Property Acquisitions and Dispositions
MORRISTOWN, N.J. – JLL Capital Markets announced today that it has completed the $29.6 million sale of The Hub at Metuchen, a Class A, transit-oriented mixed-use residential and retail property in Metuchen, Middlesex County, New Jersey.
MINNEAPOLIS – JLL Capital Markets announced today that it has closed the sale of Rayette Lofts, an 88-unit, mid-rise adaptive reuse residential and retail property located in downtown St. Paul, Minnesota’s vibrant Lowertown neighborhood.
Tampa, Fla. - Berkadia announces it has arranged $17.77 million in acquisition financing for Southern Cove, a 180-unit multifamily community in Tampa, Florida. Senior Managing Director Mitch Sinberg of Berkadia’s Boca Raton office, alongside Managing Director Brad Williamson and Associate Director Wes Moczul of Berkadia’s Miami office, secured the financing on behalf of an affiliate of 29th Street Capital, a privately held real estate investment firm based in San Francisco, California.
MORRISTOWN, N.J. – JLL Capital Markets announced today that it has completed the $53 million sale of BELA, a newly developed, 104-unit, luxury apartment community located within a qualified opportunity zone in Jersey City’s rapidly expanding Bergen-Lafayette neighborhood.
San Diego-based Tower 16 Capital Partners has successfully sold Altura on Duneville, a 228-unit apartment project located in Las Vegas. The property was originally purchased in 2018 for $24,000,000 and was sold this month for $35,500,000. During their two-year hold, the company performed significant exterior and interior unit renovations, adding several amenities including a new leasing office, gym, business center and game room.
HOUSTON – JLL Capital Markets announced today that it has closed the sale of and arranged financing for The Gardens at Spring Shadows, a 384-unit independent living community in Houston’s Spring Branch submarket.
Lynd Acquisitions Group (“LAG”), a San Antonio-based real estate investment firm, has acquired a portfolio of three garden-style apartment communities in Texas and paid in excess of $150 million. One property is in Houston and two are in the Austin metro area with a total of 1,059 units. LAG, which is an affiliated acquisition company of LYND, a national multifamily management firm, has plans to sink $20 million into renovations.