Multifamily

IPA Brokers $28.7M Sale of The Perch Multifamily Property in East Los Angeles

by Amy Works January 12, 2022

LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Perch, a five-story apartment asset located on the border of the Eagle Rock and Highland Park neighborhoods in Los Angeles. Roundhouse sold the property to ABRA Management for $28.7 million, or $486,441 per unit. Completed in 2018, The Perch features 59 one-, two- and three-bedroom layouts, two levels of structured parking, an outdoor lounge with firepit, gated parking and electric vehicle charging stations. Additionally, the property features 2,646 square feet of retail space, which Hilltop Coffee + Kitchen and Perch Salon occupy. Paul Darrow of Marcus & Millichap, along with Kevin Green, Joseph Grabiec and Greg Harris of IPA, represented the seller and procured the buyer in transaction.

January 12, 2022

Acquisitions Colorado Multifamily Western

Draper Property Management Sells Royal Lani Apartment Community in Colorado Springs for $11.3M

by Amy Works January 12, 2022

COLORADO SPRINGS, COLO. — Draper Property Management has completed the disposition of Royal Lani, a multifamily property in Colorado Springs. California-based Turnstone Capital acquired the asset for $11.3 million. Located at 2010 Carmel Drive, the Royal Lani features two three-story buildings offering a total of 77 two-bedroom apartments, averaging 783 square feet. Since 2015, the property has undergone renovations, including new windows, new gates and roof repair. Saul Levy, Kevin McKenna, Mackenzie Walker and Jessica Graham of CBRE represented the seller in the deal.

January 12, 2022

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $132.6M Sale of Multifamily Community in Metro Atlanta

by Julia Sanders January 12, 2022

SANDY SPRINGS, GA. — Cushman & Wakefield has arranged the sale of Park at Abernathy Square, a 484-unit apartment community located in Sandy Springs, about 16.4 miles north of downtown Atlanta. The sales price was $132.6 million, or more than $274,000 per unit. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller, Atlanta-based Clark Ventures, in the transaction. San Francisco-based Stockbridge Capital Group acquired the property. Built in 1977 and renovated in 2019, Park at Abernathy Square offers one-, two- and three-bedroom floorplans with an average unit size of more than 1,100 square feet. Unit features include walk-in closets, patios and balconies, granite countertops, stainless steel appliances, pantries, dishwashers and washer and dryer hookups. Community amenities include a clubhouse, pool, laundry facilities, tennis court, picnic area, fitness center, business center, playground and a car charging station. Located at 6925 Roswell Road, the property is located off Ga. Highway 400 and is situated close to Buckhead, Roswell and Alpharetta. The apartment community is also 5.9 miles from Georgia Perimeter College and 3.1 miles from the Art Institute of Atlanta.

January 12, 2022

Florida Loans Lument Multifamily Southeast

Lument Provides $48.8M Refinancing for Multifamily Community in Santa Rosa Beach, Florida

by Julia Sanders January 12, 2022

SANTA ROSA BEACH, FLA. — Lument has provided a $48.8 million Freddie Mac conventional loan to refinance Sanctuary at 331, a 264-unit multifamily community in Santa Rosa Beach. Steve Beltran of Lument led the loan transaction on behalf of the borrower, an affiliate of Hunt Cos. The loan features a 10-year term, 30-year amortization schedule and a low fixed interest rate with 60 months of interest-only payments. The loan is a refinance of an existing HUD loan. Sanctuary at 331 features 11 buildings on nearly 32 acres. The apartment property offers one- and two-bedroom floorplans with features such as stainless steel appliances, private patios and in-unit washers and dryers. Community amenities include a 24-hour fitness center, swimming pool, clubhouse, a dog park and garage storage units. Cushman and Wakefield manages the property, which was 97 percent occupied at the time of the loan transaction.

January 12, 2022

Loans Multifamily Texas

DLP Capital Provides $74M in Acquisition Financing for Houston Multifamily Properties

by Taylor Williams January 12, 2022

HOUSTON — DLP Capital, a Florida-based investment and finance firm, has provided $74 million in acquisition financing for two Houston-area apartment complexes totaling 1,062 units. Palms at Westheimer totals 798 units and is located on the city’s west side, while Huntington at Stonefield spans 264 units and is located on the city’s north side. The borrower was locally based investment firm Kalkan Capital. The seller was not disclosed.

January 12, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 484-Unit Meadow Ridge Apartments in Fort Worth

by Taylor Williams January 12, 2022

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Meadow Ridge, a 484-unit apartment community in Fort Worth. Built on 24 acres in 1981, Meadow Ridge offers one-, two- and three-bedroom units with private balconies/patios, as well as two pools and a tennis court. Al Silva of Marcus & Millichap represented the seller, Lubbock-based Madera Residential, in the transaction and procured the buyer, a Dallas-based private investment company. The new ownership plans to implement a value-add program.

January 12, 2022

Development Multifamily Texas

LIV Development Acquires Land in Metro Austin for 463-Unit Residential Project

by Taylor Williams January 12, 2022

PFLUGERVILLE, TEXAS — Alabama-based LIV Development has acquired 30 acres in the northern Austin suburb of Pflugerville for the development of a 463-unit residential project that will include both single-family and multifamily residences. Ben Fuller and John Carr of Cushman & Wakefield represented the seller, Austin-Pecan Ventures LLC, in the sale of the land. Construction is scheduled to begin in the second quarter.

January 12, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $19.3M Sale of Apartment Building in Clarendon Hills, Illinois

by Kristin Harlow January 12, 2022

CLARENDON HILLS, ILL. — Interra Realty has negotiated the $19.3 million sale of 229 Park in Clarendon Hills, a southwest suburb of Chicago. The apartment building rises four stories with 43 units. Built in 2018, 229 Park is located at 229 Park Ave. and is fully leased. The property features one retail space that is occupied by Moda Eyecare. Craig Martin and Lucas Fryman of Interra represented the sellers, Hubbard Street Group, Centrum Realty & Development and Pine Grove Partners. The duo also represented the buyer, Chicago-based HP Ventures Group.

January 12, 2022

Acquisitions Midwest Multifamily Wisconsin

Next Realty Buys 64-Unit Multifamily Property in Suburban Milwaukee

by Kristin Harlow January 12, 2022

WAUWATOSA, WIS. — An affiliate of Next Realty has purchased Dolphin Square Apartments in Wauwatosa, a suburb of Milwaukee. The purchase price was undisclosed. Located at 10300 W. Bluemound Road, the multifamily property includes 64 units and 88 parking spaces. Next Realty plans to complete a renovation program that was started by the previous owner. Founders 3 Real Estate brokered the sale. Landmark Credit Union provided acquisition financing.

January 12, 2022

Loans Multifamily Northeast Pennsylvania

Square Mile Capital Provides $195M Acquisition Loan for Philadelphia Apartment Tower

by Taylor Williams January 12, 2022

PHILADELPHIA — New York City-based Square Mile Capital Management has provided a $195 million acquisition loan for 1500 Locust, a 612-unit apartment tower located in Philadelphia’s Rittenhouse Square neighborhood. The 45-story building also houses 7,700 square feet of retail space and was 97 percent occupied at the time of sale. Amenities include a rooftop pool and lounge, fitness center, media room and outdoor grilling stations. Drew Anderman and Alan Blank of Meridian Capital Group arranged the debt. The borrower is a joint venture between Fairstead, a developer with offices along the East Coast, and its undisclosed institutional equity partner. A portion of the proceeds will be used to fund capital improvements. Lizann McGowan, Erin Miller, Marybeth Farris and Chris Koehler of Newmark represented the seller, Barings, in the transaction.

January 12, 2022

Newer Posts

Older Posts