Property Management Deals
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.
MAA (NYSE: MAA) and Post Properties, Inc. (NYSE: PPS) today announced that they have entered into a definitive merger agreement under which Post Properties, Inc. will merge with and into MAA, creating a Sunbelt-focused, publicly traded, multifamily REIT with enhanced capabilities to deliver superior value for residents, shareholders and employees. The combined company is expected to have a pro forma equity market capitalization of approximately $12 billion and a total market capitalization of approximately $17 billion.
Apartment Community Close to Texas Medical Center in Houston, Texas
TOWSON, Md., May 17, 2016 – ROSS Companies, a leader in multifamily property management, acquisition and renovation in the Mid-Atlantic region, today announced that it has assumed property management of Towson Woods on behalf of a recent purchaser. Towson Woods is a commuter-friendly apartment community with a prime location 13 miles north of downtown Baltimore.
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has arranged the sale of Mohawk Apartments, a six-building, 91,514-net-rentable-square-foot multifamily property in Brooklyn. Purchased for $56.5 million, the sale of the 86-unit property equates to over $657,000 per unit.