Property Acquisitions and Dispositions
TruAmerica Multifamily has acquired in separate transactions, Loretto Heights, a 312-unit apartment community in Denver, CO for $72.25 million and Legends at Lake Mary, a 272-unit apartment community in Orlando, FL for $54 million.
SAN DIEGO, CA – March 11, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $92.5 million sale of Fifty Twenty-Five, a 260-unit/942-bed, Class A luxury student housing community serving San Diego State University.
Hoover, Ala. – Berkadia announces it has arranged $16.763 million in acquisition financing for Renaissance at Galleria, a 244-unit apartment community in Hoover, Alabama. Senior Managing Director Charles Foschini, Senior Managing Director Mitch Sinberg, Managing Director Chris Apone and Associate Director Matthew Robbins from Berkadia’s South Florida office arranged the acquisition loan on behalf of the buyer, MAG Renaissance, LLC, a real estate investment firm based in West Palm Beach, Florida. The property was 94.3 percent occupied at time of sale.
29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Park at Avilla and The Park at Pienza Apartments, a two property, 200-unit multifamily portfolio in Brandon, Florida.
29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Shekinah Home, a community for seniors in Norcross, Georgia. The new owner plans to improve the quality of life and increase activities for the residents of the assisted living community. In addition, 29SC plans cosmetic upgrades including modern flooring, new lighting and plumbing, and bathroom enhancements. Exterior improvements will include paint, landscaping, branding/signage and upgraded amenities.
Tampa, FL – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has announced its intentions to add another $2 billion in apartment properties to its growing multifamily portfolio in 2019 – exceeding its 2018 investment target. The privately held company, which specializes in value-add multifamily acquisitions and repositioning, acquired nearly 9,000 apartments worth over $1.5 billion in 2018. The company’s total portfolio now exceeds 25,000 apartments, valued at over $4 billion, in key markets throughout the Southeast and Texas.
ATLANTA - Franklin Street has arranged the sale of Ponce Student Suites, a 50-unit student housing facility located in the heart of Atlanta’s Beltline district. Jake Reid and Roger Schoerner with Franklin Street’s Atlanta multifamily investment sales team represented the seller, Nazar Holdings, LLC, a local private investor, in the transaction. The purchase price was not disclosed. The locally-based private buyer plans to eventually renovate Ponce Student Suites. In 2014, the property had been converted from a dilapidated 1930s-era hotel into modern student housing at 551 Ponce De Leon Avenue.
