FRANKLIN, WIS. — Berkadia has brokered the $43.5 million sale of Statesman Apartments in Franklin, about 10 miles south of downtown Milwaukee. The 180-unit apartment community is located at 2950 W. Statesman Way near I-94. Built in 2019, the property features six buildings as well as underground parking, a clubhouse, fitness center and outdoor pool.Ralph DePasquale and Pete Evans of Berkadia represented the seller, Milwaukee-based Zilber Residential Group. The buyer was an affiliate of Chicago-based Banner Real Estate Group.
PHOENIX — An affiliate of Reliant Group Management has purchased Phoenix Manor, a 405-unit apartment property in Phoenix. Phoenix Manor comprises 38 buildings, a 16,750-square-foot clubhouse with a leasing center, 6,750-square-foot auditorium, 4,200-square-foot maintenance shop, two pools, two lagoons, three pavilions, a dog park, putting green and four shuffleboard courts. The property offers studio, one- and two-bedroom floor plans. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers represented the seller, Phoenix Manor LLC.
CONCORD, CALIF. — Eden Housing acquired a two-property apartment portfolio in Concord for $37.3 million. Concord is approximately midway between San Francisco and Sacramento. Located at 1770 Adelaide St., Sunset Pines is a 69-unit community with amenities such as a pool and a clubhouse. Coral Court Apartments is located at 1491 Detroit Ave. and offers 47 units, as well as a fitness center. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the undisclosed seller in a Naturally Occurring Affordable Housing (NOAH) transaction. Eden Housing will convert the portfolio into affordable housing. Eden Housing used $6 million in equity from the City of Concord to finance the transaction. Income restrictions for the converted communities were not disclosed.
ALBUQUERQUE, N.M. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 3,331-square-foot, single-tenant retail property in Albuquerque. Raising Cane’s Chicken Fingers occupies the building on a 15-year, triple-net lease. Bill Asher, Jeff Lefko and Jeremy McChesney of Hanley represented the seller and developer, TradeCor LLC, in the transaction, in association with ParaSell Inc. Greg Swedelson and Jon-Eric Greene of SSG Realty Partners represented the buyer, an undisclosed private investor.
DALLAS — Dallas-based investment firm Elizabeth Property Group has purchased a portfolio of six affordable housing properties totaling 1,444 units in Texas. The properties are located in Houston, Dallas-Fort Worth, Beaumont, Huntsville, Bryan-College Station and Wichita Falls. Elizabeth Property Group plans to renovate the properties by addressing deferred maintenance, painting and replacing unit floors and undertaking exterior landscape upgrades. Afterschool community programs will also be offered at each property. American South Fund Management provided acquisition financing for the deal. The seller was not disclosed.
SAN ANTONIO — Hunt Capital Partners has sold its ownership interest in Stonehouse Apartment Homes, a 248-unit affordable housing community in San Antonio, to the Mexican American Unity Council. The property, which is nearing the end of its compliance period, offers one-, two- and three-bedroom units and amenities such as a pool, clubhouse, courtyard and onsite laundry facilities. The percentage of the interest and the sales price it commanded were both undisclosed.
AUSTIN, TEXAS — Self-storage brokerage firm Versal has arranged the sale of Stash N Go, a 100-unit facility located roughly eight miles outside of downtown Austin. The facility spans 14,150 net rentable square feet and was 90 percent occupied at the time of sale. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, an Austin-based entity doing business as Libertas Obsido LLC, in the transaction. The team also procured the undisclosed, Miami-based buyer.
NEW YORK CITY — Wavecrest Equities has acquired a portfolio of five multifamily buildings totaling 180 units in the Little Italy area of The Bronx for $28 million. The portfolio includes two retail spaces. Ben Khakshoor and Alex Fuchs of locally based brokerage firm Rosewood Realty Group represented Wavecrest Equities, which also assumed two existing loans totaling $20 million, and the undisclosed seller in the transaction. The deal traded at a cap rate of 5.85 percent.
NASHUA, N.H. — Berkadia has negotiated the sale of a 118-room Residence Inn hotel in Nashua, located in southern New Hampshire. The hotel offers a fitness center, indoor pool and complimentary breakfast. Denny Meikleham and John Kluh of Berkadia, along with Jeffrey White of Aries Commercial Real Estate, represented the seller, an entity doing business as Nashua TS Lodging LLC, in the deal. The buyer was also not disclosed.
BRIDGEPORT, CONN. — Coldwell Banker Commercial has brokered the sale of a 68,750-square-foot industrial property located at 1100 Boston Ave. in the southern coastal Connecticut city of Bridgeport. The site spans 3.7 acres. Chris O’Hara of Coldwell Banker represented the buyer, Soda Stop Plus Thrift & Bottle Return Center, in the transaction. Bradley Soules of Newmark represented the seller.