Friday, June 6, 2025
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Multifamily

AcquisitionsGeorgiaMultifamilySoutheast

GREA Brokers $36.7M Sale of Aqua Sandy Springs Apartment Community in Metro Atlanta

by John Nelson

SANDY SPRINGS, GA. — Global Real Estate Advisors (GREA) has brokered the $36.7 million sale of Aqua Sandy Springs, an apartment community located at 100 Greyfield Lane in Sandy Springs, roughly 15 miles outside Atlanta. An entity doing business as Sandy Springs Residences II LLC acquired the property from an entity doing business as 29SC RN Property Owner LLC. Chandler Brown, Cory Sams and Taylor Brown of GREA represented the seller in the transaction. Built in 1985 and 2000, Aqua Sandy Springs features 219 units in one-, two- and three-bedroom floorplans. The new owner plans to implement a value-add program at the property, which is situated near Atlanta’s Central Perimeter district, downtown Roswell and Alpharetta.

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DevelopmentMultifamilyNew YorkNortheastStudent Housing

PX4 Development Completes $15M Student Housing Conversion Project on Long Island

by Taylor Williams

JERICHO, N.Y. — PX4 Development has completed a $15 million student housing conversion project on Long Island. The project converted a former 80-room hotel in Jericho into a 79-unit, 188-bed resident hall for students at The New York Institute of Technology.  Units come in one-, two- and three-bedroom floor plans, and amenities include private and communal study spaces, lounge and recreation areas and an indoor pool. TPG Architecture designed the project, construction of which began last October.

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AcquisitionsMidwestMissouriMultifamily

Northmarq Negotiates Sale of 212-Unit Westpark Multifamily Property in St. Louis

by Kristin Harlow

ST. LOUIS — Northmarq has negotiated the sale of Westpark Apartment & Townhomes, a 212-unit garden-style multifamily property in St. Louis. Located at 11409 Tivoli Lane, the community was largely built between 1996 and 2006 with a portion developed in 1969. Units range from 800 to more than 2,000 square feet. Amenities include a pool, fitness center, playground and basketball court. Dominic Martinez, Parker Stewart, Charlie McKee and Alex Malzone of Northmarq represented the seller, a locally based private investor, and the buyer, a national owner/operator of multifamily properties.

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AcquisitionsIowaLoansMidwestMultifamily

Marcus & Millichap Capital Corp. Arranges $13.4M Acquisition Loan for Apartment Complex in Decorah, Iowa

by Kristin Harlow

DECORAH, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.4 million loan for the acquisition of Briar Grove Apartments in Decorah, a city in northeast Iowa. The newly constructed, 92-unit apartment complex is located at 2342 Sweet Parkway Road. The luxury property features a mix of studio to two-bedroom layouts and is situated adjacent to the new Toppling Goliath Brewery & Taproom. Robert Bhat of MMCC arranged the five-year loan, which features an interest rate of 5.48 percent, three years of interest-only payments and a loan-to-value ratio of 65 percent. The lender and borrower were undisclosed.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $4M Sale of Apartment Building in Chicago’s Kenwood Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 31-unit apartment building in Chicago’s Kenwood neighborhood for $4 million. Located at 4915 S. Drexel Blvd. and originally built in 1926, the property features 10 one-bedroom, 15 two-bedroom and six three-bedroom layouts. The building has undergone several improvements in recent years, including plumbing upgrades, a new reflective roof coating, tuckpointing and window replacements. Brad Feldman of Interra represented the seller, a local operator, and the buyer, a local private partnership that completed a 1031 exchange. The buyer plans to transition operations of the building from market-rate to affordable housing. The transaction marks the first time the property has traded hands in over 20 years.

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Ascend-Apts-Milpitas-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Facilitates Sale of 266-Unit Ascend Apartments in Milpitas, California

by Amy Works

MILPITAS, CALIF. — CBRE has arranged the sale of Ascend Apartments, a multifamily community in Silicon Valley. Keith Manson of CBRE represented the buyer in the off-market transaction. Details of the deal were not released. Located at 1821 S. Milpitas Blvd. in Milpitas, Ascend Apartments features 266 studio, one- and two-bedroom floor plans, courtyards, a rooftop terrace with a skyline swimming pool and spa and a fitness center with an outdoor yoga lounge. Built in 2021, the community is situated across from the Milpitas BART and VTA Light Rail stations.

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Midtown-905-Denton
AcquisitionsMultifamilyStudent HousingTexas

Vesper Holdings Acquires 432-Bed Student Housing Community in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Vesper Holdings has acquired Midtown 905, a 432-bed student housing community located near the University of North Texas campus in Denton. Built in 2011, the four-story building offers fully furnished units in two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities include a clubhouse, pool, game room and a coffee bar. Christopher Epp of Walker & Dunlop represented the undisclosed seller in the transaction. Gregg Wallace of AMA Financial and Geoff Smith of Walker & Dunlop placed acquisition financing for the new ownership, which also plans to invest $1.8 million in capital improvements to the property.

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Volta-Voyager-Colorado-Springs-CO
ColoradoLoansMultifamilyWestern

Dwight Capital Provides $38.4M Loan for Volta at Voyager Apartments in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Dwight Capital has closed a $38.4 million HUD 223(f) loan for the refinancing of Volta at Voyager, a multifamily property in Colorado Springs. Brandon Baksh and Brian Yee of Dwight Capital originated the financing on behalf of the borrower, Boulder-based Mountain View Capital LLC. The refinancing benefited from a Green Mortgage Insurance Premium (MIP) reduction to 25 basis points, enhancing the financial terms. Comprising 10 three-story residential buildings, Volta at Voyager offers 200 one-, two- and three-bedroom apartments, a fitness center, Amazon lockers, a dog spa and park, swimming pool and spa and a resort-style clubhouse.

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8146-Sweetbrier-Ln-SE-Lacey-WA
AcquisitionsMultifamilyWashingtonWestern

TMR Acquires 182-Unit Multifamily Property in Lacey, Washington

by Amy Works

LACEY, WASH. — TMR Investments has purchased The Village at Union Mills, an apartment property located at 8146 Sweetbrier Lane SE in Lacey. Terms of the transaction were not released. The Village at Union Mills offers 182 apartments. TMR has budgeted $4.1 million to execute a value-add repositioning strategy for the property. The planned investments include enhancements to the fitness center, clubhouse and outdoor amenity spaces, the addition of electric vehicle charging stations and rebranding. Planned interior unit renovations include the addition of stainless steel appliances, stone countertops and contemporary lighting and hardware.

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AcquisitionsMidwestMultifamilyWisconsin

Marcus & Millichap Brokers $4M Sale of Wisconsin Multifamily Portfolio

by Kristin Harlow

PLATTEVILLE, WIS. — Marcus & Millichap has brokered the $4 million sale of a 29-unit multifamily portfolio in Platteville, a city in western Wisconsin. The portfolio comprises Pioneer Bluff, built in 1890; Pioneer Ridge, constructed in 1997; and Pioneer Court, built in 1997. There are 27 four-bedroom units and two two-bedroom units. Nearly all of the units in Pioneer Ridge are furnished. Patrick Suffield of Marcus & Millichap represented the seller and the 1031 exchange buyer. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.

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