The past 10 years has brought population growth to Colorado, which many associate with Amendment 64, or the legalization of marijuana, along with an overall flat interest rate. The new issue is whether Colorado can sustain this growth, despite the heavy focus on affordability. So far, however, the state has experienced continued growth in population, income and multifamily sales volume, according to CoStar. Tapestry Segmentation also reports a median household income in the Greater Denver area of $76,094, which is 28 percent higher than the national figure reported by the U.S. Census. The Denver multifamily market is enticing to tenants as many view the option to lease as an easier path than purchasing a home. This, in turn, has enticed investors and developers to build due to demand. Investors also see opportunity in converting apartments to condos when the market shifts. At the same time, there are concerns that the Federal Reserve’s Interest on Excess Reserves (IOER) policy could present uncertainty to the overarching environment. The intention of the IOER policy is to allow banks to have a lower reserve, which is intended to remove the volatility of interest rates. However, many experts are questioning if …
NORTH CHARLESTON, S.C. — Cushman & Wakefield has arranged the $29.7 million sale of Greenwood at Ashley River, a 280-unit multifamily community in North Charleston. The property offers two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, playground and a sundeck. The community is situated at 6520 Dorchester Road, 12 miles north of downtown Charleston. The Atlanta-based seller, The RADCO Cos., invested $4.3 million in curb appeal and upgrading amenities. Jordan McCarley, Marc Robinson and Tai Cohen of Cushman & Wakefield represented the seller in the transaction. Brick Lane, a multifamily investment firm based in Washington, D.C., was the buyer.
NORFOLK, VA. — Ready Capital has closed a $10.5 million acquisition loan for a 250-unit, Class B apartment property in Norfolk. The borrower will use a portion of the loan to address deferred maintenance and upgrade unit interiors. The non-recourse, three-year loan comes with two extension options and flexible prepayment. Further details of the property were not disclosed.
SPRING, TEXAS — Newport Real Estate Partners LLC has acquired Haven at Louetta, a 150-unit apartment community located in the northern Houston suburb of Spring. The property was developed in 2018 and features 90 one-bedroom units and 60 two-bedroom units. Amenities include a clubhouse, pool, grilling area, fitness center and a dog park. Guefen Development sold the property for an undisclosed price. Newport plans to develop an additional 30 units at the property over the next 36 months.
DALLAS — CBRE has brokered the sale of Bishop Highline, a 118-unit apartment community in the Bishop Arts District in Dallas. The property was built in 2018 and was 96 percent occupied at the time of sale. Bishop Highline is located across the street from Bishop Arts Village. Chris Deuillet and Chandler Sims of CBRE represented the seller, Houston-based Urban Genesis, in the transaction. Dallas-based Exxir purchased the asset for an undisclosed price.
DAVIS, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Cambridge House, a multifamily community located on Pole Line Road in Davis. An East Coast-based private investment group sold the property to a Bay Area-based buyer for $42 million, or $300,000 per unit. Situated on 3.9 acres, Cambridge House features 140 apartments, a resort-style swimming pool with poolside fire pit; barbecue area with hammocks; and a game room with full-size air hockey table, pop-a-shot basketball, full-size pool table and a ping-pong table. Additionally, the property features a swing garden with hanging chairs; secure-access bicycle storage room with 20 bicycle racks; and an off-leash dog park. Alex Mogharebi and Otto Ozen of TMG represented the seller and buyer in the transaction.
GILBERT, ARIZ. — Green Courte Partners has acquired The Aspens at Mariposa Point, a 202-unit seniors housing property in Gilbert, just southeast of Phoenix. The price was not disclosed. Despite only being opened last month, the new owner will convert the active adult community into full-service independent living. The conversion project will include expanding the dining area, modifying the existing kitchen and adding a third-party-operated home health office. Green Courte’s wholly owned operator True Connection Communities will manage the property. Green Courte made the acquisition through its fourth investment fund, Green Courte Real Estate Partners IV. It is the investor’s 11th senior living community.
Throckmorton Partners, Pratt Co. Sell Parc Marin Multifamily Asset in Northern California for $20.5M
CORTE MADERA, CALIF. — Throckmorton Partners and The Pratt Co. have completed the sale of Parc Marin, an apartment community located in Corte Madera. An undisclosed buyer acquired the property for $20.5 million, which equates to $640,625 per unit and $636 per square foot. Built in 1961 and renovated in 2017, Parc Marin features 32 boutique for-rent units. The property is situated on 3.4 acres. Erich Reinchenbach of Marcus & Millichap represented the sellers in the deal.
NEW YORK CITY — Ariel Property Advisors has arranged the $8.1 million sale of a nine-parcel residential development site in the Red Hook neighborhood of Brooklyn. Located at 185-199 Conover St. & 135 Dikeman St., the parcels offer a total of 27,436 developable square feet. Sean Kelly, David Khukhashvili and Jiani Zhou of Ariel Property Advisors represented the seller, Red Hook Building Co. The team also procured the buyer, Diamond Development Group.
CHICAGO — Ready Capital has closed on a $7.7 million loan for the acquisition, renovation and stabilization of a 52-unit, Class B multifamily and retail property within Chicago’s Edgewater neighborhood. The sponsor will complete capital improvements to all units, upgrade common-area amenities and renovate the ground-floor retail spaces. The nonrecourse, interest-only loan features a floating rate, 36-month term, two extension options, flexible pre-payment and is inclusive of a credit facility to provide future funding for capital expenditures, tenant leasing costs and interest shortfall. The name of the borrower and property were not disclosed.