Property Acquisitions and Dispositions
Sola Westchase multifamily community marks Eastham’s 31st acquisition for its Fund VI
JLL Capital Markets announced today that it has arranged a construction loan for The Grove at La Frontera, a to-be-built, best-in-class mixed-use multi-housing community located within the DFW metroplex in Arlington, Texas. Once complete, the Grove at La Frontera will feature three distinct uses, which include 336 mid-rise apartments, 60 bungalow-style single-family rental units and 10,000 square feet of ground-floor retail.
JLL Capital Markets announced today that it has arranged $215 million in construction financing for The Ritz-Carlton Residences, Estero Bay South Tower, which is the first of a multi-phase condominium development located in Bonita Springs, Florida. The property will be the first Ritz-Carlton Residences in Southwest Florida, where there is currently significant brand recognition from two Ritz-Carlton Resorts.
MIAMI, Jan. 3, 2024 – JLL Capital Markets announced today that it has arranged the $65 million construction financing and preferred equity for Marisol, a 292-unit, garden-style multi-housing development in Port Charlotte, Florida.
The Mogharebi Group (TMG) has arranged the $42.7 million sale of the Edge at Lakewood Apartments, a 196-unit apartment community in Modesto, CA, on behalf of Osso Capital and Graceada Partners. The sale, which closed at the end of December, marks the largest multifamily transaction in California’s Central Valley in 2023.
With a population of 6.5 million people, California’s Central Valley stretches 20,000 square miles from Sacramento to Bakersfield. Cities nestled within the Valley, such as Modesto, Fresno, and Visalia present an affordable alternative with rental rates significantly lower than those in San Francisco and the Greater Los Angeles area. These demand drivers are attracting investors, particularly private capital and exchange buyers to the region, according to Executive Vice President Otto Ozen. Moreover, Modesto’s proximity to the Bay Area and Sacramento makes it increasingly appealing, particularly within the context of rising affordability compared to core metropolitan areas, especially in the hybrid work environment. Essentially, many tenants benefit from reduced rental costs and larger living spaces while commuting to the office a couple of days per week.
As a leader in multifamily investment advisory since its founding in 2015, TMG has closed on more than 2,600 apartment units in Modesto specifically and more than 10,000 units in the Central Valley region, with a total value exceeding $1 billion. TMG commands a majority market share in the Central Valley region and has arranged for the two largest deals to close in the Modesto submarket this year.
The Edge at Lakewood sits on 7.63 acres of land at 1401 Lakewood Ave. Built in 1985, the property is comprised of one- and two-bedroom units ranging from 598 to 880 square feet. Community amenities include a fitness center, clubhouse, pool, and covered parking.
The Mogharebi Group (TMG) arranged the $4.6 million sale of the 40-unit College Apartments in Fresno, CA, the final piece to a complex six-property reverse 1031 exchange transaction.
Decron Properties has acquired Margo at The Society, a 240-unit, luxury multifamily community located just off Hotel Circle in San Diego, CA for $125.5 million.
Ashcroft Capital, a fully integrated multifamily investment firm, today announced the acquisition of Elliot Cocoplum, a garden-style community located midway between Boca Raton and Fort Lauderdale. Birchstone Residential, Ashcroft Capital’s in-house property management company and construction affiliate, has assumed management of the community and will oversee its upcoming improvements. The acquisition marks Ashcroft’s entry into the South Florida market.
