Property Acquisitions and Dispositions
MORRISTOWN – JLL Capital Markets announced today that it has arranged the $57.5M financing of EVO, a 220-unit, newly built, luxury multi-housing property located in downtown Englewood, New Jersey.
Newmark [1] announces it has arranged the sale of Centerra Apartments, a 347-unit apartment tower located in San Jose, California. The asset sold for an undisclosed amount.
Los Angeles, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.65 million sale of a six-unit townhome-style apartment property located at 1814 9th Street in Santa Monica, CA. The property, which sold at a cap rate of 2.6% and a GRM of 20.6, provides the new ownership with a rental upside of approximately 87%.
NAPLES, FL – Atlas Real Estate Partners, a multifamily-focused private investment and development firm with offices in New York and Miami, completed the sale of Meadow Brook Preserve, a 268-unit apartment community located at 1130 Turtle Creek Blvd. in Naples, Florida. The firm sold the community to Cardinal Residential Ventures. At the time of the sale, the property was ~98% occupied.
Greystone, a leading national commercial real estate finance company, has provided $14,938,000 in bridge financing for the acquisition of a 154-unit multifamily property in Ann Arbor, Michigan. The transaction was originated by Reuben Dolny, Director, and Jason Yuen, Managing Director, at Greystone, on behalf of Cape Sierra Capital.
Standard Communities, a leading national affordable multifamily housing investor and developer, has established three new, diversified business lines to build on its success of providing high-quality, healthy, environmentally sustainable housing.
ATLAS REAL ESTATE PARTNERS COMPLETES SALE OF MEADOW BROOK PRESERVE IN NAPLES, FL
Long Beach, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $6.64 million sale of a value-add 22-unit apartment property located at 4114 to 4118 Elm Avenue in the Bixby Knolls submarket of Long Beach, CA.
Multifamily investment firm DB Capital Management (“DB Capital”) has made its entry into the Las Vegas market with the $64 million acquisition of the Boulevard, a 296-unit apartment community located just 20 minutes from the Las Vegas Strip.