CHANDLER, ARIZ. — An institutional investment manager has acquired the 300-unit Pinnacle Terrace apartment complex in Chandler for $56 million. The community is located at 801 N. Federal St. Pinnacle Terrace is situated near West Chandler Corridor, Arizona State University Research Park and the Discovery Business Campus. It was built in 1998. Steve Gebing and Cliff David of Institutional Property Advisors represented both the buyer and seller, TA Realty, in this transaction.
ALBUQUERQUE, N.M. — CFH Investment Partners has purchased the 456-unit Diamond Mesa apartment complex near downtown Albuquerque for an undisclosed sum. The community is located at 2300 Diamond Mesa Trail SW. Diamond Mesa was built in 2015. Amenities include a social lounge with game tables, resort-style pool area, fitness facility, business center and a barbeque grilling area. The community is situated near one of six Facebook data centers currently under construction just south of Albuquerque. CFH plans to hold the asset long-term. CBRE represented the undisclosed seller in this off-market transaction.
OLATHE, KAN. — Newmark Grubb Zimmer (NGZ) has brokered the sale of an 8,400-square-foot medical office building in Olathe for an undisclosed price. The Class A building, constructed in 2006, is located at 820-832 W. Frontier Lane near the Olathe Medical Center. The property was 85 percent occupied at the time of sale by two tenants, Preferred Pediatrics and KC Allergy and Asthma. Michael VanBuskirk, Justin Beal and Chris Robertson of NGZ brokered the sale on behalf of the seller, a local private investor group. Don Maddux of Block Real Estate Services LLC represented the buyer, a California-based private investor.
HOLLYWOOD, FLA. — Stroock has arranged the $90 million sale of Parc Station Apartments, a newly built, 336-unit multifamily community in Hollywood. Ira Teicher and John-Paul Ovadia of Stroock arranged the transaction on behalf of the buyer, JPMorgan Asset Management. A joint venture between Ram Realty Services and Pinnacle Housing Group sold the asset, which was constructed in 2016. Parc Station Apartments includes 17 three-story buildings and features a swimming pool, fitness center and a playground.
RALEIGH, N.C. — Cushman & Wakefield has arranged the $30 million sale of The Arbors, a three-building, 211,504-square-foot office portfolio in Raleigh. The buildings are located at 3120, 3128 and 3200 Highwoods Blvd., within Highwoods Office Center. Cushman & Wakefield arranged the transaction on behalf of the seller, a partnership between The Simpson Organization and Harbert Management Corp. A joint venture between B&G Real Estate Investment Management and Priam Capital acquired The Arbors, which was 99 percent leased at the time of sale. Dennis Hurley, Hillman Duncan and Patti Autry of Cushman & Wakefield will handle the portfolio’s leasing assignment on behalf of the new owners.
WALKER, LA. — Marcus & Millichap has arranged the $4.6 million sale of Best Western Plus Regency Park, a 63-room hotel located at 13600 Hartman Lane in Walker, roughly 20 miles east of Baton Rouge. Manish Sthanki, Allan Miller and Chris Gomes of Marcus & Millichap arranged the transaction on behalf of the seller, a private investor, and secured the buyer, an undisclosed limited liability company. The three-story hotel features complimentary breakfast, an outdoor pool, fitness center, laundry facilities and a business center.
HOUSTON — LaSalle Investment Management has acquired Greenway Commons, a Costco-anchored shopping center in Houston, for $84 million. LaSalle acquired the property on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund. A joint venture between DDR and Blackstone sold the asset. Greenway Commons was fully leased at the time of sale to tenants including LA Fitness, Iberia Bank, Buffalo Wild Wings and Panda Express.
INDIANAPOLIS — Steadfast Apartment REIT III Inc. (STAR III) has acquired Avery Point Apartments in Indianapolis for $44.6 million. Built in 1986, the 512-unit apartment property consists of 58 two-story buildings. The unit mix includes one- and two-bedroom apartments as well as two-bedroom townhomes averaging 900 square feet. Rents average $778 per month. The community is currently 94 percent occupied. Amenities include a clubhouse, business center, fitness center, swimming pool, community patio with grilling stations, tennis courts, a volleyball court, dog park and covered parking. STAR III plans to renovate 75 percent of the units at the property with upgrades to kitchen appliances, cabinet fixtures, faucets, kitchen counters and bedroom carpets. STAR III also plans to upgrade common areas and amenities, including enhancements to landscaping, signage and the fitness center. The undisclosed seller previously renovated 25 percent of the units.
MINNEAPOLIS — CBRE has arranged the sale of The Broadway and Icehouse Plaza in Minneapolis for an undisclosed price. Together, the mixed-use properties total 95,895 square feet and are 98 percent leased. The Broadway, located at 945 Broadway St. NE, is a 56,156-square-foot, two-story building, which was originally constructed in 1922 and renovated in 2013. Major tenants include Spyhouse Coffee, 612Brew and CorePower Yoga. Icehouse Plaza includes two office and retail buildings totaling 39,739 rentable square feet with 13 multifamily units and an outdoor plaza. Renovated in 2011, the properties are located at 2550 and 2548 Nicollet Ave. South. Tenants include Icehouse, Eat Street Social, Black Sheep Pizza and Vertical Endeavors. Ryan Watts, Sonja Dusil, Judd Welliver and Tom Holtz of CBRE arranged the sale on behalf of the seller, Minneapolis-based developer First & First. Northpond Partners purchased the assets.
AUSTIN, TEXAS — Irving-based development firm JPI has sold Sur512, a 362-unit multifamily community situated on 8.9 acres at 5010 S. Congress Ave. in Austin. The Class A property offers a mix of one-, two- and three-bedroom units and amenities such as two pools, two fitness centers, grilling and picnic areas, a business center and an internet café and lounge. The buyer and sales price were not disclosed.
