Argosy Real Estate Partners exits Verse on Bell

Argosy Real Estate Partners III, and its parallel funds (AREP III) exited their investment in Verse on Bell, a 336-unit, 1985-vintage, garden-style apartment community in the Antioch submarket of Nashville. The property was sold to a national real estate investment group. In May 2015, AREP III acquired the property with Crescent Real Estate in an off-market transaction at a favorable cost basis. Prior to the acquisition, the property suffered from a lack of capital investment, deferred maintenance, out-of-service units…

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Accesso Partners acquires twin office towers in Minneapolis suburb for $116m

Accesso Partners has acquired The Towers at West End, twin class A office towers in suburban Minneapolis on the I-394 corridor, from a fund managed by DRA Advisors for $115.5 million. The two nine-story nearly identical towers, totaling 497,234 square feet, are 84 percent occupied and located at 1550 and 1600 Utica Ave. South in St. Louis Park in the West End submarket. “Ever since we acquired the IDS Center and Crystal Court downtown in 2013, we have been looking…

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Meridian Group JV buys D.C. office property for $137m

The Meridian Group has acquired an office property in Washington, D.C., for $136.5 million. The property, located at 1333 New Hampshire Ave. NW in Dupont Circle, was acquired from Boston Properties. The firm purchased the property through a joint venture with affiliates of WeWork Property Advisors. Affiliates of WeWork Property Advisors plan to contribute 50 percent of the equity, according to news sources. The building is 84 percent leased by law firm Akin Gump Strauss Hauer & Feld. Meridian…

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Square Mile Capital provides $161m loan secured by NYC office building

Square Mile Capital Management has originated a $161 million loan secured by One Broadway, a 12-story office building located adjacent to Battery Park in downtown Manhattan. The loan was made to a joint venture between Rockwood Capital and Midtown Equities, and it includes proceeds for the acquisition of the mostly vacant property in addition to a capital improvement and leasing plan to reposition the building as a creative office headquarters opportunity. Square Mile Capital principal Sean Reimer said, “We…

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Legacy Partners, AIG venture acquires Bay Area development site

Legacy Partners, a privately owned national real estate firm, in a joint venture with American International Group, has announced the acquisition of a 1.78-acre development site located at 28168 Mission Boulevard in Hayward, Calif. BMO Harris Bank has provided construction financing for the project. Legacy@Hayward will include 97 apartment units and 1,700 square feet of retail space, all within walking distance of the South Hayward BART Station. The 97 units are being designed and built by Katerra, a construction technology…

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Waterton acquires Bay Village Apartments in Vallejo, Calif.; plans renovation

Waterton, a national real estate investor and operator, has acquired Bay Village Apartments in the San Francisco suburb of Vallejo from Kennedy Wilson and its joint-venture partner. Originally built in 1987 and located at 1107 Porter St., the garden-style complex features 260 one- and two-bedroom apartment homes across 41 two-story buildings, many of which have panoramic views of the Napa River and San Pablo Bay. “The Bay Area continues to see residents priced out of close-in submarkets as the…

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Greystar acquires three-property multifamily portfolio in Arizona

Greystar Real Estate Partners, a global investor, developer, and manager of rental housing properties, has acquired the three-property, 845-unit Acacia portfolio on behalf of its real estate funds. A price was not disclosed. The portfolio, which is concentrated in Phoenix’s affluent East Valley and comprises Chandler Court and River Ranch in Chandler, and Vista Montana in Gilbert, represents an opportunity for Greystar to acquire high-quality assets in rapidly growing, low-supply submarkets. Originally built in the late 1980s, the Acacia…

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Mosaic Real Estate Investors finances L.A. hotel conversion

On Nov. 16, 2018 Mosaic Real Estate Investors has financed a $50.93 million construction loan, which was brokered by HFF, for the adaptive reuse of a vacant 143,513-square-foot 13-story office building to a 180-key select service hotel. Located at 419 S. Spring Street in Downtown Los Angeles (DTLA), the subject will be operated under the Cambria Hotel and Suites flag, an upscale select-service hotel brand from Choice Hotels and managed by OceanV, of BLVD Hotels, and The Packard Cos….

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Greystar acquires multifamily property in Phoenix

Greystar Real Estate Partners, a global investor, developer and manager of rental housing properties, has acquired the 349-unit Crescent Highland in Phoenix on behalf of its real estate funds. The asset is located at 4626 N. 16th Street in the Camelback Corridor and was completed in 2017. Residences feature nine-foot ceilings with high-end interior finishes, including vinyl wood-style flooring, quartz countertops, under-mount sinks, vintage-inspired black appliances and full-size washers and dryers. Crescent Highland’s amenities include a resort-style pool and spa…

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BREG sells Maryland medical pavilion

Denver-based Broe Real Estate Group (BREG) has sold a 121,789-square-foot medical pavilion located at 9601 Blackwell Road in Rockville, Md. The buyer is Texas-based Caddis Healthcare Real Estate who acquired Shady Grove Medical Pavilion as a strategic addition to its real estate holdings. Constructed in 2000, Shady Grove Medical Pavilion was acquired in a 2014 auction as a distressed asset. For the past four years, the BREG team invested in substantial capital improvements and implemented an active management plan to convert the property from…

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