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Multifamily

North-pond-ny
AcquisitionsMultifamilyNew YorkNortheastPennsylvania

Morgan Properties Acquires 18,000-Unit Multifamily Portfolio in Northeast

by Alex Patton

KING OF PRUSSIA, PA. — Metro Philadelphia-based Morgan Properties has acquired multifamily portfolio comprised of 80 apartment communities totaling approximately 18,000 units across 15 states. The portfolio is primarily located in upstate New York markets, including Rochester, Buffalo, Syracuse and Albany, as well as Pennsylvania submarkets that include Pittsburgh and Harrisburg. Properties in New York include Henrietta Highlands, a 338-unit community in Henrietta; Waverlywood, a 381-unit property in Webster; and North Ponds, a 196-unit asset in Webster. The portfolio also comprises assets in the Southeast and Midwest United States. The seller was Morgan Communities, a company based in Rochester, New York, which has no relation to Morgan Properties. The sales price was undisclosed.

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481-487 Communipaw Jersey City
AcquisitionsMultifamilyNew JerseyNortheast

Redwood Realty Brokers $4M Sale of Two Multifamily Properties in New Jersey

by Alex Patton

JERSEY CITY AND NORTH BERGEN, N.J. — Redwood Realty Advisors has brokered the combined $4 million sale of two multifamily properties in Jersey City and North Bergen, two western suburbs of New York City. The Jersey City property, 481-487 Communipaw Avenue, is an eight-unit community comprised of two- and three-bedroom duplexes. The original developer sold the property. The North Bergen asset, 7328 Kennedy Boulevard, comprises 17 apartment units in two-bedroom floor plans. Steven Matovski of Redwood Realty Advisors procured  sellers and buyers in both transactions. Individual sales prices were undisclosed.

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AcquisitionsMultifamilyTexas

Origin Investments, F&B Capital Buy 250-Unit Apartment Community in Metro Austin

by Taylor Williams

GEORGETOWN, TEXAS — A joint venture between Chicago-based Origin Investments and Austin-based F&B Capital has purchased Anatole at Westinghouse, a 250-unit apartment community located in the northern Austin suburb of Georgetown. Built on 13 acres in 2015, the property comprises 148 one-bedroom units, 96 two-bedroom units and six three-bedroom units equipped with modern appliances, quartz countertops and in-unit washers and dryers. Amenities include a pool with outdoor grilling areas, a fitness center, business center and a dog park. The seller and sales price were not disclosed.

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AcquisitionsIowaKansasMidwestMultifamilyNebraskaSeniors Housing

Blueprint Negotiates Sale of 15-Property Skilled Nursing Portfolio in Midwest

by Kristin Harlow

NEBRASKA, IOWA AND KANSAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of 15 skilled nursing facilities in Nebraska, Iowa and Kansas. The portfolio included 10 locations in Nebraska, four in Iowa, and one in Kansas, and consists of over 950 licensed beds. The facilities are in predominantly secondary and tertiary submarkets, and the majority were built in the 1960s and 1970s. Blueprint’s Michael Segal, Ben Firestone and Steve Thomes handled the transaction. Buyer and seller information was not disclosed.

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AcquisitionsMultifamilyTexas

RightQuest Sells 416-Unit Multifamily Portfolio in South Texas

by Taylor Williams

EDINBURG AND BROWNSVILLE, TEXAS — Dallas-based developer RightQuest, n conjunction with local partnerships JTMR LLC and JJR Group Ltd, has sold a 416-unit luxury apartment portfolio located in south Texas to an undisclosed buyer. The portfolio includes the 144-unit Royal Vista in Edinburg, the 128-unit Bella Vista Phase I and the 144-unit Bella Vista Phase II in Brownsville. All properties were completed within the last six years. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction, and JLL represented the buyer.

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DevelopmentFloridaMultifamilySoutheast

Roger B. Kennedy Construction Begins 318-Unit Multifamily Property in Fort Myers

by Alex Tostado

FORT MYERS, FLA. — Roger B. Kennedy Construction has begun construction on Murano at Three Oaks Apartments in Fort Myers on behalf of developer Courtelis Co. Although costs were not expressly disclosed, the contractor said its contract is worth $38 million. The property is a planned 318-unit apartment community located at 17167 Three Oaks Parkway. The community will feature two four-story apartment buildings, a clubhouse, pool pavilion and detached garages. Forum Architecture & Interior Design designed the property, which is expected to deliver in January 2021.

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AcquisitionsMultifamilySouth CarolinaSoutheast

Capstone Negotiates Sale of 304-Unit Apartment Complex in Columbia

by Alex Tostado

COLUMBIA, S.C. — Capstone Apartment has negotiated the sale of Hunter’s Way, a 304-unit apartment complex in Columbia. The garden-style property offers one-, two- and three-bedroom floor plans spanning 38 two-story buildings. The community was 92 percent occupied at the time of sale. Communal amenities include a swimming pool, playground and clubhouse, as well as laundry facilities in each building. The buyer, GLP Investments, plans to rebrand the community and implement a multimillion-dollar renovation. Ron Corrao, Alex McDermott, Austin Green, and Brian Ford of Capstone represented the seller, Rivercity Ventures, in the transaction. The sales price was not disclosed.

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AcquisitionsMultifamilySouth CarolinaSoutheast

Berkadia Arranges $28M Sale of Multifamily Community in North Charleston

by Alex Tostado

NORTH CHARLESTON, S.C. — Berkadia has arranged the $28 million sale of Planters Crossing, a 256-unit multifamily community in North Charleston. The property is located at 7910 Crossroads Drive, 15 miles north of downtown Charleston. The community offers one- and two-bedroom floor plans. Communal amenities include a clubhouse, swimming pool, sundeck, barbecue area and laundry facilities. Mark Boyce and Blake Coffey of Berkadia represented the seller, Intersouth Realty, in the transaction. John Bray of Berkadia originated a Fannie Mae acquisition loan on behalf of the buyer, Charleston-based Blaze Partners.

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The-Regency-Apts-Sacramento-CA
AcquisitionsCaliforniaMultifamilyWestern

TMG Brokers $15.8M Sale of The Regency Apartments in Sacramento

by Amy Works

SACRAMENTO — The Mogharebi Group (TMG) has arranged the sale of The Regency Apartments, a multifamily community located at 5900 Riza Ave. in Sacramento. An undisclosed private investor acquired the property for $15.8 million. Built in 1969 and situated on 5.4 acres, The Regency features 130 apartments in a mix of one-, two- and three-bedroom layouts. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Sacramento-based investor, in the deal.

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DevelopmentMultifamilyWashingtonWestern

Nitze-Stagen, Pinnacle Partners to Develop Canton Lofts Apartment Project in Seattle

by Amy Works

SEATTLE — Developer Nitze-Stagen and Pinnacle Partners, an Opportunity Zone investment firm, have broken ground on Canton Lofts in Seattle’s historic Pioneer Square. The project is the city’s first Opportunity Zone development. The $30 million development will feature 80 units with transit accessibility and provide affordable, one-bedroom studios.

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