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Broadtree sells 671 rental assets for $78M; Cortland pays $70M for Tenn. asset

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Broadtree sells 671 rental assets for $78M; Cortland pays $70M for Tenn. asset

This feature rounds up recent commercial property news and highlights larger deal coverage already published.

* Amherst Holdings LLC's Single Family Residential platform closed the acquisition of 671 single-family rental properties, primarily in the Atlanta and southeast Florida markets, from Broadtree Residential Inc. for about $78.3 million.

* Cortland Partners purchased a 322-unit apartment community in the Bellevue neighborhood of Nashville, Tenn., for $69.6 million, the Nashville Business Journal reported, citing public records. The complex has been renamed Cortland Bellevue from Accent Bellevue.

* TA Realty sold the 300-unit Pinnacle Terrace multifamily asset at 801 N. Federal St. in Chandler, Ariz., to an undisclosed institutional investment manager for $56 million.

* American Furniture Warehouse Co. plans to acquire 23 acres at 21404 Gulf Freeway, with a view to constructing a 350,000-square-foot showroom, distribution center and warehouse in Webster, Texas, the Houston Business Journal reported, citing a company employee. The development is slated to be completed in early 2019 and the total cost of land, construction and development is estimated at roughly $50 million.

* An entity associated with Magellan Development purchased the Lincoln Parc mixed-use property at 12100 Singletree Ln. in Eden Prairie, Minn., from TE Miller Development for $37 million, the Minneapolis/St. Paul Business Journal reported. The property includes 186 apartment and 70 office suites, the publication noted, citing a certificate of real estate value.

* RW Holdings NNN REIT Inc. agreed to purchase two adjacent industrial buildings in Chandler, Ariz., from Reasons Aviation LLC for $26.5 million in a deal set to close by Dec. 29. The properties encompass net rentable space of roughly 162,700 square feet and are situated on two parcels of land.

* UMH Properties Inc. wrapped up the purchase of five Pennsylvania communities for roughly $22.8 million. The portfolio, which sits on a 141-acre land parcel, comprises three all-age communities and two age-restricted communities with 643 developed home sites.

* D.R. Horton Inc. picked up 657 residential lots in Lee and Charlotte counties in Florida for $14.0 million, Citybizlist reported. The sellers were Brookwood Calusa Creek LLC, Brookwood River Club 1 LLC, Brookwood River Club II LLC and Brookwood Groves LLC.

* The Mount Pleasant village in Wisconsin is proceeding with plans to acquire 1,400 acres for Foxconn Technology Group's manufacturing plant after the Taiwanese company fronted $60 million toward the project, the Milwaukee Business Journal reported.

Additional coverage

VICI Properties closes $1.1B sale-leaseback deal with Caesars Entertainment

Report: CIM Group funds New York REIT-asset buy with $360M Blackstone loan

CSM sells Eagan, Minn., shopping center for $126M

Forest City closes conversion of ownership in 10 NYC specialty retail centers

ARC Healthcare Trust III sells assets, declares initial liquidating distribution