CAPRE’s Commercial Real Estate Headlines for January 6, 2020
Check out the latest deals and developments in commercial real estate for January 6, 2020:
- Marcus & Millichap Facilitates Sale of Scottsdale Multifamily Development: Marcus & Millichap has announced the sale of Royal Palms, a 12–unit apartment complex located in Scottsdale, Your Valley reports. “Regional Manager of the firm’s Phoenix office Ryan Sarbinoff says the asset commanded a sales price of $1.86 million or $155,000 per unit. Rich Butler, a senior vice president investments in Marcus & Millichap’s Phoenix office, and Sean Connolly, a multi-family specialist, negotiated the sale on behalf of the buyer, who recently purchased two other assets on the same street through Marcus & Millichap,” reads the article, which included the factoid that the new owner plans an extensive repositioning campaign with this portfolio.
- Bell Partners Acquires Alexan Marymoor in Redmond, WA: Bell Partners has acquired Alexan Marymoor, a 222-unit multifamily community in Redmond, Washington on behalf of its Fund VII investors. The property will be renamed Bell Marymoor Park and will be managed by Bell Partners. This is the company’s second acquisition in the Seattle metro area, following the acquisition of Bell Overlake in September. Bell Marymoor Park is situated near the Seattle area’s largest employers, including Amazon, Facebook and Salesforce. Additionally, the multibillion-dollar redevelopment of Microsoft’s nearby world headquarters will create further job opportunities for residents. Multiple light-rail stations are being constructed near the property with completion scheduled for 2023, which will connect the community more closely with downtown Seattle and the greater Puget Sound region.
- 41-unit Atlanta Metro Condo Building Sells for $8.4 Million USD: Reporter Newspapers is reporting that a 41-unit condominium building in Buckhead, GA has sold for $8.4 Million USD and will soon be empty of owners and tenants, likely for renovation into luxury apartments. “The sale of the House at Phipps Condominiums at 3645 Peachtree Road closed on Dec. 20, according to broker Steve Massell of Massell Commercial Real Estate. The buyer is Global Liberty Investment, which is registered to Amin Alibhai at a Sandy Springs house. Alibhai could not immediately be reached for comment,” reads the story.
- Mission Rock Residential to Manage Platt Park Apartments in Denver: Mission Rock Residential, a Denver-based multifamily property management company, has announced a new management contract for the Encore Evans Station Apartments in Denver. Mission Rock has been issued an agreement for the management of the community by Treeline Multifamily Partners, representing the new owners of Encore Evans Station.Encore Evans Station, built in 2018, is located near Denver’s Platt Park neighborhood and surrounded by a growing area of new restaurants, services, and retail amenities opening every day. The community includes 224 residences, with one- and two-bedroom high density garden-style floor plans. The apartments feature walk-in closets, in-unit washers and dryers, wood-style flooring, LED energy efficient light fixtures, and private patios or balconies. The apartment kitchens are a particular highlight with their designer cabinetry, quartz countertops, and stainless-steel appliances.
- Broad Street Realty and MedAmerica Properties Complete First Phase of the Previously Announced Merger Transactions: Broad Street Realty and MedAmerica Properties have completed the first phase of the previously announced mergers. As a result, MedAmerica, now known as Broad Street Realty, has become a fully integrated and self-managed publicly owned real estate company. With the closing of the initial mergers, the resulting company now owns nine primarily grocery-anchored neighborhood shopping center properties with over 865,000 square feet of gross leasable space in Maryland, Pennsylvania, Virginia and Washington, DC and succeeds to Broad Street’s operating platform, including its commercial brokerage, property management and development businesses. The combined company has approximately 50 employees and is headquartered in Bethesda, MD with additional offices in Denver, CO, Washington, D.C. and Manassas, VA.