Multifamily

NorthMarq Arranges Sale of Two-Property Multifamily Portfolio in Liberty, Missouri

by Kristin Harlow January 11, 2021

LIBERTY, MO. — NorthMarq has arranged the sale of a two-property multifamily portfolio totaling 237 units in Liberty, a northeast suburb of Kansas City. The sales price was undisclosed. Skyline totals 93 units while Westowne consists of 144 units. They are sister properties located within a five-minute drive of each other. Both communities underwent exterior and interior upgrades prior to sale. Jeff Lamott and Gabe Tovar of NorthMarq represented the seller, Clarity Equity Group. The portfolio sold to a private investor based in Utah.

January 11, 2021

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers $17M Sale of Apartment Portfolio in Passaic County, New Jersey

by Taylor Williams January 11, 2021

PATERSON AND PASSAIC, N.J. — Gebroe-Hammer Associates has brokered the $17 million sale of a 133-unit apartment portfolio in Northern New Jersey’s Passaic County. The portfolio comprises nine properties of early 20th century construction that offer 133 units in studio, one-, two- and three-bedroom formats. Debbie Pomerantz of Gebroe-Hammer represented the seller, Golden Equities LLC, in the transaction and procured the buyer, an undisclosed private investor.

January 11, 2021

Acquisitions Arizona Multifamily Western

Pathfinder Partners Divests of The Sterling Multifamily Community in Gilbert, Arizona for $30.9M

by Amy Works January 11, 2021

GILBERT, ARIZ. — San Diego-based Pathfinder Partners has completed the sale of The Sterling, an apartment property in Gilbert, approximately 23 miles southeast of downtown Phoenix. Casa Anita Apartments LLC acquired the asset for $30.9 million. Built in 2000 as condominiums, The Sterling, formerly known as The Vintage, is situated on 9.3 acres and includes 13 residential buildings consisting of six studio lofts, 21 one-bedroom/one-bath units, 40 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, averaging 1,154 square feet. Pathfinder Partners originally acquired the property in 2017 and completed at $1.4 million renovation to the asset. Renovations included building repairs; installation of a dog park and package locker; upgrading the clubhouse, leasing office and pool area; and renovating more than half of the units. At the time of sale, The Sterling was 97 percent occupied. David Fogler of Cushman & Wakefield Multifamily Advisory Group brokered the transaction.

January 11, 2021

Acquisitions Colorado Multifamily Western

AQYRE Negotiates $12.5M Sale of Baseline Village Apartments in Lafayette, Colorado

by Amy Works January 11, 2021

LAFAYETTE, COLO. — AQYRE Real Estate Advisors has facilitated the sale of Baseline Village Apartments in Lafayette. The property traded hands for $12.5 million, or $357,143 per unit. The names of the buyer and seller were not released. Matt Lewallen of AQYRE represented the buyer and seller in the deal. Located at 811-813 E. Baseline Road, the 47,236-square-foot Baseline Village features 35 apartments.

January 11, 2021

Acquisitions Georgia Multifamily Southeast

Cyclone Investment, Skywood Properties Acquire Multifamily Community in Metro Atlanta for $26.2M

by Alex Tostado January 8, 2021

MARIETTA, GA. — A joint venture between Cyclone Investment and Skywood Properties has acquired 1035 Gateway Apartments, a 214-unit multifamily community in Marietta. The property offers one-, two- and three-bedroom floor plans averaging 1,000 square feet. Communal amenities include a pool, dog park, clubhouse and laundry facilities. The asset is located at 1035 Franklin Gateway SE, less than one mile from the Atlanta United soccer team training ground and 16 miles northwest of downtown Atlanta. The seller, Miami-based Main Street Residential, bought the community in 2018 and invested $2 million for capital improvement to the exterior of the building, common areas and unit renovations. Phil Goldstein and Steven Vegh of Westwood Realty Associates represented the buyer in the transaction.

January 8, 2021

Acquisitions Multifamily Texas

Muskin Commercial Arranges Sale of 95-Unit Apartment Complex in Austin

by Taylor Williams January 8, 2021

AUSTIN, TEXAS — Dallas-based Muskin Commercial has arranged the sale of The Arts Apartments at Turtle Creek, a 95-unit multifamily complex located just south of downtown Austin. The property is situated on 5.3 acres and features one- and two-bedroom floor plans. Amenities include a pool, dog park and multiple art installations. Muskin Commercial represented the undisclosed, Dallas-based seller in the transaction. Locally based investment firm Narrow Road Group purchased the complex for an undisclosed price and will implement a value-add program that includes rebranding the property as Arroyo Apartments.

January 8, 2021

Acquisitions Indiana Midwest Multifamily

The Connor Group Acquires 219-Unit Apartment Property in Suburban Indianapolis for $40.5M

by Kristin Harlow January 8, 2021

ZIONSVILLE, IND. — The Connor Group has acquired The Domain at Bennett Farms in Zionsville, a northwest suburb of Indianapolis, for $40.5 million. Amenities at the 219-unit apartment property include a fitness center, resident lounge, community garden, bike storage and garage parking. The three-story community was built in 2012. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller, REI Real Estate Services.

January 8, 2021

Acquisitions Illinois Midwest Multifamily Single-Family Rental

Haven Realty Capital Buys Single-Family Rental Community in Naperville, Illinois for $18.5M

by Kristin Harlow January 8, 2021

NAPERVILLE, ILL. — Haven Realty Capital continues to build its single-family rental portfolio with the $18.5 million acquisition of Ashwood Place in Naperville. Ashwood Place is one of the first dedicated rental communities (DRC) in the Chicagoland area. A DRC is similar to a single-family housing subdivision except that it caters solely to renters. These types of communities are growing in popularity, particularly among residents who cannot afford to purchase a home but desire a neighborhood feel, according to Haven. Each of the 60 homes at Ashwood Place feature a two-bedroom, two-bathroom floor plan spanning 1,350 square feet. The community was 95 percent leased at the time of sale. Justin Ross, Matt Ishikawa, Bill Howe and David Guenther of CBRE represented the undisclosed seller.

January 8, 2021

Illinois Loans Midwest Multifamily

American Street Capital Arranges $10.2M Acquisition Loan for Multifamily Community in Burbank, Illinois

by Kristin Harlow January 8, 2021

BURBANK, ILL. — American Street Capital (ASC) has arranged a $10.2 million acquisition loan for a multifamily community in Burbank, about 15 miles southwest of Chicago. Built in 1983, the property consists of 27 buildings across 6.3 acres. The 173 units average 952 square feet. Igor Zhizhin of ASC arranged the seven-year, fixed-rate loan, which features a 30-year amortization schedule and one year of interest-only payments. An undisclosed bank provided the loan. Deshe Real Estate was the borrower. This is the first time the property has traded hands since it was built, according to ASC.

January 8, 2021

Acquisitions Multifamily New York Northeast

CIM Group, L+M Development Sell Two Affordable Housing Buildings Totaling 490 Units in Manhattan

by Taylor Williams January 8, 2021

NEW YORK CITY — A joint venture between Los Angeles-based CIM Group and L+M Development Partners has sold 265 and 275 Cherry Street, two 26-story Section 8 apartment buildings located on Manhattan’s Lower East Side that total 490 units. The properties were originally built in 1979 and feature one-, two- and three-bedroom units. Amenities include a community room, convenience mart, outdoor courtyards and playgrounds. The buyer was an affiliate of Related Cos. Cushman & Wakefield represented both parties in the transaction.

January 8, 2021

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