Property Acquisitions and Dispositions
JLL Capital Markets announced today that it closed the sale of The Preserve at Clearwater, an assisted living and memory care property located in Clearwater, Florida.
Redwood Capital Group (Redwood), a vertically integrated multifamily investment manager, today announced it has acquired Adley City Springs, an apartment community in Sandy Springs, Ga., and Ascent Cresta Bella in San Antonio. The properties were acquired in separate transactions and reflect Redwood's commitment to aggressive but strategic growth in the Southeast and Texas.
Kiser Group, Chicagoland’s leading multifamily brokerage firm, has brought 85 units across 14 buildings and three vacant lots to market on Chicago’s West Side, representing a $7.7 million investment. The Madison West portfolio – made up of properties in the Lawndale, Garfield, Austin and Woodlawn communities – is being marketed by Kiser Group Advisor Mike Lacy.
“The West Side is made up of neighborhoods with deep community ties and rich culture. With all the recent development happening, investors are eager to put down roots in these neighborhoods, and with these listings, we can help make that happen.”
Properties in the Madison West Portfolio Include:
Greystone, a leading national commercial real estate finance company, has closed a $27.4 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan for the $48.8 million acquisition of a 276-unit multifamily property in Raleigh, North Carolina. The transaction was originated by Scott Chisholm, Michael Zampetti, and Rich Swietkowski of Greystone, on behalf of Bluerock Residential Growth REIT, Inc.
Greystone, a leading national commercial real estate finance company, has provided a $15,800,000 million bridge loan for the acquisition of a skilled nursing, memory care, and personal care campus in Erie, Pennsylvania. The financing was originated by Fred Levine, Managing Director at Greystone.
Kiser Group, Chicagoland’s leading multifamily brokerage firm, lists Park Ridge Commons in Des Plaines, IL, a 752-unit multifamily property. The property is being marketed by Kiser Group’s Matt Halper, Danny Mantis and Lee Kiser.
“The suburban multifamily market is in high demand from both renters and investors, and this asset’s proximity to O’Hare and the I-294 employment corridor makes it very attractive,” said Kiser Group Director Danny Mantis. “While the pandemic created uncertainty across some industries and sectors, the multifamily industry outperformed expectations, and we continue to see high rates of investment here in suburban Cook County.”
The garden complex’s 752 residential units are spread across 47 buildings with a mix of one bedroom/ one bathroom, two bedroom/ one bathroom, and two bedroom/ two bathroom units. The property has historically high occupancy and is located close to shopping centers, restaurants, Metra and O’Hare Airport. Residents enjoy amenities such as a clubhouse, lap pool, fitness center, tennis courts, and laundry.
“There’s a strong appetite for naturally occurring affordable housing,” said Kiser Group Director Matt Halper. “Park Ridge Commons has been well-maintained and has higher-end amenities than competing properties in the same niche.”
“The multifamily market remains one of the strongest sectors in commercial real estate,” says Principal and Managing Broker Lee Kiser. “Park Ridge Commons is an exceptional multifamily property, and we’re excited to bring out one of the largest investment opportunities in Chicagoland this year.”
Greystone Brown Real Estate Advisors announced it has closed the $6,025,000 sale of a multifamily property in Lawrenceville, Georgia. Greystone Brown represented the seller, Greenleaf Capital Partners, in the deal. The Greystone Brown team leading the transaction included Taylor Brown and Chandler Brown.