Arizona-based Rise48 is finding success in Raleigh. Less than a year after entering the market, the company made its third investment in Charlotte, paying $24.5 million for the Stone Gate Apartments at 950 Southwood Oak Lane. Rise48 purchased the property from Highlands Ranch, which paid $20.2 million for it in 2021. Rise Stone Gate is currently 91% occupied.

Rise48 will rebrand the property to Rise Stone Gate. The 144-unit property has one- and two-bedroom units, with rent starting at $1,155 per month for a one-bedroom and $1,265 per month for a two-bedroom.

The Atlanta Business Chronicle reports Rise48 was able to buy the property at a discount and that the company will invest $3.2 million into interior and exterior upgrades.

Last summer, Rise48 acquired two other Charlotte rental communities, the W Flats Apartments (247 units) and Matthews Pointe Apartments (100 units). Both properties were rebranded.

Westwood Financial acquired Eastway Square, a 130,156-square-foot grocery-anchored neighborhood center in Charlotte. In addition to Eastway Square, Westwood Financial owns several top-performing grocery-anchored properties in Charlotte, including Prosperity Village Square, Steele Creek Crossing, Steelecroft Shopping Center, and The Arbors at Mallard Creek.

Eastway Square is anchored by Food Lion. Other tenants include Ross, America’s Best, Papa Johns, Subway, WingStop, Rainbow, Dental Works, Hibbett Sports, Showmars, and more. Berkley Capital Advisors facilitated the sale.

Westwood’s Juyuan Wei added, “Grocery-anchored retail continues to thrive, and we’re eager to pursue additional opportunities that strengthen our portfolio.”

As Westwood Financial manages over 125 properties with a dominant presence in the Sunbelt region. Grocers and leading service and experiential-based operators primarily anchor the centers.

Levin Johnston of Marcus and Millichap, among the top multifamily brokerage teams in the U.S., recently acquired a second Bay Area office in San Carlos to accompany its existing owned office in Los Altos. In addition, the team increased the annual number of deals it closed in 2024 by more than 50%, facilitating 80 transactions this past year as compared to 50 in 2023.

“The purchase of our San Carlos office highlights our team’s deep integration in this geographical market and projections for activity ahead in the region,” said Adam Levin, executive managing director of Levin Johnston. “While the economic landscape has presented challenges for the industry, Levin Johnston has thrived over the last two years and sees a bright future on the horizon.”

He continued, “The new office will allow us to better serve our clients and continue to be a market leader in Northern California. This expansion also sets a foundation to continue to grow our footprint outside the region as well.”

West Harbor Capital, a real estate investment firm focused exclusively on infill industrial properties, acquired a 33,673-square-foot industrial building located at 2551 Santa Fe Ave. in Redondo Beach. West Harbor immediately launched a repositioning plan to enhance the vacant property’s functionality and image.

“This acquisition aligns with our strategy to expand our portfolio of high-quality infill logistics assets with significant long-term value potential,” said West Harbor managing partner and co-founder Eric Ruehle. “We are focused on growing our presence in Southern California, given the sound fundamentals and basis value available in the market today.”

Marketing efforts will be led by Kidder Mathews’ Andrew Dilfer, Luke Staubitz and Harvey Beason. Located west of Interstate 405 between Los Angeles International Airport and the ports of Los Angeles and Long Beach, the property features eight dock-high and one grade-level loading positions. Its location makes it suitable for a variety of tenants.

Cortland bought the former Gardens at East Cobb in Marietta, a 484-unit apartment community previously owned by NALS Apartment Homes. The company paid $95.75 million, that’s just under $200,000 a unit. The property has been renamed Cortland Woodlands.

The Atlanta Business Journal reports the property was last sold in 2005, when NALS Apartment Homes, formerly known as N/A Foxwood 54, purchased the community for $36 million.

Cortland was founded in 2005 with a focus on multifamily development in Atlanta. During the economic downturn in 2008, they shifted their focus from developing communities to acquiring and renovating existing multifamily communities. By 2011, they owned and managed 5,000 apartment homes.

Cortland has acquired a portfolio of properties across seven states, bringing the vertically integrated multifamily real estate investment, development, and management company’s total to nearly 85,000 apartment homes. Headquartered in Atlanta, they have regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, Orlando, and Phoenix.

Ventas Inc. bought the four-story assisted living facility Camellia at Deerwood at 10061 Sweetwater Parkway for $27.4 million from Chicago Pacific Founders. Both are Chicago-based companies. The property adds to Ventas’ 800-plus senior housing communities, including five in Jacksonville.

The buyer invests in assets that support the aging population, including senior housing, outpatient medical and research, triple-net health care and institutional private capital management.

In Jacksonville, Venta’s five senior housing assets are — Brookdale Avondale at 4455 Merrimac Ave., Brookdale Crown Point at 10050 Old Saint Augustine Road, Sunrise of Jacksonville at 4870 Belfort Road, Sodalis Jacksonville at 7620 Timberlin Park Road and Discovery Commons San Pablo at 14199 William Davis Parkway.

Commercial Edge reports Camellia at Deerwood last sold in 2017 for nearly $40 million. The property was valued at $25.95 million for this year.

Woodside Health has paid $20.9 million for Paradise Valley Plaza, a three-building, multi-tenant office and medical complex spanning 100,203 square feet in Scottsdale. Cloud Peak Development sold the asset. This marks the company’s 14th property in the Phoenix metropolitan area.

Commercial Edge reports the asset previously traded in September 2020, when Cloud Peak acquired it from Fenway Capital Advisors for $16.7 million—about $172.6 per square foot.

The Class B campus located at 5010, 5020 and 5040 E. Shea Blvd. came online in two phases in 1985 and 2000 and underwent cosmetic renovations in 2014. Amenities include interior and outdoor courtyards, exterior loading suites and about 388 parking spaces. The property was 95 percent leased at the time of sale, with the tenant roster including office and medical/wellness companies such as HonorHealth, Next Level Physical Therapy and Forma Plastic Surgery.

Cushman & Wakefield’s Eric Wichterman and Chris Toci, along with Mike Coover, represented the seller.

International Workplace Group, is adding nine state-of-the-art flexible workspaces in Illinois, bringing the company’s statewide footprint to a total of 78 locations.

These nine new Illinois locations are part of International Workplace Group’s drive to meet the sharply rising demand for top-class flexible working space in the state. Eariler, this year the coworking company added seven flexible workspaces in the greater Chicago area, in several of the city’s traditional suburbs including Libertyville, Naperville and Orland Park.

“An important business hub in the U.S., the Prairie State is a fantastic place for us to boost our expansion plans as the need for high-quality flexible workspaces continues to soar as hybrid working becomes the new normal,” said Mark Dixon, CEO & Founder of IWG.

The centers will include facilities including private offices, meeting rooms, co-working and creative spaces. International Workplace Group has more than 4,000 locations in more than 120 countries.

Sonida Senior Living Inc. paid $29 million for two senior living communities in the Atlanta area. The sale totals 178 units.

The assets have an average occupancy rate of 86% and average revenue per occupied room of more than $5,700. The deal will also give Sonida three assets in the Atlanta market. (Waterford at Decatur shown). Sonida intends to fund the transaction with cash on its balance sheet and proceeds from its senior secured revolving credit facility. 

The acquisition is the second purchase the company has announced in the past three months. Sonida also closed on a $102.9 million purchase of an eight-asset senior housing portfolio with 555 units across northern Florida and South Carolina. Once the purchase of the two additional communities closes, Sonida will have added 19 communities so far this year.  

The Company closed on an additional $75 million commitment under the senior secured revolving credit facility it entered with BMO Bank N.A.

Eden Prairie Center announced the center is adding to its lineup of retailers and restaurants in 2024. The latest tenants include Wonders Ice Cream, Reborn Salon, Virtual Realm Adventures, Costumes & Toys and Cielito Lindo. Eden Prairie Center is a 1.4 million-square-foot, two-level retail property in Minnesota managed by JLL.

“We’re proud to welcome five new tenants to our growing mix of national and local retailers at Eden Prairie Center,” said Nancy Litwin, Eden Prairie Center’s Senior General Manager. The tenants include Cielito Lindo, which offers authentic Mexican cuisine with unique dishes, and Wonders Ice Cream, a family-owned and operated rolled ice cream shop.

Reborn Salon offers a full range of professional services, including haircuts, color, and treatments, while Virtual Realms Adventures offers a unique entertainment experience with a variety of games through virtual reality goggles. Also coming to the retail center is Costumes & Toys, a boutique that offers a selection of children’s superhero costumes and accessories.