Lee & Associates Negotiates $68M Sale of Three-Property Multifamily Portfolio in San Gabriel Valley

ROSEMEAD AND EL MONTE, CALIF. — Lee & Associates LA North/Ventura has arranged the sale of a three-property apartment portfolio in the San Gabriel Valley. Positive Investments acquired the portfolio from Hunsaker Family for $68 million.The portfolio includes Fashion Park Apartments, Glen Haven Apartments and Fashion Lane Apartments, spanning 4405 Rosemead Blvd., 5123-5205 Rosemead Blvd. and 4436-4438 Ivar St. in Rosemead, as well as a community at 3815 Baldwin Ave. in adjacent El …

January 18, 2022Acquisitions, California, Multifamily, Western

Harrison Street Purchases Interest in Eight Student Housing Properties at Arizona State University

TEMPE AND GLENDALE, ARIZ. — Harrison Street has formed a joint venture with American Campus Communities (ACC) for the ownership of ACC’s existing eight-property Arizona State University on-campus student housing portfolio.Under the terms of the transaction, Harrison Street, as part of its social infrastructure platform, has acquired a 45 percent interest in the joint venture, with ACC owning the remaining interest. ACC will continue to manage the day-to-day operations in collaboration …

January 18, 2022Acquisitions, Arizona, Multifamily, Student Housing, Western

Hilco Brokers Sale of 134-Acre Development Site Near Denver International Airport

AURORA, COLO. — Hilco Real Estate has arranged the acquisition of approximately 134 acres of vacant development land located at the southeast corner of East 64th Avenue and Piccadilly Road in Aurora. Hilltop at DIA purchased the property, which is just south of Denver International Airport, for $18.1 million. The asset was acquired through a bankruptcy sale.Hilltop at DIA plans to develop a master-planned community, dubbed Avelon, on the site. The community would include hospitality, …

January 18, 2022Colorado, Development, Multifamily, Restaurant, Retail, Western

3650 REIT Provides $60.5M Construction Loan for Houston Multifamily Project

HOUSTON — Miami-based balance sheet lender 3650 REIT has provided a $60.5 million construction loan for The Vic on Park Row, a 363-unit multifamily project that will be located in Houston’s Energy Corridor neighborhood. Amenities will include a game room, entertainment area, business center, conference room, fitness center and a bowling alley, as well as an outdoor recreational area with a pool, dog park and playground. The developer and borrower is locally based firm Huntington Properties. …

January 18, 2022Development, Loans, Multifamily, Texas

Westmount Realty Capital Buys 291-Unit Station at Mason Creek Apartments in Houston

HOUSTON — Dallas-based Westmount Realty Capital has purchased The Station at Mason Creek, a 291-unit apartment community in Houston. Built in 2001, the property offers one-, two- and three-bedroom units with an average size of 772 square feet. The amenity package consists of a pool with a splash pad, fitness center, coffee bar, clubhouse, business center and a dog park. The seller was not disclosed. Westmount plans to implement a value-add program to the unit interiors, building exteriors and …

January 18, 2022Acquisitions, Multifamily, Texas

IPA Negotiates Sale of 240-Unit Apartment Community in Metro Austin

LEANDER, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 22 North, a 240-unit apartment community located in the northern Austin suburb of Leander. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of 1,090 square feet. Amenities include a pool, fitness center, business center, grilling area and a media/game room. Will Balthrope, Kent Myers and Jordan Featherston of IPA represented the …

January 18, 2022Acquisitions, Multifamily, Texas

Emmut Properties Acquires Excelsior Hotel in Manhattan for $80M, Plans Multifamily Conversion

NEW YORK CITY — Locally based investment firm Emmut Properties has acquired the 126-room Excelsior Hotel, located at 45 W. 81st St. in Manhattan, for $80 million. The new ownership plans to convert the property, which was built in the 1920s but has been closed since April 2020, into a 134-unit multifamily building. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia arranged acquisition financing through Franklin BSP Realty Trust for the

January 18, 2022Acquisitions, Development, Hospitality, Multifamily, New York, Northeast

NRP Group Opens 131-Unit Sawyer Apartments in Jersey City

JERSEY CITY, N.J. — Cleveland-based developer The NRP Group has opened The Sawyer, a 131-unit apartment complex in Jersey City. Units come in studio, one- and two-bedroom formats. Amenities include a fitness center, rooftop terrace, a children’s playroom, outdoor grilling and dining areas and a pet spa. NRP Group developed the project in partnership with Hoboken Brownstone Co. Monthly rents start at approximately $2,150 for a studio

January 18, 2022Development, Multifamily, New Jersey, Northeast

Davlyn Investments Acquires The Boulevard Multifamily Community in Phoenix for $112.5M

PHOENIX — Davlyn Investments has purchased The Boulevard, an apartment property in Phoenix, for $112.5 million. The California-based buyer plans to rebrand the 294-unit community as Boulders at Lookout Mountain.Built in 1994 on 16.7 acres, the property features central heating and air conditioning, in-unit laundry, wood-burning fireplaces, walk-in closets with built-in shelving, arid landscaping, parking and an expansive community amenity package.Steve Gebing and Cliff David of …

January 17, 2022Acquisitions, Arizona, Multifamily, Western

PCCP Provides $75M Acquisition, Repositioning Loan for The Post Apartments in Downtown Seattle

SEATTLE — PCCP has provided a $75 million senior loan to Griffis Residential for the acquisition and repositioning of The Post, a 16-story multifamily community located at 888 Western Ave. in downtown Seattle.Situated in the Seattle Central Business District, Waterfront and Pioneer Square submarkets, The Post features 208 apartments with quartz countertops, vinyl-plank flooring, steel appliances, floor-to-ceiling windows and views of downtown Seattle, Elliott Bay and the Olympic …

January 17, 2022Acquisitions, Loans, Multifamily, Washington, Western

Lee & Associates Negotiates $68M Sale of Three-Property Multifamily Portfolio in San Gabriel Valley

Harrison Street Purchases Interest in Eight Student Housing Properties at Arizona State University

Hilco Brokers Sale of 134-Acre Development Site Near Denver International Airport

3650 REIT Provides $60.5M Construction Loan for Houston Multifamily Project

Westmount Realty Capital Buys 291-Unit Station at Mason Creek Apartments in Houston

IPA Negotiates Sale of 240-Unit Apartment Community in Metro Austin

Emmut Properties Acquires Excelsior Hotel in Manhattan for $80M, Plans Multifamily Conversion

NRP Group Opens 131-Unit Sawyer Apartments in Jersey City

Davlyn Investments Acquires The Boulevard Multifamily Community in Phoenix for $112.5M

PCCP Provides $75M Acquisition, Repositioning Loan for The Post Apartments in Downtown Seattle

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