Property Acquisitions and Dispositions

SAN DIEGO - JLL Capital Markets announced today that it has closed the $13.1 million acquisition financing for The Independent, a Class A, 61-unit multi-housing asset located in Sand City, California within Monterey County.

Standard Communities, a major national affordable housing investor and developer, has acquired Canton Estates Apartments, a naturally occurring affordable housing family community in Canton, MA. The total capitalization of the transaction is approximately $18 million.

Real estate firm secures off-market opportunity to purchase newly constructed 280-unit community located southwest of Atlanta

Amplify Development Company, a national real estate development and investment management company with expertise in the ground-up development and value-add acquisition of student housing, multifamily and mixed-use assets, has acquired a premier Greek housing property at Clemson University. The acquisition is the firm’s fourth Greek housing-focused property.

Los Angeles, Calif. – Matthew Kanner, Executive Managing Director of Keller Williams Commercial & President of The Kanner Group, is pleased to announce the completion of the $11,550,000 sale of The Glendon Apartments, a 27-unit apartment building located at 3724 Glendon Avenue in the Palms submarket of West Los Angeles.  

Following the $37.4 million sale of the luxury multifamily community The Warwick – a newly renovated Class A project in San Diego’s vibrant Hillcrest neighborhood – San Diego-based Sunrise Management has taken over its day-to-day management. Previously a hotel, the 80-unit apartment community, distinguished by a bright turquoise stripe on the front of the building, is adjacent to Scripps Health Mercy Hospital at 606 Washington St.

PORTLAND – JLL Capital Markets announced today that it has closed the $26.85 million sale and arranged acquisition financing for Meadowland Apartments, a 168-unit, garden-style apartment in Portland, Oregon, which will now be known as Township Eastside.

Affordable Housing Investment Brokerage Inc. (AHIB) recently closed a three-property senior housing deal in the greater Burlington, Vermont area for an undisclosed price. Consisting of 191 units across all properties, the three communities – Hawk’s Nest in Saint Albans, and Falcon Manor and Eagle Crest in Williston – serve independent senior tenants and were all developed under the Section 42 Low Income Housing Tax Credit program. AHIB Managing Director Kyle Shoemaker represented both the seller, a local development company, and the buyer, a national investor and developer from Chicago expanding into new markets. 

“Occupancy is consistently high across the portfolio, with each building maintaining a wait list,” said Shoemaker. “In addition, there are 78 units across the three properties that are completely unrestricted, allowing the opportunity to increase revenue as current rates are behind the market.” 

Eagle Crest, a 60-unit building, was built in Williston in 1999 and is located across the street from Falcon Manor, a 65-unit building built in 2001. Hawk’s Nest is a 66-unit property located 45 minutes north in St. Albans. The wait list is the longest at Hawk’s Nest, which has 44 units on a HAP contract. The buyers also gain additional income from the solar array at Hawk’s Nest.

Each of the three properties features one- and two-bedroom apartments, an elevator, underground parking, laundry on each floor, patios or balconies in most units, and a large community room with fireplaces. Rents in the 113 restricted units across are below LIHTC maximums, allowing for growth potential across the portfolio.

This offering provides a unique opportunity to enter the Burlington market with economies of scale across three well-maintained properties with sustained excellent operations in a growing community of 45,000 residents. The Burlington Senior portfolio is well-positioned to continue as the premier option for affordable, independent senior housing.


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