Multifamily

Marcus & Millichap Arranges $32.5M Sale of Townhome Property in Rochester, Minnesota

by Kristin Harlow November 5, 2021

ROCHESTER, MINN. — Marcus & Millichap has arranged the sale of Falcon Heights Townhomes in Rochester for $32.5 million. Built in 2019, the 120-unit rental property comprises floor plans that range in size from 1,250 to 1,400 square feet. Amenities include a fitness center, pool and Wi-Fi throughout the community, which is located at 4400 Red Hawk Drive SE. Brad Barham, Chris Collins, Evan Miller and John Solari of Marcus & Millichap represented the seller, the original developer of the asset. The team also procured the buyer, a private investor.

November 5, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Negotiates $5.5M Sale of Apartment Property in Mount Prospect, Illinois

by Kristin Harlow November 5, 2021

MOUNT PROSPECT, ILL. — Interra Realty has negotiated the $5.5 million sale of 1050-1110 N. Wheeling Road in Mount Prospect, a northwest suburb of Chicago. The property consists of three buildings and 42 units. Built in 1965, the apartment property was 95 percent leased at the time of sale. Craig Martin of Interra represented the seller, Chicago-based 29th Street Capital, as well as the private buyer. The seller had extensively updated units with vinyl plank flooring, stone countertops, stainless steel appliances and new windows. The buyer plans to make additional minor enhancements.

November 5, 2021

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Arranges $64.7M Sale of Six Manhattan Multifamily Properties

by Taylor Williams November 5, 2021

NEW YORK CITY — Cushman & Wakefield has arranged the $64.7 million sale of The Metro Portfolio, a collection of six multifamily properties in Manhattan. Robert Shapiro, Andrew Berry, Michael Gembecki, Charlie Gravina, Austin Fabel and Nicholas Kontos of Cushman & Wakefield represented the seller, Metro Management, in each transaction. The buyer was not disclosed.

November 5, 2021

Acquisitions Colorado Multifamily Western

Inland Private Capital Divests of Conifer Creek Apartments in Aurora, Colorado for $127M

by Amy Works November 4, 2021

AURORA, COLO. — Inland Private Capital Corp. has completed the disposition of Conifer Creek Apartments, a multifamily community in Aurora. Grand Peaks, which previously owned the property from 2011 to 2013, repurchased the asset for $127 million. Located at 2205 S. Racine Way, Conifer Creek Apartments features 480 apartments in a mix of townhomes and condominium-style units spread across 53 residential buildings with tuck-under garages in every building. The property’s floor plans range from 668 square feet to 1,192 square feet and offer full-size washers/dryers, walk-in closets, individual hot water heaters, fireplaces, and expansive balconies and patios with outside storage. The community was built in 1986. Dave Martin and Brian Mooney of Northmarq’s Denver office represented the seller in the transaction.

November 4, 2021

Acquisitions Multifamily Texas

TruePoint, Electra Capital Buy 436-Unit Apartment Community in Houston

by Taylor Williams November 4, 2021

HOUSTON — Metro Houston-based investment firm TruePoint Capital has acquired The Aubrey, a 436-unit apartment community in Houston’s Westchase neighborhood. Florida-based Electra Capital contributed a $5.2 million equity investment to the deal. The Aubrey offers one-, two- and three-bedroom units that range in size from 700 to 1,300 square feet and feature wood-style flooring, designer color schemes, washer/dryer connections and private patios/balconies. Communal amenities include two pools, a fitness center, a full-service business center, clothing care center, dog park and a playground.

November 4, 2021

Acquisitions Multifamily Texas

Partnership Acquires 252-Unit Garden Park Apartments in Arlington

by Taylor Williams November 4, 2021

ARLINGTON, TEXAS — A partnership led by Vertical Street Ventures has acquired Garden Park Apartments, a 252-unit multifamily community in Arlington. Built in 1968 and partially renovated in 2020, the property offers amenities such as a pool, outdoor lounge, playground and outdoor yoga space. The partnership, which now owns four properties in Texas, also included Invest in Multifamily, Limitless Estates and other private investors.

November 4, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 96-Unit Multifamily Property in Fort Worth

by Taylor Williams November 4, 2021

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Estrella at Broadmoor, a 96-unit multifamily property in Fort Worth. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based investment firm, in the transaction. The duo also procured the buyer, a locally based partnership. Both parties involved in the deal requested anonymity.

November 4, 2021

Acquisitions Affordable Housing Multifamily New Jersey Northeast

Gebroe-Hammer Negotiates $113M Sale of Northern New Jersey Workforce Housing Portfolio

by Taylor Williams November 4, 2021

EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $113 million sale of a 641-unit workforce housing portfolio in the Northern New Jersey community of East Orange. The portfolio consists of 10 transit-oriented properties that are all located within two miles of one another in the city’s downtown area. Milrose, a private investment group based in Central New Jersey, sold the portfolio to Spaxel. Joseph Brecher, David Oropeza and Niko Nicolaou of Gebroe-Hammer brokered the deal.

November 4, 2021

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Tryko Partners Acquires 299-Bed Seniors Housing Facility in Allendale, New Jersey

by Taylor Williams November 4, 2021

ALLENDALE, N.J. — New Jersey-based investment firm Tryko Partners has acquired The Allendale Community for Senior Living, a 299-bed facility located in Northern New Jersey’s Bergen County. The 146,000-square-foot facility was built in the 1960s and offers skilled nursing, assisted living and memory care services. The seller and sales price were not disclosed.

November 4, 2021

Acquisitions Florida Multifamily Southeast

Fifteen, Meritage Group Sell Apartment Complex in Orlando for $107.8M

by Julia Sanders November 4, 2021

ORLANDO, FLA. — A joint venture between affiliates of Miami-based Fifteen Group and San Francisco-based Meritage Group LP has sold Patterson Court Apartments, a 384-unit multifamily property in Orlando, for $107.8 million. West Hollywood, Calif.-based Trion Properties was the buyer, according to the Orlando Business Journal. Brett Moss and Jaret Turkell of Berkadia represented the seller. Patterson Court offers one-, two- and three-bedroom apartments ranging in size from 772 to 1,312 square feet. Community amenities include a pool, fitness center, grill, picnic area, courtyard, sundeck, business center, clubhouse, conference room and car charging station. Located at 8151 Patterson Woods Drive, the property is situated near Interstates 4 and 417 and Orlando International Airport. Built in 2008, Patterson Court has historically been utilized by Walt Disney World Resort as housing for participants in its Disney College Program, which is an internship program operated by The Walt Disney Co. for college students. The new owner plans to renovate the property.

November 4, 2021

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