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Acquisitions

406-E-South-St-Anaheim-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $2.5M Acquisition of Multifamily Property in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — CBRE has arranged the purchase of a seven-unit apartment building in Anaheim. A private investor acquired the asset for $2.5 million, or $360,714 per unit. Dan Blackwell and Amanda Fielder of CBRE represented the Orange County-based buyer in the deal. The seller was from Alameda County. Built in 1985, the 6,500-square-foot building is located at 406 E. South St. on a 9,148-square-foot lot. The community features individual patios, garage parking and a newly installed fire sprinkler system.

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6353-Broadway-San-Diego-CA
AcquisitionsCaliforniaDevelopmentSingle-Family RentalWestern

Impact Real Estate Sells Residential Development Site in San Diego for $1.3M

by Amy Works

SAN DIEGO — Impact Real Estate LLC has sold a development site in San Diego to Gabriel Mauser for $1.3 million. The buyer plans to develop 11 accessory dwelling units (ADU) on the 30,493-square-foot property, which is located at 6353 Broadway. Aaron Bove of Marcus & Millichap represented the seller, while Simon Oliveri procured the buyer in the deal.

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Palazzo-West-Los-Angeles
AcquisitionsColoradoCompany NewsMultifamilyNew YorkNortheastTop StoriesWestern

Blackstone Agrees to Acquire Apartment REIT AIR Communities for $10B, Take Company Private

by Taylor Williams

NEW YORK CITY AND DENVER — Private equity behemoth Blackstone (NYSE: BX) has agreed to acquire AIR Communities (NYSE: AIRC) for $10 billion in an all-cash deal that would take the Denver-based multifamily REIT private. The deal is expected to close during the third quarter. AIR Communities, which is formally named Apartment Income REIT Corp., owns 76 multifamily properties totaling roughly 27,000 units across 10 states and Washington D.C. The properties are primarily concentrated in coastal markets such as Los Angeles, Miami and Boston. Under the terms of the deal, Blackstone will also assume all of AIR Communities’ outstanding debt. Blackstone also plans to invest more than $400 million to maintain and improve the existing communities in the portfolio. The purchase price of $39.12 per share represents a premium of 25 percent to AIR Communities’ closing share price on April 5, 2024, the last full day of trading prior to the announcement. The price also represents a 25 percent premium to AIR Communities’ weighted average share price over the previous 30 days. “AIR Communities represents the highest quality, large-scale apartment portfolio we have ever acquired and is located in markets where multifamily fundamentals are strong,” says Nadeem Meghji, global co-head …

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AcquisitionsArizonaMultifamilyStudent HousingWestern

Inland Acquires 484-Bed The Parker Student Housing Property in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Inland Real Estate Acquisitions has purchased The Parker, a student housing community in Tucson. Mark Cosenza of Inland Acquisition, with assistance from Brett Smith of The Inland Real Estate Group law department, completed the transaction on behalf of an Inland affiliate. The seller and price were not disclosed. Developed in 2021, The Parker features 131 units in a mix of 13 studio, 52 two-bedroom, seven three-bedroom, 46 four-bedroom, 20 five-bedroom and 19 six-bedroom units. Each unit is fully furnished with wood-style flooring, modern furniture, memory foam mattresses, TVs, private locks on bedroom doors, granite countertops, a full-size washer/dryer, valet trash service and electronic key card access. Community amenities include private and group study rooms; a fitness center with a yoga studio; gated resident parking garage; modern clubhouse; an on-site Chase bank; a rooftop deck with pool, hot tub and poolside cabanas; an outdoor fitness center; fully equipped outdoor kitchen; and a courtyard with a fire pit, lounge seating and games. The property is currently 99.5 percent occupied and is 78 percent pre-leased for the 2024/2025 school year. Core Spaces will manage the property. The Parker is immediately adjacent to the west side of the University of Arizona.

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Remington-Ridge-Weatherford
AcquisitionsMultifamilyTexas

Cushman & Wakefield Arranges Sale of 257-Unit Multifamily Property in Metro Dallas

by Taylor Williams

WEATHERFORD, TEXAS — Cushman & Wakefield has arranged the sale of Remington Ridge, a 257-unit multifamily property in the southern Dallas suburb of Weatherford. The initial 133-unit phase was completed in 2022, and construction is underway on the second and final 124-unit phase. The property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, dog park, game room and an outdoor lounge. Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, Trinity Capital Group, in the transaction. The buyer was Juniper Investment Group.

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AcquisitionsIndustrialTexas

Partners Real Estate Brokers Sale of 35,622 SF Cold Storage Building in Houston

by Taylor Williams

HOUSTON — Partners Real Estate has brokered the sale of a 35,622-square-foot cold storage building located at 12634 East Freeway in Houston. The property, which was originally built in 1960 and expanded in the early 2000s, is located east of the downtown area and features 28-foot clear heights. Wyatt Huff and Hunter Stockard of Partners represented the seller, Mims Investment Inc., in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsBuild-to-RentFloridaMultifamilySingle-Family RentalSoutheast

Berkadia Brokers $14.6M Sale of Build-to-Rent Townhouse Community in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Berkadia has brokered the $14.6 million sale of ID Flagler Village, a build-to-rent (BTR) townhouse community located at 113 N.E. 6th St. in the Flagler Village neighborhood of Fort Lauderdale. The property totals 24 homes spanning 1,600 square feet each. Built in 2018, ID Flagler Village also features private two-car garages, private patios and balconies and amenities including an onsite dog park and controlled access entry. Yoav Yuhjtman, Roberto Pesant, Jaret Turkell and Omar Morales of Berkadia’s South Florida office represented the seller, locally based Ceiba Groupe, in the transaction. An entity doing business as US Housing Reditus Fund LLC acquired the property.

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AcquisitionsDevelopmentRetailSouth CarolinaSoutheast

Reedy River Retail Arranges Land Sale in Upstate South Carolina for Publix-Anchored Retail Center

by John Nelson

MAULDIN, S.C. — Reedy River Retail at SVN Blackstream has arranged the acquisition of a 10.9-acre development site located at 1116 Ashmore Bridge Road in Mauldin, roughly 10 miles south of Greenville, S.C. The buyer, Atlanta-based Venture South Investments, plans to develop a Publix-anchored shopping center at the site. Dustin Tenney and Daniel Holloway of Reedy River Retail represented the buyer in the $4.6 million transaction. Plans for the site include the development of a 63,000-square-foot retail center anchored by a 45,000-square-foot Publix grocery store, as well as two outparcels. A construction timeline was not disclosed.

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AcquisitionsMidwestMultifamilyOhio

Friedman Brokers $11.5M Sale of Multifamily Property in Niles, Ohio

by Kristin Harlow

NILES, OHIO — Friedman Real Estate has brokered the $11.5 million sale of Timber Creek Apartments in Niles, about 65 miles southeast of Cleveland. The 305-unit multifamily property is located at 1223 North Road. Peter Jankowski, Rich Deptula and Chrris Weir of Friedman represented the buyer, CREG Property VIII LLC, and the seller, Orem Timber Creek II LLC.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Negotiates Sale of 23-Unit Apartment Building in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Marcus & Millichap has negotiated the sale of a 23-unit apartment building in Elgin for an undisclosed price. Originally built in 1976, the property is located at 450 S. Belmont Ave. near Elgin Community College, the Highlands of Elgin Golf Club and Marcus Elgin Cinema. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer and seller, both of which were private investors.

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