Property Acquisitions and Dispositions
Los Angeles, Calif. October 10, 2019 – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.85 million sale of a 12-unit apartment property located at 5558 to 5562 Dairy Avenue in Long Beach, CA.
SAN ANTONIO - Berkadia announces it has arranged acquisition financing for The Vistana, a 17 story mixed-use community with 247 residential units and over 30,000 square feet of retail space in San Antonio, Texas. Senior Director Brad Williamson of Berkadia’s Miami office secured the loan on behalf of a joint venture between Duncan Hillsley Capital and Rincon Real Estate Investments.
HOUSTON – Berkadia announces it has arranged the sale and financing of Lakes of 610, a 276-unit multifamily community in Houston. Director Jennifer Ray and Senior Managing Director Ryan Epstein of Berkadia’s Houston office represented the seller, Starwood Capital Group, in the transaction. Managing Director Andy Hill of Berkadia’s Austin office secured a $19.7 million loan on behalf of Western Wealth Capital.
JVM Realty Corp. (JVM), a leading vertically integrated multifamily real estate investment and property management firm, today announced it has acquired Uptown La Grange, a 254-unit luxury apartment community in La Grange, Ill., a vibrant suburb located 17 miles west of downtown Chicago. JVM Management Inc. will manage the property, which was built in 2017.
Bradenton, Fla. (October 8, 2019) – Franklin Street has closed the sale of Eden Pointe Apartments, a 270-unit affordable housing community located at 955 53rd Street East in the Bradenton submarket of Tampa, Fla., for $30.75 million, or $113,888 per unit. Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan with Franklin Street’s Tampa multifamily investment sales team represented the seller, San Francisco-based Eden Pointe, LLC, and the Springfield, Mass.-based buyer, Deancurt Bradenton II, LLC, both private investment groups, in the transaction. The property has an existing Land Use Restriction Agreement (LURA) that will expire in December 2025.
Los Angeles, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.1 million sale of an 8-unit apartment property located at 1010 E. 2nd Street in the prime Alamitos Beach submarket of Long Beach, CA.
The value-add Bellaire multi-housing community was acquired by Indus Management Group
Pembroke Pines, Fla. – Berkadia announces it has secured $36.14 million in acquisition financing for Ventura Pointe, a newly built 206-unit multifamily community located in Pembroke Pines, Florida. Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged the loan on behalf of the buyer, Ventura Pointe Apartments, LLC.
Atlanta/Charlotte, N.C. – PENLER, a new multifamily real estate investment platform, just acquired its first asset in downtown Charlotte for approximately $55 million. PENLER also recently added two new partners to fill the key roles of Chief Financial Officer and Director of Asset Management. Plus, the firm expects to start its first development project next month.
