In the retail sector, Phillips Edison & Co. has made a significant acquisition in the Sunshine State. The Cincinnati-based real estate investment trust has paid $691 million, or approximately $40,888 per square foot, to acquire Alafaya Square. The property is a sprawling 169,000-square-foot retail center located in Oviedo, Florida, an established suburb of Orlando. The Cincinnati REIT secured the eight-building retail property from a previous owner, further expanding its footprint in sunbelt suburban markets where neighborhood shopping centers anchored by daily-necessity businesses continue to draw consistent consumer traffic and investor interest.
Retail investments are also capturing attention in the Mid-Atlantic region. In Yardley, Pennsylvania, L&B Realty Advisors has completed the acquisition of Prickett Preserve. The Dallas-based real estate investment firm paid $39 million, or roughly $69,331 per square foot, for the 56,252-square-foot retail property. The shopping center was acquired from its former owner as institutional investors continue to seek out well-positioned retail assets in supply-constrained suburban submarkets with strong demographic profiles.
In the student housing sector, large-scale transactions near major universities remain highly active. Affordable Housing Preservation Corp. has completed a notable acquisition in South Florida, purchasing The Lapis for $168.5 million, or approximately $155,157 per bed. The property is a massive 1,086-bed student-housing community situated near the campus of Florida International University in Sweetwater, Florida. The Jacksonville-based entity acquired the asset to bolster its portfolio in the student housing space, a niche that has demonstrated robust demand driven by enrollment trends and the ongoing need for modern off-campus student accommodations.
The office sector, which has faced complex market adjustments nationwide in recent years, also saw notable activity in Northern California. In San Francisco, a partial-ownership office interest at 1155 Market St. changed hands in a deal that helped resolve a broader financial or ownership situation. Specifically, 103,487 square feet of office space at the building—an area not owned by the LightHouse for the Blind and Visually Impaired—was sold to STG Group for $8 million, or roughly $77.30 per square foot. The transaction provides a resolution for the asset, bringing new ownership into a prominent downtown corridor where market participants continue to re-evaluate office valuations and asset strategies.
Industrial real estate continues to be one of the most resilient asset classes, driven by ongoing demand for logistics and distribution space. In the Midwest, Logistics Property Co. has invested $58 million, or about $80.97 per square foot, to acquire a massive industrial facility in Romeoville, Illinois. The property, located at 1401-1465 West Normantown Road, spans 716,318 square feet. The Chicago-based developer purchased the expansive warehouse and distribution property from Heitman, capturing value in a premier industrial corridor known for its strong connectivity to major transportation networks and regional distribution routes.
Multifamily residential investments also drove significant transaction volume across various regional markets, appealing to institutional and private capital alike. In the Pacific Northwest, Cadence Real Estate Advisors acquired the Court at Northgate apartment property in Seattle for $28.99 million, representing approximately $219,621 per unit. The local investment manager purchased the 132-unit residential property, located at 11300 Third Avenue, adding to its regional portfolio as demand for urban and suburban rental housing persists in the Seattle metropolitan area.
Further south in Virginia, the hospitality sector saw active deal-making with a notable hotel acquisition in Charlottesville. A joint venture comprising Ross Hotel Partners and Buckhead America Hospitality acquired the Doyle Hotel for $22 million, or approximately $275,000 per room. Both partnering entities are headquartered in Atlanta. The venture purchased the six-year-old, 80-room hotel, adding a relatively modern hospitality asset to their operating portfolio in a thriving university and tourist market.
Back in the Midwest, residential investments drew strong pricing metrics in suburban Chicago. Arnel acquired Maeve on Ridge, a 68-unit apartment property located at 1555 Ridge Ave. in Evanston, Illinois, for $32 million, which translates to roughly $470,588 per unit. The local investor purchased the five-story building from Michigan Avenue Real Estate Group, reflecting continued investor appetite for high-density, well-located suburban rental properties with strong transit access and affluent demographic fundamentals.
Multifamily activity also extended to Washington State, where FPA Multifamily acquired two adjacent apartment properties totaling 283 units in Olympia, Washington, for a combined $43.7 million, or approximately $154,417 per unit. The San Francisco-based investment manager picked up the residential portfolio, which includes the 170-unit Evergreen Garden Apartments located at 3138 Overhulse Road, alongside the neighboring property. The transaction underscores the continued deployment of institutional capital into secondary and tertiary markets across the Pacific Northwest, where multifamily fundamentals remain supported by steady renter demand and limited new supply.
