Property Acquisitions and Dispositions
Los Angeles, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.03 million sale of a 10-unit, value-add apartment property located at 1871 Chestnut Avenue in the Wrigley neighborhood of Long Beach, CA.
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 6901 S. Paxton Ave., a three-story, 50-unit building in the Jackson Park Highlands submarket of Chicago’s South Shore neighborhood, and 6949 S. Paxton Ave., a four-story, 29-unit building located on the same block. The recently renovated properties sold together for $6.65 million, or $84,172 per unit, in an off-market transaction.
Berkadia announced today it has appointed Scott Wadler as Managing Director. Wadler, who brings over a decade of expertise in debt and equity placement across all product types, will be based in the firm’s Miami office.
Fort Lauderdale, Fla. – Franklin Street secured the sale of Victoria Cottages, a 10-unit rental community located on 921-925 NE 17 Avenue in the Victoria Park submarket of Fort Lauderdale, Fla. The purchase price of $1.6 million, or $160,000 per door, represents one of the highest price per unit transactions for a similar vintage and asset class in Fort Lauderdale’s downtown urban core this year.
Greystone Provided $16.2 Million in Financing
FORT WORTH – A Canadian-based investment group has sold the 152-unit Antiqua Village Apartments in a southeast Fort Worth neighborhood that's been awaiting its turn at redevelopment.
Austin, Texas - Berkadia today announced that it has secured both the equity and debt financing for the acquisition of Mira Vista Apartments, a 200-unit garden-style property located in Austin, Texas. Senior Director Brad Williamson of Berkadia’s Miami office arranged the debt financing on behalf of the buyer, Miami-based One Real Estate Investment (OREI). Berkadia’s Joint Venture Equity & Structured Capital Group, led by Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick, delivered a NYSE-traded REIT as the equity partner.
SAN FRANCISCO – JLL announced today that it has closed the $103.8 million sale of LINQ, a 230-unit, transit-oriented luxury apartment community in the San Francisco Bay Area community of San Jose, California.
CHICAGO – JLL announced today that it has closed the $25.7 million sale and $20.56 million financing of Central Park and Governor’s House Apartments, two apartment communities totaling 316 units in South Suburban Chicago, Illinois.
