Property Acquisitions and Dispositions
Intercontinental Real Estate Corp and MG Properties Acquires Agoura Hills Community for $87.3 Million
Intercontinental Real Estate Corporation in joint venture with MG Properties has acquired The Lexington Apartments, a 178-unit apartment community in the Southern California community of Agoura Hills for $87.3 million.
Berkadia-Arranged Programmatic Partnership Delivers More than $100M in Equity Toward SB Real Estate Partners’ $350 Million Southwest Expansion
In August, SB Real Estate Partners acquired a 232-unit apartment property in Phoenix with its programmatic joint venture partner
Universe Holdings has acquired the Stonegate Apartments (Stonegate), a 160-unit multifamily community in Southern California’s Inland Empire, in an off-market transaction worth $53.370 million.
Tower 16 Capital Partners has sold Obsidian on Ocotillo Apartments, a 232-unit multifamily project in Glendale, AZ, for $56.4 million. The property was purchased by Tower 16 in April 2021 for $40 million in an off-market transaction. The new buyer is SB Real Estate Partners, who is planning to further improve the property during its ownership.
“We made significant improvements to Obsidian on Ocotillo during our ownership including an entire rebrand of the community,” said Tower 16 Co-Founder Tyler Pruett. “We have now executed three roundtrip investments in the Phoenix market representing nearly $120 million of sale value.”
Obsidian on Ocotillo Apartments, formerly known as Summerhill Place, is a 232-unit apartment community located at 6801 W. Ocotillo Road in Phoenix. The property is in the Glendale submarket of Maricopa County, less than eight miles from downtown Phoenix. The property is conveniently located near the I-60 freeway and Arizona State Route 101, allowing quick access to downtown Phoenix and other parts of Maricopa County.
Obsidian on Ocotillo was built in 1986 and consists of 14 buildings situated on 8.55 acres. Common area amenities include gated access, two pools, laundry facilities, barbeques, a playground and dog park. The project is comprised of one-bedroom and two-bedroom units including fully equipped kitchens with stove/ovens, refrigerators, ceiling fans, washers and dryers. Tower 16 spent over $2.7 million in renovations and upgrades to the property during its ownership.
“Obsidian on Ocotillo proved to be a great project for not only Tower 16 but for our investors and, most importantly, our residents of the community,” said Tower 16 Co-Founder Mike Farley. “We are very happy about the outcome and are continuing to look for multifamily investment opportunities in the Phoenix market.”
Real estate broker Jesse Hudson, Trevor Koskovich, and Bill Hahn of Northmarq Phoenix advised Tower 16 on the sale.
Tower 16 Capital Partners, LLC is a commercial real estate investment and management company focused on acquiring and managing value-add investments throughout the Western United States. Headquartered in Encinitas, Calif., Tower 16 was founded in 2017 by principals Mike Farley and Tyler Pruett who have over 45 years of combined institutional real estate experience with an emphasis on value-add investing. Since 2017, the Company has acquired close to 6,800 units representing $1.2 billion of assets under management.
Stepp Commercial Completes $4.805 Million Portfolio Sale of Two Adjacent Apartment Assets Totaling 12 Units in Los Angeles’ Brentwood Neighborhood
Los Angeles, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $4.805 million portfolio sale of two adjacent apartment buildings totaling 12 units located at 11307 Isleta Street and 217 Church Lane in the Brentwood neighborhood of Los Angeles.
Stepp Commercial Expands Multifamily Brokerage Team; Seasoned Commercial Real Estate Expert Larry Bustamante Joins Firm as Vice President
Los Angeles, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, is pleased to announce that commercial real estate industry veteran, Larry Bustamante has joined the firm as Vice President.
TruAmerica Multifamily, in partnership with funds managed by Eagle Realty Group, has acquired Charleston Landings and Charleston Edge, a 372-apartment home community located in the Brandon submarket of the Tampa metro. It is the 12th acquisition in Florida’s second largest market for the Los Angeles-based multifamily investment firm.
Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, announces the acquisition of Appling Lakes, a 312-unit apartment community in Memphis, Tennessee.