Property Acquisitions and Dispositions
Los Angeles, CA – A joint venture of PCCP, LLC and Grand Peaks has acquired a two-property multifamily portfolio totaling 696 units – both of which completed construction earlier this year and are currently in the lease-up phase. The garden-style apartment communities include Village at Tradition in Port St. Lucie, FL and Harbor Grove in Stuart, FL.
DB Capital Management (“DB Capital”) and equity partner Thrive FP has acquired Autumn Glen, a 100-unit apartment community in the Salt Lake City submarket of Taylorsville, UT. It is DB Capital’s fifth purchase in the Salt Lake City MSA over the past 24 months.
The Hoffman Company, recently brokered the sale of a 482-unit apartment project on approximately 18 acres, part of a larger 35-acre mixed-use development called The Exchange being developed by the seller, AFG Development LLC. Located near the intersection of CA-60 and I-215 in Riverside, Calif., the buyer, JPI, will complete construction on the multifamily project, Jefferson Exchange, while AFG will continue the commercial development with 44,500 square feet of future retail use. The Exchange is currently under construction with its first apartment units available estimated for January 2025.
Decron Properties has acquired The Wyatt, a 216-unit garden-style apartment community in the Phoenix submarket of Gilbert, AZ, for $91 million. It is the ninth acquisition for Decron in the Phoenix metro overall and seventh in the Southeast Valley. The Los Angeles-based real estate investment firm has acquired over $800 million of real estate in the greater Phoenix market in the last 15 months.
The 408-unit Tempe Metro Apartments will be renamed “The Access”
Los Angeles, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $5.5 million sale of an 11-unit apartment property located at 917 6th Street in Santa Monica, CA. The property, which sold for $500,000 per unit, is situated just north of Wilshire Boulevard in one of the most desirable rental areas of Santa Monica, and is just two blocks from the shopping and dining amenities along Montana Avenue.
Berkadia announces it has arranged the refinancing of Vista Verde at Deerwood, a 208-unit garden-style apartment community in the Kendall submarket of Miami. Senior Managing Director Charles Foschini, Managing Director Christopher Apone and Senior Analyst Shannon Wilson of Berkadia Miami secured the financing on behalf of RILEA Group, a real estate management and development company based in Miami, Fla.
Berkadia announces it has arranged the sale of Westchase Forest, a 400-unit luxury apartment community in Houston, Texas. Managing Directors Chris Young and Joey Rippel, Director Kyle Whitney, Managing Director Jeffrey Skipworth, and Senior Managing Directors Chris Curry and Todd Marix of Berkadia Houston represented the seller, Nimes Real Estate, a private real estate investment firm based in Beverly Hills, Calif.
Baltimore-based real estate investment and management company Continental Realty Corporation (CRC) has purchased its seventh multifamily community in North Carolina with the recent $36.5 million acquisition of 800 St. Marys Apartments, located at 800 St. Marys Street in the Glenwood South neighborhood of downtown Raleigh. Developed in 2020 by Selwyn Property Group and Southeast Apartment Investors, the 65-unit community of four-story elevator-serviced building and townhomes with attached garages was 95 percent leased at the time of this off-market transaction. Dean Smith of Newmark represented the seller. Adam Randall and John Westby-Gibson of Newmark provided services to procure the financing through a loan with the Federal Home Loan Mortgage Corporation (Freddie Mac).
