Miami, FL (May 31, 2018) – Franklin Street secured the sale of West Havana Gardens Apartments, an eight-unit rental community in Miami, Florida.  The property is located on 324 SW 19th Avenue in Miami’s Little Havana submarket.  The purchase price of $980,000, or $279.28 per square foot, represents the second highest PSF price for a 1930s-era multifamily property sold in Little Havana. In addition, at $122,500 per door, the asset traded for approximately $7,000-$8,000 above the average per unit sales price of a similar multifamily investment property that traded within the last six months.

Kiser Group, Chicago’s leading mid-market multifamily brokerage firm, recently brokered the sale of Blue Station Apartments, located at 2130 W 122nd St. in Blue Island, Illinois, for $18.6 million. The buyer, an undisclosed national portfolio owner, purchased the 345-unit apartment complex from Kinzie Realty Corp. The deal was brokered by Kiser Group’s Principal and Managing Broker Lee Kiser and Broker Matt Halper.

Los Angeles, CA (May 29, 2018) – TruAmerica Multifamily, in partnership with funds managed by Oaktree Capital Management, LP (“Oaktree”) has acquired two multifamily properties in Phoenix, AZ and Las Vegas, NV in separate transactions totaling $142.1 million.

Greystone Brown Real Estate Advisors announced it has closed on the $35,065,000 sale of Pennington Pointe, a 268-unit multifamily property in Marietta, Georgia. Barden Brown and Chandler Brown advised the seller, Hallmark Pennington Pointe, LLC, a subsidiary of Atlanta-based real estate services firm, The Hallmark Companies, Inc. The property was purchased by DE Pennington Pointe Apartments, LLC for $123,694 per unit.

Boynton Beach, Fla. – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has acquired High Ridge Landing, a new 184-unit multifamily property in Boynton Beach, Florida.

29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Crestone and Phoenix Apartments - two multifamily communities in Brighton, Colorado. The portfolio, comprised of 76 units, is situated near Hwy. 85 and several daily conveniences. 29SC plans to invest approximately $1.1 million in capital improvements including vinyl flooring plus new cabinets, countertops, plumbing and light fixtures. Exterior improvements will include a modern paint scheme, extensive landscaping and improved amenities. 

Greystone Real Estate Advisors announced it has closed the sale of Phase 1 of the 130-acre Ashgrove Commons mixed-use development in suburban Lexington, Kentucky.  Phase 1 is a 60-acre mixed-use site at Nicholasville Road and Ashgrove Road, and is now being developed by Cincinnati-based Inverness Homes, a division of Hills Properties. Phase 1 will contain a 312-unit class A apartment community as well as 98 single-family homes, with site work scheduled to commence by June 1.

Berkadia announces it has arranged a $20.43 million bridge loan for the refinancing of five vintage apartment properties located in Bay Harbor Islands and the South Beach section of Miami Beach, FL. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Analyst Shannon Wilson arranged the loan on behalf of Boardwalk Properties, a real estate investment and management firm based in Miami Beach.