Multifamily

Bell Partners Sells Summit at Flatirons Apartments Near Denver to Treeline Multifamily for $154M

by Amy Works January 5, 2021

BROOMFIELD, COLO. — Bell Partners has completed the sale of Summit at Flatirons Apartments, a multifamily property located at 210 Summit Blvd. in Broomfield, a suburb of Denver. An affiliate of Treeline Multifamily Partners acquired the asset for $154 million. Jordan Robbins and Pamela Koster of JLL represented the seller in the deal. Additionally, Josh Simon and Rob Bova of JLL secured a seven-year, $103 million Freddie Mac acquisition loan for the buyer. JLL Real Estate Capital, a Freddie Mac Optigo lender, will service the loan. Built in 2004, Summit at Flatirons features 500 one- and two-bedroom apartments. In 2016, the property underwent more than $13 million in unit and common-area renovations, including upgrading units with stainless steel appliances, new vinyl plank flooring, quartz countertops, new lighting, repainted hallways, relocation of the fitness center and yoga studio, upgraded equipment and bike storage. Additional community amenities include a business lounge, swimming pool, hot tub, barbecue areas, resident lounge and courtyard.

January 5, 2021

Acquisitions Multifamily Utah Western

Magna Investment Divests of 264-Unit Apartment Community in Salt Lake Valley

by Amy Works January 5, 2021

SANDY, UTAH — Magna Investment and Development has completed the disposition of Icon 9700, a multifamily property located in Sandy, approximately 20 miles southeast of Salt Lake City. Starwood Capital Group acquired the community for an undisclosed price. Constructed in 2018, Icon 9700 features 264 apartments, a resort-inspired pool deck, fitness center, outdoor grilling stations, private garages and a multi-purpose sport court for soccer, basketball and pickleball. At the time of sale, the community was 97 percent occupied. Eli Mills and Patrick Bodnar of CBRE’s Salt Lake multifamily team represented the seller in the transaction.

January 5, 2021

Acquisitions Florida Multifamily Southeast

Ytech Sells Multifamily Community in Metro Miami for $78M

by Alex Tostado January 5, 2021

MIAMI GARDENS, FLA. — Ytech has sold Lake House Apartments, a 491-unit multifamily community in Miami Gardens, to New York-based Greenstone Property Group for $78 million. The property offers one-, two- and three-bedroom floor plans averaging 668 square feet. Communal amenities include a pool, playground, basketball court, tennis court and a picnic area. Lake House Apartments is situated at 2601 NW 207th St., less than one mile from Hard Rock Stadium, home of the NFL’s Miami Dolphins and the Miami Hurricanes. The community was originally built in 1970 and spans 33 acres. Tal Frydman, Hampton Beebe, Avery Klann, Jonathan Senn and Tyler Minix of Newmark represented the seller in the transaction.

January 5, 2021

Acquisitions Multifamily North Carolina Southeast

PointOne Holdings, Hathaway Development Divest of Apartment Complex in Metro Raleigh for $65.1M

by Alex Tostado January 5, 2021

HOLLY SPRINGS, N.C. — PointOne Holdings and Hathaway Development have sold The Exchange at Holly Springs, a 316-unit apartment community in Holly Springs, for $65.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, grilling areas, pool, package concierge service, fitness center, business center and a clubhouse. The asset is situated at 1101 Club Exchange Drive, 20 miles southwest of downtown Raleigh. The buyer was Myers Apartment Group.

January 5, 2021

Acquisitions Multifamily Seniors Housing Texas

Draper & Kramer Acquires 121-Unit Seniors Housing Community in Metro Dallas

by Taylor Williams January 4, 2021

MCKINNEY, TEXAS — Chicago-based Draper & Kramer has acquired Adriatica Senior Living, a 121-unit community located in the northern Dallas suburb of McKinney. The property was built in 2017 and features one- and two-bedroom units that range in size from 806 to 1,370 square feet. Amenities include a community dining room, resident lounge for socializing, beauty salon, business center, movie room, wellness studio and a game room. The seller was not disclosed.

January 4, 2021

Acquisitions Multifamily New York Northeast

PEBB Enterprises, Sagamore Hill Buy 188,109 SF Shopping Center on Long Island

by Taylor Williams January 4, 2021

PORT WASHINGTON, N.Y. — A partnership between South Florida-based PEBB Enterprises and New York-based Sagamore Hill Partners has purchased Soundview Marketplace, a 188,109-square-foot shopping center located in the Long Island hamlet of Port Washington. The 11-acre property was built in phases between 1962 and 1977 and houses tenants such as T.J. Maxx, Target, Walgreens and Ace Hardware. John Bell, Jon Kleinberg and Patrick Heeg of Transwestern represented the undisclosed seller in the transaction.

January 4, 2021

Acquisitions Multifamily New Jersey Northeast

JLL Brokers Sale of 384-Unit Avalon Somerset Apartments in New Jersey

by Taylor Williams January 4, 2021

SOMERSET, N.J. — JLL has brokered the sale of Avalon Somerset, a 384-unit apartment community in the Northern New Jersey community of Somerset. Built in 2013, the property features one-, two- and three-bedroom units with an average size of 1,016 square feet. Amenities include a pool, fitness center, resident lounge and a playground. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn and Nicholas Stefans of JLL represented the seller, AvalonBay Communities Inc., in the transaction. The buyer was a joint venture between Harbor Group International and Azure Partners. Jamie Leachman, Matthew Pizzolato, Amit Kakar and Thomas Didio Jr. of JLL arranged the financing on behalf of the new ownership. The loan was structured with a 10-year term and a floating interest rate.

January 4, 2021

Acquisitions Arizona Multifamily Western

TM Equities Buys Multifamily Community Near Phoenix from Watermark Residential for $84.3M

by Amy Works January 4, 2021

GILBERT, ARIZ. — Salt Lake City-based TM Equities has purchased Watermark at Gilbert Place, an apartment property located at 4454 E. Ray Road in Gilbert. Watermark Residential sold the asset for $84.3 million. Watermark at Gateway Place features 25 two-story, wood-frame buildings with direct-access garages. The 250-unit property is a Big House design property, a concept created by Humphreys and Partners Architects, which features the privacy, space and convenience of a single-family home without mortgage and maintenance. Each one-, two- and three-bedroom apartment includes a private front door, gourmet bar-kitchen, granite countertops, walk-in closets, garden tub, in-unit washer and dryer, and private balcony or patio. Community amenities include a resort-style swimming pool, clubhouses, fire pits, gas grilling stations, dog park and a 24-hour fitness center. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, brokered the sale.

January 4, 2021

Acquisitions Multifamily Oregon Western

BPM Real Estate Group Sells Sunset Summit Apartments in Portland to Prime Residential for $80.7M

by Amy Works January 4, 2021

PORTLAND, ORE. — BPM Real Estate Group has completed the disposition of Sunset Summit, a multifamily community located in the West Hills neighborhood of Portland. Prime Residential acquired the property for $80.7 million, or $309,387 per unit. Situated on 31 acres, the 261-unit Sunset Summit was built in 1989 and renovated in 2014. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction.

January 4, 2021

Acquisitions California Multifamily Western

Advanced Real Estate Acquires Two-Property Multifamily Portfolio in Southern California for $72M

by Amy Works January 4, 2021

WESTMINSTER AND ANAHEIM, CALIF. — Advanced Real Estate has purchased a two-property apartment portfolio located in Westminster and Anaheim. The 245-unit transaction was valued at $72 million. The properties are The Edward, a 128-unit community in Westminster formerly known as Hollybrook, and The Lincoln on Grand, a 117-unit property in Anaheim formerly known as Rancho Vista. Built in the early 1970s, both properties offer garden-style apartments, swimming pools and fitness centers. The buyer plans to renovate both assets, including new roofs, windows, siding, landscape, hardscape, new cabinets, counter, fixtures and paint. Sean Deasy and Ryan Fitzpatrick of JLL’s Irvine office represented the undisclosed seller in the deal. Commercial Bank of California provided an acquisition loan for the buyer.

January 4, 2021

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