Property Acquisitions and Dispositions
CHICAGO – JLL Capital Markets announced today that it has closed the $99.5 million financing of The Elle, a 496-unit, trophy, high-rise multi-housing community in the South Loop submarket of Chicago, Illinois.
Ashcroft Capital, a fully integrated multifamily investment firm, today announced its acquisition of Halston Paces Crossing, a garden-style community in one of metropolitan Atlanta’s fastest-growing suburbs. Birchstone Residential, Ashcroft Capital’s in-house property management company and construction affiliate, has assumed management of the community.
The Mogharebi Group (TMG) has brokered the sale of a 44-unit garden-style multifamily community in Palm Springs, CA for $11.25 million. The buyer of the fully occupied property is a California-based affordable housing investor.
Sunnyview Villa Apartments’ two- and three-bedroom units are housed in seven two-story walk-up residential buildings on a 3.86 acre-site at 2900 N. Indian Canyon Dr. Built in 1980. The well-maintained affordable housing community is less than three miles from the shopping, dining, and entertainment opportunities in Downtown Palm Springs, as well as medical services at nearby Desert Regional Medical Center.
“Due to rapid increases in housing costs, demand for affordable alternatives like Sunnyview Villa has never been higher,” said Mogharebi Group Executive Vice President Otto Ozen, who represented the California and Utah-based private investor sellers. “Those market forces combined with current economic trends supporting more rental demand put this well-located community, which has a waiting list and strong in-place cash flow, in a bigger investment spotlight. As a result, we were able to close at full asking.”
California accounts for more than 25% of the nation’s deficit of 3.8 million housing units, according to a mid-year national housing report. The two-county Inland Empire, where Palm Springs is located, matched Phoenix for the largest gain in new households in 2020, with Riverside and San Bernardino counties experiencing a 50 percent increase, according to the Wall Street Journal.
The Mogharebi Group is one of the largest multifamily brokerage firms in the United States by volume. With offices throughout the western United States, The Mogharebi Group offers private investors and investment funds deep local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800 million in regularly revolving inventory. For more information visit www.Mogharebi.com.
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  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.