Property Acquisitions and Dispositions
Los Angeles, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed $12.8 million acquisition of Ocotillo Apartments, a 173-unit apartment community located at 1780 West Missouri Avenue in Phoenix, AZ. A total of 118 units within the property are slated as affordable housing.
520 Rentals, located at 520 Des Plaines Avenue in Forest Park, Illinois, has been listed for sale exclusively by Chicago-based multifamily brokerage firm Kiser Group. The 50-unit, mid-rise building was built in 1960 and has been extensively renovated by the current owner. The units are a mix of two-bedroom, two-bathroom, one-bedroom, one-bathroom, and studio apartments. The property also features 54 parking spaces, a fitness center and laundry room. 520 Rentals is represented by Kiser Group’s Director Matt Halper and Broker Danny Mantis.
PORTLAND, ORE., June 8, 2020 – JLL Capital Markets announced today that it has completed the sale of Modera Davis, a 204-unit, luxury high-end residential community located in Portland, Oregon’s Pearl District.
Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing properties, today announced the acquisition of the property management business of Alliance Residential Company (“Alliance”). The combined businesses will continue to deliver best-in-class services for clients, partners and residents under the Greystar brand.
Affordable Housing Investment Brokerage Inc. recently sold a 14-building, 249-unit affordable housing portfolio in Gary, Indiana for $10,375,000. Managing Director Kyle Shoemaker represented both the purchaser, a private investor, and seller, a private investor, to complete the transactions.
Affordable Housing Investment Brokerage Inc. recently sold two Waterloo, Iowa apartment complexes, Mt. Carmel and Mt. Village, for $2,800,000. Managing Director Kyle Shoemaker and Senior Vice President Dan Piatkowski, represented both the purchaser, a non-profit, and seller, a private investor, to complete the transactions.
LaSalle Towers, located at 1211 N. LaSalle Dr., has been listed for sale exclusively by Chicago-based multifamily brokerage firm Kiser Group. The 70-unit, 19-story building was built in 1929 as a hotel, later converted to apartments, and in 2006 was converted to condominiums. The units are a mix of one-bedroom, one-bathroom and two-bedroom, two-bathroom apartments. The property also features two commercial spaces. The LaSalle Towers Condominium Association is represented by Kiser Group Brokers Andy Friedman and Jake Parker.
CHARLOTTE, May 21, 2020 – JLL Capital Markets announced today that it has completed the sale and financing of Hawthorne at Lake Norman, a 232-unit, Class A multi-housing community in Mooresville, North Carolina.