Property Acquisitions and Dispositions
On October 14, 2016, Security Properties and Pacific Life Insurance Company purchased One Jefferson, a 347-unit, Class A multifamily property located in Lake Oswego, OR, for $78,000,000.
Global real estate investment company Kennedy Wilson (NYSE: KW) today announced that the company and an equity partner acquired Equinox, a 204-unit multifamily community in Seattle, Washington, for $90 million. The company and its equity partner invested $38 million of equity (inclusive of closing costs), of which the company’s share is 51%. The partnership also secured a 10-year loan of $53 million through Freddie Mac at a rate of LIBOR + 2.11% with interest only for five years. The acquisition was primarily funded by the company and its equity partner with $24 million of net proceeds from the sale of the Reserve, a multifamily community in Federal Way, Washington, completed in September 2016.
Clearworth Capital, LLC is pleased to announce its recent acquisition of Ponderosa Apartments, a 177-unit class C multifamily asset in Houston, TX. Covering 6.9 acres, Ponderosa is comprised of 17 two-story buildings, a pool area, and a recently remodeled clubhouse. This garden-style community offers one, two, and three-bedroom floor plans, with an average unit size of 854 sf. The property is located in the well-established 1960/Champions neighborhood in north Houston. The location provides convenient access to major highways including I-45, Beltway 8, and the Grand Parkway. Residents enjoy short commutes to the George Bush International Airport, The Woodlands, and numerous employment and retail centers along FM 1960.
TGM Associates announced today the acquisition of TGM Ibis Walk, a midrise apartment community with 401 units located in Saint Petersburg, FL.
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA)division closed the sale of Casa Monterrey, a 208-unit apartment community in Huntington Beach, California. The $60,250,000 sales price equates to nearly $290,000 per unit. The asset had been owned and operated by a local family office since 1974.
The Bascom Group, LLC ("Bascom") has acquired Trellis Park Crossroads Apartments ("Crossroads"), a 2009 construction 312-unit luxury apartment community located at 3825 Craig Crossing Drive, North Las Vegas, NV 89032. The$35.35 million sale closed on September 21, 2016. Since 2013, Bascom and its affiliates have acquired 27 multifamily properties in the Las Vegas market, totaling 8,563 units. Spence Ballifwith CBRE was the broker for the sale. Brian Eisendrath and Annie Rice with CBRE arranged the $31.5 million loan with Resource Real Estate Funding, Inc.
Marcus & Millichap (NYSE: MMI) today announced the sale of a four-property, 652-unit multifamily portfolio in Tampa, Florida. The $30,025,000 sales price equates to more than $46,000 per unit.
Financing on 444-Unit Westshore Apartment Complex Closes in Just 28 Days
Marcus & Millichap (NYSE:MMI), today announced the sale of one of Tampa, Florida’s most distinguished architectural landmarks, The Mirasol, a luxury 58-unit apartment community. The property sold for $10,375,000, which equates to approximately $180,000 per unit.