SCI Buys 1M SF of Properties in 3 States

SCI Real Estate Investments, a Los Angeles-based tenant-in-common sponsor, has acquired three new properties totaling about 1 million square feet.Each of the three are in different markets, all of which the buyer calls “robust”–Dallas, Greenville County, S.C., and Tempe, Ariz.In Dallas, the company acquired Estancia Townhomes, a 207-unit apartment building in North Dallas. The property features two-, three-, and four-bedroom units with two-car garages and gated entries.The South Carolina property is Verdae Village, a 241,500-square-foot grocery-anchored shopping center in Greenville. The property is located adjacent to Verdae Development, a 1,100-acre master-planned project currently under construction, and its tenants include Super BI-LO Supermarket, Stein Mart, Office Depot and Olive Garden, among others.In Arizona, SCI bought Gateway on Apache (pictured), a 400-unit, 684-bed student apartment in Tempe that serves nearby Arizona State University. According to SCI, the long-term advantage of the property is that ASU’s current enrollment, about 55,000 students, will expand to an estimated 90,000 by 2020