Multifamily

WASHINGTON, D.C. — The 61-unit Terrace Manor Apartments, a garden-style apartment community, has sold in Washington, D.C. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Washington, D.C.-based Greysteel Co. represented the seller, Hastings Development Corp., in the transaction. Sanford Capital LLC purchased the multifamily property.

LEXINGTON, LOUISVILLE AND FRANKFORT, KY.; AND NASHVILLE, TENN. — Irvine, Calif.-based Steadfast Income REIT Inc. has recently acquired five apartment communities for an aggregate purchase price of approximately $115 million. The properties were acquired in five separate transactions and include multifamily complexes in Lexington, Louisville, Frankfort and Nashville as well as Austin, Texas. Steadfast purchased Forty57 in Lexington for $52.5 million. It was 88 percent occupied at the time of the transaction, and it was built in phases between 2008 and 2012. South Pointe at Valley Farms was acquired for $5.2 million in Louisville. It is a 26-acre site that includes 32 apartment units and a clubhouse community building. Riverford Crossing was purchased for $30 million in Frankfort. It was built in 2011 and has 300 one- and two-bedroom apartments and townhomes. Keystone Farms was acquired for an unlisted price. It is a 90-unit apartment community located near Nashville. It was built in 1998 and was fully occupied at the time of the transaction.

BRANDON AND LAKELAND, FLA. — Tampa, Fla.-based Blue Rock Partners LLC, in partnership with Deerfield Beach, Fla.-based Konover South LLC, has acquired a multifamily portfolio totaling 1,218 units in three communities in Brandon and Lakeland for $66 million. Blue Rock Partners will invest another $9 million in improvements into its newly acquired portfolio. The 712-unit Plantation Key Apartments and adjacent 270-unit Providence Park Apartments are being rebranded and marketed as Park at Siena in Brandon. Additionally, the 236-unit Martin’s Landing Apartments, located at 3520 Cleveland Heights Blvd. in Lakeland, will undergo improvements and be marketed as Park at Verona.

LOUISVILLE, KY. — A Kentucky-based developer has sold the 689-unit Park at Hurstbourne apartment complex in Louisville for $39.2 million. The buyer, Louisville Property LLC, is planning to upgrade the community. Craig Collins of Commercial Kentucky Inc. and Mike Kemether of Cushman & Wakefield of Georgia represented the seller.

ORLANDO, FLA. — Centennial Holdings has purchased the 37-building, 336-unit Citrus Tower in suburban Orlando for $32 million. The multifamily complex was built in 2006 and is situated on nearly 30 acres. Jubeen Vaghefi, Denny St. Romain and Jeff Morris of Jones Lang LaSalle’s Capital Markets team represented the institutional seller.