foot mixed-use retail and multifamily property at 4650 W. Adams Blvd. in Los Angeles. Floyd Shaheen and Daniel Hirth of Marcus & Millichap represented the seller, an undisclosed partnership, and secured and represented the buyer, an undisclosed individual trust, in the transaction.
ORLANDO, FLA. AND ATLANTA — Blue Rock Partners LLC has purchased two apartment communities in Orlando and Atlanta totaling $44.4 million. The acquisitions included the $21 million purchase of the 320-unit Silver Oaks Apartments in Orlando and the $23.4 million purchase of the 450-unit Landings at Oak Hill in Atlanta. Blue Rock Partners purchased the Orlando asset from Madison Exchange LLC and the Atlanta complex from Chartwell Multifamily LLC. The Tampa-based company purchased both assets in partnership with Canadian investor Rosdev Group. Blue Rock plans to invest $5.8 million in interior and exterior upgrades at the two apartment communities. The company will also rebrand Silver Oaks as The Park at Highgate and Landings at Oak Hill as The Park at Morella. Marcus & Millichap brokered the sale of the Orlando community, and Cushman & Wakefield brokered the sale of the Atlanta project. Pembrook Capital Group provided acquisition financing for the Orlando community, and Wells Fargo Multifamily Capital provided acquisition financing for the Atlanta complex.
NORTH WALES, PA. — CBRE Capital Markets has arranged the sale and acquisition financing of The Solana Horsham, a 76-unit assisted living and memory care community in North Wales. A joint venture between Capitol Seniors Housing and Formation-Shelbourne Partners sold the property to an undisclosed buyer for $31.5 million, or $414,474 per unit. Located at 1419 Horsham Road, the property was 95 percent occupied at the time of closing. Lisa Widmier and Matthew Whitlock of CBRE’s San Diego office represented the seller. Additionally, CBRE originated the five-year, non-recourse floating-rate acquisition loan, which features three years of interest-only payments, for an undisclosed amount for the buyer. Aaron Will of CBRE’s Houston office secured the loan for the borrower.
