Property Acquisitions and Dispositions
Long Beach, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $3.825 million sale of a 12-unit apartment property located at 601 Linden Avenue in the East Village Arts District neighborhood of downtown Long Beach, CA.
Archway Equities (“Archway”) has acquired from HLC Equity, the 192-unit Toscana Apartments, in Carrolton, TX, one of the fastest growing suburbs in Dallas. The purchase represents Archway’s second apartment investment in the immediate submarket and increases the Beverly Hills, CA real estate investment firm’s Texas holdings to approximately 3,000 units.
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 Companyrecently 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.