San Diego-based Tower 16 Capital Partners has successfully acquired The Deco at Victorian Square, a 209-unit multifamily property located in the rapidly growing Reno, Nevada, market. The project was built in 2021 and acquired for $43 million, well below today’s replacement cost. 

Continuing its growth in the Sun Belt, New Jersey-based Reynolds Asset Management (Reynolds) acquired two multi-family properties in Texarkana, Texas. The 360-unit acquisition, totaling $23 million, is a joint venture with Jeff Juster’s Newport Capital Advisors, LLC. The collaborative effort will infuse an additional $3 million into the enhancement of the properties – addressing all necessary deferred maintenance, bringing fresh, renovated units to the market, and ensuring the long-term success of the project.

“Not only is Texarkana a great place to live, but it’s also a city which checks all of our boxes when it comes to key metrics – strong employment and incomes, low supply of inventory, and high barriers to entry for new construction,” said Lou Reynolds, founder and CEO of Reynolds Asset Management. “It also happens to be at the intersection of three main highways, which is great for commuting and businesses alike. We are excited to be injecting fresh life into these great properties, and to be a part of the growth story happening in Northeast Texas.”

The 360-unit acquisition spans two properties, with 176 units located at Westridge Apartments, at 700 Sowell Lane, and the remaining 184 units within Park at Summerhill, at 5201 Summerhill Road. With the rapid growth of the city, Texarkana, Texas is one of the country’s top cities for families to relocate to.

The transaction, brokered by John Hamilton at Marcus & Millichap, was facilitated with a Fannie Mae fixed-rate long-term loan by Allan Edelson and Joe Tarantino at Walker & Dunlop.

“The buyers, Reynolds Asset Management and Newport Capital Advisors, are taking advantage of two well-positioned multi-family assets in one of the strongest tertiary markets in East Texas,” said John Hamilton, first vice president of investments at brokerage Marcus & Millichap. “They will build upon both properties’ historically strong performances with exterior improvements and unit interior upgrades.”

“We are excited to close another loan with the Reynolds team,” said Allan Edelson, senior managing director at lender Walker & Dunlop, who has closed its second deal with the Reynolds team since August 2023. “We are especially eager to work with Reynolds on a property that intends to improve and provide a great housing option for workforce tenants.”

Wakonda Village marks Eastham’s second acquisition with local operating partner Artisan Capital Group

The Calta Group, a real estate and development company, today announced it has completed the acquisition of an assemblage of seven parcels in Allapattah from Enis Realty and Grupo Park for $17.2 million. 

Universe Holdings has made its entry into the Florida real estate market with the acquisition of Pearce at Pavilion, a 250-unit multifamily property in Tampa, FL for $66 million.  The acquisition included the assumption of Fannie Mae loan at a 4.13 percent interest with several years remaining on term, at 47% LTV.

 The Mogharebi Group (TMG), has announced the $127 million sale of Regency Palms, a 310-unit gated multifamily community in Huntington Beach, CA in what is one of the largest multifamily transactions in Orange County over the last 12 months.  The transaction was arranged by Senior Vice Presidents Brett Bayless, Bryan LaBar, and Associate Advisor Nick Earl from the TMG headquarters located in Costa Mesa, CA. 

The seller, an institutional investment firm which owned the asset for nearly 30 years, sold it to a private local Orange County buyer. 

“Private investors are taking advantage of a period of buyer hesitation, with institutional capital either remaining on the sidelines or showing constraint in acquisition valuations,” said Senior Vice President Brett Bayless.   

“Today’s market dislocation is creating an opportunity for private investors with a longer, often multigenerational, investment horizon and deeper knowledge of local submarkets,” added LaBar.  “Transactions such as these can be the early signs of a stabilizing market, and an indication of the long-term demand for Southern California assets.” 

Located at 6761 Warner Avenue, approximately two-and-half miles from the coast, Regency Palms offers a mix of one- and two-bedroom apartment homes housed in two-story residential buildings on a 14-acre site.  Community amenities include three swimming pools, outdoor grilling areas, on-site laundry facility, and two gated entrances.   Regency Palms benefits from numerous demand drivers including its highly ranked schools, proximity to Orange County’s world-famous beaches and strong rental demand driven by the high cost of home ownership in Huntington Beach which boasts an average home price of $1.265 million. 

“There is a high barrier to entry, especially in Orange County’s coastal communities which is considered a safe haven for many investors due to the strong demand for rental housing and high replacement costs,” added Bayless.   “Much of the inventory are considered long-term hold assets so it’s rare to have an opportunity to acquire a property, especially of this size and quality in this market.” 

Sola Westchase multifamily community marks Eastham’s 31^st acquisition for its Fund VI