Tuesday, October 22, 2024
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Investment Sales

Ponderosa Park in Flagstaff, Arizona
ArizonaInvestment SalesNewsWestern

Institutional Property Advisors Arranges $28 Million Sale of Ponderosa Park in Flagstaff, Arizona

by Channing Hamilton

FLAGSTAFF, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has arranged the sale of Ponderosa Park in Flagstaff. Bridge Partners acquired the 120-unit property from Keller Investment Properties for $28 million.  Ponderosa Park was built in 1985. The property is located on five acres across the street from Buffalo Park, a 215-acre park with a two-mile hiking trail. The community offers amenities such as two laundry facilities, a clubhouse, fitness center and 24-hour emergency maintenance services. IPA’s Steve Gebing, Cliff David and Hamid Panahi …

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Grand Riviera in Irving, Texas
Investment SalesNewsTexas

Institutional Property Advisors Brokers Sale of 206-Unit Grand Riviera in Irving, Texas

by Channing Hamilton

IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Grand Riviera, a 206-unit community in Irving, 13 miles west of Dallas. Eagle Property Capital sold the asset to Lone Star Capital for an undisclosed price. Grand Riviera was built in 1972. The property offers one-, two- and three-bedroom units with an average size of 1,113 square feet. Amenities include two pools, outdoor grilling and dining stations, a clubhouse and a dog park. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and …

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Oaks of Kingwood in Houston
Investment SalesNewsTexas

Colliers Arranges Sale of 152-Unit Oaks of Kingwood in Houston

by Channing Hamilton

HOUSTON — Colliers has arranged the sale of Oaks of Kingwood, a 152-unit property located at 3415 Havenbrook Drive in Kingwood, a master-planned community in northeast Houston. Chip Nash, Bob Heard and Jaleel Adatia represented the seller, Kingwood Houston Oaks Limited Partnership, in the deal. The buyer and sales price were not disclosed. Oaks of Kingwood was originally built in two phases, with the first phase completing in 1984 and the second in 1999. The two-story community comprises a total net rentable area of 133,013 square feet. The average unit …

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Vela on Camelback in Phoenix
ArizonaInvestment SalesNewsWestern

Pacific Development Partners Divests of Vela on Camelback in Phoenix for $72 Million

by Channing Hamilton

PHOENIX — Pacific Development Partners has completed the disposition of Vela on Camelback, a 237-unit community located in Phoenix’s Camelback Corridor neighborhood. Sherman Residential purchased the asset for $72 million. Vela on Camelback was built in 2017. The property offers 237 units. Amenities include a sky deck that overlooks the nearby Piestewa Peak and Camelback Mountain, pool and spa area with barbecue pavilion, fitness center, resident lounge with community kitchen, dog wash and fenced dog run, outdoor courtyards and package lockers. The transaction is Sherman Residential’s first acquisition in the Phoenix …

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ColoradoInvestment SalesNewsWestern

Marcus & Millichap Brokers $3.3 Million Sale of 11-Unit Property in Oceanside, California

by Channing Hamilton

OCEANSIDE, CALIF. — Marcus & Millichap has negotiated the sale of 1210 South Nevada Street, an 11-unit property in Oceanside. The building houses eight two-bedroom units and three one bedroom apartments. The community also features 11 single-car garages and 12 offsite parking spaces. Matt Vessell sold the asset to Matt Pace for $3.3 million. Adrian Grobelny and Conor Brennan of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.

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The Carter on the Park in Redmond, Washington
Investment SalesNewsWashingtonWestern

JLL Capital Markets Brokers $43.5 Million Refinancing of The Carter on the Park Near Seattle

by Channing Hamilton

REDMOND, WASH. — JLL Capital Markets has arranged a $43.5 million refinancing for The Carter on the Park, a 180-unit community in downtown Redmond, 15 miles east of Seattle. JLL worked on behalf of the borrower, Washington Holdings, to secure the loan through PGIM Real Estate. Bruce Ganong and Seth Heikkila led the JLL Capital Markets Debt Advisory team. The Carter on the Park was constructed in 2016 on a 216,220-square-foot site. The complex offers one- and two-bedroom floor plans. Amenities include a fitness center, rooftop deck, tech bar, two-story …

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437-449 and 438-450 61st Street in New York City
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $20 Million Sale of 124-Unit Portfolio in Brooklyn

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap (NYSE: MMI) has negotiated the sale of a 124-unit portfolio in Brooklyn. The portfolio comprises seven rent-stabilized buildings located at 437-449 and 438-450 61st Street in the city’s Sunset Park neighborhood. The assets feature a mix of one- to four-bedroom units. John Brennan, Bryan Ellis and Miles Davis-Bosch of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Both parties were New York-based private investors.

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Peachtree Landing in Fairburn, Georgia
GeorgiaInvestment SalesNewsSoutheast

LRE Management Acquires Three-Property Portfolio in Suburban Atlanta for $102 Million

by Channing Hamilton

ATLANTA — LRE Management has purchased a portfolio of three properties totaling 778 units in the Atlanta metro area for $102 million. The assets included in the portfolio are Eastwood Village in Stockbridge, Monterey Village in Jonesboro and Peachtree Landing in Fairburn. Amenities at each community include a pool and fitness center. The seller was not disclosed. LRE, which assumed mortgage debt in the purchase, plans to renovate select unit interiors, as well as update the amenities and implement new property management.

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Investment SalesLeasing & MarketingNewsPeople News

Capital Square Hires Jessica Correnti as Senior Vice President of National Accounts

by Channing Hamilton

RICHMOND, VA. — Capital Square has hired Jessica Correnti to the role of senior vice president of national accounts. In this position, she will oversee the firm’s existing relationships with broker-dealers and registered investment advisors and lead Capital Square’s pursuit of new relationships.  Correnti previously served as director of national accounts for Peachtree Group and a senior vice president with Waypoint Real Estate Investments. She began her career with Morgan Stanley as a financial advisor in 2013 before transitioning into investment product distribution as a senior internal sales associate with …

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325 S Union St. in Aurora, Illinois
DevelopmentIllinoisInvestment SalesMidwestNews

SVN | Chicago Commercial Brokers $1.5 Million Sale of Historic Industrial Property in Aurora, Illinois, for Multifamily Conversion

by Channing Hamilton

AURORA, ILL. — SVN | Chicago Commercial has arranged the sale of a 45,000-square-foot industrial property located at 325 S Union St. in Aurora, about 41 miles west of Chicago. The 111-year old building was originally utilized to manufacture vehicle parts during World War II. The undisclosed buyer plans to use historic tax credits to convert the building into market-rate multifamily housing. James Mead of SVN | Chicago Commercial represented the seller in the transaction.

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