Property Management Deals

RealtyShares today announced that its community of investors has raised $2.25 million to recapitalize and fund the renovation of Avesta Bridgewater, a 344-unit apartment community in Orlando, Fla.

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the recapitalization and arranged financing for River North Park, a 400-unit, 24-story apartment tower in Chicago’s River North neighborhood.

JMG Realty, Inc. today announced they have been selected as the managing agent for a $236 million, six (6) property Multifamily Portfolio acquired in a venture between Ares Management and TruAmerica Multifamily.

Abode Properties and Transcontinental Realty Investors, Inc. (TCI) are pleased to announce HUD approval of the TPA Transfer for Grand Fountain Apartments in Richmond, Texas.

Preferred Apartment Communities, Inc. (NYSE: APTS) ("PAC" or the "Company") today announced that it closed on a loan investment of up to approximately $18.7 million.  This investment is in connection with The Altman Companies plans to develop a 392-unit multifamily community located in Tampa, Florida.  Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market. The development is part of the Wiregrass master-planned community which has been approved to include, among other things, over 10,000 homes, 2.7 million square feet of retail, one million square feet of industrial, a 138-acre sports complex, and 2.6 million square feet of office, including a campus planned by Raymond James for 750 employees.  "The Altman Group is a South Florida based developer of Class A multifamily properties throughout the Southeast U.S.  We are excited to partner with The Altman Group," said Daniel M. DuPree, the Company's Vice-Chairman and Chief Investment Officer.

Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has closed the sale of Sonoma Ridge Apartments, a 180-unit apartment community in Santa Rosa, California. The $44,650,000 million sales price equates to $248,056 per unit.

Bascom Arizona Ventures has acquired the Prescott Lakes Senior Community, a 123-unit luxury independent living senior apartment community for$18,000,000 or $146,341 per unit. The property is located in Prescott, Arizona in the highly desirable Prescott Lakes master planned community. Bascom Arizona Ventures worked with Brian Halpern andAlex Kane of Jones Lang LaSalle Americas, Inc. to arrange the debt financing for the purchase.  John Cunningham from JLL represented the seller on this transaction.

Lennar Corporation (NYSE: LEN and LEN.B) announced today that LMC, its wholly owned subsidiary, received an additional $250 million commitment to its Lennar Multifamily Venture ("LMV"), which completes the fund raising for this long term multifamily development investment vehicle. With commitments totaling $2.2 billion LMV is well capitalized to develop and own Class A multifamily communities in 25 target markets throughout the United States. 

Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division closed the sale of IMT Thousand Oaks, a 191-unit multifamily community in Thousand Oaks, California. The $67 million sales price equates to more than $350,000 per unit.

RealtyShares, a leading online marketplace for real estate crowdfunding, has raised $1.5 million dollars for a 192-unit multi-family complex in Columbus, Ohio from its national network of investors.

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