Property Acquisitions and Dispositions
HOUSTON, TX – February 7, 2019 – HFF announces it has closed the sale of Vanderbilt Court, a 164-unit, garden-style multi-housing community in Southwest Houston.
, , and ,of Northcap Commercial Multifamily, are pleased to announce the recent sale of Valley Vista Apartments for $3,308,000 ($103,375/unit). This sale consisted of 32 multifamily units built in 2004, located at 2930 Mountain Vista Street in Las Vegas, Nevada.
TruAmerica Multifamily has acquired Island Club, a 472-unit Class B apartment community in Orlando, FL in a $64 million transaction.
Clearwater, Fla. – Berkadia announces it has arranged the $50.1 million sale and $37.22 million financing of Estates at Countryside, 320-unit multifamily asset in Clearwater, Florida. Berkadia’s Managing Director Jason Stanton out of Tampa and Senior Managing Director Cole Whitaker out of the Orlando office represented the buyer in the transaction. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins from Berkadia’s South Florida office arranged the acquisition loan on behalf of the buyer, an affiliate of Insula Companies.
Franklin Street has arranged the $12 million sale of River’s Edge Apartments, a 228-unit rental community located at 7001 Tara Boulevard in the Jonesboro submarket of Atlanta.
and of Franklin Street’s Atlanta multifamily investment sales team represented Missouri-based RBG Properties, LLC, a private equity investment group, in the transaction. Tusk Equity Partners, LLC, a local operator led by Moshie Horn, acquired the property for $52,632 per unit.
“Multifamily investors are looking to markets like Jonesboro that have recently witnessed some of the highest rent growth in the metro Atlanta market,” said Reid, senior director at Franklin Street. “The purchase price is in line with a trend of rising sales prices for Class C apartments in Clayton County.”
Jonesboro is strategically located near Hartsfield-Jackson International Airport with easy access to the city’s crucial transportation artery, Interstate 75. Built in 1970, River’s Edge is positioned within 15 minutes of over 400,000 jobs mostly driven by Hartsfield Jackson Airport and the South Atlanta International Industrial Corridor, the sixth largest in the nation. The metro Atlanta area is also home to a booming entertainment industry, which ranks as a top three film hub along with New York and Los Angeles.
Franklin Street has arranged the sale of Laurana Apartments, a 10-unit boutique multifamily community located at 101 NW 7th Avenue in Pompano Beach, Fla. Laurana Apartments sold for $800,000 or $80,000 per unit, which represented 98 percent of the list price.
of Franklin Street’s South Florida multifamily investment sales team represented the buyer and seller, both local private investors. Franklin Street’s and will insure the asset for the new owner.
“Within the first two weeks of marketing we had several tours and multiple written offers,” said Dratch, senior associate at Franklin Street. “Our team worked with the buyer to have a compressed inspection timeline and close the building in less than 60 days at 98 percent of list price.”
Laurana Apartments is located in the heart of Pompano Beach’s innovation district. The city has identified this area to undergo significant redevelopment through public/private partnerships and incentive programs they will offer to owners and developers. Investors were attracted to this multifamily asset because of the strong in-place cash flow from day one, along with the long-term value growth of the future surrounding development.
DENVER, CO – February 4, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of EVIVA on Cherokee, a Class AA, high-rise apartment building in the Golden Triangle neighborhood of Denver, Colorado.
29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Dylan Apartments, a 207-unit multifamily community in Oceanside, California. 29SC plans to invest approximately $8,500 per unit in capital improvements, including modern flooring, new cabinet fronts, interior doors, hardware and appliances as needed. Exterior projects will include patio pavers and higher-quality finishes in addition to curing deferred maintenance.
Baton Rouge, La. – Berkadia has arranged the $16.8 million acquisition financing of Copper Ridge Apartments and Magnolia Trace Apartments, two Baton Rouge assets with 313 units and 246 units, respectively. Senior Managing Director Mitch Sinberg, Associate Director Matthew Robbins, and Director of Operations Jared Hill of Berkadia’s South Florida office secured the loans on behalf of Timberline Capital, a real estate investment firm based in New York City.