Property Acquisitions and Dispositions
The Mogharebi Group (TMG) has arranged the $14.75 million sale of Birch Commons, a 49-unit multifamily property in Fresno, CA.
The Mogharebi Group (“TMG”) has arranged the $2.1 million all-cash acquisition of a 1.5-acre development site in South Seattle by locally based real estate development, investment and management firm Bode.
Senior Vice President Ryan Kidwell, who leads TMG’s Seattle office alongside Robert Parmar, represented Bode in the transaction. Located at 5960 Martin Luther King Jr. Way, S., the proposed 330-unit project to be built on the site promises to bring much-needed attainable housing to the market, according to Kidwell.
“It can be difficult to make development sites pencil in the current market because there remains a disconnect between buyers and sellers, and financing options are extremely limited,” said Kidwell. “Leveraging our strong relationships with local developers, we were able to identify the opportunity in this deal, negotiate a fair price for our client, and go under contract within 48 hours of it coming to market.”
Kidwell’s team also assisted Bode with the complex due diligence process that involved wetland mitigation.
“The Puget Sound region’s topography is quite varied, so developable land in Seattle usually comes with some type of hurdle—and this property was no exception,” Kidwell added. “Since the land is partially impacted by wetlands, we had to determine the best options to mitigate those sensitive areas while still allowing our client to cost-effectively develop the site.”
Bode, an active owner and developer of quality affordable housing for lower-to-middle-income renters in the Seattle area, is also currently in escrow on a few additional sites across the Puget Sound region, according to Kidwell, who has represented Bode in several other transactions.
Standard Communities, a major national affordable housing investor and developer, has acquired Canton Estates Apartments, a naturally occurring affordable housing family community in Canton, MA. The total capitalization of the transaction is approximately $18 million.
Real estate firm secures off-market opportunity to purchase newly constructed 280-unit community located southwest of Atlanta
Amplify Development Company, a national real estate development and investment management company with expertise in the ground-up development and value-add acquisition of student housing, multifamily and mixed-use assets, has acquired a premier Greek housing property at Clemson University. The acquisition is the firm’s fourth Greek housing-focused property.
Los Angeles, Calif. – Matthew Kanner, Executive Managing Director of Keller Williams Commercial & President of The Kanner Group, is pleased to announce the completion of the $11,550,000 sale of The Glendon Apartments, a 27-unit apartment building located at 3724 Glendon Avenue in the Palms submarket of West Los Angeles.
Following the $37.4 million sale of the luxury multifamily community The Warwick – a newly renovated Class A project in San Diego’s vibrant Hillcrest neighborhood – San Diego-based Sunrise Management has taken over its day-to-day management. Previously a hotel, the 80-unit apartment community, distinguished by a bright turquoise stripe on the front of the building, is adjacent to Scripps Health Mercy Hospital at 606 Washington St.