Friday, July 26, 2024
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Multifamily

AcquisitionsFloridaMultifamilySoutheast

ZOM Living Sells Azola South Tampa Multifamily Community for $64.3M

by John Nelson

TAMPA, FLA. — Multifamily developer ZOM Living has sold Azola South Tampa, a community located at 7701 Interbay Blvd. in Tampa. Miami-based multifamily investment firm Momentum Real Estate Partners acquired the property for $64.3 million. Situated on nine acres, the community comprises 214 apartments and townhomes. Amenities at the property include a 6,000-square-foot clubhouse with a lounge, coworking areas, kitchenette, game room and fitness center, as well as a swimming pool and a pavilion with seating and a summer kitchen and grilling area.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Goodegg Investments Acquires 250-Unit Crowne Club Apartments in Winston-Salem, North Carolina

by John Nelson

WINSTON-SALEM, N.C. — Goodegg Investments has acquired Crowne Club Apartments, a 250-unit multifamily community located in Winston-Salem. Built in 1995, the property is situated near the Atrium Health Wake Forest Baptist Medical Center. The buyer purchased the property through its Goodegg Wealth Fund II and Goodegg Growth Fund III. “Our investors love strong value-add assets like this one,” says Julie Lam, CEO of Goodegg. The seller and sales price were not disclosed. According to Apartments.com, Crowne Club features one-, two- and three-bedroom apartments ranging in size from 850 to 1,400 square feet. Amenities include a swimming pool, fitness center, playground and a clubhouse.

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AcquisitionsMultifamilyTexas

Marcus & Millichap Brokers Sale of 120-Unit Serena Vista Apartments in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Serena Vista, a 120-unit apartment complex in Arlington. Built in 1980, the property offers studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, clubhouse and a dog park. Nick Fluellen, Bard Hoover and Chris Pearson of Marcus & Millichap represented the seller, an undisclosed private investment group, in the transaction and procured the buyer, Green Mountain Properties LLC.

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AcquisitionsMidwestMissouriMultifamily

Hamilton Zanze Acquires 222-Unit Crossroads Westside Apartment Complex in Downtown Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Hamilton Zanze has acquired Crossroads Westside, a 222-unit apartment complex in downtown Kansas City. The purchase price was undisclosed. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the property. Crossroads Westside was built in 2018 and features one- and two-bedroom units ranging in size from 614 to 1,252 square feet. Amenities include a saltwater pool, dog spa, fitness center, sundeck, private art garden, business center, coworking spaces, fire pit and entertainment lounge. The property is situated within the historic Crossroads Art District. The transaction marks Hamilton Zanze’s fourth acquisition in 2024.

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AcquisitionsIllinoisMidwestMultifamily

Essex Realty Group Negotiates $2.3M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow

CHICAGO — Essex Realty Group has negotiated the sale of a four-building, 38-unit multifamily portfolio in Chicago’s Austin neighborhood for $2.3 million. Robert Berman, Michael Anguiano, Daniel Shabsin, Jeremy DeMarco and Joe Kahlhammer of Essex represented the long-term, local seller. A local investor purchased the properties with plans to update units. The assets are located at 44 N. Mason Ave., 60 N. Mason Ave., 112 N. Mason Ave. and 150 N. Mayfield Ave.

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DevelopmentMultifamilyNew JerseyNortheast

TFE Properties Completes 174-Unit Multifamily Project in Somerville, New Jersey

by Taylor Williams

SOMERVILLE, N.J. — New Jersey-based investment firm TTFE Properties has completed Kirby Village, a 174-unit multifamily project in Somerville, about 50 miles southwest of Manhattan. Kirby Village offers one- and two-bedroom units that range in size from 800 to 1,452 square feet. The townhome-style residences feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, dog park and a children’s play area. Rents start at roughly $2,400 per month for a one-bedroom apartment.

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AcquisitionsConnecticutMultifamilyNortheast

NEPCG Arranges Sale of 46-Unit Apartment Complex in Plainville, Connecticut

by Taylor Williams

PLAINVILLE, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of Castle Apartments, a three-building, 46-unit multifamily complex in Plainville, a southwestern suburb of Hartford. According to Apartments.com, the property was built in 1975 and exclusively offers two-bedroom units with an average size of 850 square feet. Taylor Perun and Brad Balletto of NEPCG brokered the deal. The buyer and seller were not disclosed.

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Sterling-Ridge-Living-Las-Vegas-NV
AcquisitionsMultifamilyNevadaSeniors HousingWestern

SLIB Brokers Sale of 122-Unit Sterling Ridge Seniors Housing Property in Las Vegas 

by Amy Works

LAS VEGAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Sterling Ridge Living, a 122-unit independent living, assisted living and memory care facility in Las Vegas, Nevada.  The community was built in 1974 and was most recently renovated in 2023. The asset totals 89,719 square feet on 2.37 acres.  The property offers 22 independent living units, 74 assisted living units 26 memory care units totaling 152 beds. The seller is a private equity firm that sought to exit its fund and the senior living industry. The buyer is a private owner-operator that divested its Midwest skilled nursing portfolio is now building up a private-pay portfolio in the West. Vince Viverito and Nick Cacciabando of SLIB managed the transaction. The price was not disclosed.

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AcquisitionsIdahoMultifamilySeniors HousingWestern

Zett Group Negotiates Sale of 79-Unit Streamside Assisted Living in Nampa, Idaho

by Amy Works

NAMPA, IDAHO — The Zett Group, led by Blake Bozett, has arranged the sale of Streamside Assisted Living and Memory Care in Nampa, approximately 20 miles west of Boise. The property features 79 total units. A regional owner-operator based out of Oregon sold the asset to a national owner-operator from California looking to expand its footprint in the state Idaho. The price was not disclosed.

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Ascension Resurrection Hospital, Chicago
AcquisitionsHealthcareIllinoisMidwestSeniors HousingTop Stories

Prime Healthcare Agrees to Acquire 14 Ascension Healthcare Properties in Metro Chicago, Plans $250M in Improvements

by Jeff Shaw

CHICAGO — Prime Healthcare has agreed to acquire nine hospitals and associated physician practices in Illinois, as well as five post-acute and senior living facilities, from St. Louis-based Ascension. The properties are largely located in Chicago and its surrounding suburbs. The transaction is expected to close in the first quarter of 2025, subject to standard regulatory and canonical approvals. The price was not disclosed. The acquisition includes the following Ascension hospitals: Prime Healthcare also acquired multiple post-acute and senior living facilities operated by Ascension Living: Fox Knoll Village in Aurora; Villa Franciscan Place in Joliet; Heritage Village and Heritage Lodge in Kankakee; and Resurrection Place in Park Ridge. Prime Healthcare plans to invest $250 million in facility upgrades, capital improvements, technology investments and system upgrades to the properties.  According to Prime Healthcare, the company has all available funding for the renovations. No debt will be put on the hospitals to complete the transaction. Additionally, the buyer has agreed to make offers of employment to substantially all associates. “Our agreement with Ascension reflects our decades-long mission of saving, improving and investing in community hospitals,” says Sunny Bhatia, president and chief medical officer of Prime Healthcare. Prime Healthcare is based in Ontario, …

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