MESA, ARIZ. — MIG Real Estate has acquired the 209-unit Trails at Harris Apartments in Mesa for $22.1 million. The community is located at 1653 S. Harris Drive. Trails at Harris Apartments was built on nearly 10 acres in 1983. All units include all-electric kitchens, walk-in closets, standing showers and linen closets. Outdoor balconies or patios and stackable washer and dryers are available in select units. The apartments are a value-add opportunity for MIG. Interior renovations will include updated countertops, a stainless-steel appliance package, new cabinetry, synthetic plank flooring, and updated light and plumbing fixtures in all units. The leasing, fitness and pool areas will undergo renovations to freshen the space and enhance use. Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller.
SEATTLE — ACME Realty has purchased Remi Apartments, a multifamily community located at 2727 Eastlake Ave. East in Seattle’s Eastlake neighborhood. An undisclosed company sold the property for $17.7 million, or $480,000 per unit. Built in 1996, the property features 34 apartments and three ground-floor commercial spaces. The property features a mix of one- and two-bedroom units with private decks or patios, as well as a rooftop deck. At the time of sale, the property was 97 percent occupied and the commercial spaces were fully leased. Mark Zoffel and Kyle Yamamoto of CBRE represented the seller in the transaction.
CHICAGO — Cresset Partners, the private investment affiliate of Cresset Wealth Advisors, has purchased Wells Place in the heart of Chicago’s South Loop for an undisclosed price. The 84-unit apartment community is located at 837 and 839 S. Wells St. The property features a mix of one- and two-bedroom units with in-unit washers/dryers and private patios. The seller was not disclosed.
Consistency is key, and that’s exactly why investors find Memphis more attractive than ever: the Grind City’s financial and commercial real estate stability. The area has grown into a hub for both the distribution and transportation industries. As the largest economic driver in the state, Memphis International Airport alone injects over $20 billion a year into the region’s economy. Thanks in large part to FedEx, the airport has become the second-busiest cargo airport in the world. FedEx’s presence creates a secondary demand from all retailers as they want to have a large distribution presence in the market. Going High-Tech Marketable growth in the Memphis economy extends beyond the distribution and transportation industries. Sizable expansions at University of Tennessee’s Medical School, St. Jude Children’s Research Hospital, Methodist University Hospital and LeBonehur Children’s Medical Center, as well as the migration of medical device manufacturers such as Smith & Nephew and Medtronic, show how Memphis is not only the Home of the Blues and global shipping, but also a high-tech healthcare hub for the Mid-South region. All this growth has helped propel Memphis’ millennial population, especially 20- to 34-year-olds who make up a high percentage of the city’s workforce. Last year, Memphis marked …
NEW YORK CITY — Rosewood Realty Group has brokered the $287 million sale of Stonehenge Village, a 420-unit, three-building apartment community on the Upper West Side of Manhattan. Aaron Jungreis of Rosewood Realty represented both the buyer, A&E Real Estate Holdings, and the seller, Ofer Yardeni’s Stonehenge Partners. The seller acquired the property for $115 million in 2005. Signature Bank and Mesa West Capital provided $145 million in acquisition financing to A&E for the purchase of the property. The buildings, which were built in 1968, total 69,605 square feet. At the time of sale, the buildings were 98 percent occupied, with a mix of free-market and rent-stabilized tenants.
MORRISTOWN, N.J. — NorthMarq Capital has arranged a $30 million loan to refinance the DeMattheis Multifamily Portfolio, which includes eight apartment properties in New Jersey. Four properties are located in Morristown with the other four located in Highland Park, Woodbridge and Edison. In total, the portfolio includes 307 units. The borrower is a full-service real estate investment company. Gary Cohen of NorthMarq arranged the refinancing, which was structured with a 15-year term and a 30-year amortization schedule. The lender was a national life insurance company.
ILLINOIS, KANSAS AND OHIO — Waypoint Residential has acquired three multifamily properties and one student housing property in the Midwest. Neither the purchase price nor the sellers were disclosed. The properties include the 196-unit Legacy at Poplar Creek in Schaumburg, Ill.; the 70-unit Two Itasca Place in Itasca, Ill.; the 184-unit The Attleigh in Columbus, Ohio; and the 500-bed Rockland West near the University of Kansas in Lawrence. Dan Price leads Waypoint’s acquisitions in the Midwest, while Mike Hung leads the company’s student housing acquisitions.
LAS VEGAS — A partnership between Henley USA and Tower 16 Capital Partners has created Altura, a new brand of multifamily apartment communities in Las Vegas. The initial property under the new brand will be called Altura on Duneville and feature 228 apartments. A second property acquisition will be announced in May, with plans for additional acquisitions later this year. Each Altura property will be renovated to bring a modern, contemporary look and upgraded amenities to the community. Every Altura property will have a completely refurbished clubhouse, a 24-hour fitness center, new laundry equipment and enhanced common spaces, including the lobby and pool. Apartment interiors will also be upgraded with contemporary finishes and residential technology.
UPPER MARLBORO, MD. — Avanath Capital Management LLC has acquired two multifamily properties in Upper Marlboro, roughly 20 miles southeast of Washington, D.C., for a combined $29.3 million. The firm acquired Largo Center, a 100-unit community located at 520 Largo Center Drive, for $14.3 million, and Vistas at Lake Largo, a 110-unit seniors housing community located at 500 Harry S. Truman Drive, for $15 million. The properties were purchased through Avanath’s institutional fund, Avanath Affordable Housing III. The names of the sellers were not disclosed. Largo Center features a swimming pool, clubhouse and in-unit washers and dryers. Vista at Lake Largo features a theater, courtyard, community room and laundry facilities. Avanath plans to renovate both properties with upgraded clubhouses and fitness centers, keyless entry, LED lighting, exterior paint, landscaping improvements and renovated common area hallways.
The National Center for Education Statistics (NCES) reports that about 20.4 million students attended American colleges and universities in 2017. That figure represents an increase of 5.1 million students from 2000 and is expected to exceed 22 million by 2023. As this enrollment growth carries forward, developers of student housing properties have been holding steady volumes of new product on their books. According to CoStar Group, developers have added about 22,000 new units each year since 2010. During that stretch, vacancy for all unit types has not risen above 10 percent and rents have maintained positive growth rates, save for the 12-month period from mid-2013 to mid-2014. Asking rents for studio and one-bedroom units have appreciated the most during this cycle. This suggests that more graduate students, who are more likely to live alone, are clamoring for student housing residences. Larger schools often have limited enrollment, forcing graduate students to consider smaller institutions. As such, secondary markets are gradually beginning to see heavier waves of student housing development. In Texas, this trend appears to still be in its infancy. As for the state’s biggest markets, the University of Texas at Austin is located within a very tight development grid. Lubbock …