Property Acquisitions and Dispositions
The Boot Ranch Apartments added to EPC Promecap Multifamily Partners V, LLC (“Fund V”) Portfolio
Costa Mesa, CA – (October 2, 2023) The Mogharebi Group (TMG) has arranged the $17.9 million sale of Rosemont Terrace, a 100-unit garden-style multifamily community in Sacramento, CA. Mogharebi Executive Vice President Otto Ozen represented the seller, a Southern California-based private investment group.
Berkadia announces it has arranged the acquisition financing for Tavalo Tradition, a 216-townhome build-to-rent community located on one of the last developable parcels of land within the Tradition Master Planned Community in Port St. Lucie, Florida. Managing Director Scott Wadler and Senior Director Matt Nihan secured the loan on behalf of the buyer, a vehicle managed by GTIS Partners.
Berkadia announces it has arranged the sale of 1715 Douglas, an 0.87-acre development site in the heart of Downtown Coral Gables, within walking distance to Miracle Mile, six million square feet of office space and two million square feet of retail. Senior Managing Directors Roberto Pesant and Jaret Turkell, Director Yoav Yuhjtman, Associate Director Omar Morales and Associate Jose Mota of Berkadia South Florida marketed the property on behalf of the seller.
A joint venture of Archway Equities and Virtú Investments has acquired The James, a 190-unit Class A Apartment Community in downtown San Jose, CA for $74.25 million.
Jerad Roberts, This email address is being protected from spambots. You need JavaScript enabled to view it., and This email address is being protected from spambots. You need JavaScript enabled to view it. of Northcap Commercial are pleased to announce the recent off-market sale of the La Paloma Apartments for $2,000,000 ($117,647/unit). This sale consisted of 17 units built in 1978, located at 1509 E. Harmon Ave in Las Vegas, Nevada.
Robin Kane and Brendan Kane who head The Mogharebi Group’s (“TMG”) Fresno office have advised the local seller on a $7.8 million sale of the 62-unit Willow Court Senior Living Community in Fresno, CA. The property was acquired in an all-cash transaction by a Bay Area-based family office.
Mesa West Capital has provided an affiliate of Houston-based The Dinerstein Companies (“Dinerstein”) with $59 million in first mortgage debt for its acquisition of Manor Six Forks, a 298-unit multifamily community in Raleigh, NC, which is now rebranded as “Infinity Six Forks.”
Mesa West’s five-year, non-recourse financing for Manor Six Forks allows Dinerstein to enter the Raleigh market. Brian Hirsh, Mesa West Executive Director, led the Chicago-based origination team with Russell Frahm, Executive Director in Mesa West’s New York office.
“Raleigh is one the fastest growing markets nationally with an increase in high paying professional jobs and an attractive cost of living relative to the gateway markets. We expect high quality, well-located multifamily will continue to be in strong demand as Raleigh continues to grow,” said Hirsh. “Despite increases in Raleigh’s new multifamily supply, net absorption has been positive through the first half of the year,” continued Hirsh. “While many U.S. markets are facing volatility and a variety of headwinds, experienced sponsorship is as important as ever, and we are confident in Dinerstein’s ability to execute on a value-add business plan.”
Manor Six Forks, which was 95% leased at closing, is situated between North Hills and Downtown Raleigh, two of the city’s most dense and dynamic submarkets. Built in 2010 and partially renovated in 2019, the property at 900 E. Forks Road features a mix of one- to three-bedroom floorplans ranging in size from 800 to 1,357 square feet. The highly amenitized community includes a clubhouse, resort-style pool, rooftop lounge and a fitness center.
The financing was arranged by Matt Greer and Andrew Wilson in Newmark’s Austin office.
