NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $7.4 million sale of a commercial development site in Brooklyn’s Flatbush area. The site is currently zoned to support residential and retail uses. Ofer Cohen, Daniel Lebor and Peter Matheos of TerraCRG represented the seller, Freda Realty Co. LLC, in the transaction. The buyer was a locally based entity doing business as Horizon at Flatbush LLC.
The Memphis multifamily market has recently captured attention from prospective buyers with some impressive statistics. With 2020 rent growth at 6.6 percent and year-to-date 2021 at 10.5 percent year-over-year, the metropolitan showed resiliency through a turbulent period as peer Sun Belt cities experienced stagnancy and even decreases in rents. This trend has put the metropolitan area on acquisition radars and garnered sales to new-to-market buyers looking to plant a flag in the market. But it raises questions concerning the longevity and sustainability of the rent growth. By taking a further look at the market’s fundamentals, economic drivers and rent trends across market segments, we can shed some light on this over-arching question. Logistics and healthcare Memphis’ stable 2020 and 2021 multifamily performance is grounded by an economy rooted in logistics and medical services. Within the Memphis metropolitan area, 42 percent of the workforce is in the transportation/logistics or education and health service industries, compared to a national aggregate of 20 percent. The growing reliance of these industries insulated the Memphis economy from the worst of repercussions stemming from the pandemic-induced recession. While quarterly wages decreased an average of 6.5 percent in peer markets in the second quarter of last year, …
HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of Rio Vista, a 246-unit apartment community located in the northeast Fort Worth suburb of Haltom City. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Florida-based Greenwater Investments, and procured the buyer, an unnamed investment firm based in California. Built in 1968, Rio Vista’s apartments feature one- and two-bedroom floor plans that range in size between 684 and 1,016 square feet, according to Apartments.com. Communal amenities include two resort-style pools, a courtyard, playground, dog park and a soccer field. Greenwater invested approximately $4 million to renovate Rio Vista prior to the sale.
DALLAS — An affiliate of Chicago-based Walton Street Capital LLC has purchased The Gentry on M Streets, a 180-unit apartment community located in the Lower Greenville neighborhood of Dallas. The seller and sales price were not disclosed. Built in 2015, Gentry features a mix of studio, one- and two-bedroom units that were 97 percent occupied at the time of sale. Interiors include granite countertops, stainless steel appliances, in-unit washers and dryers and balconies or private yards for select units. Community amenities include an outdoor kitchen and lounge, resort-style pool, 24-hour fitness center and a conference room. Located at 3736 Glencoe St., Gentry is located adjacent to Southern Methodist University and features direct access to Glencoe Park and the Katy Trail.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $2.9 million sale of an 11,000-square-foot residential development site in the Cypress Hills neighborhood of Brooklyn. The site is located within a Qualified Opportunity Zone and can support development of 43,700 buildable square feet. Peter Matheos, Mike Rafter, Andrew Manasia and Jourdon Delerme-Brown of TerraCRG represented the seller, an entity doing business as 2771 Atlantic Realty LLC, in the transaction. The buyer was not disclosed.
ATLANTA — Atlanta-based Songy Highroads, in a joint venture with Baltimore-based Alex. Brown Realty Inc., has acquired a two-property apartment portfolio with a total of 108 units in the Atlanta’s Upper Westside neighborhood. The sellers and sales price were not disclosed. Chris Cain, John McCalla and Mason Taylor of Marcus & Millichap represented the sellers of both properties. The adjacent communities are located at 2100 and 2113 Defoors Ferry Ave., and the new owners plan to combine the properties into one apartment community. Songy Highroads and Alex. Brown Realty also plan to make capital investment improvements such as upgrading unit interiors, adding shared amenities and improving the curb appeal of the assets. The planned added amenities will include a shared gym / fitness center, a playground, grilling stations and improving the pool at both properties. The two Defoors apartments are located in the heart of the Upper Westside, close to Collier Village, West Midtown, The Works, Westside Village and Peachtree Road. The properties also feature access to Interstates 75 and 285. The 2100 Defoors apartments, a 60-unit community, offer one- and two-bedroom units with rents ranging from $1,200 to $1,525. Current unit features include quartz countertops, walk-in closets, in-unit washers …
AURORA AND WHEATON, ILL. — Pensam has acquired Aspen Place Apartments in Aurora and Lakeside Apartments in Wheaton for an undisclosed price. The two-property multifamily portfolio totals 620 units. Of the 416 units at Aspen Place, 168 are townhomes with attached garages. Amenities include a clubroom, fitness center, conference room, grilling station and pool. The 204-unit Lakeside features amenities such as a clubhouse, fitness center, conference room, pool and grilling stations. Seller information was not provided. Pensam is a multifamily real estate investment firm managing over $3 billion in assets across its equity and lending platforms.
SAN FRANCISCO — NorthMarq’s San Francisco office has arranged the $132 million in refinancing for six multifamily properties in California and Washington comprising 965 units. Dennis Williams and Tom Wright of NorthMarq arranged the financing for the borrower, JB Matteson, through its long-time correspondent relationship with Allianz. The six permanent loans featured fixed interest rates with interest-only payments for the full 10-year terms. The financing includes: A $19.2 million loan for Avanti Apartments, a 216-unit property located at 4450 El Centro Road in Sacramento. A $31.4 million loan for Millworks Apartments, a 124-unit community located at 900 Reichert Ave. in Novato, Calif. An $18.5 million loan for Reflections at the Park, a 244-unit complex located at 11510 NE 112th Drive in Vancouver, Wash. A $19.4 million loan for Tustin Cottages, a 93-apartment community at 1361 El Camino Real in Tustin, Calif. A $25.5 million loan for Urban Village, a 129-unit property at 1081 Long Beach Blvd. in Long Beach, Calif. An $18 million loan for Waterfront Apartments, a 96-unit community with 4,000 square feet of commercial space in Petaluma, Calif.
VALENCIA, CALIF. — Gemdale USA has completed the disposition of The Madison at Town Center, a multifamily property in Valencia. Fairfield Residential acquired the asset for $62 million, or $476,923 per unit. Built in 2003, The Madison at Town Center features 130 apartments, a heated swimming pool, fitness center, internet café and 24-hour maintenance concierge. The property offers 16 different floor plans, ranging from one- to three-bedrooms, with in-unit washers and dryers, walk-in closets, upgraded appliances, gallery-style track lighting with spotlight, soaking tubs and single vanities. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
PHOENIX — Sares Regis Multifamily Funds has completed the sale of Sedona Ridge, a garden-style apartment property located at 5010 E. Cheyenne Drive in Phoenix. Terms of the transaction were not released. Sedona Ridge features 250 apartments in a mix of one-, two- and three-bedroom units, averaging 941 square feet, with full-size washers/dryers and private patios or balconies. The community offers two swimming pools and spas, a renovated fitness center, sand volleyball court, detached garages, dog park, package locker system, outdoor picnic area and clubhouse. Mike Higgins, John Cunningham and Charles Steele of JLL Capital Markets represented the seller in the transaction.